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Investor Presentaiton

Regulatory and Policy Engagement Key Matters Status Manawa Energy Position Transmission Pricing Methodology Final TPM published - will apply from 1 April 2023 Wholesale Energy Market Review Remains underway. Anticipate any code changes to be progressed in 2022 9th August Scarcity Event Number of reviews and investigations undertaken Freshwater Reform NPS:FM effective August 2020. Implementation into regional policy scheduled for 2024. Judicial Review decision remains Regulatory stability Support enduring Continue to seek explicit pending. important to enable improvements to recognition of scarcity event Manawa hydro arrangements. assets. investment. Changes need to be well-justified. National Energy Strategy Development will kick off second half 2022 Opportunity to provide clear direction for energy transition, including aspirational 100% RG target Resource Management system reform Remains underway Opportunity to ensure framework supports decarbonisation • • Prioritise decarbonisation and electrification and support an orderly energy transition; Preserve existing renewable generation and enable investment in new renewable generation and technologies, including via ensuring an efficient and well- functioning wholesale market and supportive resource management statutory framework; Seek to ensure all three pillars of the energy trilemma (reliability, affordability and sustainability) are balanced. wwwwww MANAWA ENERGY
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