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Contact Energy gains fast-track consent for Te Mihi plant

Monday 15th September 2008

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Contact Energy, the biggest utility on the NZX 50 Index, gained resource consent for its 220 megawatt Te Mihi geothermal power station after the approvals process was fast-tracked by the government.

The Minister for the Environment called in the application in February and approval was granted last weekend, according to a statement from the company. Contact had its second power project fast-tracked last month, after the government said it will call in its 540 megawatt Hauauru ma raki wind farm near Raglan.

The call in process ensures projects of national interest don't get derailed in the appeals process.

Contact is investing NZ$3 billion over the next five years to build about 1400 megawatts of geothermal, wind, hydro and gas-fired plants.

Te Mihi will generate enough power for about 200,000 homes. Shares of Contract fell 0.4% to NZ$8.97 and have climbed almost 10% this year while the NZX 50 fell 16%.

By Jonathan Underhill

  General Finance Advertising    

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