Contact Energy Targets Over 500 Megawatts in Wind Power Delivery by Fiscal 2031 Under Contact31+ Strategy

MT Newswires Live2025-11-25

Contact Energy (ASX:CEN, NZE:CEN) said its Contact31+ strategy is targeting over 500 megawatts of electricity delivered or committed via wind energy, over 250 megawatts via geothermal energy, 450 megawatts via solar, as well as 500 megawatts in battery capacity by fiscal year 2031, subject to future investment decisions, according to Australian and New Zealand bourse filings on Tuesday.

The firm expects earnings before interest, tax, depreciation, amortisation, and fair value movements (EBITDAF) of NZ$980 million in fiscal year 2026, up NZ$427 million from fiscal year 2021. It reported an underlying EBITDAF of NZ$774 million in fiscal 2025. Its Contact31+ strategy is targeting NZ$1.2 billion to NZ$1.3 billion EBITDAF by fiscal year 2031.

It expects to generate 11.8 terrawatt-hours across hydroelectric, geothermal, solar, and thermal plants, as well as wind power purchase agreements in fiscal year 2026. It expects over 95% of the power generation during the year to be from renewable sources.

It expects to add to its capabilities in the geothermal power sector by building out its existing consents on the Tauhara and Wairakei fields in New Zealand over the next five years. Its 100 megawatt Glenbrook-Ohurua battery is expected to come online in the March quarter of 2026.

Electricity demand in New Zealand is expected to grow to around 5 terawatt-hours by fiscal year 2030, with over 3 terawatt-hours tied to known and committed sources.

The firm's shares rose nearly 2% in recent trading on the Australian bourse on Tuesday.

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