Meridian Energy monthly operating report for January 2021

Attached is Meridian Energy Limited's monthly operating report for the month of January 2021. Highlights this month include: - In the month to 11 February 2021, national hydro storage increased from 79% to 80% of historical average - South Island storage increased to 78% of average and North Island storage decreased to 97% of average by 11 February 2021 - Meridian's January 2021 monthly total inflows were 84% of historical average - Meridian's Waitaki catchment water storage at the end of January 2021 was 73% of historical average - Water storage in Meridian's Waiau catchment was slightly above average at the end of January 2021 - Waitaki snow storage at the end of January 2021 was 134% of historical average - National electricity demand in January 2021 was 4.1% lower than the same month last year - January 2021 was a mild month with mixed rainfall. Generally, it was drier than average, except in some areas of the South Island. Soil moisture levels remain variable across the country and above average from South Canterbury to Southland - Meridian made calls under the Genesis swaption in January and February 2021 - Outages continued on Clyde - Cromwell - Twizel circuits as part of the Clutha Upper Waitaki Lines Project - New Zealand Aluminium Smelter's average load during January 2021 was 563MW - Meridian's New Zealand retail sales volumes in January 2021 were 1.6% lower than January 2020 - Compared to January 2020, we saw increased sales in most segments: residential (+4.1%), SME (+11.3%), large business (+15.3%) and corporate (+5.9%). Agricultural volumes were 23.2% lower End CA:00367612 For:MEL Type:MKTUPDTE Time:2021-02-16 08:30:48