The company announced yesterday it was considering investing in geothermal projects in countries on the Pacific's "ring of fire" rather than return excess cash to shareholders, which was what most investors had been expecting.
Contact Energy chief executive Dennis Barnes said his company would make a decision on whether to invest or return capital within the next six months.
Contact geothermal experts had been in Indonesia, Chile and the United States assessing opportunities, which would need to be areas where there was a proven resource, he said. It would be a different approach compared with Mighty River Power.
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