March 2019 Operating Report

Monthly Operating Report
March 2019

For the month of March 2019
»The Customer business recorded:
•Mass market electricity and gas sales of 287 GWh
(March 2018: 315 GWh)
•Mass market electricity and gas netback of
$88.06/MWh (March 2018: $92.14/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including
that sold to the Customer business, totalled 814
GWh (March 2018: 660 GWh)
•Electricity and steam net revenueof $82.52/MWh
(March 2018: $76.02/MWh)
•Electricity generated (or acquired) of 853 GWh
(March 2018: 682 GWh)
•The unit generation cost, which includes acquired
generation was $41.18/MWh (March 2018:
$28.34/MWh)
•Own generation cost in the month of
$32.17/MWh(March 2018: $26.15/MWh)
March overview
Operating reportContact Energy Limited
2
»Otahuhufutures settlement wholesale price for the 2
nd
quarter of 2019 (ASX):
•As at 16 April 2019: $160/MWh
•As at 31 March 2019: $147/MWh
•As at 28 February 2019: $150/MWh
»As at 16 April 2019, South Island controlled storage
was 109% of mean (31 March 2019: 103%) and North
Island controlled storage was 60% of mean (31 March
2019: 59%)
•As at 15 April 2019, total Clutha scheme storage
(including uncontrolled storage) was 89% of mean
•Inflows into Contact’s Clutha catchment for March
2019 were 131% of mean (February 2019: 82%,
January 2019: 102%, December 2018: 69%)
»Contact has entered into an agreement that will enable
sustained operation of its Taranaki Combined Cycle plant
(TCC) from today until the end of June if market conditions
require it.The arrangement will see fuel diverted from less
efficient thermal plant to Contact’s combined cycle plant.This
effectively adds a small amount of additional generation
capacity over peak periods due to the better efficiency of
TCC.Contact is continuing to work on securing additional gas
and will inform the market when contractual commitments are
made.

0
20
40
60
80
100
CY19CY20CY21CY22
$/MWh
29/06/201828/02/201929/03/2019
0
20
40
60
80
100
120
140
160
CY19CY20CY21CY22
$/MWh
29/06/201828/02/201929/03/2019
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Apr
18
May
18
Jun
18
Jul
18
Aug
18
Sep
18
Oct
18
Nov
18
Dec
18
Jan
19
Feb
19
Mar
19
Apr
19
GWh
South Island ActualNorth Island Actual
South Island MeanNational Mean
Hydro storage and forward prices
New Zealand controlled hydro storage against mean
Operating reportContact Energy Limited
Benmore ASX futures settlement
Otahuhu ASX futures settlement
3

0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading periods
Mar-19Mar-18Feb-19
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading periods
Mar-19Mar-18Feb-19
0
50
100
150
200
250
300
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
FY18 BENFY19 BENFY18 OTAFY19 OTA
Wholesale market
Wholesale electricity pricing
Operating reportContact Energy Limited
Distribution of wholesale market price by trading periods
Benmore node
Otahuhu node
4

(1%)
1%
3%
0%
2%
4%
22%
43%
(2%)
2%
0%
3%
(2%)
1%
0%
3%
8%
10%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1617181617181617181617181617181617181718191718191718171817181718
GWh
North IslandSouth IslandNZAS
Electricity demand
Operating reportContact Energy Limited
5
Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
Regional demand change (%) on March 2018
Total national demand (FY17, 18 and 19)
»New Zealand electricity demand was up 3.5% on March 2018 (up 1.2% on
March 2017)
•Cumulative 12 months demand for April 2018 to March 2019 of 41,483
GWh is up by 0.3% on the prior comparative period.
Month Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Year

-
10
20
30
40
50
60
-
100
200
300
400
500
600
700
800
900
17 18 17 18 17 18 17 18 17 18 17 18 18 19 18 19 18 19 18 19 18 19 18 19
$/MWh
GWh
GeothermalHydroThermalAcquired generation
Acquired generationContracted electricity salesUnit generation cost (RHS)
Contact’s Wholesale business performance
Generation mix, gross sales position and unit generation cost (FY18 and 19)
Operating reportContact Energy Limited
6
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Year

Retail sales volumes and netback (FY18 and 19)
Contact’s Customer business performance
7
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Year
Operating reportContact Energy Limited
-
20
40
60
80
100
0
100
200
300
400
500
600
17 18 17 18 17 18 17 18 17 18 17 18 18 19 18 19 18 19 18 19 18 19 18 19
$/MWh
GWh
Mass market electricity salesRetail gas salesNetback

Contact’s operational performance
8
Operating reportContact Energy Limited
Measure
The month ended The month ended The month ended Nine months endedNine months ended
March 19March 18February 19March 19March 18
CustomerMass market electricity salesGWh
239 265 237 2,589 2,654
Retail gas salesGWh
48 50 44 619 573
Mass market electricity and gas salesGWh
287 315 282 3,208 3,227
Average electricity sales price$/MWh
253.16 246.45 249.78 245.50 242.87
Electricity direct pass thru costs$/MWh
(130.80)(122.24)(125.41)(120.54)(119.45)
Cost to serve$/MWh
(24.61)(22.09)(22.53)(18.75)(19.13)
Customer netback$/MWh
88.06 92.14 92.70 91.48 90.70
Energy cost$/MWh
(87.01)(77.39)(72.61)(73.20)(71.54)
Actual electricity line losses%
9%4%8%8%7%
Retail gas salesPJ
0.2 0.2 0.2 2.2 1.9
Electricity ICPs (rounded to the nearest 500)#
408,500 414,000 408,000
Gas ICPs (rounded to the nearest 500)#
66,000 64,500 65,500
WholesaleElectricity sales to Customer businessGWh
262 277 258 2,804 2,861
Electricity sales to Commercial and IndustrialGWh
266 288 250 2,358 2,570
Electricity CFD salesGWh
286 94 106 1,216 945
Contracted electricity salesGWh
814 660 614 6,378 6,376
Steam salesGWh
44 51 39 489 470
Total electricity and steam net revenue$/MWh
82.52 75.98 76.38 77.65 73.47
C&I netback (at the ICP)$/MWh
93.21 86.57 81.38 83.26 82.08
C&I line losses%
4%4%4%4%4%
Thermal generationGWh
64 38 66 1,028 1,422
Geothermal generationGWh
262 275 230 2,412 2,503
Hydro generationGWh
333 323 297 3,010 2,417
Spot electricity salesGWh
658 636 592 6,450 6,342
Electricity sales -DirectGWh
6 9 8 74 77
Acquired generationGWh
189 37 90 511 479
Electricity generated (or acquired)GWh
853 682 690 7,035 6,898
Unit generation cost (including acquired generation)$/MWh
(41.18)(28.30)(47.35)(36.88)(36.62)
Spot electricity purchasesGWh
(522)(557)(500)(5,088)(5,355)
CFD salesGWh
(286)(94)(106)(1,216)(945)
Spot exposed purchases / CFD settlementGWh
(808)(651)(606)(6,304)(6,300)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
167.39 58.51 157.60 139.99 89.42
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(178.11)(62.23)(166.44)(145.64)(93.98)
LWAP/GWAP%
106%106%106%104%105%
Gas used in internal generationPJ
0.8 0.6 0.8 10.5 14.0
Gas storage net movement (extraction) / injectionPJ
(0.3)0.3 (0.4)(2.6)(0.7)

Keep in touch
Operating reportContact Energy Limited
10
contact.co.nz
@ContactEnergy
Linkedin.com/company/contact-energy-ltd
Facebook.com/contactenergy
Youtube.com/ContactEnergy
investor.centre@contactenergy.co.nz
contact.co.nz/aboutus/investor-centre
+64 4 462 1323
+64 21 072 8578
Investors
Matthew Forbes -Investor Relations Manager
To find out more about Contact Energy