Contact Energy (ASX:CEN) Monthly Operating Report November 2024
Operational Highlights
Contact Energy reported significant operational metrics for November 2024, with mass market electricity and gas sales reaching 290 GWh, slightly lower than 298 GWh in November 2023. The mass market netback stood at $134.39/MWh compared to $138.43/MWh the previous year.
The Wholesale business displayed robust growth, recording contracted wholesale electricity sales totalling 733 GWh, an increase from 626 GWh in November 2023. Net revenue from electricity and steam also rose to $115.81/MWh, up from $99.39/MWh a year earlier, marking a solid profitability trajectory for the company.
Project Progress Updates
Contact Energy’s Te Huka 3 project continued to progress, achieving 98% of its November target. The Battery Energy Storage System (BESS) project reached 33% against its target of 36% for the same period. As of December 11, 2024, controlled storage levels in the South and North Islands were significantly above average at 141% and 119%, respectively.
Market Insights and Pricing Trends
The Otahuhu futures settlement for the first quarter of 2025 is projected at $129.15/MWh, indicating an increase from $122/MWh at the end of November. Additionally, New Zealand electricity demand in November 2024 saw a decrease of 1.1% compared to the same month last year. Notably, the average temperature was 14.7ºC, which is 1ºC above the historical average for November.
Environmental and Community Performance
In terms of environmental impact, Contact Energy reduced greenhouse gas emissions from generation assets, achieving total emissions of 313 kt CO2-e. The company committed to planting 46,165 native trees, an increase from 42,679 the previous year, underpinning its dedication to biodiversity and community initiatives.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.