February 2024 Operating Report

Monthly Operating Report
February 2024

Contact Energy / Monthly Operating Report
2
»The Customer business recorded:
•Mass market electricity and gas sales of 252GWh (February
2023: 251GWh)
•Mass market netback of $139.62/MWh (February 2023:
$119.90/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 640GWh (February 2023:
509GWh)
•Electricity and steam net revenue of $116.14/MWh (February
2023: $102.50/MWh)
•Electricity generated (or acquired) of 671GWh (February 2023:
542GWh)
•The unit generation cost, which includes acquired generation
was $46.21/MWh (February 2023: $37.26/MWh)
•Own generation cost in the month of $41.60/MWh
(February 2023: $37.30/MWh)
»Tauhara project progress vs. target for February 2024 was 99%
vs. 100%
1
.
»Te Huka 3 project progress vs. target for February 2024 was
80% vs. 80%
1
.
»Otahuhu futures settlement wholesale price for the 2
nd
quarter
of 2024 (ASX):
•As at 7 March 2024: $200/MWh
•As at 29 February 2024: $190/MWh
•As at 31 January 2024: $185/MWh
»As at 10th March 2024, South Island controlled storage was 87%
of mean and North Island controlled storage was 140% of
mean.​
»As at 10th March 2024, total Clutha scheme storage was
78% of mean.​
»Inflows into Contact’s Clutha catchment for February
2024 were 93% of mean. (January 2024: 145%, December
2023: 69%, November 2023: 68%)
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 8.26PJ
2
.
For the month of February 2024
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.
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.
2
This incorporates the lower bound of the range notified by our suppliers as disclosed to the market on 7 March
2024.
.

New Zealand controlled hydro storage against mean
ASX futures settlement
Contact Energy / Monthly Operating Report
3
12 MONTHS
Otahuhu
Benmore
0
500
1000
1500
2000
2500
3000
3500
4000
4500
MarAprMayJunJulAugSepOctNovDecJanFeb
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
CY24CY25CY26CY27
$/MWh
30/06/202331/01/202429/02/2024
0
50
100
150
CY24CY25CY26CY27
$/MWh
30/06/202331/01/202429/02/2024

Wholesale electricity pricing
Otahuhu
Contact Energy / Monthly Operating Report
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Benmore
Distribution of wholesale market price by trading periods
0
50
100
150
200
250
JulAugSeptOctNovDecJanFebMarAprMayJun
$/MWh
FY23 BENFY24 BENFY23 OTAFY24 OTA
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Feb-24Feb-23Jan-24
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Feb-24Feb-23Jan-24

1%
45%
8%
3%
9%
8%
25%
21%
7%
11%
8%
5%
9%
5%
2%
18%
8%
14%
Contact Energy / Monthly Operating Report
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Total national demand
Regional demand change (%) on February 2023
»New Zealand electricity demand was up 7.8% on February 2023 (up
7.7% on February 2022)
1
.
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 February 2024 was
17.3C, 1.2ºC lower than
February 2023: 18.5ºC
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
NZASSouth Island (exc. NZAS)North Island
1
Note this increase in demand for February YoY is greater than usual due to it being a leap year, so
February has an extra day of demand compared to the past 2 years.

-
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
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)
-
20
40
60
80
100
120
140
160
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

Contact Energy / Monthly Operating Report
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Measure
The month ended The month ended The month ended Eight months endingEight months ending
February 24February 23January 24February 24February 23
Retail
Mass market electricity salesGWh
225 216 239 2,334 2,314
Retail gas salesGWh
27 35 33 443 491
Mass market electricity and gas salesGWh
252 251 272 2,777 2,805
Average electricity sales price$/MWh
307.69 284.83 311.17 286.07 264.30
Electricity direct pass thru costs$/MWh
(138.95)(131.44)(137.03)(123.92)(120.16)
Cost to serve$/MWh
(22.65)(21.97)(22.61)(17.73)(16.34)
Customer netback$/MWh
139.62 119.90 143.32 131.64 114.07
Energy cost$/MWh
(129.94)(117.88)(124.49)(129.42)(112.33)
Actual electricity line losses%
6%7%7%6%6%
Retail gas salesPJ
0.1 0.1 0.1 1.6 1.8
Electricity ICPs#
431,000 425,500 429,500 431,000 428,000
Gas ICPs#
70,500 69,500 70,500 70,500 70,500
Broadband connections#
93,000 82,000 91,000 89,500 76,500
Wholesale
Electricity sales to Customer businessGWh
238 233 258 2,485 2,470
Electricity sales to Commercial and IndustrialGWh
130 123 134 950 1,084
Electricity CFD salesGWh
271 152 292 2,290 1,397
Contracted electricity salesGWh
640 509 684 5,725 4,951
Steam salesGWh
15 53 5 138 430
Total electricity and steam net revenue
1
$/MWh
116.14 102.50 113.64 121.73 102.39
C&I netback (at the ICP)$/MWh
115.70 110.58 111.47 120.43 115.11
C&I line losses%
4%4%4%4%4%
Thermal generationGWh
107 35 125 1,049 341
Geothermal generationGWh
239 235 274 2,166 2,109
Hydro generationGWh
303 264 339 2,559 2,556
Spot electricity salesGWh
649 534 739 5,774 5,007
Electricity sales – DirectGWh
- 8 - - 62
Acquired generationGWh
22016 277 131
Electricity generated (or acquired)GWh
671 542 755 6,051 5,200
Unit generation cost (including acquired generation)
2
$/MWh
(46.21)(37.26)(41.59)(44.26)(34.65)
Spot electricity purchasesGWh
(368)(349)(392)(3,435)(3,493)
CFD sale settlementsGWh
(271)(152)(292)(2,290)(1,397)
Spot exposed purchases / CFD settlementGWh
(640)(501)(684)(5,725)(4,890)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
153.22 151.84 189.09 141.41 73.87
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(158.68)(158.50)(199.28)(148.09)(82.19)
LWAP/GWAP%
104%104%105%105%111%
Gas used in internal generationPJ
0.9 0.5 1.0 8.6 4.8
Gas storage net movement (extraction) / injectionPJ
0.1 0.1 0.1 (0.4)2.2
Progress tracking actual (target) for Tauhara (grey) and Te Huka 3 (no fill)%
99% (100%)80% (80%)N/A99% (100%)78% (76%)N/AN/A
Contact
Total customer connections#
602,000 583,000 599,000 597,500 580,000
Realised gains / (losses) on market derivatives not in a hedge relationship
3
$m
(0.89)(1.52)(0.63)(3.84)(13.33)
1
Contact has made reclassifications to better align with IFRIC guidance on IFRS 9 resulting in realised gains/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
Unit generation costs are calculated excluding the impact of an onerous provision for the Ahuroa Gas Storage facility (AGS).
3
This includes market making activity and is reported outside of EBITDAF.
7

Contact Energy / Monthly Operating Report
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Material themeMeasureUnit
Q2 F24Q2 FY23
Climate Change*
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e
144 111
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.069 0.060
Water
Water Freshwater take
3
Million cubic
metres
0.500.60
Non-consumptive water usage
4
Million cubic
metres
4,2854,630
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
3.52.90
Biodiversity
Native rākau (trees) planted by Contact
5
#
2,51626,364
Pests caught
6
#
508643
Community
Community initiatives and organisations supported#
4422
Inclusion and
Diversity
Board
% Women/ %
Men
50% / 50%57% / 43%
Inclusion and
Diversity
Key Management Personnel
% Women/ %
Men
20% / 80%20% / 80%
Inclusion and
Diversity
Employee Gender balance
7
% Women/ %
Men
47% / 53%46% / 53%
Note: This information is updated quarterly (September, January, March, June)
1
Scope 1 – Stationary combustion. In FY23 stationary combustion was 99.94% 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. Please note the Te Rapa power station closed in June 2023, contributing to the decrease in this figure
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. 1.6% and 1.4% unspecified in Q2 FY24 and Q2 FY23 respectively.

Contact Energy / Monthly Operating Report
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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
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To find out more about Contact Energy
+64 27 227 2429