Meridian Energy monthly operating report for January 2022

Attached is Meridian Energy Limited's monthly operating report for the month of January 2022. Highlights this month include: ? In the month to 14 February 2022, national hydro storage increased from 115% to 117% of historical average ? South Island storage increased to 113% of average and North Island storage increased to 146% of average by 14 February 2022 ? Meridian's January 2022 monthly total inflows were 41% of historical average, the lowest January monthly inflows on record ? Meridian's Waitaki catchment water storage at the end of January 2022 was 99% of historical average ? Water storage in Meridian's Waiau catchment was well below average at the end of January 2022 ? Waitaki snow storage in early February 2022 was 93% of historical average ? National electricity demand in January 2022 was 1.9% higher than the same month last year ? January was a warm and very dry month with above average temperatures and rainfall well below average for almost all the country ? New Zealand Aluminium Smelter's average load during January 2022 was 572MW ? Meridian's New Zealand retail sales volumes in January 2022 were 16.2% higher than January 2021 ? Compared to January 2021, segment sales increased in residential +13.6%, small medium business +23.1%, agricultural +14.2% and corporate +18.9%. Large business volumes were -3.7% lower than January 2021 End CA:00387463 For:MEL Type:MKTUPDTE Time:2022-02-18 08:30:33