Photo / Grant Bradley, NZ HeraldContact Energy has kicked off a $400 million equity raise to build a new 152 megawatt geothermal power station at Tauhara, near Taupō. At the same time, Contact reported a statutory first half profit of $78m, up 32 per cent on the same period last year. Contact said it was a strong financial performance despite uncertainty of gas availability and the near-term future of major energy users. Contact said the $400m would support the $580m of further investment required to develop Tauhara. "Tauhara will provide a foundation to support New Zealand's increased electricity needs over the next decade."

Source: New Zealand Herald February 14, 2021 20:59 UTC