Contact Energy will pay $6.8 million, or half the expected cost, of building flood barriers around the Central Otago town of Alexandra, near the company's Clyde and Roxburgh Dams. Included in the package will be the purchase of flood-prone properties.
The Government is expected to announce its contribution to the flood protection scheme on Tuesday, following cabinet discussions.
Major flooding inundated Alexandra in 1995 and 1999. Yesterday, Contact shares closed 2c down at 254c.
Contact funds flood barriers
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