Contact Energy reports strong October operational performance, growth across segments

Contact Energy experienced substantial growth in its customer business for October 2025, with mass market electricity and gas sales rising to 385GWh, up from 320GWh in October 2024. The mass market netback improved to $146.09/MWh from $133.29/MWh in the prior year. The wholesale business also performed strongly, recording 997GWh in contracted electricity sales, a notable increase from 699GWh in October 2024. Electricity generated or acquired totalled 1,018GWh, while the unit generation cost decreased to $35.93/MWh from $52.62/MWh.

Hydro storage across New Zealand remained strong, with South Island controlled storage at 151% of mean and North Island at 120% of mean as of November 12, 2025. Inflows into Contact’s Clutha catchment for October 2025 were 195% of mean. Contact Energy is also progressing with renewable development projects, including Glenbrook-Ohurua BESS (Q1-CY26, $163m), Kowhai Park Solar (Q2-CY26, $273m), and Te Mihi Stage 2 geothermal (Q3-CY27, $712m). Total customer connections reached 665,000 in October 2025.

New Zealand's electricity demand increased by 5.2% on October 2024 and 1.6% compared to October 2023. Otahuhu futures settlement wholesale prices for Q1 2026 stood at $160/MWh as of November 13, 2025.