Meridian Energy Monthly Operating Report for March 2020

Attached is Meridian Energy Limited's monthly operating report for the month of March 2020. Highlights this month include: ? In the month to 9 April 2020, national hydro storage decreased from 111% to 94% of historical average ? South Island storage sat at 96% of average and North Island storage at 71% of average on 9 April 2020 ? Meridian's March 2020 monthly total inflows were 79% of historical average ? Meridian's Waitaki catchment storage at the end of March 2020 was 107% of historical average ? Storage in Meridian's Waiau catchment was below average at the end of March ? National electricity demand in March 2020 was 2.0% lower than the same month last year ? COVID-19 lockdown has reduced weekly demand in April 2020 by around 16% compared to the same period last year ? Meridian made calls under the Genesis Swaption in March 2020 ? Pohokura offshore gas wells and the HVDC link returned to full operation in late March/early April 2020 respectively ? March 2020 was dry across much of the country, with the exception of the lower North Island and Northern Canterbury. Temperatures were near to below average ? New Zealand Aluminium Smelter's load during March 2020 was below the contract level of 622MW ? In early April 2020 the 4th potline at Tiwai Point was suspended for up to six months in response to COVID-19 ? Meridian's New Zealand retail sales volumes in March 2020 were 14.7% higher than March 2019 ? April 2020 is seeing significantly lower business and commercial sales, higher residential sales End CA:00351665 For:MEL Type:MKTUPDTE Time:2020-04-15 08:31:28