NZ's Contact Energy rises on $193 mln investment to build geothermal power station

Meridian Energy

15/08/2022 02:30

** Shares of Contact Energy Ltd  CEN.NZ  gain as much as
2.2% to NZ$7.88, their highest since May 9
    ** Electricity producer says it will build a 51.4 megawatt
geothermal power unit near its Te Huka power station in Taupo
for NZ$300 mln ($193.47 mln)  urn:newsml:reuters.com:*:nL1N2ZQ0D2
    ** Says signed an electricity "swaption" contract with power
firm Meridian Energy Ltd  MEL.NZ  for 2023 and 2024 as part of
its strategy to lower NZ's carbon emissions
    ** Chief Executive Officer Mike Fuge says demand for
renewable electricity from customers remains strong  urn:newsml:reuters.com:*:nNZSfrha
    ** Stock posts its biggest intraday pct rise since Aug. 3
and on track for a third straight session of gain
    ** CEN stock down 4.8% this year, as of last close


($1 = 1.5506 New Zealand dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))