Contact Energy released its financial results for the year to 30 June 2023, with reported net profit of $127m after recognising an onerous contract provision expense of $84m ($113m EBITDAF impact).
Excluding the impact of the AGS provision, underlying net profit was $211m, up $29m from the prior year.
The Board approved a final dividend of 21 cents per share, taking the annual dividend declared for FY23 to 35 cents per share.
Contact is making significant progress on its Contact26 strategy, with plans to replace the 1950s-built Wairākei A and B power stations with a new station of up to 180MW at Te Mihi, and a 300MW wind farm in Southland.
The company is also preparing for final investment decisions on Kōwhai Park 170MWp solar farm and 100MW North Island battery in FY24, and planning to apply for resource consent at Glorit on the Kaipara Coast for a second 160MWp solar farm.
Contact has also secured a pioneering energy agreement with NZ Steel and is exploring the feasibility of CO2 capture and reinjection or reuse across existing and planned geothermal plants.
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