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Contact Energy Hedge Tender Offer

21 December 2005

Contact Energy Hedge Tender Offer

Contact Energy announced today the outcome of its most recent tender round for electricity hedge contracts.

Contact invited interested parties to bid for up to 50MW of three year or longer contracts with a preferred start date of 1 May 2006.

Bids were received from other electricity suppliers, but none were received from 19 end-use industrial and commercial electricity customers who also received the tender documentation.

The level of interest in the tender was less than expected meaning that accepted bids are for less than half the 50 MW offered for tender.

Pricing on new contracts struck in the tender was consistent with current Mandatory Hedge Market Indicators.

Contact is continuing discussions with some of the unsuccessful parties, and with end-users who expressed an interest in bi-lateral discussions.

ENDS

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