Monday, February 10, 2020

New Zealand: Drilling of First Four Wells at Tauhara Geothermal Project Scheduled to Continue until April

Contact Energy: 2020 Interim financial statements

Giving customers choice, certainty and control in a volatile period.
Decarbonisation opportunities accelerate.

A highlight of the results is investment in geothermal appraisal wells and strong competitive interest from construction partners, in advance of a final investment decision for Tauhara.

Contact CEO Dennis Barnes said New Zealand was undergoing “a transformation” from reliance on fossil fuels to renewable electricity. “The transformational shift has impacted Contact’s near-term profitability as thermal costs rise, but over the longer term we are well-positioned to connect our customers with renewable energy.

“We expect to drive reductions in costs and deliver strong returns to shareholders at the same time as we develop our large-scale consented geothermal development at Tauhara. This will help reduce the nation’s carbon emissions, backed by our world-class geothermal capability and strong balance sheet.”

He said the company remained focussed on delivering on its transformation programme to reduce controllable costs, and capture value from scale efficiencies through geothermal development and leveraging its customer systems and lean operating model.

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