Quarterly Operational Update Q4 FY24

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GEOTHERMALANDWIND GENERATIONINCREASE

C&IANDMASSMARKET YIELDSINCREASE. GASYIELDSQUEEZED

Marketsummary

NZASAGREEMENT SUPPORTSPROJECT

Lownationalinflowsduringthequartercontributedtoelevatedspotelectricitypricesaveraging $265/MWhinAuckland.Fullyearnationalinflowswere23rdpercentilewithspotpricesinAuckland averaging$187/MWhforthefinancialyear.Forwardpricesremainhighaveraging$166/MWhinAuckland forfinancialyears2025to2026.Gassupplyuncertaintyisreflectedinelevatednear-termforwardprices. Normalisednationaldemandduringthefinancialyearwas0.9%higherthanFY23.

Resilientportfolio

Despite30thpercentileinflowsintotheWaikatocatchmentduringthefinancialyear,hydrogenerationwas slightlyhigherthanaverageat4,096GWhbut21%lowerthanlastyear’srecordhydrogeneration.Theyear endlakelevelwas103GWhlowerthanaverage.Totalgenerationwas8,780GWh(258GWh,3%lowerthan PCP).Thisreflectsimprovedresilienceingeothermalgenerationwith2,622GWhofgenerationforthe financialyear(264GWh,11%higherthanPCP)andhigherwindgenerationof2,062GWh(591GWh,40% higherthanPCP),supportedbynewwindgenerationfromTuriteaSouthandKaiweraDownsstage1wind farms.

Elevatedpricesarecurringthematic

FinancialyearCommercial&Industrialyields(physicalandend-userCfDs)increasedby$9/MWh(7%)to $131/MWhversusPCP,reflectingrepricingofcontractrenewalsintothehighelectricityforwardcurve. MassMarketyieldsalsosawstronggrowth,up$9/MWh(6%)versusPCP.Gassupplyconstraintsduringthe quartercontributedtoelevatedgaspurchasecosts,increasingto$25/GJ($13/GJ,108%higherthanPCP).

ConstructionunderwayatKaiweraDownswindfarmstage2

KaiweraDownsstage2constructioncommencedinJunewithfullgenerationexpectedbytheendofCY26. ThisbringsMercury’stotalFY24commitmenttonewrenewablestoover$700millionwiththegeothermal expansionatNgāTamarikiannouncedinSep2023.

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