Contact Signs Deals With Mighty River Power

Tuesday, 29 June 2004, 11:08 am
Press Release: Contact Energy

Contact Energy announced today that it has reached agreement with Mighty River Power to close out two long term hedging contracts between the companies.

The two contracts were written at different times and effectively offset each other in all respects, except that they contain different hedge prices. Because they offset each other, the contracts (and their termination) do not have any impact on the market for hedges.

The parties have agreed to terminate these hedges, and Contact will receive a net one-off sum of approximately $69 million from Mighty River Power to compensate it for termination of the contracts.

Contact welcomes this agreement as it reduces administrative costs, and eliminates any future uncertainty over the interpretation of the contracts.

In a separate arrangement, Contact has also agreed to sell two surplus 24 MW geothermal generator units to Mighty River Power. The surplus units were acquired as part of Contact’s purchase of the Poihipi Rd power station. Contact has been marketing these units for some time, and is pleased to have concluded an arrangement for their sale.

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