Ann: QUARTER: MRP: Quarterly Operational Update

• Release Date: 20/01/15 08:31
• Summary: QUARTER: MRP: Quarterly Operational Update
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					MRP
20/01/2015 08:31
QUARTER
PRICE SENSITIVE
REL: 0831 HRS Mighty River Power Limited (NS)

QUARTER: MRP: Quarterly Operational Update

Mighty River Power Quarterly Operational Update
Three months ended 31 December 2014

QUARTERLY HIGHLIGHTS
- Geothermal now New Zealand's second largest electricity fuel source
- ASX FY2016 future prices up $77.66 cents
- Hydro generation down 159 GWh - lowest Q2 production in Company history

Mighty River Power's quarterly operating statistics for the period ended 31
December 2014 show a decrease in generation volume, down 1% (24GWh) on the
pcp due to a continuation of weak inflows across the catchment. Hydro
production of 826GWh was down 159GWh (16%) on pcp - almost 200GWh below the
Company's average, making it the lowest second quarter hydro production since
the Company was formed in 1999.  However, Lake Taupo storage increased by 37%
during the quarter, ending the period at 95% of average.

NZ HAS LESS THERMAL GENERATION AND INCREASED DEMAND; ASX FUTURES UP

ASX futures prices have increased across all maturities, reflecting the
significant reduction in contracted gas electricity generation in New
Zealand, as well as lower coal commitments by Genesis Energy. The reduction
of more than 5,000GWh of thermal fuel commitments since 2013 has restored the
balance of market supply and demand from an energy perspective.  National
demand increased by 2% during the period on pcp, meaning electricity
consumption was back up to 2011 levels.

GEOTHERMAL NOW NZ'S SECOND ELECTRICITY FUEL SOURCE

During the second half of CY2014 New Zealand reached a significant milestone
in renewable electricity supply, with geothermal generation replacing gas as
the second most important electricity fuel source behind hydro. Geothermal
generation has increased by more than 150% in the past decade. Unsubsidised
investment, including $1.4 billion by Mighty River Power, has boosted
geothermal output from 6.5% of national supply, to 16%. Geothermal is the
only renewable not dependant on the weather - running 24/7. It has played an
important role in displacing non-renewable generation, and overtaken both
coal and gas-fired generation in the past six years, cutting millions of
tonnes of emissions.  Geothermal made up 40% of Mighty River Power's total
generation for the quarter.

SMART METER DEPLOYMENT CONTINUES TO GAIN MOMENTUM

The deployment of AMI smart meters by the Company's metering business Metrix
continued to increase, with 16,000 installations completed during the
quarter. A total of 25,000 smart meters have been deployed so far in FY2015,
increasing the number of smart meters to 367,000. Metrix expects to commence
the deployment of 225,000 smart meters to Trustpower's residential customers
later this year.

Mighty River Power will release its financial results for the 6 months ended
31 December 2014 on 24 February 2015.

For further information:

David Glendining
Head of Communications
T 0272 105 337

Anna Hirst
Head of Investor Relations
T 0275 173 470
End CA:00259877 For:MRP    Type:QUARTER    Time:2015-01-20 08:31:45