Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Contact extends Fonterra electricity supply at Te Rapa

Contact extends Fonterra electricity supply at Te Rapa, will buy Genesis gas

By Suze Metherell

June 25 (BusinessDesk) - Contact Energy, the NZX-listed energy retailer and generator, has secured a six-year contract with Genesis Energy to buy its gas while extending its steam and electricity supply contract with Fonterra Cooperative Group at its Te Rapa plant.

The power company will buy 27 petajoules of gas from Genesis over six years in a related deal to an eight-year extension of its supply contract with Fonterra, Wellington-based Contact said in a statement. The supply contract with Fonterra, the world's largest dairy exporter, extends from July next year. Contact has supplied steam and electricity for the Te Rapa cogeneration plant since 1999.

Contact declined to comment on the value of the contracts, citing commercial sensitivity.

Genesis, New Zealand's largest energy company by customer base and the last of the government's assets to be partially privatised, listed on the NZX in April. In its prospectus it said the long position on gas would reduce between 2015 and 2020. The Contact deal reduced its long position in natural gas, the energy generator and retailer said in a separate statement.

Shares in Contact gained 0.4 percent to $5.22 and have risen 1.4 this year. Genesis shares rose 0.6 percent to $1.78, up 15 percent from its $1.55 initial public offer price.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news