Contact profit down, earnings up as it looks to a calmer future

Contact boss Mike Fuge is optimistic about the future. (Image: NZME)

Mon, 17 Feb 2025

New Zealand Exchange-listed Contact Energy reported increased earnings but a decrease in net profit as last winter’s energy crunch hit the bottom line and new generation came on stream.Contact chief executive Mike Fuge said it was a solid result in difficult operating conditions. The company, as well as the sector, was now better placed to get through the coming winter, he believed.Fuge also predicted that wholesale electricity prices would return an average of around $115 to $125 a megawatt (MW) once the sector weaned itself off unreliab...

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