Contact Energy

But operating profits for the big four generators as a whole in the six months to the end of December are still expected to rise.

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By David Winning SYDNEY--Contact Energy Ltd. was pitched to a first-half net loss by an onerous contract provision of 86 million New Zealand dollars ...

Prices of thermal coal surged after Russia's invasion of Ukraine led to a redrawing of the global energy map, with many European countries reducing their reliance on Russian supply and scrambling to find alternative sources. Stripping out the impact of the AGS review, profit fell by 41% to NZ$79 million. "We responded running less thermal generation and positioned our portfolio to benefit from expected improved market conditions in the second half."

New Zealand renewable energy company Contact Energy ('Contact') today released its interim financial results for the six months to 31 December 2022. Contact CEO ...

The awards recognise excellence and achievement in New Zealand’s broadband, energy and mobile sectors. Contact is working with leading industrial gas supplier BOC, a Linde company, to assess the highest value commercial options for the use of the C02 being captured at its geothermal facilities. This adds to Contact’s existing time-of-use offer, Good Nights, an initiative that’s proven popular with customers who can access three hours of free power every night from 9pm, shifting their load from peak evening times and thereby reducing the need for peak thermal generation, lowering carbon emissions. This gives Contact the option of either reinjecting carbon back into the geothermal reservoir, now a routine part of its Te Huka operation, or harvesting the C02 for commercial use. Our joint venture partnership with global solar developer Lightsource bp has been selected by Christchurch Airport to deliver the first stage of its renewable energy precinct, Kōwhai Park – an estimated 170MWp solar farm. We have been positively surprised by the customer appetite - from retail customers to large industrials - for demand response mechanisms to be packaged into new contracts,” said Mr Fuge. These have the potential to lead to large scale sources of new demand,” Mr Fuge said. Hyperscale data centre projects announced by the likes of CDC, Microsoft and DCI are starting to come online and will see significant contributions to electricity demand over the next few years as each project stage reaches completion.” These initiatives will contribute to the decarbonisation of New Zealand whilst improving the security of supply at peak periods. We responded running less thermal generation and positioned our portfolio to benefit from expected improved market conditions in the second half.” Contact had made strong progress on delivering to its Contact26 strategy and was focused on leading New Zealand’s decarbonisation by connecting customers with its renewable development pipeline. Contact reported a net loss of $7m after recognising an onerous contract provision of $120m ($86m after tax) following a review of the estimated available storage capacity of AGS.

Problems at a gas storage facility have forced Contact Energy to accept its long-term contract will cost more than it delivers in benefits, to the tune of ...

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Chief executive Mike Fuge says it plans to increase its generation at a faster pace than market demand.

But let's not put the lights out just because we have some ideological stance,” he said. [one of “the country largest solar farms”](https://www.stuff.co.nz/business/131193570/another-huge-solar-farm-in-the-works-for-canterbury) capable of generating 290GWh of power a year on a 300 hectare site adjacent to the airport. [would rise 22% to just over $1.4b](https://www.stuff.co.nz/business/131188536/big-power-companies-tipped-to-increase-operating-profits-by-22). [Big power companies tipped to increase operating profits by 22%](https://www.stuff.co.nz/business/131188536/big-power-companies-tipped-to-increase-operating-profits-by-22?rm=a) [Another huge solar farm in the works for Canterbury](https://www.stuff.co.nz/business/131193570/another-huge-solar-farm-in-the-works-for-canterbury?rm=a) [keep the market on the “precipice of shortage”](https://www.stuff.co.nz/business/126023114/power-cuts-what-went-wrong-and-is-it-over), to maintain high prices.