MANAWA ENERGY LIMITED Quarterly Operating Report | Q3-23| December 2022
Quarterly Insights
Spot prices suppressed
Spot pricing over the period was generally low, with weekly average Benmore pricing averaging $38/MWh and Haywards averaging $44/MWh.
Inflows and Storage
National storage rose slightly in absolute terms across the quarter, however ended lower compared to the 10-year average - starting at 143% of the 10-year average and finishing at 116%. Manawa inflows were strong across the period, up 48 GWh (11%) on average. This was driven by very strong North Island inflows, partially offset by below-average South Island inflows. YTD Manawa inflows are 17% above average. Manawa storage increased to end the period at 133% of average.
Generation volumes
Total Q3-23 generation volumes were 481 GWh. This is 4% higher than the pcp due to North Island volumes being 35% higher than the pcp offset by South Island volumes 28% lower. YTD generation volumes are in line with the pcp in total, however this is made up of higher North Island volumes (27% higher), and lower South Island volumes (24% lower).
The selective use of stored water in the South Island (due to lower inflows and deliberate storage decisions) is the main driver for the Q3 GWAP/TWAP of 1.40 for the South Island.
C&I customer volumes
The recent volume reduction in C&I sales is principally due to not re-contracting a single, large, wholesale-priced customer. Over the recent 3-6 months we have renewed contracts with several large C&I customers despite competitive and volatile market conditions and continue to see positive opportunities for growth in the segment.
Q U A R T E R L Y O P E R A T I N G R E P O R T | Q 3 - 2 3
Wholesale Electricity Market
National Demand
National Controlled Storage
5,000 | |
4,000 | |
GWh | 3,000 |
2,000 | |
1,000 |
- | ||||||||||||||||||||||||||||||||||||||
Jan | Feb Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov Dec | |||||||||||||||||||||||||||||
10 year avg | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||
SOURCE: NZX Hydro
Weekly average prices - 12 months to end of Dec 2022
$300 $250 $200
$/MWh | $150 |
$100 | |
$50 | |
$- |
Jan-22Feb-22Mar-22Apr-22May-22Jun-22 | Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22 | ||||
Benmore | Haywards | ||||
Benmore 10 year average | Haywards 10 year average |
GWh
$/MWh
4,100
3,900
3,700
3,500
3,300
3,100
2,900
2,700
2,500
200
150
100
50
0
Jan | Feb Mar | Apr May | Jun | Jul | Aug | Sep | Oct Nov Dec | |||||
2018 | 2019 | 2020 | 2021 | 2022 | ||||||||
Benmore ASX Futures Settlement Prices
CY-23 | CY-24 | CY-25 | ||||
31 March 2022 | 30 June 2022 | 30 September 2022 | 30 December 2022 | |||
Q U A R T E R L Y O P E R A T I N G R E P O R T | Q 3 - 2 3
Generation
Monthly Generation Volumes
250 | |
200 | |
150 | |
GWh | 100 |
50 | |
0 |
Apr-18 | Apr-19 | Apr-20 | Apr-21 | Apr-22 | ||
South Island Hydro | North Island Hydro | |||||
Q3-23 | Q3-23 | Q3-23 GWAP/TWAP | |
NI Generation | SI Generation | NI | 1.08 |
35% | 28% | ||
SI | 1.40 | ||
vs pcp | vs pcp | ||
$48/MWh | New Zealand Load Weighted Average Price (LWAP) | ||
$49/MWh | New Zealand Generation Weighted Average Price (GWAP) |
NOTE: Q3 Prices
Percentage of Potential Revenue Achieved
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
GWAP / TWAP
190%
170%
150%
130%
110%
90%
NI GWAP/TWAP | SI GWAP/TWAP | |
Q U A R T E R L Y O P E R A T I N G R E P O R T | Q 3 - 2 3
Generation
Manawa Lake Levels - % of long term average
160%
140%
120%
100%
80%
60%
40%
20%
0%
Apr May Jun | Jul | Aug Sep | Oct Nov Dec | Jan | Feb Mar |
FY-22FY-23
Inflow variance to long term average
150 | |
100 | |
GWh | 50 |
0 | |
-50 |
Apr May Jun | Jul | Aug Sep | Oct Nov Dec Jan | Feb Mar | ||
FY-22 | FY-23 | |||||
C&I Customer Volumes
140
120
100
80
GWh
60
40
20
0
Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar |
FY-21FY-22FY-23
Q U A R T E R L Y O P E R A T I N G R E P O R T | Q 3 - 2 3
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Disclaimer
Manawa Energy Ltd. published this content on 17 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2023 01:26:08 UTC.
