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Hot Topic Hawke’s Bay
Hot Topic Hawke’s Bay
Investment
1 mins to read

‘Soft’ market and contract write-off drag Contact result

Power company reports loss after $120m provision on gas storage contract.

Contact Energy chief executive Mike Fuge.

NBR Staff Mon, 13 Feb 2023

Problems at a gas storage facility have forced Contact Energy to accept its long-term contract will cost more than it delivers in benefits, to the tune of $120 million.

The onerous contract provision drove Contact’s results for the half-year to December to a loss of $7m, down from a profit of

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NBR Staff Mon, 13 Feb 2023
Contact the Writer: editor@nbr.co.nz
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‘Soft’ market and contract write-off drag Contact result
Investment,
97646
true