Contact Energy reports mixed August performance amid project updates

Contact Energy's August 2025 operating report highlights a mixed performance. The customer business saw mass market electricity and gas sales of 454GWh, a slight decrease from 456GWh in August 2024. However, the mass market netback improved to $148.36/MWh, up from $131.36/MWh year-on-year. Contracted wholesale electricity sales totaled 830GWh, down from 840GWh in August 2024, and electricity and steam net revenue was $172.23/MWh, a decrease from $204.53/MWh in the prior year.

Electricity generated or acquired increased to 918GWh from 875GWh in August 2024, with unit generation cost significantly reducing to $52.89/MWh from $80.39/MWh. Contact's current renewable development projects include Glenbrook-Ohurua BESS (Q1-CY26, $163m), Kowhai Park Solar (Q2-CY26, $273m), and Te Mihi Stage 2 geothermal (Q3-CY27, $712m).

Hydro storage on September 11, 2025, showed South Island controlled storage at 71% of mean and North Island controlled storage at 97% of mean. Total Clutha scheme storage was 64% of mean, with August 2025 inflows at 72% of mean. The Otahuhu futures settlement wholesale price for Q4 2025 was $151.45/MWh as of September 11, 2025.