Contact Energy kicks off earnings season
The electricity company revealed to shareholders that its annual profit had dipped 2.6% in the 12 months ended June 30 compared to the previous period, with net profit falling to $182 million – down from $187m in the June 2021 year.
Contact also announced it would invest $300 million in a new 51.4 megawatt (MW) geothermal power station at Te Huka near Taupō, due online from late 2024.
This follows the supplier’s plan for a geothermal power station at nearby Tauhara. Contact has signed long-term power purchase agreements for the Tauhara power station, including a 15-year contract to supply Genesis Energy with up to 62.5MW – 37% of the new station's total output.
Contact’s shares pulled NZ’s market up higher today, up 2.1% to $7.87 when the market opened this morning and ending the day 1.4% to $7.82 – with $8.1m traded.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)
