/ New Zealand renewable energy company Contact Energy reported a net loss of $7m after recognising an onerous contract provision of $120m ($86m after tax).
Excluding this provision, underlying net profit was $79m.
Underlying EBITDAF decreased by $76m to $246m, with lower wholesale prices, lower renewable and thermal generation, increased operating costs and inflationary conditions.
Contact CEO Mike Fuge said the financial performance in the first half of the FY23 financial year was reflective of soft short-term wholesale market conditions.
The company has made strong progress on its Contact26 strategy, investing in decarbonisation initiatives, large scale 24/7 data centres, industrial process heat, major industrial energy users, road transport and green chemicals, and has a market leading development pipeline expected to deliver up to 6TWh of new renewable electricity this decade.
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