September 2023 Operating Report

Monthly Operating Report
September 2023

Contact Energy / Monthly Operating Report
2
»The Customer business recorded:
•Mass market electricity and gas sales of 371GWh (September
2022: 405GWh)
•Mass market netback of $119.88/MWh (September 2022:
$110.35MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 689GWh (September 2022:
675GWh)
•Electricity and steam net revenue of $127.96/MWh (September
2022: $102.06MWh)
•Electricity generated (or acquired) of 784GWh (September
2022: 684GWh)
•The unit generation cost, which includes acquired generation
was $54.22MWh (September 2022: $35.85/MWh)
•Own generation cost in the month of $47.71/MWh
(September 2022: $30.24/MWh)
»Tauhara project progress vs. target for September 2023 was
98% vs. 99%
1
.
»In September we advised that the target online date for
Tauhara has moved from Q4 2023 to Q1 2024. This extension is
required as we work through a range of commissioning issues
including the remediation of steam-field valves and the
implications of a steam hammer event.
»Te Huka 3 project progress vs. target for September 2023 was
61% vs. 59%
1
.
»Otahuhu futures settlement wholesale price for the 4
th
quarter
of 2023 (ASX):
•As at 16 October 2023: $120/MWh
•As at 29 September 2023: $98/MWh
•As at 31 August 2023: $144/MWh
»As at16
th
October 2023, South Island controlled storage was
111% of mean and North Island controlled storage was 100% of
mean
•As at16thOctober 2023, total Clutha scheme storage was
88% of mean
•Inflows into Contact’s Clutha catchment for September
2023 were 166% of mean. (August 2023: 61%, July 2023:
49%, June 2023: 128%)
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 10.8PJ
2
September overview.
For the month of September 2023
1
The progress target for Tauhara and Te Huka 3 follows an S-Curve model in line with standard project management
practice(for large scale infrastructure projects). This will result in more gradual increments in the reporting of target
andactual progress as the projects near completion. Figures rounded to the nearest percentage.
2
Forecast gas volumes as notified by suppliers, actual gas received is dependent on field delivery. This
excludes gas available at AGS. It includes gas under discussion for reduction to reflect renewable build.
Note: Mean hydro references on this page are based on the mean of all reported periods
(i.e. both pre- and post-market data), sourced from NZX.

0
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CY23CY24CY25CY26
$/MWh
30/06/202231/08/202329/09/2023
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CY23CY24CY25CY26
$/MWh
30/06/202231/08/202329/09/2023
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3500
4000
4500
OctNovDecJanFebMarAprMayJunJulAugSep
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
New Zealand controlled hydro storage against mean
ASX futures settlement
Hydro storage and forward prices.
Contact Energy / Monthly Operating Report
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12 MONTHS
Otahuhu
Benmore

0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Sep-23Sep-22Aug-23
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Sep-23Sep-22Aug-23
0
50
100
150
200
250
JulAugSeptOctNovDecJanFebMarAprMayJun
$/MWh
FY23 BENFY24 BENFY23 OTAFY24 OTA
Wholesale electricity pricing
Otahuhu
Wholesale market.
Contact Energy / Monthly Operating Report
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Benmore
Distribution of wholesale market price by trading periods

(3%)
16%
(2%)
(4%)
3%
(5%)
1%
24%
(3%)
(1%)
0%
(9%)
4%
(1%)
(2%)
4%
2%
(1%)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
NZASSouth Island (exc. NZAS)North Island
Electricity demand.
Contact Energy / Monthly Operating Report
5
Total national demand
Regional demand change (%) on September 2022
»New Zealand electricity demand was down 1.7% on September 2022
(down 0.2% on September 2021)
Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
FY22, 23 and 24 respectively
Regional demand is excluding NZAS
The nationwide
average temperature
for September 2023
was 11.9ºC, 0.9ºC
higher than
September 2022:
11.0ºC

-
20
40
60
80
100
120
140
0
100
200
300
400
500
600
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
Mass market electricity salesRetail gas salesNetback
-
10
20
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
Business performance.
Contact Energy / Monthly Operating Report
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Retail
Generation mix, gross sales position and unit generation cost (FY23 and 24
respectively)
Retail sales volumes and netback (FY23 and 24 respectively)

Contact Energy / Monthly Operating Report
7
Measure
The month ended The month ended The month ended Three months endingThree months ending
September 23September 22August 23September 23September 22
RetailMass market electricity salesGWh302 324 403 1,090 1,087
Retail gas salesGWh69 81 86 237 260
Mass market electricity and gas salesGWh371 405 489 1,327 1,346
Average electricity sales price$/MWh276.85 250.60 264.28 268.60 248.79
Electricity direct pass thru costs$/MWh(124.79)(115.14)(108.37)(114.10)(110.93)
Cost to serve$/MWh(19.61)(14.74)(14.13)(15.67)(12.97)
Customer netback$/MWh119.88 110.35 127.73 125.07 110.14
Energy cost$/MWh(123.80)(103.33)(149.25)(146.47)(118.58)
Actual electricity line losses%4%6%6%6%6%
Retail gas salesPJ0.2 0.3 0.3 0.9 0.9
Electricity ICPs#433,000 431,000 433,500 432,500 431,500
Gas ICPs#71,000 71,000 71,000 71,000 71,000
Broadband connections#88,000 75,000 88,000 87,500 73,500
WholesaleElectricity sales to Customer businessGWh316 345 430 1,160 1,160
Electricity sales to Commercial and IndustrialGWh114 136 118 345 400
Electricity CFD salesGWh259 193 284 837 542
Contracted electricity salesGWh689 675 832 2,342 2,102
Steam salesGWh18 63 21 61 165
Total electricity and steam net revenue
1
$/MWh127.96 102.06 145.86 142.99 109.20
C&I netback (at the ICP)$/MWh124.70 115.69 150.62 143.55 130.61
C&I line losses%4%4%4%4%4%
Thermal generationGWh174 17 254 626 203
Geothermal generationGWh265 272 293 851 842
Hydro generationGWh287 349 253 836 1,004
Spot electricity salesGWh726 639 800 2,312 2,049
Electricity sales – DirectGWh- 8 - - 20
Acquired generationGWh58373 64 99
Electricity generated (or acquired)GWh784 684 803 2,376 2,168
Unit generation cost (including acquired generation)
2
$/MWh(54.22)(35.85)(50.81)(49.10)(36.79)
Spot electricity purchasesGWh(430)(473)(548)(1,505)(1,541)
CFD sale settlementsGWh(259)(193)(284)(837)(542)
Spot exposed purchases / CFD settlementGWh(689)(666)(832)(2,342)(2,083)
Spot revenue and settlement on acquired generation (GWAP)$/MWh115.06 57.16 138.63 122.50 70.03
Spot purchases and settlement on CFDs sold (LWAP)$/MWh(122.70)(64.45)(145.50)(129.94)(76.96)
LWAP/GWAP%107%113%105%106%110%
Gas used in internal generationPJ1.4 0.4 2.0 4.9 2.3
Gas storage net movement (extraction) / injectionPJ(0.0)0.2 (0.6)(0.8)1.7
Progress tracking actual (target) for Tauhara (grey) and Te Huka 3 (no fill)%98% (99%)61% (59%)N/AN/A98% (98%)54% (54%)N/AN/AN/AN/A
ContactTotal customer connections#597,000 582,000 598,000 596,500 581,500
Realised gains / (losses) on market derivatives not in a hedge relationship
3
$m0.66 (0.17)(0.13)(2.60)(3.58)
1
Contact has made reclassifications to better align with IFRIC guidance on IFRS 9 resulting in realisedgains/losses from market derivatives not in a hedge relationship (includes market making activity) no longer being reported in operating income (EBITDAF). FY23 figures have been restated.
2
For FY23 comparison figures note that Unit generation costs are calculated excluding an onerous contract provision for AGS.
3
This includes market making activity and is reported outside of EBITDAF.
7
Operational data.

Contact Energy / Monthly Operating Report
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Environment, Social and Governance (ESG)
Material themeMeasureUnit
Q1 FY24Q1 FY23
Climate Change*
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e
325 179
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.1410.087
Water
Water Freshwater take
3
Million cubic
metres
0.692.30
Non-consumptive water usage
4
Million cubic
metres
3,6435,354
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
3.914.31
Biodiversity
Native rākau (trees) planted by Contact
5
#
42,67931,060
Pests caught
6
#
458914
Community
Community initiatives and organisations supported#
2113
Inclusion and
Diversity
Board
% Women/ %
Men
57% / 43%57% / 43%
Inclusion and
Diversity
Key Management Personnel
% Women/ %
Men
20% / 80%18% / 82%
Inclusion and
Diversity
Employee Gender balance
7
% Women/ %
Men
47% / 52%48% / 51%
1
Scope 1 –Stationary combustion. In FY22 stationary combustion was 99.96% of Contact’s total Scope 1 emissions
2
Carbon equivalent from stationary combustion / electricity generated and sold via the spot wholesale market
3
Freshwater taken to support operations at geothermal and thermal
4
Water that flows through our Roxburgh power station and cooling water for our geothermal power stations
5
Does not include DrylandsCarbon/Forest Partners activities
6
Predominantly stoats, rats and possums
7
Includes all permanent, fixed term and casual employees.1.2% and 1.4%unspecified in Q4FY23 and Q4FY22 respectively.
Note: This information is updated quarterly (September, December, March, June)
* We experienced low rainfall at the start of FY24 with inflows to the Clutha catchment at 49% of mean in July and 61% of mean in August. For Q1 FY24 Clutha storage levels were on
average 63% of mean, versus 137% in Q1 FY23. This low hydrology in Q1 FY24 resulted in an increased need for thermal generation compared to the Q1 FY23.

Contact Energy / Monthly Operating Report
9
Keep in touch.
investor.centre@contactenergy.co.nz
contact.co.nz/aboutus/investor-centre
Investors
Shelley Hollingsworth – Investor Relations &
Strategy Manager
contact.co.nz
@ContactEnergy
Linkedin.com/company/contact-energy-ltd
Facebook.com/ContactEnergy
Youtube.com/ContactEnergy
To find out more about Contact Energy
+64 27 227 2429