Manawa Energy (MNW) Q1 2025 earnings summary

Executive summary

• Q1 FY25 saw tight market conditions due to low inflows, declining hydro storage, strong demand, and elevated gas prices, resulting in high wholesale spot electricity prices.

• Hydro production was 20% lower than the prior corresponding period (pcp), with wind volumes also below average.

• Major project milestones included the commissioning of a new turbine at Matahina and restoration of Esk Hydro Scheme stations.

Financial highlights

• Otahuhu and Benmore spot prices averaged $264/MWh and $251/MWh, up from $87/MWh and $67/MWh in the pcp.

• Generation Weighted Average Price (GWAP) for Q1 FY25: North Island $268/MWh, South Island $278/MWh, both up significantly from $90/MWh and $86/MWh in the pcp.

• Total hydro production was 423GWh, 20% below pcp and 16% below long-run average.

• Wind PPA offtake volumes were 137GWh, in line with pcp but 12% below average.

Outlook and guidance

• ASX futures prices for Otahuhu increased 14% (CY25), 7% (CY26), and 9% (CY27) during the quarter, with further increases in early Q2.

• Tiwai deal announcement in May removes uncertainty and supports new investment confidence.