High wholesale power prices unsustainable: Contact boss

Contact says expanding geothermal plants like the one pictured is on the cards (Image: Supplied).

Tue, 17 Aug 2021

Current high wholesale electricity prices are not sustainable in the long term for industrial users, but the solution lies in more generation and not political intervention, says Contact Energy chief executive Michael Fuge.Yesterday, Contact reported a 50% jump in net profit to $187 million with high wholesale electricity prices caused by gas shortages and low hydro lakes helping pump up the bottom line.The result was achieved on revenue of $2.57 billion, compared with $2.07b a year earlier, and slightly above the $2.52b recorded in t...

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