January 2020 Operating Report

Monthly Operating Report
January 2020
Putting our energy where it matters

Contact Energy / Monthly Operating Report
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»The Customer business recorded:
•Mass market electricity and gas sales of 297 GWh (January
2019: 281 GWh)
•Mass market electricity and gas netback of $88.97/MWh
(January 2019: $92.25/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 579 GWh(January 2019: 654
GWh)
•Electricity and steam net revenueof $73.51/MWh (January
2019: $71.68/MWh)
•Electricity generated (or acquired) of 654 GWh(January 2019:
738 GWh)
•The unit generation cost, which includes acquired generation
was $31.93/MWh(January 2019: $37.53/MWh)
•Own generation cost in the month of $30.48/MWh
(January 2019: $30.54/MWh)
»Otahuhufutures settlement wholesale price for the 2
nd
quarter of 2020 (ASX):
•As at 11 February 2020: $122/MWh
•As at 31 January 2020: $120/MWh
•As at 31 December 2019: $123/MWh
»As at 11 February, South Island controlled storage
was 131% of mean (31 January 2020: 112%) and
North Island controlled storage was 119% of mean (31
January 2020: 126%)
•As at 11 February 2020, total Clutha scheme
storage (including uncontrolled storage) was
143% of mean
•Inflows into Contact’s Clutha catchment for
January 2020 were 68% of mean (December
2019: 204%, November 2019: 174%, October
2019: 92%, September 2019: 52%)
For the month of January 2020

0
50
100
150
CY20CY21CY22CY23
$/MWh
28/06/201931/12/201931/01/2020
0
50
100
150
CY20CY21CY22CY23
$/MWh
28/06/201931/12/201931/01/2020
0
500
1000
1500
2000
2500
3000
3500
4000
4500
FebMarAprMayJunJulAugSepOctNovDecJan
GWh
South Island ActualNorth Island Actual
South Island MeanNational Mean
New Zealand controlled hydro storage against mean
ASX futures settlement
Contact Energy / Monthly Operating Report
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CY2019
Otahuhu
Benmore

0%
20%
40%
60%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Jan-20Jan-19Dec-19
0%
20%
40%
60%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Jan-20Jan-19Dec-19
Wholesale electricity pricing
Otahuhu
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Benmore
Distribution of wholesale market price by trading periods
Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun
0
50
100
150
200
250
300
$/MWh
FY19 BENFY20 BENFY19 OTAFY20 OTA

(1%)
(0%)
1%
0%
0%
(1%)
11%
21%
1%
1%
1%
(2%)
9%
(4%)
(1%)
(21%)
4%
4%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
North IslandSouth IslandNZAS
Total national demand
Contact Energy / Monthly Operating Report
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Regional demand change (%) on January 2019
»New Zealand electricity demand was up 0.9% on January 2019 (up 2.8% on
January 2017):
•Cumulative 12 months demand for February 2019 to January 2020 of 41,727
GWh is up by 1.2% on the prior comparative period.
Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
FY18, 19 and 20 respectively
Regional demand is excluding NZAS

-
20
40
60
80
100
120
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400
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600
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
Mass market electricity salesRetail gas salesNetback
-
10
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30
40
50
60
70
80
90
100
-
100
200
300
400
500
600
700
800
900
1,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
GeothermalHydroThermal
Acquired generationContracted electricity salesUnit generation cost (RHS)
Wholesale
Contact Energy / Monthly Operating Report
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Customer
Generation mix, gross sales position and unit generation cost (FY19 and 20 respectively)
Retail sales volumes and netback (FY19 and 20 respectively)

Contact Energy / Monthly Operating Report
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Measure
The month ended The month ended The month ended Seven months endedSeven months ended
January 20January 19December 19January 20January 19
CustomerMass market electricity salesGWh244 239 251 2,105 2,113
Retail gas salesGWh53 42 52 541 527
Mass market electricity and gas salesGWh297 281 303 2,646 2,640
Average electricity sales price$/MWh253.60 256.56 249.17 243.37 244.16
Electricity direct pass thru costs$/MWh(128.29)(131.89)(125.05)(118.36)(118.83)
Cost to serve$/MWh(21.79)(23.52)(19.10)(17.95)(17.72)
Customer netback$/MWh88.97 92.25 89.89 90.30 91.72
Energy cost$/MWh(76.45)(73.27)(63.56)(77.58)(71.77)
Actual electricity line losses%5%10%4%6%7%
Retail gas salesPJ0.2 0.2 0.2 1.9 1.8
Electricity ICPs#409,500 406,000 410,000
Gas ICPs#65,500 65,500 65,500
WholesaleElectricity sales to Customer businessGWh257 267 262 2,243 2,284
Electricity sales to Commercial and IndustrialGWh187 270 197 1,390 1,842
Electricity CFD salesGWh135 117 179 1,115 825
Contracted electricity salesGWh579 654 639 4,748 4,951
Steam salesGWh59 55 66 402 406
Total electricity and steam net revenue$/MWh73.51 71.68 69.64 77.37 77.03
C&I netback (at the ICP)$/MWh80.11 76.71 69.82 82.55 82.06
C&I line losses%5%3%5%5%4%
Thermal generationGWh44 63 44 869 899
Geothermal generationGWh282 269 276 1,931 1,920
Hydro generationGWh310 336 345 2,195 2,381
Spot electricity salesGWh636 668 665 4,995 5,200
Electricity sales -DirectGWh10 9 10 59 60
Acquired generationGWh9 61 16 217 232
Electricity generated (or acquired)GWh654 738 691 5,271 5,492
Unit generation cost (including acquired generation)$/MWh(31.93)(37.53)(30.13)(36.48)(34.90)
Spot electricity purchasesGWh(435)(528)(450)(3,573)(4,066)
CFD sale settlementsGWh(135)(117)(179)(1,115)(825)
Spot exposed purchases / CFD settlementGWh(570)(645)(629)(4,688)(4,891)
Spot revenue and settlement on acquired generation (GWAP)$/MWh85.63 126.52 58.31 103.57 133.50
Spot purchases and settlement on CFDs sold (LWAP)$/MWh(91.28)(133.08)(63.00)(109.46)(137.70)
LWAP/GWAP%107%105%108%106%103%
Gas used in internal generationPJ0.6 0.8 0.6 8.6 8.9
Gas storage net movement (extraction) / injectionPJ0.7 (0.0)0.6 1.3 (2.0)

Contact Energy / Monthly Operating Report
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Investors
Matthew Forbes –GM Corporate Finance
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@ContactEnergy
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