Table 1. Top climate-related financial risks for Meridian Energy Top Risks Risk driversExtreme rainfall in hydro catchmentsNegative demand disruption - emissions intensive industriesIncrease in electricity spot price volatility Type Physical Transition Transition Scale Medium Medium Medium Likelihood About as likely as not About as likely as not Likely Timeframe Long-term (30 years) Long-term (30 years) Medium-term (5-10 years) ImpactsIncreasing intensity of extreme rainfall events in hydro catchments.Sudden drop in electricity demand as emissionsintensive industries are disrupted by ambitious climate change legislation or shifting consumer preferences for sustainable goods and services. As New Zealand increases its share of renewable generation, it may lead to higher levels of electricity spot price volatility.