Contact's first quarter has been affected by low inflows to its South Island hydro dams. Photo / File
Contact's first quarter has been affected by low inflows to its South Island hydro dams. Photo / File
Contact Energy said its first quarter performance had been hit by dry conditions in its South Island hydro catchment and by reduced natural gas availability.
The decline was unlikely to affect Contact's dividend as its policy "looks through" variations in mean hydrology.
"Earnings are currently tracking below the level expectedfor a mean hydrology year," Contact said in its monthly update.
All Contact's hydro assets are in the South Island.
The company's giant Clyde dam generates 432 megawatts and the nearby Roxburgh dam 320MW.