June 2019 Operating Report

Monthly Operating Report
June 2019

For the month of June 2019
» The Customer business recorded:
• Mass market electricity and gas sales of 453 GWh
(June 2018: 485 GWh)
• Mass market electricity and gas netback of $90.98/
MWh (June 2018: $88.71/MWh)
» The Wholesale business recorded:
• Contracted Wholesale electricity sales, including
that sold to the Customer business, totalled 834
GWh (June 2018: 771 GWh)
• Electricity and steam net revenue of $94.83/MWh
(June 2018: $93.27/MWh)
• Electricity generated (or acquired) of 932 GWh
(June 2018: 802 GWh)
• The unit generation cost, which includes acquired
generation was $33.68/MWh (June 2018: $32.27/
MWh)
• Own generation cost in the month of $31.37/
MWh (June 2018: $31.13/MWh)
June overview
Operating report Contact Energy Limited
2
» Otahuhu futures settlement wholesale price for the 3
rd

quarter of 2019 (ASX):
• As at 23 July 2019: $108/MWh
• As at 28 June 2019: $120/MWh
• As at 31 May 2019: $109/MWh
» As at 23 July 2019, South Island controlled storage was
122% of mean (30 June 2019: 116%) and North Island
controlled storage was 88% of mean (30 June 2019:
54%)
• As at 23 July 2019, total Clutha scheme storage
(including uncontrolled storage) was 81% of mean
• Inflows into Contact’s Clutha catchment for June
2019 were 104% of mean (May 2019: 160%, April
2019: 124%, March 2019: 131%)
Nova Energy have signed a 15-contract with
FlexGas to access the Ahuroa gas storage
facility once expanded

0
20
40
60
80
100
120
140
CY19 CY20 CY21 CY22
$/MWh
29/06/2018 31/05/2019 28/06/2019
0
20
40
60
80
100
120
140
CY19 CY20 CY21 CY22
$/MWh
29/06/2018 31/05/2019 28/06/2019
0
500
1000
1500
2000
2500
3000
3500
4000
Jul
18
Aug
18
Sep
18
Oct
18
Nov
18
Dec
18
Jan
19
Feb
19
Mar
19
Apr
19
May
19
Jun
19
GWh
South Island Actual North Island Actual
South Island Mean National Mean
Hydro storage and forward prices
New Zealand controlled hydro storage against mean
Operating report Contact 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
Jun-19 Jun-18 May-19
0%
20%
40%
60%
<$35 $36-$60 $61-$85 $86-$110 $111-$135 $136-$160 >$160
% of trading periods
Jun-19 Jun-18 May-19
Wholesale market
Wholesale electricity pricing
Operating report Contact Energy Limited
Distribution of wholesale market price by trading periods
Benmore node
Otahuhu node
4
0
50
100
150
200
250
300
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
FY18 BEN FY19 BEN FY18 OTA FY19 OTA

(2%)
(14
%)
(2%
)
(5%)
0%
(2
%)
2%
(1%)
(5%)
(7%)
4%
(4%)
(4%)
(3%)
(1%)
(5%)
2%
0%
Electricity demand
Operating report Contact Energy Limited
5
Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
Regional demand change (%) on June 2018
Total national demand (FY17, 18 and 19)
» New Zealand electricity demand was down 1.9% on June 2018 (up
1.2% on June 2017):
• Cumulative 12 months demand for July 2018 to June 2019 of
41,346 GWh is up by 0.2% on the prior comparative period.
Month Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Year
Regional demand is excluding NZAS
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
16 17 18 16 17 18 16 17 18 16 17 18 16 17 18 16 17 18 17 18 19 17 18 19 17 18 19 17 18 19 17 18 19 17 18 19
GWh
North Island South Island NZAS

Contact’s Wholesale business performance
Generation mix, gross sales position and unit generation cost (FY18 and 19)
Operating report Contact Energy Limited
6
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
Geothermal Hydro Thermal
Acquired generation Acquired generation Contracted electricity sales
Unit generation cost (RHS)

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 report Contact 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 sales Retail gas sales Netback

Contact’s operational performance
8
Operating report Contact Energy Limited
Measure
The month ended The month ended The month ended Twelve months ended Twelve months ended

June 19 June 18 May 19 June 19 June 18
Customer Mass market electricity sales GWh
356 385 315 3,533 3,648
Retail gas sales GWh
97 100 80 860 806
Mass market electricity and gas sales GWh
453 485 395 4,394 4,454
Average electricity sales price $/MWh
237.44 235.32 242.31 244.40 242.25
Electricity direct pass thru costs $/MWh
(106.83) (113.51) (117.87) (119.08) (118.38)
Cost to serve $/MWh
(11.30) (15.21) (21.17) (18.53) (18.36)
Customer netback $/MWh
90.98 88.71 88.21 90.75 91.35
Energy cost (electricity and gas) $/MWh
(92.99) (86.77) (79.65) (75.61) (74.20)
Actual electricity line losses %
8% 6% 1% 7% 7%
Retail gas sales PJ
0.4 0.4 0.3 3.1 2.8
Electricity ICPs #
410,500 413,000 411,000
Gas ICPs #
66,500 65,000 66,500
Wholesale Electricity sales to Customer business GWh
387 409 318 3,789 3,941
Electricity sales to Commercial and Industrial GWh
207 253 232 3,019 3,376
Electricity CFD sales GWh
241 108 216 1,844 1,266
Contracted electricity sales GWh
834 771 767 8,652 8,582
Steam sales GWh
10 20 20 558 584
Total electricity and steam net revenue $/MWh
94.83 93.27 88.26 79.97 76.18
C&I netback (at the ICP) $/MWh
86.54 106.26 96.51 84.97 85.24
C&I line losses %
5% 4% 5% 4% 4%
Thermal generation GWh
188 188 128 1,421 1,812
Geothermal generation GWh
279 263 286 3,256 3,323
Hydro generation GWh
430 316 407 4,231 3,479
Spot electricity sales GWh
897 767 821 8,908 8,614
Electricity sales - Direct GWh
1 1 3 83 90
Acquired generation GWh
34 33 43 634 519
Electricity generated (or acquired) GWh
932 802 867 9,625 9,223
Unit generation cost (including acquired generation) $/MWh
(33.68) (32.27) (34.85) (36.12) (34.25)
Spot electricity purchases GWh
(593) (661) (547) (6,725) (7,226)
CFD sale settlements GWh
(241) (108) (216) (1,844) (1,266)
Spot exposed purchases / CFD settlement GWh
(833) (770) (763) (8,569) (8,492)
Spot revenue and settlement on acquired generation
(GWAP)
$/MWh
101.07 101.48 102.51 129.76 85.10
Spot purchases and settlement on CFDs sold (LWAP) $/MWh
(103.40) (105.50) (110.90) (135.76) (89.84)
LWAP/GWAP %
102% 104% 108% 105% 106%
Gas used in internal generation PJ
1.4 1.4 1.1 13.9 17.6
Gas storage net movement (extraction) / injection PJ
(0.1) (0.4) (0.4) (3.1) (0.3)

Keep in touch
Operating report Contact 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