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High Court Upholds $1.2 billion Gas Contract

High Court Upholds $1.2 billion Fletcher Challenge Energy Gas Contract

9 June 2000, Auckland – The High Court today announced that it had found that Fletcher Challenge Energy’s contract to supply gas to ECNZ was binding.

The long term gas supply contract, signed in 1997 between Fletcher Challenge Energy and ECNZ, provided for the supply of gas with a gross value of approximately $1.2 billion.

ECNZ, through its agent Genesis, had disputed the validity of contract and Fletcher Challenge Energy had asked the Court to rule on the issue. Justice Wilde found fully in Fletcher Challenge Energy’s favour.

Chief Executive, Fletcher Challenge Energy, Mr Greig Gailey said “We have always believed in the sanctity of the contract and are ready to begin supplying gas in October.”

ends

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