Contact Energy reports robust hydro storage, project progress

Contact Energy reported that as of October 12, 2025, South Island controlled storage was 116% of mean, and North Island controlled storage was 120% of mean. Total Clutha scheme storage stood at 120% of mean, with inflows into Contact's Clutha catchment for September 2025 at 143% of mean. The Otahuhu futures settlement wholesale price for Q1-2026 (ASX) was $170.10/MWh as of October 13, 2025.

The company's Customer business recorded mass market electricity and gas sales of 372GWh, with a mass market netback of $150.12/MWh. Wholesale business figures included contracted electricity sales of 736GWh and total electricity and steam net revenue of $168.78/MWh. Electricity generated or acquired was 820GWh at a unit generation cost of $35.77/MWh, with own generation costs at $25.7/MWh for the month.

Contact Energy continues to advance its renewable development projects, with Glenbrook-Ohurua BESS expected online in Q1-CY26 at a cost of $163m, Kowhai Park Solar in Q2-CY26 costing $273m, and Te Mihi Stage 2 geothermal in Q3-CY27 with a project cost of $712m. Total customer connections reached 659,000, and the company reported realised gains on market derivatives of $0.97m.