> All turbines at Kaiwera Downs Stage 2 Wind Farm are installed.
> Kaiwaikawe Wind Farm progressing on schedule and expected to be fully operational in H1 FY27.
> Fast-track consent granted for Puke Kapo Hau Wind Farm.
> Launched Flex Rates.

Operational Data xls

> Ngā Tamariki geothermal station OEC5 opened.
> Committed to the next phase of the hydro refurbishment programme.
> Datagrid New Zealand and Mercury signed a 140MW power purchase option agreement.
> First generation from 11 turbines installed at Kaiwera Downs Stage 2 wind farm.

Previous Version for Reference Only
Operational Data xls

> High national hydro inflows resulted in low wholesale electricity spot prices.
> Taupō Storage remains elevated providing strong Q3 portfolio position.
> New OEC5 geothermal generation commissioning started.

> Record July hydro generation since 1980 and the 11th highest Q1 hydro generation.
> Taupō Storage remains elevated - 70^th percentile inflows providing a strong portfolio position for Q2.
> 20 year PPA with Visy now in effect - ~115GWh per annum over the initial 10-year term.

> FY25 Hydro generation 3,410 GWh - 4^th lowest generation from Waikato scheme since 1980.
> Mean hydrology increased to 4,140GHw from FY26 - uplift from Digital River and Karāpiro rehabilitation.
> Karāpiro Hydro rehad project concluding - third unit anticipated to be completed in Sept 2025.

> FY25 Hydro generation forecasted to be 3,400GWh from record low Q3 hydro inflows in the Waikato catchment.
> Long term agreement signed with Fontera for ~260GWh for Waito and Edgecumbe sites.
> NZAS supply agreement takes effect - end user CFD agreement commenced this quarter.

> Electricity futures remain elevated - spot prices low in Q2 but Futures prices remain firm.
> Taupō storage managed despite dry conditions, providing a strong Q3 portfolio position.
> Construction underway at Kaiwaikawe Wind Farm.

> Market reacts to high prices - evidenced by the demand and fuel response.
> Taupō lake level now normal despite low starting lake level and inflows in Q1.
> C&I electricity yield growth - repricing to a sustained higher forward curve.

> Resilient portfolio - geothermal and wind generation increase.
> Elevated prices in FY24 - C&I and Mass Market yields increase. Gas yield squeezed.
> Kaiwera Downs Stage 2 wind farm construction underway. NZAS agreement supports project.

> Strong yields in all segments through Mass Market pricing and C&I renewals.
> Benefits of fuel diversity - effective portfolio management delivering volume at high prices.
> Connection growth in telco products - 13,000 new telco and mobile connecttions.

> New wind generation partially offset 25^th percentile hydro inflows.
> Taupō storage conserved providing a strong portfolio position for Q3.
> Electricity yield growth through Mass Market sales growth.

> First generation from Kaiwera Downs Wind Farm - contributed 9GWh in the quarter, full operation expected in October.
> Successful trial migration to Gentrack, with over 50% of customers now migrated.
> Strong electricity yield growth through C&I contract repricing on a sustained higher forward price.

> 9TWh total generation in FY2023 - with new Turitea Wind Farm and record hydro generation of 5,209GWh.
> 'Inter-greating' retail - all propositions merged under a single brand.
> Strong electricity yield growth in both Mass Market and C&I.

> Wettest July to March period ever. Q3 hydro generation up 367GWh on PCP.
> Connection growth across all products - total connections lift 11,00 in Q3.
> Electricity futures remain elevated at around $170/MWh out to CY 26.

Download 5 year history

> Wettest first half ever. Q2 hydro generation up 38% on PCP.
> Electricity futures prices high - electricity spot prices collapse during Q2, but Futures prices at or above $190/MWh out to CY26.
> Connection growth across all products - 35,000 new connections in Q2. Now Broadband acquisition lifts telco connections by 24,000.

> FY23 hydro generation forecast at 4,500GWh.
> Retain connection growth steady.
> Forward electricity prices left.

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