Investor Presentaiton

Wholesale prices Electricity spot market prices were volatile but elevated across most of the year, reflecting low inflows and the cost of thermal generation. High prices are continuing to persist into Q1FY23 Weekly average electricity spot prices $/MWh 450 400 350 300 250 200 150 M 100 50 0 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Benmore Otahuhu Note: 9th of August scarcity pricing event is still under consultation by the Electricity Authority and prices are not yet finalised. Source: NZX wwwww MANAWA ENERGY

View entire presentation