January 2025 Operating Report

Monthly Operating Report
January 2025

2
January 2025 overview
»The Customer business recorded:
•Mass market electricity and gas sales of 271GWh (January 2024:
272GWh)
•Mass market netback of $167.65/MWh (January 2024:
$144.04/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 700GWh (January 2024:
684GWh)
•Electricity and steam net revenue of $123.24/MWh (January
2024: $113.64/MWh)
•Electricity generated (or acquired) of 690GWh (January 2024:
755GWh)
•The unit generation cost, which includes acquired generation
was $45.95/MWh (January 2024: $41.66/MWh)
•Own generation cost in the month of $41.3/MWh
(January 2024: $38.9/MWh)
»Te Huka 3 project progress vs. target for January 2025 was 99.5% vs.
100%
1
.
»Battery Energy Storage System (BESS) project progress vs. target for
January 2025 was 47% vs. 53%
1
.
»Otahuhu futures settlement wholesale price for the 2
nd
quarter
of 2025 (ASX):
•As at 12 February 2025: $357.75/MWh
•As at 31 January 2025: $316.15/MWh
•As at 31 December 2024: $190.55/MWh
»As at 12
th
February 2025, South Island controlled storage was
87% of mean and North Island controlled storage was 117% of
mean.​
»As at 12
th
February 2025, total Clutha scheme storage
was 78% of mean.​
»Inflows into Contact’s Clutha catchment for January
2025 were 44% of mean. (December 2024: 108%;
November 2024: 143%, October 2024: 145%).
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 4.34PJ.
1
The progress target 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.

New Zealand controlled hydro storage
against mean / 12 months
ASX futures settlement
Hydro storage and forward prices
3
Benmore
Otahuhu
Contact Energy / Monthly Operating Report
0
500
1000
1500
2000
2500
3000
3500
4000
4500
FebMarAprMayJunJulAugSepOctNovDecJan
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
300
CY25CY26CY27CY28
$/MWh
28/06/202431/12/202431/01/2025
0
100
200
300
CY25CY26CY27CY28
$/MWh
28/06/202431/12/202431/01/2025

Wholesale electricity pricing
Otahuhu
Contact Energy / Monthly Operating Report
4
Benmore
Distribution of wholesale market price by trading periods
Wholesale market
0
50
100
150
200
250
300
350
400
450
500
JulAugSeptOctNovDecJanFebMarAprMayJun
$/MWh
FY24 BENFY25 BENFY24 OTAFY25 OTA
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Jan-25Jan-24Dec-24
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Jan-25Jan-24Dec-24

5
Total national demand
Regional demand change (%) on January 2024
»New Zealand electricity demand was down 5.4% on January 2024 (down 2.2% on
January 2023). Demand excluding NZAS was down 4.6%.
Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
FY23, 24 and 25 respectively
Regional demand is excluding NZAS
The nationwide
average temperature
for January 2025 was
16.4ºC, 0.8ºC below
the 1991-2020
January average.
Electricity demand
Contact Energy / Monthly Operating Report
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
NZASSouth Island (exc. NZAS)North Island
(3%)
(12%)
0%
(1%)
4%
(2%)
(24%)
(31%)
(0%)
12%
1%
(2%)
(3%)
(5%)
(0%)
(67%)
(8%)
0%
23%

Wholesale
Contact Energy / Monthly Operating Report
6
Retail
Generation mix, gross sales position and unit generation cost (FY24 and 25
respectively)
Retail sales volumes and netback (FY24 and 25 respectively)
Business performance
-
20
40
60
80
100
120
140
160
180
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)

Contact Energy / Monthly Operating Report
7
1
FY24 unit generation cost is shown on an underlying basis i.e. excluding the net impact of changes in an onerous contract provision for the Ahuroa Gas Storage Facility (AGS).
7
Operational data
Measure
The month ended The month ended The month ended Seven months endingSeven months ending
January 25January 24December 24January 25January 24
RetailMass market electricity salesGWh237 239 239 2,098 2,109
Retail gas salesGWh34 33 35 372 416
Mass market electricity and gas salesGWh271 272 274 2,471 2,525
Average electricity sales price$/MWh342.77 311.17 328.03 297.94 283.77
Electricity direct pass thru costs$/MWh(147.21)(137.03)(146.40)(132.43)(122.32)
Cost to serve$/MWh(22.91)(22.61)(20.25)(17.18)(17.24)
Customer netback$/MWh167.65 144.04 156.56 138.99 132.59
Energy cost$/MWh(135.79)(125.21)(110.42)(145.78)(131.11)
Actual electricity line losses%5%7%9%6%6%
Retail gas salesPJ0.1 0.1 0.1 1.3 1.5
Electricity ICPs#441,500 429,500 441,500 443,000 431,000
Gas ICPs#73,000 70,500 73,000 73,000 70,500
Telco connections#116,000 93,879 116,000 113,500 90,500
WholesaleElectricity sales to Customer businessGWh250 258 263 2,242 2,246
Electricity sales to Commercial and IndustrialGWh128 134 131 905 820
Electricity CFD salesGWh322 292 306 2,171 2,019
Contracted electricity salesGWh700 684 699 5,318 5,086
Steam salesGWh7 5 18 134 123
Total electricity and steam net revenue$/MWh123.24 113.64 98.75 149.45 122.44
C&I netback (at the ICP)$/MWh115.72 111.47 96.83 127.26 121.18
C&I line losses%4%4%4%4%4%
Thermal generationGWh58 125 4 565 943
Geothermal generationGWh388 274 402 2,530 1,926
Hydro generationGWh205 339 359 2,157 2,255
Spot electricity salesGWh651 739 765 5,253 5,125
Acquired generationGWh39160 285 255
Electricity generated (or acquired)GWh690 755 765 5,539 5,379
Unit generation cost (including acquired generation)
1
$/MWh(45.95)(41.66)(30.68)(51.66)(43.23)
Spot electricity purchasesGWh(378)(392)(394)(3,147)(3,067)
CFD sale settlementsGWh(322)(292)(306)(2,171)(2,019)
Spot exposed purchases / CFD settlementGWh(700)(684)(699)(5,318)(5,086)
Spot revenue and settlement on acquired generation (GWAP)$/MWh119.50 189.09 30.32 173.87 139.93
Spot purchases and settlement on CFDs sold (LWAP)$/MWh(122.16)(199.28)(34.33)(182.86)(146.75)
LWAP/GWAP%102%105%113%105%105%
Gas used in internal generationPJ0.6 1.0 0.1 4.6 7.7
Gas storage net movement (extraction) / injectionPJ(0.0)0.1 (0.1)1.7 (0.5)
Progress tracking actual (target) for BESS%47%(53%)N/A39%(41%)N/AN/A
Progress tracking actual (target) for Te Huka 3%99.5%(100%)78% (76%)98.5%(100%)N/AN/A
ContactTotal customer connections#635,000 599,000 635,000 633,500 597,000
Realised gains / (losses) on market derivatives not in a hedge relationship$m(0.85)(0.63)0.67 (15.19)(2.95)

8
Material themeMeasureUnit
Q2 FY25Q2 FY24
Climate Change
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e132144
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.0600.069
Water
Freshwater take
3
Million cubic
metres
0.400.50
Non-consumptive water usage
4
Million cubic
metres
6,1424,285
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
4.03.5
Biodiversity
Native rākau (trees) planted by Contact
5
#
80
2,516
Pests caught
6
#
643
508
Community
Community initiatives and organisations supported#
33
44
Inclusion and
Diversity
Board
% Women/ %
Men
43% / 57%50% / 50%
Inclusion and
Diversity
Key Management Personnel
% Women/ %
Men
22% / 78%20% / 80%
Inclusion and
Diversity
Employee Gender balance
7
% Women/ %
Men
46% / 53%47% / 53%
Note: This information is updated quarterly (September, January, April, June)
1
Scope 1 – Stationary combustion.
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 i.e., drinking water fire water, water for cooling towers.
4
Water that flows through our Roxburgh power station and cooling water taken for Wairākei geothermal power station.
5
Does not include DrylandCarbon/Forest Partners activities.
6
Predominantly rats, mice and possums.
7
Includes all permanent, fixed term and casual employees. 1.3% and 1.6% unspecified in Q2 FY25 and Q2 FY24 respectively.
Contact Energy / Monthly Operating Report
Environment, Social and Governance (ESG)

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