Contact Energy Announces New 51 MW Geothermal Project in New Zealand | Think geothermal

In its annual results reports for the 12 months to 30 June 2022, New Zealand renewable energy company Contact Energy has released its financial results and new investment plans.

It announced the construction of a new 51.4 MW geothermal power station adjacent to the existing Te Huka power station. The approved investment is NZ$300 million (about US$189 million).

Te Huka Unit 3 is the latest investment commitment in Contact’s world-class geothermal development pipeline since Tauhara. Once the two stations are operational, they will produce clean, renewable, low-carbon electricity that will run 24/7 and is weather-dependent.

This joint investment will increase Kontakt’s renewable electricity production by 25 per cent over today’s production and will increase New Zealand’s total renewable electricity generation by an average of more than 5 per cent per year. Earlier in the year, Contact announced an 11 percent increase in the expected capacity of the Touhara power plant from 152 MW to 168 MW following excellent results from the drilling campaign. It is expected to be completed in the second half of 2023.

“While COVID-19 has impacted program progress and costs, we continue to evaluate all options to drive additional results and increase revenue. “Once complete, Tauhara will be a world-class renewable development that will underpin New Zealand’s renewable electricity needs for the next decade,” Fuge said.

The company plans to start operating the plant in the fourth quarter of 2024.

Source: interaction energy liberation And presentation