March 2024 Operating Report

Monthly Operating Report
March 2024

Contact Energy / Monthly Operating Report
2
»The Customer business recorded:
•Mass market electricity and gas sales of 297GWh (March 2023:
296GWh)
•Mass market netback of $140.63/MWh (March 2023:
$128.76/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 737GWh (March 2023:
629GWh)
•Electricity and steam net revenue of $130.33/MWh (March 2023:
$115.90/MWh)
•Electricity generated (or acquired) of 749GWh (March 2023:
638GWh)
•The unit generation cost, which includes acquired generation
was $60.73/MWh (March 2023: $35.18/MWh)
•Own generation cost in the month of $49.20/MWh
(March 2023: $35.50/MWh)
»Tauhara project progress vs. target for March 2024 was 99.5%
vs. 100%
1
.
»Te Huka 3 project progress vs. target for March 2024 was 83%
vs. 83%
1
.
»Otahuhu futures settlement wholesale price for the 3
rd
quarter
of 2024 (ASX):
•As at 9 April 2024: $193/MWh
•As at 28 March 2024: $230/MWh
•As at 29 February 2024: $189/MWh
»As at 9th April 2024, South Island controlled storage was 75% of
mean and North Island controlled storage was 110% of mean.
»As at 9th April 2024, total Clutha scheme storage was
75% of mean.​
»Inflows into Contact’s Clutha catchment for March 2024
were 68% of mean. (February 2024: 93%, January 2024:
145%, December 2023: 69%)
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 7.7PJ
2
.
March overview.
For the month of March 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
Hydro storage and forward prices.
Contact Energy / Monthly Operating Report
3
12 MONTHS
Otahuhu
Benmore
0
500
1000
1500
2000
2500
3000
3500
4000
4500
AprMayJunJulAugSepOctNovDecJanFebMar
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
300
CY24CY25CY26CY27
$/MWh
30/06/202329/02/202428/03/2024
0
50
100
150
200
CY24CY25CY26CY27
$/MWh
30/06/202329/02/202428/03/2024

Wholesale electricity pricing
Otahuhu
Wholesale market.
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 B ENFY24 BENFY23 O TAFY24 OTA
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Mar-24Mar-23Feb -24
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Mar-24Mar-23Feb -24

Electricity demand.
Contact Energy / Monthly Operating Report
5
Total national demand
Regional demand change (%) on March 2023
»New Zealand electricity demand was up 4% on March 2023 (up 2.1% on
March 2022)

.
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 March 2024 was
14.8C, 1.1ºC lower than
March 2023: 15.9ºC
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
NZASSouth Island (ex c. NZAS)North I slan d
(7%)
21%
3%
(2%)
5%
4%
33%
48%
4%
7%
(1%)
6%
3%
(2%)
(2%)
(9%)
7%
18%

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)
-
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)
-
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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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
Operational data.
Measure
The month ended The month ended The month ended Nine months endingNine months ending
March 24March 23February 24March 24March 23
Retail
Mass market electricity salesGWh254 253 225 2,587 2,567
Retail gas salesGWh44 43 27 487 534
Mass market electricity and gas salesGWh297 296 252 3,074 3,101
Average electricity sales price$/MWh305.79 286.95 307.69 288.00 266.53
Electricity direct pass thru costs$/MWh(133.70)(126.87)(138.95)(124.88)(120.82)
Cost to serve$/MWh(19.95)(20.33)(22.65)(17.95)(16.72)
Customer netback$/MWh140.63 128.76 139.62 132.51 115.48
Energy cost$/MWh(139.13)(129.90)(129.94)(130.36)(114.01)
Actual electricity line losses%7%8%6%6%6%
Retail gas salesPJ0.2 0.2 0.1 1.8 1.9
Electricity ICPs#432,000 426,000 431,000 431,000 427,500
Gas ICPs#71,000 69,500 70,500 70,500 70,000
Broadband connections#94,000 83,000 93,000 90,000 77,000
Wholesale
Electricity sales to Customer businessGWh272 274 238 2,757 2,744
Electricity sales to Commercial and IndustrialGWh132 140 130 1,082 1,224
Electricity CFD salesGWh333 216 271 2,623 1,612
Contracted electricity salesGWh737 629 640 6,462 5,581
Steam salesGWh13 59 15 151 489
Total electricity and steam net revenue
1
$/MWh130.33 115.90 116.14 122.71 103.92
C&I netback (at the ICP)$/MWh133.42 122.27 115.70 122.01 115.94
C&I line losses%4%4%4%4%4%
Thermal generationGWh201 50 107 1,251 391
Geothermal generationGWh262 269 239 2,428 2,379
Hydro generationGWh221 311 303 2,780 2,867
Spot electricity salesGWh685 630 649 6,459 5,637
Electricity sales – DirectGWh- 7 - - 69
Acquired generationGWh64 - 22 342 131
Electricity generated (or acquired)GWh749 638 671 6,800 5,837
Unit generation cost (including acquired generation)
2
$/MWh(60.73)(35.18)(46.21)(46.07)(34.70)
Spot electricity purchasesGWh(404)(406)(368)(3,839)(3,899)
CFD sale settlementsGWh(333)(216)(271)(2,623)(1,612)
Spot exposed purchases / CFD settlementGWh(737)(622)(640)(6,462)(5,512)
Spot revenue and settlement on acquired generation (GWAP)$/MWh218.29 144.77 153.22 149.88 81.61
Spot purchases and settlement on CFDs sold (LWAP)$/MWh(223.22)(155.59)(158.68)(156.65)(90.47)
LWAP/GWAP%102%107%104%105%111%
Gas used in internal generationPJ1.6 0.7 0.9 10.2 5.5
Gas storage net movement (extraction) / injectionPJ(0.7)(0.1)0.1 (1.1)2.1
Progress tracking actual (target) for Tauhara (grey) and Te Huka 3 (no fill)%99.5% (100%)83% (83%)N/A99% (100%)80% (80%)N/AN/A
Contact
Total customer connections#605,000 584,000 602,000 598,500 580,500
Realised gains / (losses) on market derivatives not in a hedge relationship
3
$m0.98 (0.90)(0.89)(2.86)(14.23)

Contact Energy / Monthly Operating Report
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Environment, Social and Governance (ESG)
Material themeMeasureUnit
Q3 FY24Q3 FY23
Climate Change*
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e234157
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.1130.091
Water
Water Freshwater take
3
Million cubic
metres
0.800.52
Non-consumptive water usage
4
Million cubic
metres
3,3543,256
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
4.113.70
Biodiversity
Native rākau (trees) planted by Contact
5
#01,000
Pests caught
6
#761691
Community
Community initiatives and organisations supported#1510
Inclusion and
Diversity
Board
% Women/ %
Men
43% / 57%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. There was more thermal generation in Q3 compared to previous quarters.
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. There was more thermal generation in Q3 compared to previous quarters, therefore more cooling water required.
4
Water that flows through our Roxburgh power station and cooling water for our geothermal power stations
5
Does not include DrylandCarbon/Forest Partners activities
6
Predominantly stoats, rats and possums
7
Includes all permanent, fixed term and casual employees. 1.8% and 1.3% unspecified in Q3 FY24 and Q3 FY23 respectively.

Contact Energy / Monthly Operating Report
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Keep in touch.
investor.centre@contactenergy.co.nz
contact.co.nz/aboutus/investor-centre
Investors
Matthew Forbes – Head of Corporate Finance
contact.co.nz
@ContactEnergy
Linkedin.com/company/contact-energy-ltd
Facebook.com/ContactEnergy
Youtube.com/ContactEnergy
To find out more about Contact Energy
+64 21 072 8578