Contact (ASX:CEN) confirms CUWLP delay
Contact (ASX:CEN) has confirmed that national grid operator Transpower will not be funding work to accelerate the Clutha-Upper Waitaki Lines Project (‘CUWLP’) transmission build in the lower South Island beyond the $10m committed by the company and Meridian Energy (ASX:MEZ) in December 2019.
The announcement CUWLP work programme is unlikely to be completed by the targeted commissioning date of June 2022, unless Contact and Meridian Energy contribute additional funding or the tenure of the Tiwai Point aluminium smelter is clarified.
Shares in Contact (ASX:CEN) are trading 1.03 per cent higher at $5.86.
Copyright 2020 – Finance News Network
Source: Finance News Network
