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MarketScreener Homepage  >  Equities  >  New Zealand Stock Exchange  >  Contact Energy Limited    CEN   NZCENE0001S6

CONTACT ENERGY LIMITED

(CEN)
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New Zealand Studies Feasibility of Major New Hydro Project

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07/26/2020 | 05:33pm EDT

By Stephen Wright

WELLINGTON, New Zealand--New Zealand's government is investigating the feasibility of a 1,000-megawatt pumped hydro power plant that it says could remove the need for coal and gas in electricity generation.

Some 30 million New Zealand dollars ($19.9 million) has been earmarked for a study of a dual-reservoir hydro project on Lake Onslow in the country's South Island, according to a government statement.

Nearly 60% of New Zealand's electricity is generated by conventional hydro dams, which provide so-called clean energy but are more expensive and less productive in drought years. A pumped-hydro dam uses two reservoirs, with water pumped back to the upper reservoir during off-peak electricity periods.

A 2019 report on renewable energy options for New Zealand said a pumped-hydro project on Lake Onslow and the Clutha River would have storage capacity of about 5,000 gigawatts and generation capacity of 1,000 megawatts. It noted it would be "very difficult" for such a project to get consent under New Zealand's resource management law.

Energy Minister Megan Woods said the pumped-hydro project would be the largest infrastructure development in New Zealand since the 1980s. It would take four to five years to build and two years to fill the reservoir, she said.

"The project could create thousands of jobs, make wholesale electricity cheaper in the long run, and it would decarbonize the grid as we wouldn't have to rely on coal and gas to make electricity," Ms. Woods said.

Rio Tinto Ltd. plans to close New Zealand's sole aluminum smelter by August next year, adding impetus to efforts to reach 100% renewable energy production.

The smelter, which consumes 13% of New Zealand's electricity, is supplied by hydro power. The government wants the surplus energy to be used to electrify industrial processes such as chemicals manufacturing that rely on coal or gas.

 

Write to Stephen Wright at stephen.wright@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
CONTACT ENERGY LIMITED 0.80% 6.27 End-of-day quote.-12.06%
MERCURY NZ LIMITED -0.21% 4.74 End-of-day quote.-6.14%
MERIDIAN ENERGY LIMITED -0.43% 4.65 End-of-day quote.-7.00%
RIO TINTO PLC -1.65% 4733 Delayed Quote.5.11%
TRUSTPOWER LIMITED -0.29% 6.93 End-of-day quote.-6.73%
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Financials
Sales 2021 2 030 M 1 330 M 1 330 M
Net income 2021 110 M 72,2 M 72,2 M
Net Debt 2021 1 123 M 736 M 736 M
P/E ratio 2021 40,7x
Yield 2021 5,42%
Capitalization 4 503 M 2 947 M 2 951 M
EV / Sales 2021 2,77x
EV / Sales 2022 3,20x
Nbr of Employees 878
Free-Float 98,6%
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 7,05 NZD
Last Close Price 6,27 NZD
Spread / Highest target 27,6%
Spread / Average Target 12,4%
Spread / Lowest Target -5,90%
EPS Revisions
Managers
NameTitle
Michael Fuge Chief Executive Officer
Robert Stuart McDonald Chairman
Dorian Kevin Thomas Devers Chief Financial Officer
Whaimutu Kent Dewes Independent Non-Executive Director
Victoria Crone Independent Non-Executive Director
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