Genesis Energy (ASX:GNE, NZE:GNE) signed a non-binding term sheet with Contact Energy (ASX:CEN, NZE:CEN), Meridian Energy (ASX:MEZ, NZE:MEL), and Mercury NZ (ASX:MCY, NZE:MCY) to develop a strategic energy reserve at the Huntly Power Station in New Zealand, according to a Thursday filing with the Australian and New Zealand bourses.
The deal proposes extending the life of Huntly's Rankine Units, one of which was due to retire in 2026, out to 2035, the filing said.
The company is also evaluating biomass as a coal alternative.
The proposal is expected to be in place from Jan. 1, 2026, enabling Rankine capacity to remain available for winter 2026.
Genesis has engaged with the Commerce Commission over the proposal.
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