Quarterly Operational Update

QUARTERLY OPERATIONAL UPDATE
Three months ended 30 June 2022
WIND PRODUCTION HITSLAKE TAUPO 80% FULLYIELDS LIFT ACROSS
1,269GWH LIFTING ANNUALFOLLOWING WET STARTALL SEGMENTS
GENERATION TO 7,499GWHTO WINTER
MERCURY NZ LIMITED QUARTERLY OPERATIONAL UPDATE01
>> QUARTERLY HIGHLIGHTS
WIND
DRIVES
LAKE
TAUPO
STORAGE
HIGH
ENERGY
YIELDS
LIFTING
>> COMMENTARY
A wet June across NZ saw Lake Taupo inflows reach the 95th percentile and 71% full at the end of the financial year. Wetter
conditions in July lifted Lake Taupo storage further to 80% full, positioning Mercury hydro generation for FY2023 well. While
inflows for the quarter were close to median, the financial year was drier than normal with inflows slightly above the lower
similar to FY2021.
National electricity demand was relatively weak for the quarter down 1.7% versus Q4 2021 mostly due to lower industrial
demand (key contributors being Norske Skog, Panpac, NZ Steel and the Marsden Refinery). On an annual basis, demand
trends were also lower with demand falling 1.2%on the FY2021 average.
Persistentlyhigh thermal fuel costssaw Aucklandfutures prices hold up in FY2023 and FY2024 at $193/MWh and $183/MWh
respectively as at 30 June 2022. Short-term futures prices have eased slightly since financial year end due to strong national
inflows andrising storage.
Operating statistics now include separate disclosures relating to the newly acquired Trustpower retail business from 1 May.
These are reported separately to provide consistency in reporting for FY2022 (except for the Manawa contract for differences
which is included in Mercury's buy CFD volumes). Trustpower retail statistics will be aggregated with Mecury's existing
disclosures in subsequent quarterly operating reports.
Physical sales across all segments lifted in the quarter and for the year with annual mass market volumes dropping 117GWh
(Mercury only), offset by higher sales to commercial/industrial customers lifting 367GWh. Average annual yield growth was
strong, up $6/MWh in mass markets and $12/MWh in the commercial/industrial segment. Annual sold contract for
differences yields also rose by $6/MWh for the year. Trustpower retail electricity volumes for Mayand June were 333GWh.
On the generation front, Mercury generated almost 7,500GWh in FY2022 bolstered by wind generation of 1,269GWh from
Turitea North and the ex-Tilt windfarms acquired in August 2021.
GENERATION
UPLIFT

321328
4745
4745
VWAP
1
VolumeVWAP
1
VolumeVWAP
1
VolumeVWAP
1
Volume
(GWh)(GWh)(GWh)(GWh)
1,2301,2054,7724,522
2
6366722,5372,654
3
5945332,2351,868
5856223213
4
1,2881,2624,9954,735
6858462,9403,432
2904251,1061,559
5
3954211,8341,873
2731119166
2732861,0291,034
1,9271,3177,4996,205
9257273,6623,611
6
6475902,5682,594
103308
252961
67677917181,968
Buy CfDs
5
6767791,7181,968
Spot Settlement of CfDs
Net Position
7
378 12- 321 6
1
VWAP is volume weighted average energy-only price sold to customers after lines, metering and fees
2
Mass market includes residential segments and non time-of-use commercial customers
3
Fixed-price, variable-volume (FPVV) sales to time-of-use commercial customers
4
Excludes spot customer purchases
5
6
7
Includes all physical and financial buys and sells except spot customer purchases
MERCURY NZ LIMITED QUARTERLY OPERATIONAL UPDATE02
OPERATING INFORMATION
Three months ended
30 June 2022
Three months ended
30 June 2021
Twelve months ended
30 June 2022
Twelve months ended
30 June 2021
CUSTOMER NUMBERS
('000s ICPs)
Customers with 2 or more products
Electricity connections
Gas connections
($/MWh)($/MWh)($/MWh)($/MWh)
ELECTRICITY SALES
Physical138.08129.27129.83123.77
Mass Market150.25142.10144.20139.70
Commercial & Industrial125.04113.09113.52101.15
Network Losses
Physical Purchases201.26287.92152.30193.56
Financial105.7698.1598.1491.75
End User CfDs106.8887.1096.4286.96
Other Sell CfDs104.95109.3099.1895.74
Spot Settlement of CfDs192.00269.63141.49175.21
Spot Customer Purchases201.79277.51146.98176.38
ELECTRICITY GENERATION
Physical175.63282.02138.61180.04
123.21
Wind PPA72.1463.78
Hydro199.82295.88161.45186.94
Geothermal (consolidated)182.46264.93135.86170.44
Includes Virtual Asset Swap volumes of 149 GWh for the 3 months ended 30 June 2022 and 149 GWh for the 3 months ended 30 June 2021
and 599 GWh for the 12 months ended 30 June 2022 and 599 GWh for the 12 months ended 30 June 2021. Also includes the Manawa CFD
volumes relating to the Trustpower retail transaction since May 2022.
Gas Sales Volume (TJ)
191.53266.79153.03193.13
Financial105.04210.08109.66139.05
105.04210.08109.66139.05
Wind Spot169.07
>> MERCURY OPERATING STATISTICS

253
48
Telecommunication customers117
Mobile connections13
129
Volume
(GWh)
333
1
333
21
354
236
Net Position354
1
Mass market includes residential segments and non time-of-use commercial customers
MERCURY NZ LIMITED QUARTERLY OPERATIONAL UPDATE03
OPERATING INFORMATION
Three months
ended
30 June
CUSTOMER NUMBERS
('000s ICPs)
Customers with two or more products
Electricity connections
Gas connections
ELECTRICITY SALES
Network Losses
Physical
Mass Market
Physical Purchases
Gas Sales Volume (TJ)
>> TRUSTPOWER RETAIL OPERATING STATISTICS

> ELECTRICITY GENERATION BY COMPANY FOR THE THREE MONTHS ENDED 30 JUNE
Source: Electricity Authority
> SHARE OF ELECTRICITY SALES (GWh) FOR THE THREE MONTHS ENDED 30 JUNE (EXCLUDING CFDs)
Source: Mercury Purchases and Transpower SCADA
MERCURY NZ LIMITED QUARTERLY OPERATIONAL UPDATE04
20%
17%
3%
19%
31%
10%
Financial Year Q4 2022
CONTACT ENERGY
GENESIS ENERGY
MANAWA ENERGY
MERCURY
MERIDIAN ENERGY
OTHER
>> MARKET DATA
23%
23%
4%
14%
29%
7%
Financial Year Q4 2021
17%
83%
Financial Year Q4 2022
MERCURY
OTHER
13%
87%
Financial Year Q4 2021

> OTAHUHU WHOLESALE PRICE AND NATIONAL HYDRO STORAGE LEVELS
Source: NZX Hydro and NZEM Pricing Manager (NZX)
> TAUPO STORAGE
Source: NZX Hydro
MERCURY NZ LIMITED QUARTERLY OPERATIONAL UPDATE05
$40
$60
$80
$100
$120
$140
$160
$180
$200
0
500
1000
1500
2000
2500
3000
3500
4000
4500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
GWh
AVERAGE NATIONAL STORAGEFY2021 NATIONAL STORAGE
FY2022 NATIONAL STORAGEROLLING 12 MONTH AVERAGE OTA PRICE
ROLLING 12 MONTH AVERAGE BEN PRICE
0
100
200
300
400
500
600
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
AVERAGE SINCE 1999FY2021FY2022

> OTAHUHU ASX FUTURES SETTLEMENT PRICE
Source: ASX
> BENMORE ASX FUTURES SETTLEMENT PRICE
Source: ASX
MERCURY NZ LIMITED QUARTERLY OPERATIONAL UPDATE06
$170.44
$144.05
$129.70
$125.05
$143.93
$128.46
$166.61
$190.71
$162.90
$149.94
$192.99
$182.64
$0
$50
$100
$150
$200
$250
FY22FY23FY24
$/MWh
Financial Year
AS AT 30 JUNE 2021AS AT 31 DECEMBER 2021AS AT 31 MARCH 2022AS AT 30 JUNE 2022
$151.34
$124.13
$111.71
$103.41
$121.24
$105.13
$142.57
$163.88
$139.04
$129.40
$170.06
$157.75
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
FY22FY23FY24
$/MWh
Financial Year
AS AT 30 JUNE 2021AS AT 31 DECEMBER 2021AS AT 31 MARCH 2022AS AT 30 JUNE 2022

> NATIONAL CONSUMPTION (NON-TEMPERATURE ADJUSTED)
Source: Transpower Information Exchange
> AUCKLAND CLIMATE SUMMARY ( ⁰C)
FINANCIAL YEAR
Q1Q2Q3Q4
202212.217.820.815.1
202112.316.919.514.8
202012.316.719.514.4
201912.116.320.214.1
201812.317.220.714.3
Historical Average (since 1999)11.916.119.414.2
Source: Met Service
> MONTHLY TOTAL CONSUMER RETAIL SWITCHING (ICPs)
Source: Electricity Authority
MERCURY NZ LIMITED QUARTERLY OPERATIONAL UPDATE07
8,865
9,022
8,824
8,418
8,945
8,754
1,251
1,252
1,307
1,223
1,220
1,241
0
2,000
4,000
6,000
8,000
10,000
12,000
Q4 2017Q4 2018Q4 2019Q4 2020Q4 2021Q4 2022
GWh
NATIONAL CONSUMPTIONTIWAI POINT ALUMINIUM SMELTER CONSUMPTION
0%
5%
10%
15%
20%
25%
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
% Churn
Monthly ICPs
NZ MARKET CHURN (LHS)ANNUAL NZ MARKET CHURN % (RHS)