New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Thematic (Sector/Industry)

New zealand Energy / Thematic (Sector/Industry)

<ul><li>May 2023 was a record breaking month as the wet conditions prevalent for the past ten months continued</li><li>Hydro generation market share was 78%, up +620bp on the old record set six months ago in November 2022; Renewable generation was almost 92%, a record for May; and Hydro storage is ~150% of average and 98% of capacity. </li><li>All of the generators have recorded above average hydro generation, but of the big four, we expect Genesis Energy (GNE), Contact Energy (CEN) and Meridian Energy (MEL) to be performing best at present as they can swap out high cost thermal generation and/or store the excess water.</li></ul>

May 2023 was a record breaking month as the wet conditions prevalent for the past ten months continuedHydro generation market share was 78%, up +620bp on the old record set six months ago in November 2022; Renewable generation was almost 92%, a record for May; and Hydro storage is ~150% of average and 98% of capacity. All of the generators have recorded above average hydro generation, but of the big four, we expect Genesis Energy (GNE), Contact Energy (CEN) and Meridian Energy (MEL) to be performing best at present as they can swap out high cost thermal generation and/or store the excess water.

Power Points: Hydro Wave Sinks Prices — June 2023