Contact chief says sale consistent

Contact Energy's sale of its stake in the Valley Power Peaker Station in Victoria, Australia, is complete.

Contact had a 40 per cent stake in the station with the balance held by International Power Australia and Mitsui & Co.

New South Wales-based generator and retailer Snowy Hydro paid A$243 million ($265 million) for the plant.

David Hunt said the sale was consistent with the company's decision to focus on the New Zealand market.