Genesis Energy (ASX:GEN, NZE:GEN) said it entered a non-binding heads of agreement with Mercury NZ (ASX:MCY, NZE:MCY), Meridian Energy (ASX:MEZ, NZE:MEL), and Contact Energy (ASX:CEN, NZE:CEN) to explore extending the operational life of Huntly Power Station's Rankine Units in New Zealand, according to a Wednesday filing with the Australian and New Zealand bourses.
The collaboration aims to bolster New Zealand's energy security following supply challenges faced in the winter of 2024, the filing said.
The companies are working through commercial terms, including pricing and a strategic fuel reserve, with plans for new arrangements potentially in place by 2026, subject to regulatory approval, the filing added.
Shares of Genesis Energy rose almost 1% in recent Wednesday trade in New Zealand while shares of Mercury NZ fell past 2% in Australia and over 3% in New Zealand. Shares of Contact Energy rose nearly 2% in Australia and New Zealand.
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