March 2020 Operating Report

Monthly Operating Report
March 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 310 GWh (March
2019: 287 GWh)
• Mass market electricity and gas netback of $92.71/MWh
(March 2019: $88.06/MWh)
» The Wholesale business recorded:
• Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 577 GWh (March 2019: 814
GWh)
• Electricity and steam net revenue of $87.29/MWh (March
2019: $82.52/MWh)
• Electricity generated (or acquired) of 672 GWh (March 2019:
853 GWh)
• The unit generation cost, which includes acquired generation
was $25.90/MWh (March 2019: $41.18/MWh)
• Own generation cost in the month of $25.14/MWh
(March 2019: $32.17/MWh)
» Otahuhu futures settlement wholesale price for
the 3
rd
quarter of 2020 (ASX):
• As at 14 April 2020: $95/MWh
• As at 31 March 2020: $99/MWh
• As at 29 February 2020: $133/MWh
» As at 9 April 2020, South Island controlled
storage was 98% of mean (31 March 2020:
102%) and North Island controlled storage was
66% of mean (31 March 2020: 74%)
• As at 14 April 2020, total Clutha scheme
storage (including uncontrolled storage)
was 94% of mean
• Inflows into Contact’s Clutha catchment for
March 2020 were 90% of mean (February
2020: 189%, January 2020: 68%,
December 2019: 204%)
For the month of March 2020

0
50
100
CY20 CY21 CY22 CY23
$/MWh
28/06/2019 28/02/2020 31/03/2020
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200
CY20 CY21 CY22 CY23
$/MWh
28/06/2019 28/02/2020 31/03/2020
0
500
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3500
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4500
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
GWh
South Island Actual North Island Actual
South Island Mean National Mean
New Zealand controlled hydro storage against mean
ASX futures settlement
Contact Energy / Monthly Operating Report
3
12 MONTHS
Otahuhu
Benmore

0%
20%
40%
60%
<$35 $36-$60 $61-$85 $86-$110 $111-$135 $136-$160 >$160
% of trading
periods
Mar-20 Mar-19 Feb-20
0%
20%
40%
60%
<$35 $36-$60 $61-$85 $86-$110 $111-$135 $136-$160 >$160
% of trading
periods
Mar-20 Mar-19 Feb-20
0
50
100
150
200
250
300
$/MWh
FY19 BEN FY20 BEN FY19 OTA FY20 OTA
Wholesale electricity pricing
Otahuhu
Contact Energy / Monthly Operating Report
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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

-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
GWh
North Island South Island NZAS
Total national demand
Contact Energy / Monthly Operating Report
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Regional demand change (%) on March 2019

» New Zealand electricity demand was down 2.0% on March 2019 (up 0.7% on
March 2018), COVID-19 L4 lockdown commenced on 25 March:
• Cumulative 12 months demand for April 2019 to March 2020 of 41,746 GWh
is up by 0.6% 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
(3%)
(7%)
(1%)
(0%)
(3%)
(1%)
5%
(1%)
4%
3%
(8%)
(3%)
1%
(7%)
(3%)
(16%)
5%
0%

-
20
40
60
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100
120
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Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
Mass market electricity sales Retail gas sales Netback
-
10
20
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40
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80
90
100
-
100
200
300
400
500
600
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800
900
1,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
Geothermal Hydro Thermal
Acquired generation Contracted electricity sales Unit 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 Nine months ended Nine months ended

March 20 March 19 February 20 March 20 March 19
Customer Mass market electricity sales GWh 257 239 239 2,601 2,589
Retail gas sales GWh 53 48 36 630 619
Mass market electricity and gas sales GWh 310 287 275 3,231 3,208
Average electricity sales price $/MWh 250.32 253.16 250.35 244.70 245.50
Electricity direct pass thru costs $/MWh (123.77) (130.80) (125.42) (119.54) (120.54)
Cost to serve $/MWh (20.45) (24.61) (22.90) (18.61) (18.75)
Customer netback $/MWh 92.71 88.06 93.15 90.77 91.48
Energy cost $/MWh (87.67) (87.01) (84.66) (79.15) (73.20)
Actual electricity line losses % 5% 9% 6% 6% 8%
Retail gas sales PJ 0.2 0.2 0.1 2.3 2.2
Electricity ICPs # 408,000 408,500 409,000
Gas ICPs # 65,000 66,000 65,500
Wholesale Electricity sales to Customer business GWh 270 262 255 2,768 2,804
Electricity sales to Commercial and Industrial GWh 164 266 180 1,734 2,358
Electricity CFD sales GWh 143 286 193 1,452 1,216
Contracted electricity sales GWh 577 814 629 5,954 6,378
Steam sales GWh 33 44 43 478 489
Total electricity and steam net revenue $/MWh 87.29 82.52 76.62 78.23 77.65
C&I netback (at the ICP) $/MWh 90.51 93.21 83.46 83.40 83.26
C&I line losses % 7% 4% 5% 5% 4%
Thermal generation GWh 59 64 114 1,042 1,028
Geothermal generation GWh 290 262 257 2,478 2,412
Hydro generation GWh 317 333 338 2,850 3,010
Spot electricity sales GWh 666 658 709 6,370 6,450
Electricity sales - Direct GWh 4 6 7 71 74
Acquired generation GWh 1 189 14 232 511
Electricity generated (or acquired) GWh 672 853 730 6,673 7,035
Unit generation cost (including acquired generation) $/MWh (25.90) (41.18) (34.55) (35.20) (36.88)
Spot electricity purchases GWh (430) (522) (428) (4,431) (5,088)
CFD sale settlements GWh (143) (286) (193) (1,452) (1,216)
Spot exposed purchases / CFD settlement GWh (573) (808) (621) (5,883) (6,304)
Spot revenue and settlement on acquired generation (GWAP) $/MWh 59.03 167.39 60.05 94.30 139.99
Spot purchases and settlement on CFDs sold (LWAP) $/MWh (66.15) (178.11) (67.17) (100.77) (145.64)
LWAP/GWAP % 112% 106% 112% 107% 104%
Gas used in internal generation PJ 0.7 0.8 1.2 10.4 10.5
Gas storage net movement (extraction) / injection PJ (0.1) (0.3) 0.1 1.3 (2.6)

Contact Energy / Monthly Operating Report
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Investors
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