Ann: QUARTER: MRP: Quarterly Operational Update

• Release Date: 24/07/13 11:03
• Summary: QUARTER: MRP: Quarterly Operational Update
• Price Sensitive: No
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MRP
24/07/2013 09:03
QUARTER

REL: 0903 HRS Mighty River Power Limited (NS)

QUARTER: MRP: Quarterly Operational Update

- Fourth Quarter operational statistics in line with company expectations
- Sales to Customers down 3% on prior comparable period (pcp), but up 5%
year on year
- Total Generation down 16% on pcp as a result of lower hydro generation

Mighty River Power's operating statistics for the quarter to 30 June 2013
confirm the Company's full year operational figures to be in line with
expectations included in the Mighty River Power Share Offer Investment
Statement and Prospectus (dated 5 April 2013).

Electricity sales volumes to customers decreased 3% on the prior comparable
period (pcp), driven by lower volumes to commercial customers, which were
down from 679GWh to 638GWh. However, sales for the year to 30 June 2013 were
up 5% to 5,252GWh. Business volumes in the quarter reflect the tail of strong
growth with medium-sized commercial customers, offset by a drop in volumes of
sales to small and large commercial customers. The average price received
from customers over the quarter was $126.76/MWh, and $117.28/MWh for the 12
months.

Overall electricity generation volumes were down 16% on the pcp, and down 9%
for the 12 months to 30 June 2013, largely as a result of reduced hydro
production due to lower-than-average inflows into the Waikato catchments. In
April, Mighty River Power recorded the lowest monthly hydro production on
record having started the quarter with storage at 33% of historical average.
The Company saw an improvement in inflows into the catchments later in the
quarter, which was expected for that time of the year, and ended the
financial year with storage at 79% of historical average.

Geothermal production in the quarter was lower than pcp, primarily due to
planned maintenance at the Mokai and Kawerau stations. In addition to the
1,379GWh total generation during the quarter, Ngatamariki has generated 61GWh
during commissioning activity in the period, which is not included in the
reported figures.

Gas-fired generation volumes were also down on the pcp due to lower wholesale
market prices following higher inflows (compared to the pcp) into other
generators' South Island hydro catchments.

The level of buy-side contracts for difference (CfD) increased on the pcp,
principally reflecting new hedging arrangements to minimise the Company's
downside exposure during a sustained period of drought induced low hydro
generation.

The Company saw an improvement on the pcp in the relative wholesale price it
received for its generation compared to the wholesale price paid for
purchases (LWAP/GWAP), which moved from 1.13 to 1.03 through active portfolio
management, an improved national grid configuration and lower South Island
pricing relative to the North Island.

Mighty River Power will release its financial results for the 12 months ended
30 June 2013 on Wednesday 28 August 2013.
End CA:00238907 For:MRP    Type:QUARTER    Time:2013-07-24 09:03:11