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Meridian Energy Limited. Integrated Report 2019

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Meridian Energy Limited. Integrated Report 2019 Menu Meridian Energy Limited. Integrated Report 2019. Menu We’re serious about clean energy for a fairer and healthier world. We believe it’s the only way forward. We want people to feel positive about their world and our shared environment. We want them to know there is hope for our The future. And we want to work together with them Introduction to create a world we can Power all be proud to be part of. to Make Meridian Annual Report 2019 a Difference. 2 04 What we do 07 How we create value 12 Setting our course 13 Directors’ statement 21 Chair and CEO ­­— – The difference we made this year 24 What drives us 29 Our climate action plan 34 Helping our customers make a difference now 35 The difference we made this year 50 A different tomorrow 57 Making the most of powerful forces 58 Our elements of success 72 Our powerful future 75 Rewarding strong performance 85 Further disclosures 102 Financial statements 147 Financial auditor’s report 151 GRI Standards assurance report Menu 153 Global Reporting Initiative (GRI) Content index 157 Directory This is our business Menu 5 Offices 1 Office 1 Office 840 Employees 80 Employees 160 Employees NZ (100 at our power stations) AU (10 at our power stations) FLUX (3 in the UK) Customers What we do 302K 132K 4 Customer connections Customer connections (incl gas) Clients (Software) ~15% national retail volume1 <1% National Energy Market retail volume Retailing as: Retailing as: Licensing the Flux platform Meridian Energy Powershop, and providing energy services Powershop to DC Power and Kogan Energy and the Powershop brand Generation Meridian Annual Report 2019 5 7 2 3 ~30% national electricity generation 4 1 Excludes Tiwai Point Aluminium Smelter These are our customers Menu NZ AU FLUX Meridian Powershop NZ Powershop Australia Under licence The Powershop brand and Flux platform operate under licence to the What we do 228K 74K 110K large UK electricity retailer nPower Customer connections: Customer connections: Electricity customer connections residential residential business business corporate agri-business 22K 75K Carbon-neutral gas customer connections nPower customer connections Now over 300,000 customer connections Transitioning to the Flux platform All on the Flux platform All on the Flux platform on the Flux platform in total NZAS Now in South Australia A large financial contract with Powershop can now be found in New Zealand Aluminium Smelter four Australian states, giving us (NZAS) at Tiwai Point, equivalent to broad coverage in Australia around 38% of Meridian’s generation Meridian Annual Report 2019 5 This is what we generate Menu NZ AU FLUX New Zealand’s largest Generating <1% of the What we do electricity generator National Energy Market ~30% national electricity generation Enough electricity for about 167k homes yearly 1.7M 50K Waitaki and Equivalent to the Hume Equivalent to the Manapōuri power needs of Burrinjuck power needs of generate around around 1.7 million Keepit around 50,000 50% of NZ’s New Zealand Australian total hydro homes yearly homes yearly Meridian Annual Report 2019 200K 116K White Hill Equivalent to the power Mt Millar Equivalent to the West Wind needs of around Mt Mercer power needs of Mill Creek 200,000 New Zealand around 116,000 Te Āpiti homes yearly Australian 6 Te Uku homes yearly How we create value Menu We own hydro power stations How we create value and wind farms that generate the electricity we sell into the wholesale market. We also purchase back electricity from the wholesale market to sell Meridian Annual Report 2019 directly to customers. 7 Vertical integration Menu 2 1 3 4 How we create value Wholesale market prices can The wholesale market price There are a number of other The ways in which we can sell 1 vary significantly in New Zealand 2 is affected by the dynamics 3 factors that can affect the 4 our electricity and determine a depending on what technologies of supply and demand. If there is supply-demand balance. NZAS price are controlled by the electricity are able to generate electricity at too much electricity available, the closing the Tiwai Point aluminium market, and by the Government and any point in time. Prices can be wholesale price goes down. If the smelter, for example, would reduce regulators. As the main regulator in significantly affected by rainfall, as over supply persists, older, less demand. Climate change also has New Zealand, the Electricity Authority well as gas availability. In the short to economic generation plant may the potential to increase or reduce can also decide if our behaviour has medium term, we manage this risk shut down in response. Alternatively, supply, and to increase demand, been fair to our competitors and for our physical supply customers by if demand for electricity is rising because climate action regulations to our customers. We contribute to offering fixed pricing. We also offer over time, the wholesale price will could increase electricity consumption conversations on public policy to help financial contracts to businesses that generally track up. If there is not through electric vehicles and electric ensure the markets we operate in are buy directly from the spot electricity enough generation to meet rising boilers. Equally, the transition open, fair and efficient. We believe market to limit their exposure to price demand, the price for the available required to respond to climate markets with these characteristics Meridian Annual Report 2019 variations. These contracts, plus a electricity goes up, improving the change could lead to disruption benefit consumers and enable our range of other financial instruments business case for investment in of emissions-intensive industries, long-term success. and forward contracts, also help new power stations. The additional decreasing demand. control our commercial risks around generation made possible by the price volatility and they smooth out investment in new plant restores our earnings across the year. the supply-demand balance and the price stabilises again. 8 Great customer experience Menu 1 2 3 How we create value Our customers are businesses, Meridian and Powershop Australia All our energy retailing brands In order for us to operate our 1 households and other electricity are attractive to customers because 2 have very short supply chains 3 brands profitably in Australia companies. We have three retail of our positioning as a leader in because the physical assets used to and New Zealand we need to keep brands: Meridian and Powershop sustainability. This is demonstrated distribute electricity and meter its use earning our customers’ loyalty by in New Zealand, and Powershop by our Group commitment to are managed by national and local providing excellent experiences in Australia. Because there are renewable electricity and climate lines and metering companies. Our through our frontline service teams. so many retailers, we need to action. Powershop New Zealand retail operations’ requirements are Those teams and our customers differentiate ourselves from our is attractive because it offers similar to those of many corporate rely on platforms like Flux to competitors with strong brands and customers control over their energy offices. They include physical facilities ensure they can interact smoothly by marketing through traditional usage and cost in a fun, irreverent and ICT, sales and marketing, billing and effectively. Flux also markets media and digital channels. and engaging way. and governance functions. its software platform and the Powershop brand under licence in the UK. Meridian Annual Report 2019 9 Responsible generation Menu 4 1 2 3 How we create value Our ability to generate electricity Because there are environmental environmental impact, local Our ability to attract and 1 safely and reliably is dependent 2 implications around how we use prosperity and long-term planning 3 retain the right staff is central to on the quality of our assets and ICT our assets to generate renewable and environmental management. our competitiveness in all our business systems, supported by highly skilled energy, we are dependent on Without the buy-in of our people, activities, and is supported by a strong employees, suppliers and contractors. securing and maintaining resource stakeholder groups, communities employer brand grounded in our Our assets are maintained by consents. To do this we need and local government, we could not purpose, values and behaviours, and Meridian staff (with some of our to win and maintain the trust operate our assets the way we do, how successful we are in creating a wind farms also maintained by third of stakeholders, ranging from which would materially affect our great place to work. parties) who contract with a range of Ngāi Tahu and other iwi to water profitability and reduce the amount local and global suppliers to provide users, local government and of renewable electricity available Finally, as a publicly listed us with the parts and components communities. We achieve this by for Aotearoa’s power needs. 4 company we are dependent needed to build and maintain our making a long-term and deep on our investors having continued generation assets, as well as a mix of commitment to the communities faith in our performance. Meridian Annual Report 2019 general engineering consumable and and areas in which we operate specialist parts suppliers, and service through engagement, employment providers including ICT and facilities’ and consultation on important management providers. issues such as water, biodiversity, 10 Reliable returns Menu 1 2 How we create value The money we make from the Our shareholders, including All our investors decide to invest 1 electricity we generate on the 2 the Government (which holds based on their own knowledge, wholesale market, plus the margin a 51% share), earn money from their the information we share with them, we receive from our business and investments in us in two ways: from and their own understanding of residential customers, combined the dividend payments we make the markets.
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