Contact Energy

Contact Energy
Contact Energy
Type Public (NZX: CEN)
Industry Electricity generation
Electricity retailing
Natural gas wholesaling
Natural gas retailaing
LPG retailing
Founded 1996 (1996)
Headquarters Wellington, New Zealand
Key people Grant King, Chairman
Dennis Barnes, Chief Executive
Revenue increase NZ$2,230,900,000[1]
Operating income increase NZ$441,415,000[1]
Profit increase NZ$150,294,000[1]
Total assets increase NZ$5,643,499,000[1]
Total equity increase NZ$3,235,610,000[1]
Employees ~1,000 (2008)[2]
Website www.contactenergy.co.nz

Contact Energy Limited (NZX: CEN) is a New Zealand electricity generator, natural gas wholesaler and electricity, natural gas, and LPG retailer.

The company is the second-largest electricity generator in New Zealand (after Meridian Energy), generating 24 percent of New Zealand's electricity in the year ending 31 December 2009, and has the second-largest market share of the country's electricity retailers (after Genesis Energy).[3] Contact owns and operates nine power station in New Zealand, is the operator of one other New Zealand power station, and owns 25% of one Queensland power station. The New Zealand power stations consist of three gas turbine facilities, in Auckland, Hamilton and Taranaki; four geothermal stations north of Taupo, and two hydroelectric dams on the Clutha River.

Contact Energy originated with the partitioning of the Electricity Corporation of New Zealand in 1996, and publicly listed in 1999. The Australian energy company Origin Energy holds a 51% shareholding in Contact Energy.

Contents

History

Contact Energy was incorporated on 8 November 1995 and became a state owned enterprise on 18 November 1995.[4] Contact commenced operations on 1 February 1996, acquiring assets from ECNZ with a payment of $1.6 billion.[4] As the founding chief executive, Paul Anthony was instrumental in establishing the corporation distinct from ECNZ.

In 1999, the company was sold in a public offering of shares, with 40% purchased by Edison Mission Energy (EME) as cornerstone shareholder. EME subsequently increased its shareholding to 51%.

Following financial difficulties elsewhere in its business, EME onsold its shareholding to Origin Energy in 2004.

During the 2008 financial crisis, Contact decided to increase prices by up to 12%, while doubling its directors' fees. As a result, it lost more than 40000 customers in six months - 10% of the total. Its profit was halved. Contact calls this the worst blow to its reputation in the company's history.[5][6]

Power stations

Contact Energy owns and operates (unless otherwise stated) the following power stations:

Name Fuel Type Location Capacity
(MW)
Annual Average
Generation (GWh)
Commissioned Notes
New Zealand stations
Clyde Hydroelectric Conventional Clyde, Otago 432 2050 1992
Ohaaki Geothermal Flash steam Ohaaki, Waikato 70 300 1989
Otahuhu B Gas Combined-cycle turbine Otahuhu, Auckland 380 2380 2000
Poihipi Geothermal Flash steam Wairakei, Waikato 55 350 1996
Roxburgh Hydroelectric Conventional Roxburgh, Otago 320 1610 1956-1962
Stratford Gas Open-cycle / Combined-cycle turbine Stratford, Taranaki 585 3350 1998, 2010
Te Huka Geothermal Binary cycle Taupo 23 2010
Te Rapa Gas Open-cycle turbine
Cogeneration
Te Rapa, Waikato 44 200 2000
Wairakei Geothermal Flash steam / Binary cycle Wairakei, Waikato 161 1310 1958, 2005
Whirinaki Diesel Open-cycle turbine Whirinaki, Hawke's Bay 155 9 2004 Owned by New Zealand Government
Overseas stations
Oakey Gas/Oil Open-cycle gas turbine Toowoomba, Queensland, Australia 300 2000 25% owner

Decommissioned stations

Name Fuel Type Location Capacity
(MW)
Annual Average
Generation (GWh)
Commissioned Decommissioned Notes
New Plymouth Gas / Oil Steam turbine New Plymouth, Taranaki 600 1974 2008
Otahuhu A Gas Open-cycle turbine Otahuhu, Auckland 1968

Developments

Generation developments

Contact Energy Development Projects
Name Fuel Location Proposed
capacity (MW)
Status Notes
Hauāuru mā raki Wind west Waikato 504 draft consent granted
Hawea Hydro Lake Hawea, Otago 17 Consents granted
Tauhara stage 2 Geothermal near Taupo 250 Consents granted
Te Mihi Geothermal north of Taupo 159 under construction To replace Wairakei station
Waitahora Wind Puketoi Ranges, east of Palmerston North 156 Consents granted

Other developments

In 2001 and 2002, Contact and Edison Mission Energy developed the Valley Power Peaking Facility near Traralgon in Australia. This plant was sold in 2005.[7]

In 2006, Contact and Genesis Energy set up a joint venture project called Gasbridge to provide an option to import LNG.[8] Their proposed terminal at Port Taranaki was highly controversial, and the plan was shelved in favour of an offshore terminal plan in mid 2009. [9]

Contact and Origin Energy have developed a gas storage project at the depleted Ahuroa reservoir in Taranaki.[10]

Contact has indicated it intends to begin public consultation on hydro developments on the Clutha River, at Queensbury, Luggate, Tuapeka and Beaumont.[11][12]

See also

References

  1. ^ a b c d e "2011 Annual Report". Contact Energy. 22 August 2011. http://www.contactenergy.co.nz/web/shared/financialresults?vert=in. 
  2. ^ "About Us". Contact Energy. http://www.contactenergy.co.nz/web/view?page=/contentiw/pages/aboutus/aboutus&vert=au. Retrieved 2008-07-01. 
  3. ^ "Energy Data File". MED. July 2010. http://www.med.govt.nz/templates/StandardSummary____15169.aspx. 
  4. ^ a b Annual Report 1996. Contact Energy. 11 December 1996. 
  5. ^ Bradley, Grant (15 August 2009). "Director-fee fallout hurts Contact". NZ Herald. http://www.nzherald.co.nz/droughts/news/article.cfm?c_id=180&objectid=10590906&pnum=0. 
  6. ^ "The Market Teaches Contact A Lesson After Director’s Fees Fiasco". NZ Energy & Environment Business Week. 29 April 2009. http://nzenergy-environment.co.nz/home/free-articles/the-market-teaches-contact-a-lesson-after-directors-fees-fiasco.html. 
  7. ^ "Contact Energy Announces Sale Of Valley Power Stake" (Press release). 31 August 2005. http://www.contactenergy.co.nz/web/mediaandpublications/pressreleases/2005/20050831_01. Retrieved 13 February 2011. 
  8. ^ "Gasbridge - Preserving New Zealand's future energy options". Gasbridge. 4 October 2006. http://www.gasbridge.co.nz/uploads/File/gasbridge_site_announcement.pdf. 
  9. ^ "Port LNG proposal off table". Taranaki Daily News. 2 July 2009. http://www.stuff.co.nz/taranaki-daily-news/news/2557509/Port-LNG-proposal-off-table. Retrieved 10 May 2010. 
  10. ^ "Contact Energy opens $400 million development in Taranaki" (Press release). Contact Energy. 31 May 2011. http://www.contactenergy.co.nz/web/mediaandpublications/pressreleases/2011/2011-05-31-contactenergyopens400milliondevelopmentintaranaki. 
  11. ^ Joanne Carroll (3 March 2009). "Contact to release Clutha hydro plans". The Southland Times. http://www.stuff.co.nz/southland-times/news/1759384. 
  12. ^ "New hydro on the Clutha". Contact Energy. 17 April 2009. http://www.contactenergy.co.nz/web/view?page=/contentiw/pages/ourprojects/cluthahydro-introduction&vert=ch. 

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