Thursday 12th August 2021
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Contact Energy is set to supply Genesis Energy with renewable electricity for 15 years from 2025, as part of a new, long-term power purchase agreement after key terms were signed today.
The agreement will see Genesis take up to 62.5 megawatts of electricity, equating to 41% of the output capacity from Contact’s geothermal power station being developed at Tauhara. The 152-megawatt power station is under construction and expected to be completed in the middle of 2023.
The Contact/Genesis agreement will commence on 1 January 2025 and the financial details remain confidential.
Key terms of the agreement:
Start date 1 January 2025
Location Tauhara GXP
Price (Years 1–10) Fixed price at start date, escalating at CPI
Price (Years 11–15) Market linked within a collar
Volume Linked to actual Tauhara generation output. Years 1-10 up to 62.5MW (~500GWh p.a.). Volumes reduce over the final 5 years of the contract.
Please see the link below for details
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