NZ's Contact Energy sees lower earnings in current year

WELLINGTON, June 8 (Reuters) - New Zealand's biggest listed energy company Contact Energy Ltd (CEN.NZ) said on Monday that it expected to see its underlying earnings fall by as much as 33 percent because of lower wholesale electricity prices.

It said full hydro lakes have resulted in low prices and less likelihood of the need for more expensive thermal generation, which is a significant part of Contact's generation capacity.

Shares in Contact closed on Friday at NZ$5.80, and have fallen 22 percent so far this year, compared with a 4.4 percent gain in the benchmark top 50 .NZ50 index.