Contact Energy has reported a net profit of $235 million for the 2024 financial year, up 9% from the previous year.
The company's operating earnings were $675m, a 16% increase.
Contact's improved performance was attributed to closer alignment of channel pricing to the wholesale market and greater thermal efficiency.
However, it was partially offset by lower hydro generation and one-off write-offs.
In addition to its financial results, Contact highlighted key strategic developments, including the online status of the Tauhara and Te Huka 3 geothermal stations, a new long-term agreement to supply renewable electricity to NZAS, and the commencement of construction on a grid-scale battery and a solar farm.
The company is now focused on investing in new renewable technologies and decarbonisation.
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