Manawa Energy : Fourth Quarter Operating Report March 2023

Quarterly Operating Report | Q4-23| March 2023

Quarterly Insights

Spot prices recover from soft Q2 and Q3

Spot pricing over the quarter (January - March 2023) was strong, and significantly elevated compared to the preceding two quarters. Benmore daily pricing averaged $127/MWh and Otahuhu averaged $137/MWh. This compares to $36/MWh and $47/MWh respectively for the preceding quarter.

ASX forward prices fall across the quarter, but remain strong

Forward wholesale prices on the ASX fell slightly from the end of last quarter, particularly for short-dated periods, however, remain at strong absolute levels.

Inflows and storage both up

National storage (compared to the 10-year average) rose across the quarter (from 116% to 128%). Manawa Energy storage declined across the period but was sitting at 124% of the 10-year average. This was primarily due to strong pricing (stored water was used more) and subdued South Island inflows (all main Manawa Energy storage is located in the South Island).

Manawa Energy saw strong inflows into our schemes (mainly in the North Island) - with an additional 83 GWh compared to average,

Generation volumes strong across the quarter

Total Q4-23 generation volumes were 461 GWh. This is 55% higher than the pcp due to North Island volumes being 88% higher than the pcp (strong inflows), and South Island volumes 24% higher. FY-23 generation volumes are 9% ahead of the pcp (1,917 GWh vs 1,760 GWh for FY-22)

Q U A R T E R L Y O P E R A T I N G R E P O R T | Q 4 - 2 3

Wholesale Electricity Market

National Controlled Storage

	5,000
	4,000
GWh	3,000
2,000
	1,000

-

Jan

Feb Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov Dec

10 year avg

2020

2021

2022

2023

SOURCE: NZX Hydro

	Weekly average prices - 12 months to end of Mar 2023
	$300
	$250
$/MWh	$200
$150
	$100
	$50

$-

Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22	Nov-22Dec-22Jan-23Feb-23Mar-23
		Benmore		Haywards
		Benmore 10 year average		Haywards 10 year average

	National Demand
	4,000
	3,500
GWh	3,000
	2,500

Jan

Feb Mar

Apr May

Jun

Jul

Aug

Sep

Oct Nov Dec

2019

2020

2021

2022

2023

NOTE: March 2023 demand not available at time of release

Benmore ASX Futures Settlement Prices

200

150

$/MWh

100

50

0

CY-23

CY-24

CY-25

30 June 2022

30 September 2022

30 December 2022

31 March 2023

Q U A R T E R L Y O P E R A T I N G R E P O R T | Q 4 - 2 3

Generation

Monthly Generation Volumes

	250
	200
	150
GWh	100
	50
	0

Apr-18	Apr-19		Apr-20		Apr-21	Apr-22
			South Island Hydro		North Island Hydro

Q4-23	Q4-23	Q4-23 GWAP/TWAP
NI Generation	SI Generation	NI	1.02
88%	24%
SI	1.16
vs pcp	vs pcp
$141/MWh	New Zealand Load Weighted Average Price (LWAP)
$140/MWh	New Zealand Generation Weighted Average Price (GWAP)

NOTE: Q4 Prices

Q U A R T E R L Y O P E R A T I N G R E P O R T | Q 4 - 2 3

Percentage of Potential Revenue Achieved

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

GWAP / TWAP

190%

170%

150%

130%

110%

90%

Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22	Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23
		NI GWAP/TWAP		SI GWAP/TWAP

Generation

Manawa Lake Levels - % of long term average

160%

140%

120%

100%

80%

60%

40%

20%

0%

Apr May Jun

Jul

Aug Sep

Oct Nov Dec

Jan

Feb Mar

FY-22FY-23

GWh

C&I Customer Volumes

140

120

100

80

60

GWh

Inflow variance to long term average

150

100

50

0

-50

Apr May Jun	Jul	Aug Sep	Oct Nov Dec Jan	Feb Mar
			FY-22		FY-23

40

20

0

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

FY-21

FY-22

FY-23

Q U A R T E R L Y O P E R A T I N G R E P O R T | Q 4 - 2 3