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Meridian Publishes Sustainability Report Meridian publishes Sustainability Report 19 December, 2013 Meridian Energy has today published a comprehensive Sustainability Report for the financial year 1 July 2012 to 30 June 2013. The report is a review of Meridian's sustainability performance for the year according to the company's sustainability framework. The report can be viewed here. For media queries, please contact: Paul Clearwater External Communications 021 847 835 For Investor Relations queries, please contact: Owen Hackston Investor Relations Manager 021 246 4772 For personal use only PG 1 SUSTAINABILITY REPORT 2013 01 ABOUT THIS REPORT 04 SUSTAINABILITY FRAMEWORK 20 FINANCIAL PERFORMANCE Creating a better For personal use only energy future MERIDIAN ENERGY LIMITED SUSTAINABILITY REPORT for the fi nancial year 1 July 2012 to 30 June 2013 PG 2 Meridian at a Glance Contents RENEWABLE ENERGY 100% GENERATION HYDRO 01 About Meridian POWER STATIONS 01 IN NEW ZEALAND About this Report 7 02 Our Year 04 WIND Sustainability Framework – Performance Results FARMS IN NEW ZEALAND AND AUSTRALIA, AND TWO MORE 06 UNDER CONSTRUCTION Water Stewardship 5 08 Renewable Energy NEW ZEALAND’S LARGEST RENEWABLE PROJECTS BUILT IN 11 GENERATOR, PRODUCING Energy Solutions APPROXIMATELY AUSTRALIA, 13 ANTARCTICA, Engaged Communities UNITED STATES 16 % 30 1 Working Sustainably OF THE COUNTRY’S ELECTRICITY & TONGA 20 MORE THAN Financial Performance 24 GRI Assurance Statement 270,000 25 For personal use only CONNECTIONS TO HOMES, Global Reporting FARMS & BUSINESSES Initiative Index THROUGH THE MERIDIAN AND POWERSHOP BRANDS2 1 Calculated as the fi ve year average (from FY2009 to FY2013) of Meridian’s total generation (GWh) as a proportion of New Zealand’s total generation. The Tekapo A and B stations, which were sold to Genesis Energy in June 2011, are excluded from Meridian’s stated generation volumes. Generation data sourced from the Electricity Authority. 2 Based on ICP data sourced from the Electricity Authority. SUSTAINABILITY REPORT 2013 About Meridian Meridian is New Zealand’s Through the Meridian and Powershop brands, Meridian supports a number of environmental largest electricity generator Meridian retails electricity to more than 270,000 programmes, operates community funds customer connections, including homes, farms associated with each of its assets and runs and is committed to generating and businesses around the country. Our focus is a national sponsorship programme that electricity from 100% renewable to continue to achieve high levels of service and supports organisations such as KidsCan, sources – wind, water and solar. to deliver value to our customers. Living Legends and South Island Rowing. Meridian owns and operates Mt Millar wind The Meridian Group employs approximately Meridian generates approximately 30% of farm in South Australia and is constructing 820 full-time-equivalent employees and has New Zealand’s electricity from its integrated Mt Mercer wind farm in Victoria. In New Zealand, headquarters in New Zealand and offi ces in chain of dams on the Waitaki River and Meridian is also constructing Mill Creek wind Australia and the United States. Manapōuri, which is the largest hydro power farm near Wellington. In the last year we station in New Zealand, and from four wind commissioned, Maama Mai, the fi rst solar farms around the country. photovoltaic farm in Tonga. About this Report This report is a review of otherwise stated, statements of non-fi nancial infl uence on our current and future performance Meridian’s sustainability information refer to the Parent company only. and their importance to key stakeholders. More Care has been taken to ensure that all data in information on key stakeholders, their interests performance in the financial this report is as accurate as possible. Where and Meridian’s response can be found in the year 1 July 2012 to 30 June 2013. assumptions have been made, they are clearly stakeholder analysis table on pages 22 and 23. stated and explained. During the reporting period Meridian was Meridian normally produces an integrated a state-owned enterprise. It was confi rmed Annual Report that includes both fi nancial and Included in this report is a summary of the within that period that Meridian would be sustainability performance information and greenhouse gas (GHG) inventory for the Meridian listed on the New Zealand and Australian stock issues performance reports throughout the year. Parent (a more detailed version of which has been audited by Deloitte) and a Global Reporting exchanges (NZX and ASX) in 2013, with the This year, Meridian decided to produce Initiative (GRI) index of reporting components New Zealand Government retaining majority two separate annual or performance reports covered. Meridian considers that this report ownership. Meridian is now a mixed ownership due to a number of disclosure restrictions under meets the requirements of GRI G3.0 Level C+, model company under the Public Finance Act the Government Share Off er programme. and Deloitte’s GRI Assurance Statement can 1989. The New Zealand Government retains approximately 51% ownership of Meridian, The Group’s last integrated Annual Report, be found on page 24. For personal use only and must continue to hold a minimum of 51% a review of fi nancial and sustainability The principles of the GRI G3.0 Reporting under statute and Meridian’s constitution. performance, relates to the year ended Guidelines and AA1000 have been followed As a state-owned enterprise Meridian produced 30 June 2012. in determining the contents of this report. and agreed a Statement of Corporate Intent For this fi nancial year, the Meridian Group Material issues have been identifi ed and – objectives, targets and measures – with included the parent company Meridian Energy prioritised through the company’s regular Shareholding Ministers. As a mixed ownership and its subsidiaries Damwatch, Powershop, consultation with stakeholders, interviews company this process will no longer be required. Meridian Australia, Meridian USA and Arc with stakeholder relationship managers, and The annual general meeting and shareholder Innovations. This report is structured around the use of Meridian’s sustainability framework. resolutions will now provide opportunities for Meridian’s sustainability framework and, unless These issues have then been prioritised by their shareholders to communicate with the Board. PG 1 MERIDIAN ENERGY LIMITED Our Year As the largest generator of electricity in New Zealand, Meridian plays a key role in supplying an essential service that underpins our economy and our daily lives. Producing this electricity from 100% renewable resources is the cornerstone of Meridian’s business. It is our most significant commitment to being a truly sustainable business and something we all take pride in. The company’s sustainability framework provides Water Stewardship a way in which we can set targets and monitor the As a stakeholder in the management of performance of our business across a broad range New Zealand’s freshwater, we were pleased of metrics – economic, environmental and social. to see the release of the third Land and Water The framework table on pages 4 and 5 shows our Forum report on water reform in New Zealand. performance summary results for this year. The report, which was a work of collaboration We also use internationally agreed standards and among key freshwater stakeholders, will help Mark Binns reporting mechanisms3 to provide assurance to to shape the country’s freshwater management Chief Executive ourselves and others that we seek and achieve framework for the future. good practice standards. Engaged Communities Financial Results This year Meridian continued its support Meridian saw a signifi cant improvement in of communities where our generation assets fi nancial performance from the record dry 2012 are located. Our Community Funds programme fi nancial year. This was achieved while managing enabled us to work with community leaders an extremely dry period during the summer to fund dozens of community-led projects and months, 42 days of HVDC outages, three months initiatives. As part of our national sponsorship of Tekapo canal outages, intense competition in programme, we announced a major national the retail market, negotiations with the owners of partnership with KidsCan, an initiative that the Tiwai Point aluminium smelter and continued provides food and clothing to kids in low-decile preparations for Meridian’s listing, planned for schools across the country. This sponsorship later in 2013. is our largest and we’re proud that our support has enabled KidsCan to bring more than Despite these challenges, Meridian delivered Steve Reindler 60 additional schools into its programme. a strong end-of-year result to 30 June 2013 with Chair of the Safety and Sustainability Committee EBITDAF* of $584.8 million, up 23% on last year. Energy Solutions Renewable Energy Through our two retail brands, Meridian and Powershop, we provide customers with the plans, For personal use only During the year we began construction on Mill Creek tools and tariff s to help monitor and manage their wind farm, near Wellington, and Mt Mercer wind electricity use and costs. Our focus is on supplying farm in Victoria, Australia, both of which will be quality customer service. Specifi c initiatives this fully commissioned by summer 2014/15. Meridian year included the release of a mobile application began a $40 million refurbishment project on the for Powershop customers to manage and Waitaki hydro station to ensure that the
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