Contact Energy says plans to build hydro schemes on the Clutha River are proceeding very slowly.
The company announced almost three years ago it would investigate four sites for possible hydro projects on the river, which has two large dams at present.
The sites are Tuapeka Mouth, Queensberry, Luggate and Beaumont, and one or all of them could have been developed if the conditions proved right.
But the company now says the schemes are on the backburner and will be developed well into the next decade if they go ahead.
Contact says it is keeping its options open because it does not want to narrow its choices until it knows it is going to do something about them.
In he meantime, Contact is focussing on geothermal projects.