Posted in | News | Renewable Energy

Contact Energy to Build Geothermal Power Plant

Feb 23 2011

Contact Energy, a New Zealand energy generating and retailing company, plans to build a 159MW geothermal power plant. The $623 million Te Mihi plant is partly set to replace Contact’s 181MW Wairakei power station.

Contact expects the Te Mihi plant to be operational in the middle of 2013, following which 45MW of the Wairakei power station would be decommissioned.

Contact Energy plans to seek shareholder funding for the project through debt and equity. For the six months ended December 31, Contact reported $1.2 billion revenue, a 12% increase. The net profit of $78.8 million and $225.5 million earnings remained nearly the same as around a year ago. Contact Energy declared 11 cents per share as interim dividend. The company also anticipates wholesale electricity prices to increase.

Contact intends to invest next in Tauhara 2, a 250MW geothermal power station located near Taupo.

Source:

http://www.contactenergy.co.nz

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