Contact Energy (CEN), an ASX-listed company focused on electricity generation and retail in New Zealand, released its monthly operating report for November 2025. The report details key performance indicators across its Customer and Wholesale business segments, as well as updates on hydro storage, forward prices, and renewable energy projects. Mass market electricity and gas sales reached 319 GWh, up from 290 GWh in November 2024, with a netback of $138.75/MWh compared to $134.39/MWh the previous year.
The Wholesale business saw contracted electricity sales, including those to the Customer business, rise to 845 GWh from 733 GWh in November 2024. Electricity and steam net revenue was $106.16/MWh (November 2024: $115.81/MWh). Electricity generated (or acquired) totaled 1,014 GWh, a notable increase from 741 GWh in the same period last year. Unit generation cost, incorporating acquired generation, was reported at $39.62/MWh, up from $34.43/MWh in November 2024.
The report also provided insights into Otahuhu futures settlement wholesale prices for the first quarter of 2026, showing a price of $148/MWh as of 11 December 2025, compared to $136.95/MWh on 28 November 2025 and $165.65/MWh on 31 October 2025. South Island and North Island controlled storage levels were 157% and 129% of their respective means as of 11 December 2025. Contact’s contracted gas volume for the next 12 months is 9.2PJ.
Updates on renewable development projects under construction were included, listing the Glenbrook-Ohurua BESS, Kowhai Park Solar, and Te Mihi Stage 2 geothermal projects, with expected online dates in Q1-CY26, Q2-CY26, and Q3-CY27, respectively. The total project costs for these developments are estimated at $163 million, $273 million, and $712 million. The report also included data on New Zealand’s electricity demand, which was up 4.1% compared to November 2024.
