New operating segments

New operating segments
Historic comparative information -January 2019

Contents
2
Contact Energy New operating segments
Supplementary information for investors based on the new operating
segments as outlined in November and December 2018.
2
Segmentnote for 1H18 and 1H194
5 -8
3
Operational statistics and EBITDAF
9
4
Wholesale operational summary
10
5
EBITDAF build-up
1
Recap of the rationale3
»Some of the operating statistics may have changed from previously released to align operating reporting with segment reporting
»FY19 LPG EBITDAF will be $13m

New operating segments provide transparency
3
The new operating segments provide a clearer view of profitability in
the operating businesses, as the segments exclude indirect Corporate
costs
»Combining C&I and Generation -C&I prices have trended to wholesale levels and large customers are a focus for
decarbonisationand renewable development
»Divested Rockgas
»Revenue from the sale of
electricity to the wholesale
market, to C&I customers and to
the Customer segment, less the
cost to generate and/or
purchase electricity and costs to
serve and distribute electricity to
C&I customers
»Revenue from delivering
electricity, natural gas, LPG
service revenue, broadband
and other products and
services to mass market
customers less the cost of
purchasing those products and
services, and the costs to
serve customers
»Corporate functions (Finance and
Risk, Governance, People &
Safety, Board, Leadership team
and an allocation of ICT costs)
CUSTOMER
WHOLESALE
CORPORATE
New operating segments
This presented an opportunity to develop clearer disclosures of net generation positions. This will assist with Wholesale
channel optimisation decisions and a wider understanding of the drivers of Wholesale profitability
Contact Energy New operating segments

Restated segment note
4
Unaudited 6 months ended 31 December 2017Unaudited 12 months ended 30 June 2018
Ref$m
WholesaleCustomerUnallocated Eliminations
Total
continuing
operations
Discontinued
operation
TotalWholesale Customer Unallocated Eliminations
Total
continuing
operations
Discontinued
operation
Total
1Mass market electricity -Fixed Price
-458 --458 -458 -884 -(1)883 -883
2Commercial & Industrial (C&I) electricity -Fixed Price
217 ---217 -217 432 ---432 -432
3Commercial & Industrial (C&I) electricity -Spot
11 ---11 -11 20 ---20 -20
4Wholesale electricity, net of hedging
380 ---380 -380 705 ---705 -705
5Electricity related services revenue
3 ---3 -3 7 ---7 -7
6Inter-segment electricity sales
159 --(159)---314 --(314)---
7Gas
-39 --39 -39 4 71 --74 -74
8LPG
-----63 63 -----121 121
7Steam
14 ---14 -14 25 ---25 -25
Total revenue
784 497 -(159)1,122 63 1,185 1,507 955 -(315)2,147 121 2,268
9Other income (including liquidated damages)
2 2 --4 1 5 -5 --5 2 7
Total revenue and other income
786 499 -(159)1,126 64 1,190 1,507 960 -(315)2,152 123 2,275
10Electricity purchases, net of hedging
(367)---(367)-(367)(657)---(657)-(657)
11Electricity purchases -Spot
(9)---(9)-(9)(17)---(17)-(17)
12Electricity related services cost
(4)---(4)-(4)(7)---(7)-(7)
13Inter-segment electricity purchases
-(159)-159 ----(314)-314 ---
14Gas and diesel purchases
(57)(8)--(65)-(65)(107)(16)--(123)-(123)
15Gas storage costs
(1)---(1)-(1)(1)---(1)-(1)
16LPG purchase
-----(36)(36)-----(73)(73)
17Generation transmission & reserve costs
(20)---(20)-(20)(39)---(39)-(39)
18Electricity networks, levies & meter costs -Fixed Price
(78)(225)--(303)-(303)(152)(433)--(585)-(585)
19Electricity networks, transmission levies & meter costs -Spot
(2)---(2)-(2)(3)---(3)-(3)
20Gas networks, transmission & meter costs
(5)(20)--(25)-(25)(9)(37)--(46)-(46)
21Other operating expenses
(52)(41)(13)-(106)(8)(114)(103)(82)(24)1 (208)(15)(223)
22Carbon emissions costs
(6)(1)--(7)(1)(8)(15)(2)--(17)(3)(20)
Total operating expenses
(601)(454)(13)159 (909)(45)(954)(1,110)(884)(24)315 (1,703)(91)(1,794)
EBITDAF
185 45 (13)-217 19 236 397 76 (24)-449 32 481
Contact Energy New operating segments
Wholesale electricity, net of hedging: is revenue received from electricity generated and sold into the wholesale market and the net settlement of electricity hedges sold on electricity futures markets, and to generators, retailers and industrial
customers (Sell CFDs).
Electricity purchases, net of hedging: is the cost of electricity purchased from wholesale markets to supply customers and the net settlement of buy-side electricity hedges (Buy CFDs), including revenue from Financial Transmission Rights

Contact’s operational performance
5
1H191H18FY18
LineMeasure
Six months endedSix months endedTwelvemonthsended
December 18December 17June 2018
CustomerMass market electricity sales1GWh
1,874 1,907 3,648
Retail gas sales2GWh
485 452 806
Mass market electricity and gas sales3GWh
2,359 2,358 4,454
Average electricity sales price4$/MWh
242.57 240.42 242.25
Electricity direct pass thru costs5$/MWh
(117.17)(118.07)(118.38)
Cost to serve6$/MWh
(17.02)(17.47)(18.36)
Customer netback7$/MWh
91.66 89.90 91.35
Energy cost8$/MWh
(71.59)(71.05)(74.20)
Actual electricity line losses9%
7%8%7%
Retail gas sales10PJ
1.7 1.4 2.8
Electricity ICPs (rounded to the nearest 500)11#
407,000 419,000 417,000
Gas ICPs (rounded to the nearest 500)12#
64,000 64,000 64,000
WholesaleElectricity sales to Customer business13GWh
2,017 2,069 3,941
Electricity sales to Commercial and Industrial14GWh
1,572 1,736 3,376
Electricity CFD sales15GWh
708 658 1,266
Contracted electricity sales16GWh
4,296 4,463 8,582
Steam sales17GWh
351 330 584
Total electricity and steam net revenue18$/MWh
77.84 74.04 76.18
C&I netback (at the ICP)19$/MWh
82.99 82.94 85.24
C&I line losses20%
4%4%4%
Thermal generation21GWh
836 966 1,812
Geothermal generation22GWh
1,652 1,726 3,323
Hydro generation23GWh
2,045 1,635 3,479
Spot electricity sales24GWh
4,532 4,327 8,614
Electricity sales -Direct25GWh
51 50 90
Acquired generation26GWh
171 384 519
Electricity generated (or acquired)27GWh
4,754 4,762 9,223
Unit generation cost (including acquired generation)28$/MWh
(34.49)(36.98)(34.25)
Spot electricity purchases29GWh
(3,538)(3,755)(7,226)
CFD sales30GWh
(708)(658)(1,266)
Spot exposed purchases / CFD settlement31GWh
(4,246)(4,413)(8,492)
Spot revenue and settlement on acquired generation (GWAP)32$/MWh
134.58 92.37 85.10
Spot purchases and settlement on CFDs sold (LWAP)33$/MWh
(138.40)(97.14)(89.84)
LWAP/GWAP34%
103%105%106%
Gas used in internal generation35PJ
8.1 9.6 17.6
Gas storage net movement (extraction) / injection36PJ
(2.0)(0.8)(0.3)
»Some of the operating statistics may have changed from previously released to align operating reporting with segment reporting
Contact Energy New operating segments

Contact’s operational performance -monthly
6
Measure
Jul-17Aug-17Sep-17Oct-17Nov-17Dec-17Jan-18Feb-18Mar-18Apr-18May-18Jun-18Jul-18Aug-18Sep-18Oct-18Nov-18
Dec-18
Customer
Mass market electricity sales
GWh
409 365 332 292 263 246 248 234 265 285 325 385 400 365 320 285 259 246
Retail gas sales
GWh
100 87 85 79 57 43 34 37 50 57 75 100 108 104 89 75 59 50
Mass market electricity and gas sales
GWh
509 453 417 371 319 289 282 272 315 342 400 485 508 469 409 360 317 296
Average electricity sales price
$/MWh
227.83 239.33 238.43 245.70 248.57 250.69 255.99 244.89 246.45 244.83 243.21 235.32 235.88 238.14 241.66 246.06 248.94 250.48
Electricity direct pass thru costs
$/MWh
(106.88)(110.32)(125.78)(119.94)(121.20)(132.30)(125.13)(121.44)(122.24)(115.53)(117.92)(113.51)(112.86)(111.49)(115.67)(118.61)(120.37)(129.49)
Cost to serve
$/MWh
(14.25)(14.48)(17.17)(18.92)(22.79)(20.54)(25.21)(23.82)(22.09)(18.12)(16.21)(15.21)(13.26)(14.64)(15.15)(19.27)(20.85)(23.04)
Customer netback
$/MWh
91.32 96.95 81.19 90.70 90.39 87.34 96.50 89.98 92.14 98.05 94.03 88.71 91.59 92.82 92.36 90.48 92.82 89.16
Energy purchase cost
$/MWh
(86.97)(80.78)(69.62)(61.09)(57.97)(57.02)(68.74)(72.00)(77.39)(71.54)(82.67)(86.77)(84.65)(79.53)(69.09)(65.64)(61.08)(58.52)
Actual electricity line losses
%
7%8%6%7%10%9%7%6%4%7%11%6%5%7%8%7%8%7%
Retail gas sales
PJ
0.3 0.3 0.3 0.2 0.2 0.1 0.1 0.2 0.2 0.2 0.3 0.4 0.4 0.4 0.3 0.3 0.2 0.2
Electricity ICPs (rounded to the nearest 500)
#
420,000 420,000 419,500 419,000 417,500 416,500 415,500 415,000 414,000 414,000 414,000 413,000 411,500 407,500 406,500 406,500 406,000 406,000
Gas ICPs (rounded to the nearest 500)
#
64,000 64,500 64,500 64,500 64,500 64,500 64,500 64,500 64,500 65,000 65,000 65,000 65,000 65,000 65,000 65,500 65,500 65,000
Wholesale
Electricity sales to Customer business
GWh
443 397 354 314 292 270 267 249 277 304 366 409 423 394 346 306 282 266
Electricity sales to Commercial and Industrial
GWh
284 293 288 291 297 283 285 261 288 268 284 253 254 269 267 261 261 260
Electricity CFD sales
GWh
106 104 103 103 103 140 109 84 94 101 111 108 115 113 108 143 114 116
Contracted electricity sales
GWh
833 795 745 707 691 693 660 594 660 674 761 771 791 775 721 710 657 641
Steam sales
GWh
26 58 67 64 61 54 44 46 51 55 39 20 30 63 68 69 66 56
Total electricity and steam net revenue
$/MWh
89.40 81.72 73.67 65.73 65.44 65.28 70.03 70.22 75.98 75.55 82.97 93.27 90.08 82.53 72.37 77.91 68.01 74.10
C&I netback (at the ICP)
$/MWh
103.25 91.24 89.34 75.91 67.48 70.57 75.52 78.79 86.57 86.35 93.51 106.26 96.37 89.81 80.03 86.06 67.92 77.31
C&I line losses
%
6%3%5%5%6%1%1%3%4%4%5%4%3%4%7%2%4%4%
Thermal generation
GWh
365 215 41 29 114 203 305 113 38 55 147 188 198 201 216 152 31 38
Geothermal generation
GWh
300 300 290 292 279 265 257 245 275 274 283 263 273 291 295 293 273 227
Hydro generation
GWh
185 270 325 305 293 258 191 267 323 366 380 316 317 322 243 358 440 365
Spot electricity sales
GWh
850 785 655 625 687 726 753 625 636 694 810 767 788 813 754 803 744 631
Electricity sales -Direct
GWh
3 8 9 10 10 10 10 8 9 8 4 1 4 9 10 10 10 9
Acquired generation
GWh
62 44 90 82 65 42 27 31 37 0 6 33 17 9 22 22 42 59
Electricity generated (or acquired)
GWh
916 837 755 716 761 777 790 665 682 703 821 802 808 831 785 835 796 699
Unit generation cost (including acquired
generation)
$/MWh
(45.03)(38.03)(31.18)(34.01)(31.29)(40.31)(44.07)(33.77)(28.30)(23.33)(25.61)(32.27)(33.98)(30.78)(35.84)(36.47)(29.16)(41.67)
Spot electricity purchases
GWh
(723)(682)(632)(595)(579)(543)(542)(501)(557)(564)(646)(661)(673)(654)(604)(557)(533)(516)
CFD sales
GWh
(106)(104)(103)(103)(103)(140)(109)(84)(94)(101)(111)(108)(115)(113)(108)(143)(114)(116)
Spot exposed purchases / CFD settlement
GWh
(829)(787)(735)(697)(681)(683)(651)(586)(651)(666)(757)(770)(788)(767)(711)(700)(648)(632)
Spot revenue and settlement on acquired
generation (GWAP)
$/MWh
137.98 82.46 54.61 53.52 93.02 120.67 118.44 65.40 58.51 57.01 56.89 101.48 79.26 82.72 86.59 283.35 164.79 102.49
Spot purchases and settlement on CFDs sold
(LWAP)
$/MWh
(149.13)(86.18)(58.33)(57.71)(100.76)(125.03)(126.11)(69.81)(62.23)(62.22)(63.71)(105.50)(80.78)(86.60)(89.79)(297.64)(181.27)(107.42)
LWAP/GWAP
%
108%105%107%108%108%104%106%107%106%109%112%104%102%105%104%105%110%105%
Gas used in internal generation
PJ
3.1 2.0 0.6 0.5 1.3 2.0 2.7 1.2 0.6 0.7 1.4 1.4 1.8 1.8 1.9 1.5 0.5 0.6
Gas storage net movement (extraction) /
injection
PJ
(1.0)(0.2)0.5 0.6 (0.0)(0.7)(0.5)0.2 0.3 0.5 0.4 (0.4)(0.3)(0.7)(1.0)(0.5)0.4 0.2
»Some of the operating statistics may have changed from previously released to align operating reporting with segment reporting
Contact Energy New operating segments

Customer business –components of EBITDAF
7
What is Netback?
»Measures the performance of
the Customer business.
»This enables the performance
of the retail channels to be
measured without using an
energy cost. The netback is
meant to cover, inter alia, the
net purchase cost, capital
return, risk margin and a retail
margin.
Electricity revenue from mass market customers
Add: Revenue from gas sales, broadband and legacy meters and LPG service
revenue
Less: Carbon emission costs on the sale of retail gas
Less: Electricity distribution network costs, meter costs and electricity levies and
wholesale costs of broadband
Less: Gas distribution network costs, meter costs and gas levies
Less: Direct operating costs to serve the customer, (excludes head office allocation)
Customer netback ($/MWh) = L7
x
Massmarket electricity and gassales
(GWh) = L3
Electricity sales to Customer business (GWh)
x
FPVV market linked supply from Wholesale
Retail gas sales (PJ)
x
Average gas cost
NETBACK
ELECTRICITY COST
GAS COST
Calculating Customer EBITDAF from the operating report (see page 5)
Components of EBITDAF
Energy purchase cost = L8 x L3
Customer EBITDAF ($000s) = Netback [Line 7 x Line 3] –Energy purchase cost [Line 8 x Line 3]
Contact Energy New operating segments

Wholesale business –components of EBITDAF
8
Generation costs
•Electricity transmission and levies
•Thermal fuel (gas and diesel)
•Carbon costs
•Gas transmission and levies
•Wholesale operating costs
Acquired generation cost
•Cost of electricity CFD purchases
bought for fuel replacement
•Cost of options for fuel replacement
Electricity sales to Customer
•Fixed price variable volume sales to Customer
business mass market at a market price
Electricity sales to C&I (netback)
•Fixed price variable volume sales to C&I, includes
retailing margin. C&I is shown as a netback (i.e. net
of all pass through and cost to serve)
•Only the margin from C&I spot sales is shown
(volumes and costs removed –agency relationship
only)
•Direct C&I sales from a generation site
CFD electricity sales
•Revenue from contracts for difference (CFD) –
includes support for NZAS andretailers
Other income
•Revenue from the sale of steam, net proceeds on
wholesale gas sales, net proceeds on electricity
related services, ASX market making and other
income
CONTRACTED
GENERATION COST
TRADING / MERCHANT
Total electricity and steam revenue ($/MWh) = L18
x
Contracted electricity and steam sales (GWh) =
L16+ L17
Unit generation cost (including acquired
generation) ($/MWh) = L28
x
Electricity generated (or acquired) (GWh) = L27
Spot revenue and settlement on acquired
generation (GWAP) = L32
x
Spot electricity sales + acquired generation (GWh)
= L24+ L26
Spot purchases and settlement on CFDs sold
(LWAP) = L33
x
Spot exposed purchases / CFD settlement (GWh)
= L31
Spot electricity sales to the wholesale
market / settlement of acquired generation
•Spot electricity sales
•Settlement on acquired generation
Purchases from the wholesale market /
settlement on CFD sales
•Spot electricity purchases
•Settlement on CFD sales
Estimating Wholesale EBITDAF from the operating report (page 5)
Wholesale EBITDAF ($000s) = Contracted [(Line 16 + Line 17) x Line 18] + Generation cost [Line 27 x Line 28] +
Trading / merchant [((Line 24 + Line 26) x Line 32) -(Line 31 x Line 33)]
Contact Energy New operating segments

Historic wholesale performance
9
1H18FY18
Sixmonths ended 31 December 201712 months ended 30 June 2018
VolumeGWAPVolumeGWAPReference to segment note
Note: this table has not been rounded andmight not addGWh$/MWh$mGWh$/MWh$m
Electricity sales to Customer2,069 76.9 159 3,941 79.7 314 6
Electricity sales to Fixed C&I (netback)1,6863,285Datain operatingreport
Electricity sales –Direct5090
2, 18, 21 [C&I opexonly] +
Spot margin 3,11,19
Electricity sales to C&I1,736 79.6 138 3,376 82.2 278
CfDs–Tiwaisupport353701
CfDs -Long term sales258497
CfDs-Short term sales4767
Electricity sales -CFDs658 63.4 42 1,266 64.2 81 4
Total contracted electricity sales4,463 76.0 339 8,582 78.4 673
Steam sales330 43.0 14 584 42.8 25 7
Other income2 -9
Net income on gas sales-1 7, 14(gas cost)
Net income on electricity related services--5, 12
Net other income2 1
Total contracted revenue (1)4,792 74.0 355 9,166 76.3 699
14,15, 17, 20, 21, 22
[less gas sold and C&I opex]
Generation costs4,377(32.2)(141)8,704(30.9)(269)
Acquired generation cost384(91.2)(35)519(92.1)(48)10
Generation costs (including acquired generation) (2)4,762 (37.0)(176)9,223 (34.3)(317)
Spot electricity revenue4,32792.6 401 8,61484.8 730 4
Settlement on acquired generation38490.3 35 51990.1 47 10
Spot revenue and settlement on acquired generation (GWAP)4,712 92.4 435 9,132 85.1 777
Spot electricity cost(3,755)(97.6)(367)(7,226)(90.7)(656)10
Settlement on CFDs sold(658)(94.3)(62)(1,266)(84.8)(107)4
Spot purchases and settlement on CFDs sold (LWAP)(4,413)(97.1)(429)(8,492)(89.8)(763)
Trading, merchant revenue and losses(3)7 14
Wholesale EBITDAF (1+2+3)185 397
Contact Energy New operating segments

Components of EBITDAF
10
EBITDAF
Customer business EBITDAF (see page 7)
Add: Wholesale EBITDAF (see page 8)
Add: LPG EBITDAF -Sold 30 November 2018 -FY18: $32m, FY19: $13m, FY20: nil
Less: Corporate costs (FY18: $25m), will only be updated at results (half and full)
Q: Why are Wholesale contracted sales higher than previously reported?
A: Contact now reports on the gross CFD sales made (these were previously net settled into wholesale revenue), this
includes the CFD to support the Tiwaismelter and other market participants. The settlement cost of these contracts has also
been included as an effective electricity purchase. Grossing up the CFDs also give a clearer understanding of Contact’s
effective generation and sales position.
Q: Why are C&I sales volumes lower than previously reported?
A:Contact acts as an agent to allow some large C&I customers access to the wholesale spot market, as Contact does not
take any risk or generate to cover this load, these sales (along with the costs) are eliminated from what is reported.
FAQ:
Contact Energy New operating segments