Manawa Energy's Q4 production declines amidst high wholesale prices

Manawa Energy's Q4 FY25 operating report reveals a decline in production volumes, with total output reaching 302 GWh, 5% lower than the prior comparative period and 16% lower than expected normalised volumes. This decrease was attributed to materially lower hydro inflows and a planned outage at Highbank. Wind offtake volumes also fell by 30% year-on-year, totaling 112 GWh. Wholesale electricity spot prices were elevated, with Otahuhu averaging NZD 226/MWh and Benmore averaging NZD 213/MWh, fuelled by declining national hydro storage. Forward wholesale prices also rose significantly, with the CY25 OTA ASX strip products increasing by 46% to NZD 246/MWh. The second new turbine at Matahina Power Station has been successfully installed and returned to service on March 29, 2025. Finally, The Commerce Commission announced an extension of time (from March 31, 2025, to May 9, 2025) to make a clearance decision on the potential acquisition of Manawa Energy by Contact Energy.