Forbar downgrades Contact on geothermal delay
New Tauhara plant not expected online until third quarter of 2024, amplifying risk of generation shortage next winter.
Contact has identified issues at its new Tauhara geothermal plant requiring redesign.
Analysts at Forsyth Barr have reduced their valuation of Contact Energy by $118 million after the company revealed further delays in commissioning of new geothermal plant.
In a disclosure to the NZX on Friday, Contact said its new Tauhara plant was now expected to be online in the third quarter of
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