May 2019 Operating Report

Monthly Operating Report
May 2019

For the month of May 2019
»The Customer business recorded:
•Mass market electricity and gas sales of 395 GWh
(May 2018: 400 GWh)
•Mass market electricity and gas netback of
$88.21/MWh(May 2018: $94.03/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including
that sold to the Customer business, totalled 767
GWh(May 2018: 761 GWh)
•Electricity and steam net revenueof $88.26/MWh
(May 2018: $82.97/MWh)
•Electricity generated (or acquired) of 867 GWh
(May 2018: 821 GWh)
•The unit generation cost, which includes acquired
generation was $34.85/MWh(May 2018:
$25.61/MWh)
•Own generation cost in the month of
$31.23/MWh(May 2018: $25.43/MWh)
May overview
Operating reportContact Energy Limited
2
»Otahuhufutures settlement wholesale price for the 4
th
quarter of 2019 (ASX):
•As at 14 June 2019: $98/MWh
•As at 31 May 2019: $95/MWh
•As at 30 April 2019: $102/MWh
»As at 14 June 2019, South Island controlled storage
was 127% of mean (31 May 2019: 131%) and North
Island controlled storage was 76% of mean (31 May
2019: 52%)
•As at 14 June 2019, total Clutha scheme storage
(including uncontrolled storage) was 116% of mean
•Inflows into Contact’s Clutha catchment for May
2019 were 160% of mean (April 2019: 124%,
March 2019: 131%, February 2019: 82%)
Contact secured gas supply from OMV for 40 TJ/day
of gas for this winter (4.5PJ) at a price in-line with
guidance. The agreement, which is subject to
customary approvals, also provides for the supply of
Maui gas at the same price for 2020 to 2024, with
volumes subject to field deliverability.

0
20
40
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140
CY19CY20CY21CY22
$/MWh
29/06/201830/04/201931/05/2019
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120
140
CY19CY20CY21CY22
$/MWh
29/06/201830/04/201931/05/2019
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500
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3500
4000
Jun
18
Jul
18
Aug
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Sep
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Oct
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Nov
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Dec
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Jan
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Feb
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Mar
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Apr
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May
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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%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading periods
May-19May-18Apr-19
0%
20%
40%
60%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading periods
May-19May-18Apr-19
0
50
100
150
200
250
300
$/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

(2%)
(5%)
(2%)
(6%)
(2%)
(4%)
(0%)
(2%)
(6%)
(7%)
10%
(3%)
(3%)
(2%)
(1%)
(1%)
(2%)
(4%)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1617181617181617181617181617181617181718191718191718191718191718191718
GWh
North IslandSouth IslandNZAS
Electricity demand
Operating reportContact Energy Limited
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Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
Regional demand change (%) on May 2018
Total national demand (FY17, 18 and 19)
»New Zealand electricity demand was down 2.0% on May 2018 (down
2.4% on May 2017):
•Cumulative 12 months demand for June 2018 to May 2019 of
41,418 GWh is up by 0.7% on the prior comparative period.
Month Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Year
Regional demand is excluding NZAS

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10
20
30
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100
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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 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

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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
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

Contact’s operational performance
8
Operating reportContact Energy Limited
Measure
The month ended The month ended The month ended Eleven months endedEleven months ended
May 19May 18April 19May 19May 18
CustomerMass market electricity salesGWh
315 325 273 3,178 3,264
Retail gas salesGWh
80 75 64 763 706
Mass market electricity and gas salesGWh
395 400 337 3,940 3,969
Average electricity sales price$/MWh
242.31 243.21 245.37 245.17 243.07
Electricity direct pass thru costs$/MWh
(117.87)(117.92)(122.62)(120.45)(118.95)
Cost to serve$/MWh
(21.17)(16.21)(22.99)(19.36)(18.75)
Customer netback$/MWh
88.21 94.03 86.47 90.72 91.67
Energy cost$/MWh
(79.65)(82.67)(70.40)(73.61)(72.67)
Actual electricity line losses%
1%11%2%7%8%
Retail gas salesPJ
0.3 0.3 0.2 2.7 2.4
Electricity ICPs (rounded to the nearest 500)#
411,000 414,000 409,500
Gas ICPs (rounded to the nearest 500)#
66,500 65,000 66,500
WholesaleElectricity sales to Customer businessGWh
318 366 279 3,402 3,531
Electricity sales to Commercial and IndustrialGWh
232 284 223 2,813 3,123
Electricity CFD salesGWh
216 111 171 1,604 1,157
Contracted electricity salesGWh
767 761 673 7,818 7,811
Steam salesGWh
20 39 39 548 564
Total electricity and steam net revenue$/MWh
88.26 82.97 75.60 78.47 74.56
C&I netback (at the ICP)$/MWh
96.51 93.51 89.55 84.26 83.49
C&I line losses%
5%5%5%4%4%
Thermal generationGWh
128 147 77 1,233 1,624
Geothermal generationGWh
286 283 279 2,977 3,059
Hydro generationGWh
407 380 384 3,801 3,163
Spot electricity salesGWh
821 810 740 8,011 7,846
Electricity sales -DirectGWh
3 4 5 82 89
Acquired generationGWh
43 6 46 600 486
Electricity generated (or acquired)GWh
867 821 792 8,693 8,421
Unit generation cost (including acquired generation)$/MWh
(34.85)(25.61)(33.62)(36.38)(34.44)
Spot electricity purchasesGWh
(547)(646)(497)(6,132)(6,565)
CFD salesGWh
(216)(111)(171)(1,604)(1,157)
Spot exposed purchases / CFD settlementGWh
(763)(757)(668)(7,736)(7,722)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
102.51 56.89 103.09 132.86 83.53
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(110.90)(63.71)(111.27)(139.24)(88.28)
LWAP/GWAP%
108%112%108%105%106%
Gas used in internal generationPJ
1.1 1.4 0.8 12.5 16.1
Gas storage net movement (extraction) / injectionPJ
(0.4)0.4 0.0 (3.0)0.1

Keep in touch
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@ContactEnergy
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investor.centre@contactenergy.co.nz
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+64 4 462 1323
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Matthew Forbes -Investor Relations Manager
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