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TrustPower Quarterly Operating Result

1 Feb 2013

TrustPower’s operating statistics for the nine months to 31 December 2012 together with prior period comparatives are provided here

TrustPower’s New Zealand generation production was 1,894 GWh for the period, 7 per cent below the same period last year reflecting very strong hydro production in the prior period but less than 2 per cent below expected long term average production.  Wind production at the Tararua and Mahinerangi wind farms was 4 per cent higher than prior period.

New Zealand hydro storage levels are currently well above average following recent high inflows 
into major storage catchments.
The Snowtown Stage 1 Wind Farm in South Australia produced 289 GWh during the period which was 7 
per cent up on prior period and 1 per cent below expected long term average production.
Mass market customer sales were down 8 per cent compared to prior period due to lower customer 
numbers and actual usage.  Mass market competition remains strong although a moderation in customer 
churn has been experienced during the period with customer numbers reducing by 4,000 since 31 March 
2012.  Time of Use sales were down 105 GWh (6 per cent) on prior period.  However, this reduction 
was offset by 188
GWh of sales through ASX, given attractive pricing available earlier in the financial year.
The 3.8MW hydro project at Esk Valley in the Hawkes Bay is progressing well and remains on target 
for
commissioning in

New Zealand hydro storage levels are currently well above average following recent high inflows into major storage catchments.

The Snowtown Stage 1 Wind Farm in South Australia produced 289 GWh during the period which was 7 per cent up on prior period and 1 per cent below expected long term average production.

Mass market customer sales were down 8 per cent compared to prior period due to lower customer numbers and actual usage. Mass market competition remains strong although a moderation in customer churn has been experienced during the period with customer numbers reducing by 4,000 since 31 March 2012. Time of Use sales were down 105 GWh (6 per cent) on prior period. However, this reduction was offset by 188 GWh of sales through ASX, given attractive pricing available earlier in the financial year.

The 3.8MW hydro project at Esk Valley in the Hawkes Bay is progressing well and remains on target for commissioning in June 2013.

The Government’s decision with respect to approving the variation to the Rakaia River Water Conservation Order is expected shortly. In the meantime, the Company continues to progress water storage and release agreements to provide reliable irrigation supply to landowners in the region.

The construction of the 270 MW Snowtown Stage 2 Wind Farm in South Australia is progressing to schedule. Manufacturing of wind turbines is scheduled to commence shortly with first shipment expected uring the first quarter of the 2014 financial year.

TrustPower continues to progress other Australian wind development opportunities in Victoria and New South Wales given the positive outlook for wind development in Australia.

The Electricity Authority’s review of transmission pricing methodology proposes a number of substantial changes to the current transmission pricing framework. TrustPower’s view is that much of what is being proposed is unnecessarily complex and is likely to lead to unintended consequences for the electricity ndustry and on-going regulatory uncertainty for investors. TrustPower intends to lodge a detailed submission by end of February 2013.

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