Ann: QUARTER: MRP: Quarterly Operational Update

• Release Date: 20/10/15 08:34
• Summary: QUARTER: MRP: Quarterly Operational Update
• Price Sensitive: No
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					MRP
20/10/2015 08:34
QUARTER
PRICE SENSITIVE
REL: 0834 HRS Mighty River Power Limited (NS)

QUARTER: MRP: Quarterly Operational Update

Mighty River Power Quarterly Operational Update
Three months ended 30 September 2015

QUARTERLY HIGHLIGHTS

o Hydro generation up 41% due to high inflows during the quarter
o Electricity demand up 1.9%, the fifth consecutive quarter where demand has
increased on pcp
o Wholesale prices decreased by 19% due to above average national hydro
storage

TOTAL GENERATION UP 17%; WHOLESALE PRICES DOWN

Mighty River Power's operating statistics for the quarter to 30 September
2015 show a lift in total generation of 17%, up 308GWh on pcp to 2,099GWh.
During this time the Company's hydro generation was up 379GWh (1,308GWh in
total), an increase of 41% compared with the same period last year due to
high inflows into the Waikato catchment that were 111% of average. The
quarter ended with storage in Lake Taupo of 451GWh, 78% full and 131% of
average. National hydro storage was also above average for the period,
leading to lower wholesale electricity pricing, which meant the price the
Company received for generation was down 19% on pcp to $55.07/MWh. Relative
hydro yields fell versus the pcp due to a flatter generation profile with
higher volumes and lower wholesale price volatility.

Geothermal generation was down slightly on pcp due to the 21-day shut at Nga
Awa Purua to replace the turbine. The plant had been running at about 10MW
below capacity since December 2013.

NATIONAL DEMAND GROWTH CONTINUES; ASX PRICES LIFT

National demand for electricity increased 1.9% compared with the same period
last year (0.9% when adjusting for lower temperatures), which was mainly
attributable to higher electricity usage in urban centres (commercial and
residential) and for milk production. This is the fifth consecutive quarter
of demand growth on pcp.

ASX futures prices were up slightly for FY2016 - FY2018 over the quarter.
2019 calendar year futures were listed for the first time in October. FY2019
Otahuhu futures are currently trading at $3.25/MWh above the FY2018 price.

ENERGY PRICES DOWN 1.5%; VOLUMES DOWN 6%

The average electricity sales price to residential and commercial customers
was $119.24/MWh, down 1.5% on pcp. This was in part due to Mighty River Power
absorbing increases in lines and transmission costs for the third of its
customers on fixed-price contracts.

While residential sales volumes increased on pcp, overall customer sales
volumes were down 6% as the Company continued to reduce sales volumes in the
low price, low margin commercial market (down 17%).  A reduction in customer
numbers also reflects the highly-competitive commercial market and the
Company's declining commercial book where contracts had historically higher
yields.

Mighty River Power will release its financial results for the 6 months ended
31 December 2015 on 23 February 2016.

ENDS

For further information:

David Glendining
Head of Communications
T 0272 105 337

Anna Hirst
Head of Investor Relations
T 0275 173 470
End CA:00271993 For:MRP    Type:QUARTER    Time:2015-10-20 08:34:00