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Fletcher Challenge Energy Signs Gas Contract

Fletcher Challenge Energy Signs Gas Contract with Contact Energy

14 June 2000, Auckland – Fletcher Challenge Energy has entered into an agreement to purchase gas from Contact Energy. The agreement provides Fletcher Challenge Energy with an option to purchase gas from Contact for a period of two years, commencing later this year.

Fletcher Challenge Energy intends to sell gas purchased from Contact into the gas contract that it holds with ECNZ, being the contract that was recently upheld by the High Court. The quantities of gas that Fletcher Challenge Energy can purchase from Contact are sufficient to satisfy the first two years of its gas supply obligations under the ECNZ contract.

“We negotiated this deal in the lead up to the recent High Court decision to ensure that we could meet our obligations under the ECNZ contract,” said Mr Rick Webber, General Manager New Zealand for Fletcher Challenge Energy. “We believe that this is a good deal for both Fletcher Challenge Energy and Contact, and it also demonstrates commitment to our goal of being the gas supplier of choice to large New Zealand customers.”

ends

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