Electricity Prices, Hydrological Summary: 20 June

Electricity Prices and Hydrological Summary for the Week Ending 20 June 2004

M-co Electricity Price Index

7 day index value for previous 3 months 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 20-Mar 30-Mar 9-Apr 19-Apr 29-Apr 9-May 19-May 29-May 8-Jun 18-Jun c/kWh Upper North Lower North South NZ Mon June 14 Tue June 15 Wed June 16 Thurs June 17 Fri June 18 Sat June 19 Sun June 20

Upper Nth Island 4.83 4.91 4.73 4.58 4.48 4.10 3.66 Lower Nth Island 4.58 4.66 4.51 4.39 4.32 3.98 3.56 South Island 4.33 4.41 4.24 4.13 4.07 3.73 3.29 New Zealand 4.62 4.70 4.52 4.39 4.31 3.95 3.51

On Sunday 20th June national storage was at 3718GWh, 138% of the average for this time of the year. National inflows for the last seven days were 186% of the average.

Please note: The index values quoted in this release are a seven-day rolling-average regional electricity price. The wholesale electricity price is weighted by demand for each of three regions and nationally to derive an index value. Half-hourly and annual average wholesale electricity prices are published on www.comitfree.co.nz. The wholesale electricity price differs from the retail electricity price, which is the price domestic consumers pay retailers for electricity and is the price consumers see on their electricity bill. There are a number of factors, including the wholesale price, which influence retail prices. For further hydrological or pricing information: visit www.comitfree.co.nz

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Hydrological Summary as at: 20 Jun 04

Stored Energy 20 Jun 04 Stored Energy As Stored Energy As 7 Day Change 28 Day Change (GWh) Stored Energy % of Maximum % of Average In Stored Energy In Stored Energy Taupo 503 88% 193% 19% 19% Waikaremoana 1 80 56% 82% 0% 0%

Waitaki 2251 87% 129% 0% -6% -Tekapo 689 77% 123% - - -Pukaki 1555 94% 132% - - -Ohau 7 30% 160% - -

Clutha 334 62% 116% 18% -9% -Hawea 199 70% 92% - - -Wanaka(uncontrolled) 66 51% 175% - - -Wakatipu(uncontrolled) 69 57% 203% - -

Waiau 453 105% 155% 53% 19% -Te Anau 282 104% 146% - - -Manapouri 171 107% 171% - - South Island 2 3089 90% 132% 7% -4% New Zealand 3 3718 87% 138% 8% -1%

Lake Levels 20 Jun 04 Minimum Maximum (m) Lake Level % Full Operating Level Operating Level Taupo 357.1 88% 355.9 357.3 Tekapo 708.9 77% 702.1 710.9 Pukaki 531.6 94% 518.2 532.5 Ohau 519.9 30% 519.8 520.3 Hawea 343.6 70% 338.0 346.0 Wanaka(uncontrolled) 277.5 52% 276.2 278.8 Wakatipu(uncontrolled) 310.2 57% 309.3 310.9 Te Anau 202.8 104% 200.9 202.7 Manapouri 178.8 107% 175.9 178.6

New Zealand Daily Storage 0 1000 2000 3000 4000 5000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec GWh 1991 1992 2001 2002 2003 2004 Average Page 1 of 4

NZ Storage: Previous 60 Days 0 1000 2000 3000 4000 22 Apr 27 Apr 02 May 07 May 12 May 17 May 22 May 27 May 01 Jun 06 Jun 11 Jun 16 Jun GWh New Zealand Average

Daily Average Reference Price vs NZ Storage 0 50 100 150 200 250 300 350 400 Oct 96 Jan 97 May 97 Sep 97 Jan 98 May 98 Sep 98 Jan 99 May 99 Sep 99 Jan 00 May 00 Sep 00 Jan 01 May 01 Sep 01 Jan 02 May 02 Aug 02 Dec 02 Apr 03 Aug 03 Dec 03 Apr 04

Price ($/MWh) 0 1000 2000 3000 4000 Storage (GWh) North Island (HAY2201) NZ Storage North and South Island Daily Storage 0 1000 2000 3000 4000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec GWh Average NI Storage SI Storage Page 2 of 4

Inflows 20 Jun 04 Inflows As 19 Jun 04 Avg Daily Inflows 7 Day Inflows As (GWh/wk) Inflows % of Average Inflows Previous 7 Days % of Average Taupo & Waikato 299 329% 357 156 171% Waikaremoana 1 9 64% 9 9 62% Waitaki 175 192% 161 118 128% Clutha 75 153% 90 91 187% Waiau 119 131% 170 268 294% South Island 2 406 157% 463 519 197% New Zealand 3 865 209% 1001 777 186%

NZ Inflows: Previous 7 Days 0 200 400 600 800 1000 1200 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun GWh/wk NZ Inflows Average

New Zealand Weekly Inflows (updated Friday) 0 400 800 1200 1600 Jan 03 Jan 31 Feb 28 Mar 28 Apr 25 May 23 Jun 20 Jul 18 Aug 15 Sep 12 Oct 10 Nov 07 Dec 05

GWh 1992 2001 2002 2003 Average 2004

Page 3 of 4 Notes: 1. Waikaremoana data is set at long term base storage and inflow levels. (17/8/01 NIWA revision). 2. South Island data contains estimates based on historic correlations. 3. New Zealand data contains estimates based on historic correlations. Sources: M-co, NIWA

ENDS

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