Full Year 2022 Meridian Energy Ltd Earnings Call Transcript
Good morning, and welcome to Meridian's 2022 Annual Results Presentation. I'm Neal Barclay, Chief Executive. And as usual, I'm joined here with by Mike Roan, our CFO.
I'll start by calling out a few of the highlights. EBITDAF lifted by 2.5% and underlying net profit after tax was flat year-on-year. Not exactly numbers to write home about, but as usual, the weather provides some context for the result. Hydro inflows for the year in total were about average, but we didn't and never do receive a nice constant flow water into our catchments. Heading within the average numbers were huge volatility, and that includes the lowest Q3 inflows into the Waihou catchment for 90 years. During that time, generation through the Manapouri Power Station was severely curtailed. In fact, for much of April, Manapouri, which has a capacity of around 847 megawatts was operating at around 80 megawatts.
So given the vagaries of the weather, I think our team did a very good job delivering positive financial movement compared to last year. Noting that this year also
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