May 2020 Operating Report

Monthly Operating Report
May 2020
Putting our energy where it matters

Contact Energy / Monthly Operating Report
2
»The Customer business recorded:
•Mass market electricity and gas sales of 383 GWh(May 2019:
395 GWh)
•Mass market electricity and gas netback of $101.63/MWh(May
2019: $88.21/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 666 GWh(May 2019: 767
GWh)
•Electricity and steam net revenueof $86.12/MWh(May 2019:
$88.26/MWh)
•Electricity generated (or acquired) of 724 GWh(May 2019: 867
GWh)
•The unit generation cost, which includes acquired generation
was $23.19/MWh(May 2019: $34.85/MWh)
•Own generation cost in the month of $22.26/MWh(May
2019: $31.23/MWh)
»Otahuhu futures settlement wholesale price for
the 3
rd
quarter of 2020 (ASX):
•As at 8 June 2020: $112/MWh
•As at 31 May 2020: $102/MWh
•As at 30 April 2020: $88/MWh
»As at 8 June 2020, South Island controlled
storage was 87% of mean (31 May 2020: 93%)
and North Island controlled storage was 51% of
mean (31 May 2020: 43%)
•As at8 June 2020, total Clutha scheme
storage (including uncontrolled storage)
was 69%of mean
•Inflows into Contact’s Clutha catchment
for May 2020 were 64% of mean (April
2020: 83%, March 2020: 90%, February
2020: 189%, January 2020: 68%)
For the month of May 2020

0
50
100
150
CY20CY21CY22CY23
$/MWh
28/06/201930/04/202029/05/2020
0
50
100
CY20CY21CY22CY23
$/MWh
28/06/201930/04/202029/05/2020
0
500
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1500
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3000
3500
4000
4500
JunJulAugSepOctNovDecJanFebMarAprMay
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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12 MONTHS
Otahuhu
Benmore

0
50
100
150
200
250
300
$/MWh
FY19 BENFY20 BENFY19 OTAFY20 OTA
0%
20%
40%
60%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
May-20May-19Apr-20
0%
20%
40%
60%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
May-20May-19Apr-20
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
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
North IslandSouth Island (exc. NZAS)NZAS
Total national demand
Contact Energy / Monthly Operating Report
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Regional demand change (%) on May 2019
»New Zealand electricity demand was down 1% on May 2019 (down 3% on May
2018), COVID-19 L4 and L3 lockdown were in place throughout April:
•Cumulative 12 months demand for April 2019 to May 2020 of 41,277 GWh is
down by 0.4% 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
Nationwide
temperatures for May
2020 were 11º, 1.3º
lower than May 2019:
12.3º

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40
60
80
100
120
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100
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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
-
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100
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500
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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 Eleven months endedEleven months ended
May 20May 19April 20May 20May 19
CustomerMass market electricity salesGWh
315 315 249 3,165 3,178
Retail gas salesGWh
69 80 50 749 763
Mass market electricity and gas salesGWh
383 395 300 3,914 3,940
Average electricity sales price$/MWh
243.85 242.31 253.78 245.33 245.17
Electricity direct pass thru costs$/MWh
(109.00)(117.87)(122.41)(118.72)(120.45)
Cost to serve$/MWh
(17.70)(21.17)(23.81)(18.92)(19.36)
Customer netback$/MWh
101.63 88.21 95.66 92.21 90.72
Energy cost$/MWh
(92.24)(79.65)(75.08)(80.12)(73.61)
Actual electricity line losses%
8%1%2%6%7%
Retail gas salesPJ
0.2 0.3 0.2 2.7 2.7
Electricity ICPs#
407,000 411,000 407,000 409,500 408,000
Gas ICPs#
65,000 66,500 65,000 65,500 65,500
WholesaleElectricity sales to Customer businessGWh
341 318 253 3,362 3,402
Electricity sales to Commercial and IndustrialGWh
155 232 139 2,028 2,813
Electricity CFD salesGWh
170 216 156 1,778 1,604
Contracted electricity salesGWh
666 767 548 7,168 7,818
Steam salesGWh
27 20 19 524 548
Total electricity and steam net revenue$/MWh
86.12 88.26 79.81 79.06 78.47
C&I netback (at the ICP)$/MWh
88.77 96.51 81.30 83.67 84.86
C&I line losses%
5%5%4%5%4%
Thermal generationGWh
40 128 11 1,093 1,233
Geothermal generationGWh
301 286 291 3,070 2,977
Hydro generationGWh
361 407 256 3,466 3,801
Spot electricity salesGWh
702 821 557 7,629 8,011
Electricity sales -DirectGWh
3 3 4 78 82
Acquired generationGWh
19 43 23 274 600
Electricity generated (or acquired)GWh
724 867 585 7,982 8,693
Unit generation cost (including acquired generation)$/MWh
(23.19)(34.85)(24.89)(33.36)(36.38)
Spot electricity purchasesGWh
(493)(547)(388)(5,312)(6,132)
CFD sale settlementsGWh
(170)(216)(156)(1,778)(1,604)
Spot exposed purchases / CFD settlementGWh
(663)(763)(544)(7,090)(7,736)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
125.49 102.51 46.06 93.61 132.86
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(130.33)(110.90)(49.76)(99.62)(139.24)
LWAP/GWAP%
104%108%108%106%105%
Gas used in internal generationPJ
0.5 1.1 0.2 11.1 12.5
Gas storage net movement (extraction) / injectionPJ
0.4 (0.4)0.6 2.4 (3.0)

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