Contact Energy takes an $84m profit hit from gas storage writedown

(Image: Contact Energy).

Mon, 14 Aug 2023

Contact Energy today announced an annual net profit of $127 million for the June 30 year after being hit by an $84m expense at the Ahuroa Gas Storage (AGS) facility.Heavy rainfall over the year contributed to the gentailer’s lowest-ever thermal generation.Net profit was down 30.5% from the $182m it recorded in 2022. A review of the AGS showed it had reduced storage capacity. Taking AGS out of the equation, Contact’s underlying net profit was $211m.Underlying earnings before interest, tax, depreciation amortisation and fair value adj...

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