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Contact strengthens Australian power holding

By Phil Boeyen, ShareChat Business News Editor

Tuesday 26th September 2000

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Contact Energy has increased its stake in Queensland's Oakey Power Project from 16.7% to 25%.

Contact operates the plant at the project, which is a 282 megawatt distillate and gas-fired power station located in south-eastern Queensland. The plant has been operating commercially since January this year.

Contact's co-shareholders in the project, AIDC and Energy Resource Managers, have also increased their ownership following the decision by Siemens to sell its 33.3% shareholding.

AIDC now holds 50% of the project and Contact and Energy Resource Managers 25% each.

Contact's acting CEO, Stephen Barrett, says the company is pleased to be able to increase its stake.

"Oakey has been a very successful project for Contact and we believe the increase in our ownership stake represents a good investment on behalf of Contact's shareholders."

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