As reported by ThinkGeoEnergy back on May, Contact Energy decided to cancel all overseas geothermal ventures and instead focus on giving a dividend to shareholders.
According to the Otago Daily Times, “Contact Energy’s 70,000 shareholders will today receive a 50c-per-share special dividend returning $367 million to shareholders, including majority owner Australian-listed Origin Energy.”
it is sad to see Contact Energy having abandoned international geothermal investment plans in favour of cash payouts to its shareholders. A player like Contact Energy could have been a welcome addition to international energy companies pushing for geothermal development. It clearly would have helped strengthen the geothermal sector as a whole. But being a listed company clearly has some challenges.
Source: Otago Daily Times
