Contact reconsiders new plant due to 'substantially higher costs'

CEO Mike Fuge says Contact is taking a disciplined approach to capital allocation. (Image: Supplied)

Fri, 17 May 2024

Substantially higher costs have prompted Contact to reconsider its investment decisions in relation to a new geothermal plant on the Wairākei steamfield near Taupō, the listed energy generator says.GeoFuture was due to come online in the 2027 financial year. It was intended to replace the geothermal power station at Wairākei – the world’s second, completed in 1963.In a statement to the NZX, Contact said advanced front-end design and a competitive tender for a large-scale power station had recently been completed. Since the...

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