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

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news