Mighty River Power quarterly operating update for the period ending 30 June 2011

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25 July 2011

MIGHTY RIVER POWER – OPERATING INFORMATION For the three months ended 30 June 2011

Extra hydro volumes boost Mighty River Power generation by 27% Mighty River Power’s total electricity generation for the three months to 30 June 2011 was up 27% on the prior comparable period, with continued strong geothermal output and increased hydro generation. Generation from renewable sources increased by 445GWh to 1752GWh, making up 98% of the total. This is consistent with the overall increase in renewable generation as a percentage of New Zealand’s electricity generation, largely as a consequence of investment in base-load geothermal in recent years. Hydro generation was 1190GWh for the quarter, up 58% on the prior comparable period. This was largely driven by very wet weather conditions in the Lake Taupo and Waikato River catchments, compared with drought conditions in the previous year. Gas fired co-generation during the period was down 65% to 33GWh (about 2% of total generation), reflecting the lower spot wholesale electricity prices due to national hydro storage being significantly above average. This resulted in Mighty River Power’s carbon emissions dropping by 22% compared with the same period in 2010. Mighty River Power’s total electricity sales to residential and commercial customers were down 5% on the prior comparable period from 1792GWh to 1710GWh, due to a combination of strong competition in the sector, the impact of the Christchurch earthquake and warmer-than-usual conditions reducing seasonal demand. ENDS For further information please contact: David Glendining Head of Corporate Communications Tel: 027 210 5337 Please refer to the Operating Information table below.


OPERATING INFORMATION

3 months to 30 June 2011

3 months to 30 June 2010

Residential FPVV1 (GWh)

684

717

Commercial FPVV1 (GWh)

527

557

Spot (GWh)

499

518

CFD2 - Buy - Sell - Net

726 798 -72

542 888 -346

116.27

106.82

Total NZEM (GWh)

1796

1885

LWAP³ ($/MWh)

47.44

58.14

Retail (PJ)

0.3

0.3

Co-generation (PJ)

0.5

1.1

8.47

7.43

1190

753

562

552

33

94

0

2

Total (GWh)

1785

1401

GWAP5 ($/MWh)

45.67

59.26

LWAP/GWAP

1.04

0.98

Carbon Emissions (‘000 tonnes CO2e)

113

145

392,000

412,000

Electricity Sales

Weighted Average Price FPVV1 ($/MWh) Electricity Purchases

Gas Purchases

($/GJ) Generation Hydro (GWh) Geothermal4 (GWh) Gas co-generation (GWh) Biomass (GWh)

Electricity Customers6

1

Fixed Price Variable Volume Contracts for Difference ³ Load Weighted Average Price 4 Calculated on an equity share basis 5 Generation Weighted Average Price 6 Includes residential and small commercial customers 2


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