Contact Energy net profit jumps 50%

Contact Energy net profit jumps 50%
Contact Energy began construction on new geothermal generation this year. (Image: Getty)
Pattrick Smellie
High wholesale electricity prices caused by gas shortages and low hydro lakes helped pump up Contact Energy’s tax-paid profit for the year to June 30 by 50% to $187 million.Announced a week after some 37,000 electricity users across the North Island experienced unanticipated blackouts on the coldest night of the year last Monday, the company talked up its investment in new generation to meet future demand and provided analysis showing strong growth in the customer bases of smaller, competing retailers.The result was achieved on total reve...

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