Capital Markets Day 2021 Presentation

1
20 May 2021
Capital Markets
Day 2021

2
Agenda
Topic
Presenters
Mike Fuge
James Kilty
Jacqui Nelson
James Kilty
Dorian Devers
Matt Bolton
Catherine Thompson, Jacqui Nelson, Jan Bibby
Welcome, recap of FY21 and strategy overview
Theme 1: Grow demand
Theme 3: Decarbonise our portfolio
Theme 2: Grow renewable development
Our investor value proposition
Theme 4: Create Outstanding Customer Experiences
Enabling our strategy
Morning tea
Lunch and technology showcase
Tauhara site and rig visit
Q&A

3
James Kilty
Deputy CEO
Presenting
Mike Fuge
CEO
Jacqui Nelson
Chief Generation Officer
Matt Bolton
Acting Chief Customer Officer
.
Dorian Devers
CFO
Catherine Thompson
Chief Corporate Affairs
Officer and General Counsel
Jan Bibby
Chief People Experience Officer

4
Mike Fuge
CEO
Welcome, recap of FY21
and strategy overview

5
2021 Highlights
Overview: Introduction to Contact26
Theme 1: Grow Demand
Theme 2: Grow Renewable Development
Theme 3: Decarbonise Our Portfolio
Theme 4: Create Outstanding Customer Experiences
Enabling our strategy
Our investor value proposition

6

7
2021 Highlights
Overview: Introduction to Contact26
Theme 1: Grow Demand
Theme 2: Grow Renewable Development
Theme 3: Decarbonise Our Portfolio
Theme 4: Create Outstanding Customer Experiences
Enabling our strategy
Our investor value proposition

8
65
64
50
47
Peer 2Contact
Energy
Peer 1Peer 3
391
357
301
272
248
FY20FY17FY16FY18FY19
Our past strategy focused on efficient operations
and use of capital
Profitable operations
Operating free cash flows per MWh, $/MWh
33
33
30
21
Peer 1Contact
Energy
Peer 3Peer 2
Strong cash conversion
Operating free cash flows as a proportion of
EBITDAF, %, 3-year average
Reducing our cost base
Other operating costs and SIB capex, $M
Strong cash flow generation per unit
despite higher cost thermal generation
assets in our portfolio
Controllable CAPEX and OPEX removed
through our continuous improvement
program
Strong conversion of operating
earnings into cash flow,
highlighting capital discipline
-37%

9
Net debt has reduced by $408m between 30 June 2018 and 31 December 2020 positioning us well
This discipline has delivered stable EBITDAF over the past four years,
despite volatile wholesale markets and rising thermal fuel costs
EBITDAF, $M, continuing operations rolling 12 months average
449
459
465
468
497
509
509
510
510
506
499
497
505
502
492
479
450
445
448
446
446
451
449
454
451
457
466
487
491
480
476
485
492
496
513
Nov-18Jul-20Jul-18May-19Sep-18Jan-19Sep-19May-20Mar-19Jul-19Nov-19Jan-20Mar-20Sep-20Nov-20Jan-21
Mar-21
Ø 478
Financial year end
circled
Average
FY18
FY19
FY20
In line with our mean EBITDAF of $480m p.a. and beating our operating free cash flow target

10
At the same time, we have developed or acquired
distinctive capabilities to position us for growth
Geothermal fixed costs believed to ~30% less
than major peers
Operational excellence program achieved 2%
p.a. cost reduction off-setting carbon price
increase and inflation
-8
-3
14
15
14
35
FY17FY15FY16FY20FY19FY18
Strong geothermal capabilities
Geothermal generation cash-costs excluding transmission,
$/MWh
Digitisation of key touchpoints and growth into
new adjacencies supporting rapid net promoter
score (NPS) growth
Enhanced customer experiences driving highly
engaged customers
Retail NPS, %
+43
Strategic acquisitions and partnerships with
distinctive capabilities to meet our
electrification and development targets
Strategic acquisitions and partnerships
to build capability
19
17
FY15Peer
estimate
1
FY16FY20FY17FY18FY19
~30%
-2%p.a.
1.Based on annual reports total generation cash-costs weighted by the relative capacity of each technology

11
Two structural shifts impact the NZ electricity market
Decarbonising
the economy
1
End of NZAS
supply agreement
2

12
1. Decarbonisation imperatives and technology improvements will
accelerate electricity demand growth
35
14122010162618202224282030
0
40
45
0%p.a.
The Climate Change Commission expects electricity demand to grow to meet climate targets
Electricity demand, TWh
1
Key drivers of decarbonisation
Increasedfocus on climate change globally
including from the NZ government and consumers,
e.g. Climate Change Commission
Increasingcarbon and gas prices
Competitiveelectricity costs
against alternatives
Falling technology costs
including renewables, electric boilers,
electrolysers and electric vehicles (EVs)
1.Assumes demand equivalent to NZAS is operating
Source: Climate Change Commission 2021, Contact Energy analysis
~40%
EVs
~40%
Industry
~20%
Buildings
Key drivers

13
2. Decarbonisation provides the opportunity for growth
0.9
1.3
1.4
-0.8-0.8-0.8-0.8
2
0
-1
5
3
-2
-3
4
1
6
2.0
202122232030242526272829
-0.8-0.8
+6 TWh
Change in electricity demand and supply, TWh
New supply (cummulative)
Demand, NZAS exit
Demand, including NZAS
Note: New supply includes Turitea(2021, 2022),, Tauhara (2023), and Harapaki(2024). Assumes decommissioning of TCC (2023) and Huntly (2025).
Source: Climate Change Commission Draft Report 2021, Contact Energy analysis
Implication
for Contact
Our imperative is to
deliver on our commitment
to decarbonisation and grow
demand by electrifying
NZ and decarbonising
new global industrial
supply chains

14
Decarbonisation and the end of the NZAS supply agreement could
leave the electricity market looking very different by 2030
How the electricity market will change?
Long-term PPAs secured to supply large sources of demand
Intermittent renewables will dominate the generation mix,
with geothermal as the only baseload generation source
Baseload thermal exits, with low
utilisation for remaining thermal assets
Batteries and large-scale demand flexibility will supplement existing
hydro reservoirs and thermal peaking plant to maintain the energy balance
The energy transition
will be bumpy with periods of
increased volatility
Winners will attract new
demand with long-term PPAs
recovering investment costs

15
We are best positioned to enable decarbonisation
Proven
decarbonisation
growth platform
Combining Simply Energy with our
deep market knowledge, and strong
retail brand brings the experience
and capability to lead the energy
transition with innovative customer-
led solutions
New Zealand’s
best renewable
development pipeline
We have a pipeline of options
for high-quality renewable
developments unmatched by peers,
with the added benefit of NZ’s only
baseload renewable pipeline of
~3 TWhgeothermal*
Leading NZ thermal
generation transition
We have led the economic substitution
of almost 3 TWhof thermal generation
over the last 15 years (twice as much
as all our peers combined), while
developing advanced trading
capabilities and systems to manage
changes to our commodity risk position
*:Includes Tauhara which is currently under construction
Low-cost, innovative operations
We have a track record of sustainably reducing
costs across the business, with lowest cost
geothermal and retail cost-to-serve
Largest NZ electricity brand
We are NZ’s largest electricity brand,
catering to changing customer needs
with a great customer experience
Future-focused capabilities
Our capabilities will support our growth with major
projects, business development and digital &
analytics skills recently added

16
We’re ready to drive New Zealand’s decarbonisation:

17
Our strategy to lead NZ’s decarbonisation
Enablers
Transformative ways of working:
create a flexible and high-performing
environment for NZ's top talent
Outcomes
Growth
Pivot our business to a new growth era that
captures the value unlocked by decarbonisation
Resilience
Deliver sustainable shareholder returns,
aligned with our ESG commitment
Performance
Realise a step-change in performance, materially
growing EBITDAF through strategic investments
Strategic
theme
Objective
Grow
demand
Attract new industrial demand with
globally competitive renewables
Grow renewable
development
Build renewable generation and
flexibility on the back of new demand
Decarbonise
our portfolio
Lead an orderly transition
to renewables
Create outstanding
customer experiences
Create NZ's leading sustainable energy brand that
will support renewable development ambitions
Operational excellence:
continuously improving our operations
through innovation and digitisation
ESG: create long-term value through our strong
performance across a broad set of environmental,
social and governance factors

18
1.As per Colmar Brunton Rep Track report, 2020 ranked 38
th
2.Sbtitarget at 1.5 degrees.
We have set ambitious measures of success across our strategic themes
Tauhara online by 2023
FID on next renewable
build (Wairakei, wind, and/or
solar) by 2024
Decision on North Island
battery by end of 2023, for
delivery in 2024
100 MW demand response
capacity by 2025
Top 10 ‘most trusted brand’ by
2025
1
+650,000 customer
connections by 2025
CTS < $120 per connection
75% of customer interactions
through digital channels
Complete thermal review in
2021, and executed by the
end of 2022
TCC decommissioned by
end of 2023
Reduce Scope 1 and 2 GHG
emissions 45% compared to
2018 baseline by 2026ȇ²
Senior in-house capability to
support industry electrification
partnerships by 2021
100 MW of new commercial
and industrial demand by 2025
Identified 300+ MW of market-
backed demand opportunities,
replacing NZAS in the lower SI
by end of 2024 (e.g., hydrogen)
Objective
Metrics &
measures
Attract new industrial
demand with globally
competitive renewables
Build renewable generation
and flexibility on the back
of new demand
Lead an orderly
transition to renewables
Create NZ's leading sustainable
energy brand that will support
renewable development ambitions
Grow
demand
Grow renewable
development
Decarbonise
our portfolio
Create outstanding
customer experiences

19
This will be underpinned by three key enablers
Our ESG commitment
Create long-term value through our
strong performance across a broad
set of environmental, social and
governance factors
Transformative
ways of working
Use technology to modernise our
operating model
Increase employee engagement
to attract and retain talent
Operational excellence
Use innovation to continue to improve
business efficiency
Prudent management of
stay-in-business CAPEX to deliver value
Capture economies of scale
and further digitise our business
Create value for all Contact’s stakeholders
by driving NZ’s decarbonisation
Set up the right operating model to
deliver on our strategic priorities
Improve cash-flows through
proven ability to execute

20
2021 Highlights
Overview: Introduction to Contact26
Theme 1: Grow Demand
Theme 2: Grow Renewable Development
Theme 3: Decarbonise Our Portfolio
Theme 4: Create Outstanding Customer Experiences
Enabling our strategy
Our investor value proposition

21
James Kilty
Deputy CEO
Grow demand

22
Meeting climate change commission targets
will require rapid electrification and use of new fuels like hydrogen
50
0
40
10
20
30
Climate change
Commission path
Path under
current policies
201020152020202520302035204020452050
2050 target (net zero)
Climate Change Commissions emissions reductions pathway Mt CO2e
1.Source: Climate Change Commission February 2020, MBIE 2018, Contact Energy analysis
Emissions
reduction from 2020
Sector
New demand
projected to 2035
66%
3 TWh
Buildings and
space heat
45%
6 TWh
Transport
Hydrogen
Data centres
Electrification of existing industries
Alongside the
emergence of
new industries to
replace NZAS
+5 TWh
+2 TWh
40%
5 TWh
Industry
and heat
12 TWhaddressable
H
2

23
Contact is well positioned to facilitate NZ’s decarbonisation
Willingness to form long-term partnerships
425 MW of geothermal
784 MW of hydro capacity
to support our customers
Hydrogen capability
with recent feasibility study, and upcoming pilot and EOI process
Electrification capability through Simply Energy
of options for high-quality renewable developments
with a demand flexibilityplatform enabling demand response and fuel
switching products to improve total cost of ownership
backed by PPAs to support customers
NZ’s best renewable development pipeline
Our capabilities and endowments

24
Attract new industrial demand with globally competitive renewables
What we’ll do
Develop NZ’s hydrogen and green chemical industry
Electrify industrial process heat
Electrify space heating
Attract data centres with clean electricity
In 2026
Identified +300 MW demand in the South Island to
replace NZAS
100 MW of new industrial demand supplied by Contact
Extensive electrification project pipeline
Facilitate decarbonisation of NZ road transport
A
B
C
D
E
Grow demand

25
BP -rapidHydrogen CouncilBP -net zero
642
206
483
Global H2 demand by subsector in 2050, Mt
0
2050202020302040
2
8
22
Japan
South Korea
Singapore
H2 demand in selected Asian markets 2019, Mt
*Source: McKinsey
Hydrogen
A light, storable and dense energy source:
•Can be used without direct emissions
•Can be made from low and no-carbon energy sources
Green hydrogen
Green hydrogen can contribute to a decarbonised energy future
in two ways:
1.Decarbonising existing applications, e.g. fertilisers
2.Used in new applications as alternative to current fuels in hard
to abate sectors, e.g. steel production, long-haul transport,
aviation, space heating
We are seeing the emergence of a global hydrogen economy with
over 50 GW of announced green hydrogen projects in anticipation
of the opportunity.
A. Hydrogen will be a critical fuel to decarbonise the global economy
Industry
Power
New feedstock
Existing feedstock
Buildings
Transport

26
Three-part study
Completion date: August 2021
•Products
•Transportation costs
•Domestic and international markets
•NZ’s possible role
•Economics
•Carbon policies
Market scan
Technology & engineering assessment
Dry year role
•Development costs
•Technology options
•Transportation / storage options
•Possible locations
•Health and safety implications
•Market requirements
•Implications for technology options
•Comparison with Onslow / NZ Battery
•Implications for downstream H
2
markets
Registration of Interest process
June 2021
Seeking responses from:
•Participants interested in purchasing
hydrogen/green chemicals
•Participants interested in purchasing
large volumes of electricity
•Participants with technology solutions
•Participants with R&D concepts
Advisory Board
UK/USA/Australia
Andrew
Murphy
Diana
Raine
Joe
Powell
Tim
Buckley
Gary
Smith
A. We are partnering with Meridian
to study the feasibility of the green hydrogen economy in New Zealand
1
2
3

27
A. Initial findings point to a significant opportunity for
New Zealand to lead the hydrogen economy
Report to be published June 2021
1. Developing international markets for green hydrogen
•Global demand forecasts are high
•Japan and Korea will be key importers
•Hydrogen is the only decarbonisation solution for countries with scarce
renewables and for hard-to-abate sectors
2. New Zealand can lead the world
•New Zealand has a key competitive advantage as we can produce green
hydrogen with baseload renewables at an internationally competitive price
•New Zealand’s abundance of low-cost renewables can support long-term
growth
3. This will be a transformational economic change
•New Zealand’s competitive advantage provides an opportunity to create an
entirely new industry with long-term economic value
•Developing a hydrogen economy will help to decarbonise both international
and domestic markets
4. Hydrogen offers a dry-year solution
•Electrolysers can be designed to provide demand flexibility to support
to New Zealand’s electricity market in moving toward its 100% RE goal
•Green hydrogen could be a low-cost solution to solve a significant
portion of New Zealand’s dry-year problem
5. A solution focus will enable a hydrogen future
•There are several uncertainties to be resolved: government support,
certification of green hydrogen, technology developments, alternative
fuels, and consumer preferences
•Growing global support and capability will address these uncertainties
6. Government support would bridge economic gaps
•Green hydrogen is projected to remain more expensive than
conventional sources of energy in the medium-term
•Bridging this cost differential will require government support, but it will
be critical to meet global decarbonisation goals

28
A. Hydrogen projects are accelerating globally with>200xgrowthuntil2030
252120
0.1
20.8
25.8
2322
32.2
29242826
38.4
2019
0.2
3.8
6.8
2030
1.6
11.3
43.8
50.1
27
~3 GW
Jun 2019
~28 GW
Jun2020
~50 GW
March2021
~240 MW
Capacity installed as of 2020
Global electrolyserprojects (announced)
1
GW
1.For projects without known deployment timeline capacity additions were interpolated between known milestones
Source: McKinsey Hydrogen Project Database

29
A. Our next steps in hydrogen
This year we will
Investigate the feasibility of large-scale renewable
energy hydrogen production in New Zealand
Explore appropriate incentive mechanismsto kick-
start the hydrogen economy
Investigate potential business models and partnerships
Determine the benefits of using hydrogen for dry-
year energy supply management
Seek expressions of interest for offtake
Assess New Zealand’s hydrogen opportunity

30
WORKING DRAFT
Image completements of Waterford Press
B. Forward thinking NZ industrial users are already
opting to decarbonise their process heat requirements
Image completements of Waterford Press

31
B. Electrification of food industries can bring +13 TWhof
new demand, abating ~3% of NZ carbon emissions
Source: MBIE Process Heat fact-sheet
2.1
7.6
2.5
8.5
9.7
15.7
2.0
Energy consumption, TWh
48.1TWh
Process heat overviewDairy, meat, and food manufacturing can
be the most readily electrified
Total energy demand identified to
decarbonise key process heat industries
1
Dairy
Petroleum, chemicals
& rubber
Wood, pulp & paper
Other
Meat
Retail food
Non-metallic minerals
+12.6 TWh
1.Includes all coal and natural gas use in dairy, meat processing, and other food processing
Expected additional electricity
from process heat by the Climate
Change Commission by 2035
5 TWh
35%
NZ energy emissions
55%
Supplied by burning fossil fuels
68%
Process heat comes
from boiler systems

32
100
60
20
40
0
80
110
Carbon price, $/tCO2e
7520253035404550556570808590
135105
95
100
115
120125130140145150
60
Current carbon price
Climate Commission 2030 ETS target
B. Process heat is a profitable source of energy as carbon costs rise
Source: Climate Change Commission 2021, Contact Energy Analysis
Increasing carbon prices will drive further coal boiler electrification
Break-even for 15MW coal boiler electrification
Breakeven electricity price, $/MWh
Unfirmed renewables
LRMC
Firmed renewables
LRMC
Key assumptions
Capex:
$18/MWh for electric
$35/MWh for coal
Non-fuel Opex:
~$0/MWh for electric
$15/MWh for coal
Coal price:
$6.5/GJ
Electricity network charges:
$26/MWh
Life: 20 years
WACC: 7%

33
15
10
0
35
5
20
25
30
40
201015202530
2035
+3
C. Space heating is a major part of New Zealand’s energy use
The Climate Change Commission’s decarbonisation pathway will see a 14% increase in electricity use for space heating
Source: Climate Change Commission February 2021
Building emissions pathway
Energy use, TWh
Demand avoided through
efficiency improvements
Gas
Electricity
Biomass
Coal
expected demand
growth from space
heat electrification
by 2035
~3 TWh

34
Key assumptions
0.6
0.0
0.2
0.4
0.8
50
Carbon price, $/tCO2e
01001020304060701508090110130120140
Current
average
SME tariff
Current carbon price
Climate Commission 2030 ETS target
C. Heat pumps will soon be economic with gas boilers as carbon costs continue to rise
Source: NREL Electrification Fuel Survey, MBIE, ClimateChange Commission, Contact Energy Analysis
Note: Assumes 3 one-ton split units for heat pumps with 16 year lifespan, 15 year lifespan for gas boilers, load to heat ~225 m
2
space, current residential gas tariff of ~$0.13/kWh remains constant
Increasing carbon prices will drive further space heating electrification
Break-even for heat pumps vs. high efficiency gas boilers
Breakeven electricity tariff, $/kWh
Installed cost annualised:
$410 for gas
$610 for electric
Maintenance cost annualised:
$70 for gas
$105 for electric
Energy used for 225m2 space:
15 MWh of gas
10 MWh of electricity
Gas boiler properties:
Heat rate 7.5 GJ/MWh
Carbon rate 0.4 t/GJ
Life: 15 years
WACC:7%

35
D. Contact is partnering to supply a 10MW data centre in the lower South Island
https://www.youtube.com/watch?v=nlGGFNgUwic

36
D. Data processing will drive increased electricity demand
as the world becomes more digitised
The global cloud data centre market is growing as more processing moves to the cloud
Success factors for data centres
Source: Size of the Digital Universe (IDC/EMC, Apr 2014); Visual Networking Index (Cisco, Feb 2016); Data Center Forecast (Gartner, Q2 2014); Global Power and Cooling in the Data Center Market (Frost & Sullivan, May 2015);
Worldwide Datacenter Installation Census and Construction Forecast, 2019-2023 (IDC, Apr 2019)
Worldwide Installed Cloud Data Center Capacity
million m
2
60
0
100
20
80
40
16182013141517192020232122
Reliable green electricity supply
Close to centre of load to
decrease latency
Access to major international
data connections
Rigorous data sovereignty laws
which promote data centre
onshoring
Data centres
common in countries with
large-scale hydro, with
industrial electricity prices
linked to aluminium markets
Cold climate to reduce cooling costs

37
E. Electric vehicles use is expected to grow quickly in New Zealand once
economic, driving higher electricity demand
The Climate Change Commission path expects EV electricity
demand to grow quickly, reaching ~6 TWhby 2035
1716201525
2010
21111213
0
14331819222324262728293031
2(1)
3234
2035
4(2)
6(3)
EV Electricity demand, TWh(approx. Million EVs)
expected demand
growth from electric
vehicles by 2035
~6 TWh
No new conventional cars
entering NZ’s fleet
Battery electric vehicle TCO
1
expected
to break-even with petrol cars
> 400 new models launched
1.Total cost of ownership = all costs associated with owning the vehicle, including purchase, maintenance and fuel Source: Climate Change Commission 2021, IHS Automotive, McKinsey Powertrain Model
Government announces all
government fleet to be EVs

38
We are actively working to capture
opportunities to drive decarbonisation
The time is now: with NZAS exit in 2024, increasing carbon
prices, and new technology we are at a tipping point
We have built a knowledge of decarbonisation and have
the capabilities to partner with industry to deliver projects
The scale opportunities lie in hydrogen, boiler electrification, and data centres
as we can capture additional value from flexibility and demand profiles

39
James Kilty
Deputy CEO
Andy Sibley
Simply Energy
Chief Business Officer
Decarbonisation panel

40
Morning tea

41
2021 Highlights
Overview: Introduction to Contact26
Theme 1: Grow Demand
Theme 2: Grow Renewable Development
Theme 3: Decarbonise Our Portfolio
Theme 4: Create Outstanding Customer Experiences
Enabling our strategy
Our investor value proposition

42
James Kilty
Deputy CEO
New generation

43
The renewable generation market is evolving:
The right renewables are an attractive investment
Solar PVOnshore Wind
2010
2018
Source: IRENA 2020
Falling renewable technology costs
Levelisedcost of energy
Demand growth accelerated
by decarbonisation
Renewable electricity aspirations
Renewables economics have
improved, potential for attractive
returns against carbon based
alternatives
New renewables and low-carbon
flexibility sources needed to
operate highly-renewable system
It is important to be ready to
meet this opportunity
-34%
-77%
IMAGE TO BE REPLACED

44
We have the core capabilities needed to grow renewable generation
High quality resource
consents and pipeline
~3 TWh
Operational excellence
37%
reduction in controllable costs in last five years
p.a. of geothermal generation
World-class geothermal operator
30-40%
lower fixed costs than our peers
Roaring 40s wind partnership
provides access to sites
~1 GW
Long-term wind pipeline
Solar partnership under development
to access international expertise and technology
Western Energy acquisition
to continue to drive geothermal efficiency gains
High quality resource
consents and pipeline
~3 TWh
Roaring 40s wind partnership
provides access to sites
~1 GW
Solar partnership under development
to access international expertise and technology
High quality resource
consents and pipeline
~3 TWh

45
Build renewable generation and flexibility on the back of new demand
What we’ll do
Build Tauhara to extend our geothermal capacity
Grow our generation footprint through Wairakei geothermal
replacement, and/or wind and solar if they are better economics
Deploy large scale batteries
Lead the market in demand flexibility
Tauhara is online
Wairakei replaced with most efficient combination of geothermal, wind, solar & batteries, if market
conditions allow
100 MW+ demand response capacity
A
B
C
D
Grow renewable development
In 2026

46
A. We’ve broken ground on Tauhara and expect to complete in mid-2023
Tauhara construction timeline
Early Jan
Preparatory
earthworks begin
Early March
Drilling commences
Mid 2021
Construction
of foundations
commence onsite
Q3 2022
Turbine arrives onsite
Q4 2022
Grid connection complete
Mid 2023
Power station is expected
to be completed
Q3 2022
Drilling completed
March-October
Site earthworks
15
th
Feb
Announcement of
building power station
2021
2022
2023

47
A. Tauhara appears to be more cost effective than other
recent renewable builds or acquisitions in NZ
1.Based on Contact’s operation of the Wairakei geothermal power plant
2.Excludes value from development
Comparison to recently announced projects / acquisitions
Project name/
Owner/Location/ Technology
Tauhara/
Contact/Taupo/
Geothermal
Waipipi/Tilt/
Taranaki/Wind
Harapaki/Meridian/ Hawkes
Bay/Wind
Capacity
133.3MW
176.3MW330MW
Annual generation
1,250GWh
455GWh
542GWh1,119GWh
Capacity factor
96%
39%35%39%
Total capital
$678m
$277m$395m$770m
Capex/($m/MWh p.a.)
$0.53m/MWh
$0.61m/MWh$0.73m/MWh$0.69m/MWh
Useful life remaining
60 years
1
30 years30 years20 years
EBITDAF
$85m
$22m$35 -39m$50m
Mercury purchase
of Tilt NZ/Wind
Indicative IRR~5%~6-7%
152.5MW
~10%
~2%
2
OUTSIDE-IN ESTIMATES
Tauhara appears to
offer the best NZ
generation
investment returns
of recent
investment
examples
Source: Company, Forsyth Barr estimates, Contact Energy Analysis. Note: Care needs to be taken with the comparisons above. Wehave taken company
reported information but there are some variances including treatment of capitalisedinterest and how each company has assessed the forward wholesale prices

48
A. We have world-class geothermal capability
1.Of the large scale geothermal operators in New Zealand: Mercury and Contact.
TeMihi
(2014) 166MW
TeHuka
(2010) 28MW
Bioreactor
(2012)
Operational experience on the world’s second
longest electricity producing geothermal field
(Wairakei, since 1958)
We have maintained a dedicated, internationally-
recognised, subsurface team and continued
R&D to lower the cost of operations
Capability in construction management,
consenting and stakeholder engagement
We believe we are New Zealand’s lowest
cost geothermal operator
1
Our recent geothermal developments
$

49
B. Geothermal: we will tailor investment to meet market conditions,
backed by a strong pipeline of development options
Low demand growth scenario
$580m investment in new geothermal development
Moderate demand growth scenario (base case)
$1.3b investment in new geothermal development
High demand growth scenario
$1.8b investment in new geothermal development
0
2021203020282020202920222023202420312025202620272032203320342035
Mean current
production:
~3.3 TWh
0
2020202220352025202120262034202320242027202820292030203120322033
0
1
2
6
3
4
5
2034
TWh
202020292021202220232033202420252026202720282030203120322035
Investment decisions will be based on market conditions and relative economics against other options
Tauhara Stage IIGeofutureTe Huka IIOhaakiTauharaWairakei A&BWairakei BinaryTe MihiTe HukaPoihipi

50
B. Wind: We are assessing new wind options
3
5
8
13
2021202520302035
Up to 10 TWhwind generation
growth is expected by 2035
Source: Climate Change Commission, NZ Wind Energy Association, Roaring40s
Roaring40s adds wind
development capability
Wind generation forecast: TWh
Climate Change Commission (2021)
Assessmentand consenting
of low-cost wind sites
in an exclusive partnership
Experience supporting
development of 70% NZ wind
projects
200 MW wind options expected
to be consented by mid-2024
6 sites currently in pre-consent
consideration
+10
Current
additional
consents
total ~6 TWh
Wind can play a key role in our
future renewable portfolio
Hedge against technology
improvements that risk our
geothermal LRMC
Secure options, in addition to
current geothermal consents, for
upside demand scenarios
Build a portfolio of attractive, low-cost development options to assess for the next generation build after Tauhara

51
C. Green flexibility will be valuable as NZ’s energy market becomes more volatile
20353020152025
Pursuit of 100% renewables target will
see thermals exit the market
Volatile wind and solar capacity will
only continue to grow
Green flexibility will be required as thermal
exits and capacity margins reduce
More economic to invest in green flexible
technologies than ever before
Increasing volatility in hour-to-hour
wholesale prices
-30%
Falling technology costs
Battery LCOE, $/MWh
IMAGE TO BE REPLACED

52
C. Battery technology will provide attractive returns to firm electricity
Our battery feasibility study
Difference between maximum and minimum half hourly prices by day
$/MWh, 12 month moving average
Source: EMI, Energy Link
50 MW battery in the North Island
Importance of batteries will increase
as wind penetration increases
Contact Energy isexploring battery
OEM partnerships
Key NZAS mitigation
Potential CAPEX: ~$50M
FID decision due: 2023
202220162010201220202014201820242026
$0
$100
$200
$20
$220
$40
$60
$80
$120
$140
$160
$180
$240
High intra-day price volatility
makes grid-scale batteries
economically feasible
Estimated battery LCOE

53
D. Leading the market in demand flexibility
https://www.youtube.com/watch?v=zDh42R2Uf-8

54
Demand flexibility capacity forecast,MW
6
15
40
70
100100
FY20FY24FY21FY23FY22Stratford Peaker
D. Simply Energy is the leading provider of demand flexibility in New Zealand;
we plan to grow this 10x by 2025
Our demand flexibility technology allows customers to
reduce their demand when wholesale prices are
high,and sell this capacity to market operators
10 MW capacity across 40 sites online, with potential
for 400 MW identified
We are the largest provider of demand flexibility in
NZ, through Simply Energy, with sales growing rapidly
Demand flexibility will assist in meeting the market’s
needs in peak periods at the lowest cost

55
2021 Highlights
Overview: Introduction to Contact26
Theme 1: Grow Demand
Theme 2: Grow Renewable Development
Theme 3: Decarbonise Our Portfolio
Theme 4: Create Outstanding Customer Experiences
Enabling our strategy
Our investor value proposition

56
Jacqui Nelson
Chief Generation
Officer
Decarbonise our portfolio

57
The role of thermal generation is changing in New Zealand;
an orderly transition is in the interests of all stakeholders
FY17FY18
92
FY19FY20
59
76
62
FY21(f)
77
+56%
Increasing thermal costs struggle to
compete with renewables
Contact gas plant fuel cost ($/MWh)
Intermittent renewables will require firming
Our costs are rising, and we’re at risk of being
pushed off the cost curve
Thermal firming assets will be required over
the next decade, hydro firming is not costless
Carbon
Gas
Renewable electricity aspirations
New renewables and low-carbon flexibility sources
will be needed to successfully operate a highly-
renewable system

58
Change in thermal generation,
3 year rolling average TWh
FY05FY20FY08
-3
FY17FY11
0
FY14
-2
-1
1
2
-0.7 TWh
-0.8 TWh
-2.8 TWh
Peer 1
Peer 2
Contact
Decarbonise our portfolio
We have been
leading the
decarbonisation
of NZ’s electricity
sector

59
3. Decarbonise our portfolio:
Facilitate an orderly transition to renewables
TCC is decommissioned
Reduced GHG emissions by 45%
1
Thermal assets moved to aligned ownership model
1.Scope 1 and scope 2 emissions compared to 2018 baseline year
Decommission TCC
Lead NZ's’ thermal portfolio structure to ensure it can support security of electricity
supply through the energy transition at the lowest possible cost to consumers
A
B
In 2026

60
A. We expect to decommission TCC as Tauhara
comes online in 2023, creating shareholder value
95
60-85
Investment in Tauhara is lower
cost to Contact in the long-term
than continued investment in TCC
Approximate LRMC, $/MWh
TCC is approaching end of life:$80 million investment is
required to sustain operations (C6)
We are exposed to fuel price and fuel security risk,
as we are not integrated with upstream operations to
effectively mitigate these risks
Investment in Tauhara is a lower LRMC alternative
We will not undertake C6 investment to extend TCC’s life
We expect TCC to be decommissioned in 2023
Low
High
~40%
New Renewables
geothermal,
firmed wind, etc.
TCC*
1. Not time weighted, gas at $10/GJ and carbon at $40/T

61
Capacity margin to
meet peak winter demand likely
to decrease below optimal
range after Huntly and TCC
exit, dispatchable thermal will
still be required.
Low utilisationfor thermal
plants jeopardisingits
profitability, with the risk of
extreme price volatility.
2224
200
203020202628
0
400
1,200
600
800
1,000
B. Flexible thermal generation still has an important role in providing Kiwis
with reliable and affordable electricity
Source: Climate Change Commission demand and supply assumptions, TranspowerSecurity of Supply method
TCC & Huntly Rankinesretired, Tiwai exit
26
40%
24
0%
202022203028
10%
20%
30%
50%
0
200
400
600
800
1,000
1,200
1,400
Installed gas capacity, MW
Optimal range
As demand grows and renewable penetration increases, the winter capacity margin will fall below
optimal range, while thermal asset utilisationfalls
Gas asset utilisation,%NZ winter capacity margin (NI), MW
Low gas asset utilisation unlikely to be economic
Installed capacity
Utilisation

62
B. Our thermal review will identify an operating model to optimise the value
of our flexible thermal assets add to security of supply and benefit our shareholders
Provide an integrated system to support the transition to renewables
by providing risk-coverage to the market and reducing price volatility
Ensure secure 24x7 electricity supply for
Contact’s customers and all other market
participants
Capture the value flexibility offers to the
electricity market
Reduce fixed costs by finding cost reductions,
synergies and highest-value ownership
Act on our commitment to ESG, contributing to better
outcomes for our communities and the environment
Design
principles for
targeted thermal
portfolio
structure

63
B. We are engaging with key stakeholders to explore establishment of
‘ThermalCo’ to achieve a return on assets and facilitate the energy transition
Structure
Process
Create high level design principles
for new thermal structure
1
Agree high level design principles
with existing holders of thermal
assets
2
Engage 3
rd
party to undertake and
structure detailed ThermalCo
structure through engagement with
thermal holders and wider industry
3
Structure agreed by owners and
regulators
4
Spin assets off into ThermalCoand
buy back PPAs to manage risk
5
Ownership
Mandate
Assets
PeakersReserveCo-generationFuel storage
Fuel supply
agreements
Upstream fuel
assets
Provide risk management
to the market
Operate to fill risk
management contracts
Find synergies and
return on assets
Optimise ownership structure

64
2021 Highlights
Overview: Introduction to Contact26
Theme 1: Grow Demand
Theme 2: Grow Renewable Development
Theme 3: Decarbonise Our Portfolio
Theme 4: Create Outstanding Customer Experiences
Enabling our strategy
Our investor value proposition

65
Create Outstanding
Customer Experiences
Matt Bolton
Acting Chief
Customer Officer

66
-8
-3
14
15
14
35
FY17FY15FY20FY18FY19
Strong and trusted brand
NPS
Our scale, presence in adjacencies, lowest cost-to-serve and strong
brand position us well against our peers to add value to shareholders
154
159
187
204
250
Peer 1ContactPeer 3Peer 2Peer 4
19
23
17
14
12
Contact
Peer 2
Peer 3
Peer 5
Peer 1
+43
Lowest cost-to-serve
$/connection against peers
Large market share
Electricity mass market share; Percent Leader by region
Market Share
40%0%
FY16

67
The market is becoming more competitive as
customer expectations continue to change
Customers are becoming more environmentally conscious
Consumers are more conscious of the environment and are looking to
minimise their carbon footprints and relate with sustainable brands
Digital experiences are shaping customer expectations
Consumers are connecting with the world digitally and looking for new digital services
Retail energy market is competitive
Digital attackers and platforms are emerging with low cost-to-serve business models
putting further pressure on profit margins, scale will be critical for incumbents to win

68
4. Create Outstanding Customer Experiences
Continue to improve our customer experience
Add decarbonisation and adjacent products
Decrease our cost to serve through simplification, growing
connections and developing a strong digital platform
Top 10 ‘most trusted brand’ by 2026
1
+650,000 customer connections by 2026
Lowest cost to serve energy retailer, CTS < $120 per connection
1.As per Colmar Brunton Rep Track report, 2020 ranked 38
th
Create NZ's leading energy sustainability brand that will support renewable
development ambitions
What we’ll do
In 2026
A
B
C

69
A-B. We are gearing up to grow in new and existing verticals, building on our
strong growth in broadband, targeting 650,000 connections by 2026
We’ve proven that we can grow
into new markets and products
ICPs by fuel
We will build on our success in broadband to grow across four verticals
12
26
50
510
65
FY20
422
FY21 E
484
493
FY19
65
417
FY18
414
63
67
419
2
535
ElectricityBroadbandNatural gas
Enablers
of success
Green homesGreen transportEnergyTelco
Today
Electricity
Gas
BroadbandN/AN/A
Future
options
Solar
Batteries
Mobile
Wireless internet
Insultation
Heat pumps
Energy mngt.
EV charging
Carbon click
Market size
by revenue
$6.8 billion
1
$5.3 billion
1
$2 billion$500 million
2
Trusted brand
Scale and cost-to-serve advantage
Strong culture and an execution track record
1.Aggregation of revenue of NZ majors
2.Energy provision to forecast EV load

70
We’re reimagining
digital experience
for our customers

71
We will digitise to simplify our business and improve the customer experience
Our success so far
59% of all customer interactions are completed
via digital channels, up from 10% in 2019.
Contact’s mobile app is top-rated energy app
in New Zealand.
Lowest cost to serve of Tier 1 energy retailers
in New Zealand.
A track record of delivery
The End to End Customer Journeys program has directed our digitisation
efforts toward improving customer experience, therefore satisfying
customers, lowering costs, and delivering key enablers, including:
•Reimagining Billing
•CSR Experience
•A-Sync messaging
•AI-Driven Voice-to-Text and Smart IVR
•Broadband experience
Our priorities going forward
In FY22 we will continue optimisation efforts but shift focus toward
growth opportunities, including:
•Product architecture and customer choice
•Automating customer communications, roll-offs and price changes
•Smart meter data disaggregation
Enterprise Digital strategy completed, outlining
roadmap to scale digital efforts

72
2021 Highlights
Overview: Introduction to Contact26
Theme 1: Grow Demand
Theme 2: Grow Renewable Development
Theme 3: Decarbonise Our Portfolio
Theme 4: Create Outstanding Customer Experiences
Enabling our strategy
Our investor value proposition

73
Enabling our strategy
ESG, Operational Excellence, and
Transformative Ways of Working
Jacqui Nelson
Chief Generation
Officer
Jan Bibby
Chief People
Experience Officer
Catherine Thompson
Chief Corporate Affairs
Officer and General Counsel

74
Our strategy to lead NZ’s decarbonisation
Enablers
Transformative ways of working:
create a flexible and high-performing
environment for New Zealand’s top talent
Outcomes
Growth
Pivot our business to a new growth era that
captures the value unlocked by decarbonisation
Resilience
Deliver sustainable shareholder returns,
aligned with our ESG commitment
Performance
Realise a step-change in performance, materially
growing EBITDAF through strategic investments
Strategic
theme
Objective
Grow
demand
Attract new industrial demand with
globally competitive renewables
Grow renewable
development
Build renewable generation and
flexibility on the back of new demand
Decarbonise
our portfolio
Lead an orderly transition
to renewables
Create outstanding
customer experiences
Create NZ leading sustainable energy brand that
will support renewable development ambitions
Operational excellence:
continuously improving our operations
through innovation and digitisation
ESG: create long-term value through our strong
performance across a broad set of environmental,
social and governance factors

75
New Zealand
Acting as good stewards to conserve our
environment and help communities thrive
We have a deep commitment to ESG, which will
enable us to drive New Zealand’s decarbonisation
We are taking care of our environment and communities to deliver value to all our stakeholders
Customers
Providing affordable access to clean and
reliable electricity to power their energy needs
Employees
Being a fair and equitable workplace where our
people can help drive positive change
Shareholders
Align with shifts to grow shareholder value and
manage climate risk across five dimensions
1.Grow our revenues
2.Reduce our costs
3.Maintain our licence to operate
4.Engage our employees
5.Optimise our capital allocation

76
GovernanceEnvironment
•40-60% gender balance
throughout Contact’s board,
management and workforce
•Ensure no bias from our
recruiting procedures
•Maintain our rainbow tick
accreditation
•Convert all bi-lateral bank facilities
to sustainability-linked loans and
certify all eligible debt as ‘green’
•Reduce Scope 1 & 2 emissions by 45%
by 2026, compared to 2018
(Science-based targets)
•95% renewable generation by 2025
•Displace 1 PJ industrial heat by 2024
•We will reduce our impact on the Waikato
river system
•100% of passenger fleet electric by 2023;
100% of total vehicle fleet to be zero
emissions by 2030
Social
•Support 100 community
initiatives and organisations
annually
•Families in energy hardship
supported
•Committed to understanding
and removing modern slavery
from our supply chains
•Ensure all Contact employees
and contractors are paid a
fair and equitable wage
Build on our strong ESG commitments

77
Our operational improvement priorities moving forward
391
357
301
272
248
FY20FY18FY17FY16FY19
We’ve been successful at
reducing our cost base
-37%
In the next horizon, we will innovate to continue to optimise our operations
Use digitisation and analytics to
improve our generation, trading
and customer businesses
Improve generation operations,
leveraging Western Energy, a team-
of-teams approach, and best-in-class
reservoir management
Reduce fugitive emissions costs
with cutting edge carbon capture
and storage technology for
geothermal
Other operating costs and SIB capex, $M

78
z
Transformative Ways of Working will enable Contact to attract and retain
the right talent to execute on the strategy, while delivering financial benefits
Our success so far
30 initiatives identified delivering
$4.9M in recurring benefits
72% reduction in travel emissions
203 tonnes of Co2 saved through
reduction in commuting
+29 eNPS
7.7 engagement
•Substituting business travel with virtual meetings to increase flexibility, reduce emissions, and
reducing operating expenses
•Consolidating our property footprint in Auckland and Wellington, subletting space to realise
financial benefits, reducing from 4 floors to 1 in Wellington
•Establishing Contact ‘villages’ to support our distributed working model and ensuring continued
connectivity
•A new leadership framework –Shaping our Contact Community
•Upskill our people to effectively lead distributed teams
•Supported teams to connect and thrive through COVID-19
Examples of TWOW initiatives
Good for our employees: attract and retain engaged and productive employees
Good for our stakeholders: sustainable and responsible operations
Good for Contact: improve our financial health
1
2
3
TWOW has 3 objectives
A deliberate program to redesign and reimagine the ways in which we work, enabled by technology to create a great
experience for our people
100% of our people on a new
Windows 10 platform
+51 NPS

79
By redesigning my ways of working my
mornings have gone from leaving the house
before my kids woke up , to being able to
walk my son to his first day of school 殺拾.
5/5 stars Contact.
Allie decided to trade in living in Wellington
and relocated 700kms to Waihi with her
three-year-old son.
“Being able to work remotely from anywhere
makes me feel trusted and respected as an
employee to get my work done.
The hours I choose to work may not be the
society acceptable, but it works for me and
gives me a better quality of life.
The empowerment our people have gotten from being
able to work from home has increased productivity. I’m
a complete convert to a fully flexible work location.
Now with the awesome technology we have, I regularly
join team meetings and connect with my people more
often. I think I am a better leader and far more
connected to the wider business.
P.S. the dog also loves the fact I get up every morning
and take him for a walk during my old commuting time.
Our stories

80
2021 Highlights
Overview: Introduction to Contact26
Theme 1: Grow Demand
Theme 2: Grow Renewable Development
Theme 3: Decarbonise Our Portfolio
Theme 4: Create Outstanding Customer Experiences
Enabling our strategy
Our investor value proposition

81
Our investor
value proposition
Dorian Devers
CFO

82
Contact has a clear pathway
to long-term value creation
Disciplined capital allocation will continue to be important
Maintaining
demand-supply
balance key
Investment
in renewable
supply
Decarbonisation
growth
opportunities

83
We will transform to support demand growth, new renewable
development across technologies, and new customer products
TodayContact26Outcomes
Grow
Demand
Reactive to decarbonisation
Providing commoditised electricity
to C&I customers
Proactively forming partnerships with industry to
electricifytheir energy use through long-term PPAs,
gaining market share from fossil fuel providers
Provide a platform for
renewable generation growth
Grow renewable
development
Focus on improving operational
performance, with Contact’s last power
station commissioned in 2014
Invest in generation and green flexibility,
starting with Tauhara followed by a pipeline of
future growth options across generation
technologies
Deliver ROI >3% above
the cost of capital on geothermal
Decarbonise
our portfolio
Generation across baseload and
peaking plants, with escalating
thermal fuel costs
Support NZ’s security of supply with access to
generation and firming assets to meet the market’s
needs with the most cost-and carbon-efficient assets
Maximise shareholder value by
changing portfolio structure and
reduce asset stratdingrisk
Create
outstanding
customer
experiences
Retain customers and improve
profitability by digitising and
improving customer experience
Achieve economies of scale by growing
connections in new and existing products,
supported by further simplification
Improve profitability
per customer
Strategic theme

84
Our financial strategy grows shareholder value by generating cash
flows from strategic investments, backed by new demand
Return
capital to
shareholders
Strategic
capital
deployment
Generate
and sell
Strong
cashflows
Operational
excellence
Build a
pipeline of
demand
Capabilities
and
endowments
Fiscal discipline to maximisereturns
Collaborate with customers across
industry to generate new demand
opportunities
Use our high-quality renewable
resources and distinctive capabilities
to capture value from new projects
Operate our assets to meet NZ’s evolving energy needs
Actively manage channels to balance fuel risk and returns
Continue to operate efficientlythrough our operational excellence
program
Invest in a portfolio of projects with returns above the cost of capital
Pay out stable and predictable
dividends to shareholders with
dividends between 80—100% of
operating free cash flows over the
preceding 4 years
Grow our businessGenerate returns on our capital investments
$272m
Expected FY21
ordinary dividend
(35 cps)
$309m
4-year average
operating free cash
flows (FY17 –20)
Current payout of 88% at DPS of 35 cps

85
Capital allocation framework to deliver
Guiding principles
Invest to deliver value accretive growth
•Decarbonised customer solutions
•Geothermal development (IRR) >10%
Optimise existing operations and manage risk
•Reduce carbon exposure
•Manage market volatility during the thermal transition
•Disciplined approach to sustaining capital spend
•Strong operating cash flow
Our commitments
Continue to attract capital
•Deliver competitive shareholder returns including
dividend commitment
•Balance sheet strength
Efficient deployment of
stay-in-business Capex
Invest early to reduce risk around platform and
station availability in a fuel scarce market -
~$100m over 5 years above normal levels
1
Reliable ordinary dividends
that grow in line with cash
flow delivery
Pay-out ratio of 80-100% of average
operating free cash-flow over the
preceding 4 years (currently target
FY21:35cps)
2
Allocate capital to strategic
priorities, with an ability to scale
down in downside scenarios
Average growth cash Capex of
around $280m p.a. over the next 5
years dependent on market
conditions
3
Investment grade credit
metrics through the cycle
Growth ambitions funded
off balance sheet
4
Contact’s policy is to distribute ordinary dividends targeting a pay-out ratio of between 80 and 100% of the average Operating Free Cash Flow of the preceding four financial years. This includes Board consideration of the sustainable
financial structure of Contact including the targeting of a long-term investment grade credit rating. Dividend payments are expected to be split into an interim dividend paid in March, targeting around 40% of the total expected dividend
for the financial year, and a final dividend to be paid in September. It is the intention of the Board to attach imputation credits to dividends to the extent they are available.
What this means

86
z
50
700
580
60
30
$1,420m
Medium-term capital investment programme
(uncommitted)
Investments
will be sized to
meet the market
Growth investment funding strategy
Complementing conventional debt funding and potential hybrid debt instruments,
Contact has already accessed equity funding to support our base case investment programme
Wairakei
Tauhara (committed)
Decarbonisation spend
Battery
Hydro refurbishment
Potential sources of funding
244
400
291
250
235
Equity raise
Debt capacity pre-equity
Hybrid credits
Capacity through
EBITDAF growth (FY24)
Balance
$1,420m
Balance includes dividend reinvestment plan take-up, which can be increased
to support upside demand growth, and retained operating free cash flow in
excess of the ordinary dividend.
Commitment to maintaining S&P investment grade credit rating continued.
Long-life renewable
generation assets are
capital intensive and
require equity support
Wairakei investment
decision provides
balance sheet
flexibility

87
21.0
Additional decarbonisation
related opportunities
supplied post 2025 (TWhp.a)
Current market conditions
LSI supply demand changes
with potential NZAS supply
agreement finished
The market will react to changes in supply and demand
-1.5
1.5
0.6
4.0
5.0
0.8
Immediate lower South Island new demandopportunities
Very high-cost, economically displacable coal and diesel
3.1
Transmission expansion and thermal subsitution and increased line losses
in the North Island
Wairakei expansion
Potential large industrial closures (inclNZAS)
New renewable projects:
Harapaki, Waipipi, Turiteaand Tauhara
1.5Underlying demand growth 0.75% p.a.
0.6
0
Even in an NZAS exit the market should remain in balance
5.7
1.6
0.1
0.9
-0.6
Potential changes in demand and supply balance over next 5 years, TWh
Supplied by
Contact’s high
quality renewable
prospects
3.5
4.5
2035
+2027
Transitional
To maintain South Island demand
levels
Hydrogen | Process
Heat | Aluminium
Climate Change Commission
I Hydrogen I Data centres
While the market will balance post NZAS, our ambition is to maintain South Island demand at current levels to enable new
renewable build to displace baseload thermal generation
1.2
0.3
1.8
Solar
Wind
Geothermal
UndersupplyOversupply
3.3

88
M&A
Complementary products
81
Geothermal
8
7
8
Productivity
104
161
15
Geothermal*
M&A
10
Productivity
14
Complementary
products
200
FY24
FY26 run rate
NZAS load has not been fully
replaced. FY26 is a recovery
phase (per previous slide)
Ambition to maintain South
Island demand at current levels
provides the upside of firmer
prices and a further 3.5TWh of
renewable development
opportunities
Value from thermal strategic
review will be additive
Will require growth opex
*Includes full value from WRK investment but
only 0.6 GWh of the 1.4 TWhis incremental to
current Wairakei generation .
The base business earnings in the short-term are leveraged to fuel uncertainty. Longer term the effective deployment
of strategic capital should drive earnings growth
EBITDAF$m
Delivering on strategic capital deployment
Assumptions

89
Our operational plan: What you can expect in the next 18 months
H1-FY22
Hydrogen expression of interest
Finalise data centre partnerships
Engage on boiler electrification
Select hydrogen position
Build data centres
Lock in major boiler electrification
Develop hydrogen option
Build data centres
Commence boiler electrification
Build Tauhara
Prepare further geothermal consents
Secure solar partnership
Build Tauhara
Further geothermal consenting
Secure and consent wind sites
Complete battery feasibility
Complete Tauhara
Tauhara phase II consent
Secure solar consents
Battery FID
Complete thermal review and design
principles for structure
Engage 3
rd
party to structure ‘ThermalCo’
Align future-state thermal structure
Agree structure with owners and regulators
Execute ‘ThermalCo’ and buy back PPAs
Prepare for end of TCC
scheduled hours
Launch wireless broadband
Launch time of use offer, with extension into EVs
AI-driven optimised service channels
Implications of Trustpower strategic review
Launch data driven energy monitoring
Customer technology upgrade
Review and refresh loyalty offers
Customer technology upgrade (cont.)
H2-FY22
Grow renewable
development
Decarbonise
our portfolio
Create
outstanding
customer
experiences
Strategic theme
H1-FY23
Grow
Demand

90
Questions

Thank you