Highlights

  • Mass market electricity and gas sales rose to 385GWh in October 2025, up from 320GWh in October 2024.
  • Wholesale electricity generation reached 1,018GWh, with unit generation costs falling to 35.93/USD per MWh.
  • South Island and North Island hydro storage stood at 151% and 120% of mean, respectively, as of 12 November 2025.

Contact Energy (NZX:CEN) combined operations, including Manawa since 11 July 2025, reported mass market electricity and gas sales of 385GWh, compared with 320GWh in October 2024. Mass market netback increased to 146.09/USD per MWh, up from 133.29/USD per MWh in the same month last year. Retail electricity sales totaled 278GWh and retail gas sales reached 107GWh. Total customer connections were 665,000, including 451,500 electricity ICPs and 74,000 gas ICPs.

Wholesale Operations

The wholesale segment recorded contracted electricity sales of 997GWh, including 295GWh sold to the Customer business and 203GWh to commercial and industrial clients. Electricity and steam net revenue decreased to 116.76/USD per MWh from 136.30/USD per MWh in October 2024. Total electricity generated or acquired was 1,018GWh, up from 717GWh a year earlier. Unit generation costs, including acquired generation, declined to 35.93/USD per MWh, while own generation costs were 30.2/USD per MWh. Spot electricity sales were 902GWh, with spot purchases of 498GWh.

Hydro Storage and Inflows

As of 12 November 2025, controlled hydro storage in the South Island was 151% of mean, while the North Island was at 120% of mean. Clutha scheme storage stood at 135% of mean. Inflows into the Clutha catchment for October were 195% of mean, reflecting higher water availability compared with prior months.

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Futures and Pricing

The Otahuhu futures settlement for Q1 2026 was 160/USD per MWh as of 13 November 2025, compared with 166/USD per MWh at the end of October and 172/USD per MWh at the end of September 2025. The average nationwide temperature in October 2025 was 13.1ºC, 0.94ºC above the 1991-2020 October average, contributing to a 5.2% increase in national electricity demand compared with October 2024.

Renewable Development and Gas Volumes

Contact Energy continues construction on renewable projects, including Glenbrook-Ohurua BESS (Q1-CY26, 163m/USD), Kowhai Park Solar (Q2-CY26, 273m/USD), and Te Mihi Stage 2 geothermal (Q3-CY27, 712m/USD). Contracted gas volumes for the next 12 months stand at 9.5PJ, with gas sales of approximately 5PJ already confirmed, including an All-of-Government contract.

Environmental and Social Metrics

Greenhouse gas emissions from generation assets were 162 kt CO2-e in Q1 FY26, down from 313 kt CO2-e in Q1 FY25. GHG intensity fell to 0.056 kt CO2-e/GWh from 0.130 kt CO2-e/GWh. Freshwater usage decreased slightly to 0.42 million cubic metres, and geothermal fluid discharge was 4.59 million cubic metres. Contact planted 29,423 native trees and trapped 1,196 pests in the quarter. Employee gender balance was 42% women and 56% men, with board representation at 29% women and 71% men.

Share Performance of CEN

CEN was trading at NZD 9.47 per share as of 18 November 2025.