Meridian Energy monthly operating report for May 2024

Attached is Meridian Energy Limited's monthly operating report for the month of May 2024. Highlights this month include: ▪ In the month to 7 June 2024, national hydro storage decreased from 96% to 72% of historical average ▪ South Island storage decreased to 73% of average and North Island storage decreased to 64% of average by 7 June 2024 ▪ Meridian’s May 2024 monthly total inflows were 45% of historical average ▪ Waiau catchment inflows in May 2024 were 66% of historical average ▪ Meridian’s Waitaki catchment water storage at the end of May 2024 was 77% of historical average ▪ Water storage in Meridian’s Waiau catchment was 66% of average at the end of May 2024 ▪ National electricity demand in May 2024 was +6.2% higher than the same month last year ▪ May 2024 was cold and dry for much of the country, overall, it was New Zealand’s coldest May in 15 years. Rainfall was below average for most of the South Island ▪ New Zealand Aluminium Smelter’s average load during May 2024 was 572MW ▪ Meridian’s retail sales volumes in May 2024 were +2.3% higher than May 2023 ▪ Compared to May 2023, segment sales increased in residential +14.6%, small medium business +9.6%, large business +12.2% and agriculture +8.6% with decreases in corporate -8.7%