Update to gas supply forecast
Contact Energy Limited Level 2 Harbour City Tower, 29 Brandon Street, Wellington 6011 | PO Box 10742, Wellington 6143
P: +64 4 499 4001 | W: contactenergy.co.nz
7
March 2024
Update to gas supply forecast
Contact has been notified by a supplier that the forecast gas deliveries to Contact over the
next 12 months (April 2024 to March 2025) have been reduced to between 7.9PJ and 8.6PJ.
This is 1.8 to 2.5PJ lower that the last forecast received in January 2024 for the
corresponding period and below the 12.25PJ of gas that was contracted in 2020 for this
period.
This latest update further validates Contact's strategy to decarbonise its portfolio, starting
with generation from our geothermal power stations at Tauhara and Te Huka which will
deliver reliable baseload renewable energy to New Zealand over the second half of 2024.
With this new renewable generation coming online, much of the gas reduction over summer
months was forecast to be surplus to Contact's needs. There is no impact to the supply of
gas to Contact’s residential or business customers.
Contact has a diversified generation fleet and strong risk mitigation strategies in place to
adapt to this latest shortfall. This has been consistently demonstrated as Contact has
responded to declining gas market performance over the last six years. The decline in
contracted gas excludes gas from AGS should it be required.
- ends -
Investor enquiries
Shelley Hollingsworth
Investor Relations and Strategy Manager
+64 27 227 2429
shelley.hollingsworth@contactenergy.co.nz
Media enquiries
Louise Wright
Head of Communications and Reputation
+64 21 840 313
louise.wright@contactenergy.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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