New Zealand: Taheke Geothermal Prospect Unlikely to be Developed in Foreseeable Future - Contact

Contact Energy reports $116m loss - sells station to developer (New Zealand Herald)

Electricity generator and retailer Contact Energy announced a $116 million net loss in the six months to December 31, as it booked write downs of $257 million on its natural gas fired Otahuhu B power plant, which it closed last year, and a decision that its Taheke geothermal prospect is unlikely to be developed in the foreseeable future.

The net statutory loss compared with a $51 million net profit for the same period a year earlier, the Wellington-based company said in a statement to the NZX.

The result is the first half-year result since Contact emerged from the effective control of Origin Energy, which quit its 53.1 percent shareholding last August.

Contact operates 11 power stations across New Zealand, including five geothermal stations near Taupo, thermal stations in Stratford, Te Rapa and Whirinaki.

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