Contact Energy has increased its annual profit by 50 per cent and called for the industry to work together to speed up the “sensible decarbonisation” of power generation. There was “no doubt” flexible thermal generation would still be required as the electricity sector “moves towards” the Government’s goal of being 100 per cent renewable, he said. Figures suggest the sector has in fact been moving away from that target, with the proportion of renewable electricity looking likely to decline this year, for the third consecutive year. “As an industry we will need work together to expedite sensible decarbonisation, while maintaining security of supply and affordability,” Fuge said. Contact last week joined Genesis and Mercury in offering a $50 credit to the total of 34,350 homes that were cut off during power cuts last Monday.

Source: Stuff August 15, 2021 21:22 UTC