Contact says investment will soothe a turbulent electricity market

Contact boss Mike Fuge says it's all about the build. (Image: Contact

Mon, 19 Aug 2024

Contact Energy managed to navigate a difficult financial year and will get through an even more volatile period due to its investments, chief executive Mike Fuge says.On Monday, the company reported a net profit of $235 million for the 12 months to June 30, up from the previous year’s $211m. Operating earnings (ebitdaf) of $675m were up 16% to $663m.Fuge said the earnings guidance issued in July for the current year remained unchanged despite the recent energy crunch caused by low hydro lake levels and a gas supply depleting at a much fas...

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