Meridian Energy monthly operating report for February 2021

Attached is Meridian Energy Limited's monthly operating report for the month of February 2021. Highlights this month include: - In the month to 16 March 2021, national hydro storage decreased from 80% to 70% of historical average - South Island storage decreased to 70% of average and North Island storage decreased to 73% of average by 16 March 2021 - Meridian's February 2021 monthly total inflows were 54% of historical average, the third driest February on record - Meridian's Waitaki catchment water storage at the end of February 2021 was 67% of historical average - Water storage in Meridian's Waiau catchment was below average at the end of February 2021 - National electricity demand in February 2021 was 4.6% lower than the same month last year - February 2021 was a dry month with mixed temperatures. Soil moisture levels remain around average across the country - Meridian made calls under the Genesis swaption in February and March 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 February 2021 was 565MW - Meridian's New Zealand retail sales volumes in February 2021 were 11.6% higher than February 2020 - Compared to February 2020, we saw increased sales in all segments: Res +1.2%, SME +6.9%, agricultural +8.6%, large business +17.8% and corporate +17.8% - With the announcement of the commencement of the Harapaki wind farm build, FY21 capex is now expected to be between $120M-$130M (previously $70M-$80M) End CA:00369379 For:MEL Type:MKTUPDTE Time:2021-03-19 08:30:46