Contact Energy Limited (COENF) has released an update.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Contact Energy Limited is set to revitalize its geothermal energy production with the construction of the new 101MW Te Mihi Stage 2 plant, marking a pivotal step in replacing the outdated Wairakei power station. This $712 million investment aims to boost geothermal output by 0.2TWh annually from 2028 to 2031 and promises higher returns for shareholders. The development, which includes extending the life of the Wairakei station until 2031, underscores Contact’s commitment to sustainable energy generation.
For further insights into COENF stock, check out TipRanks’ Stock Analysis page.