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...

More Markets

Vector agrees to sell LPG assets for $150m
Markets

Vector agrees to sell LPG assets for $150m

The deal is subject to regulatory approvals and commercial conditions.

Rebecca Howard 26 Jul 2024
ASX: Australian shares slide to a two-week low as tech drags
Markets

ASX: Australian shares slide to a two-week low as tech drags

Every sector of the Australian share market has lost ground.

AAP 26 Jul 2024
NZ sharemarket down 0.38%
Markets Market close

NZ sharemarket down 0.38%

The S&P/NZX 50 Index closed at the day’s low of 12,349.47, down 46.79 points or 0.38%.

Graham Skellern 26 Jul 2024
The Warehouse’s plight in five charts
Retail Charts

The Warehouse’s plight in five charts

The private equity bid shows the company’s future is still anyone’s guess.

Gregor Thompson 26 Jul 2024