2015: Contact Energy Limited
Last Updated: 02/2015
Contact Energy Limited (CEN.NZ) is a diversified and integrated energy company, focusing on the generation and retailing of electricity. The Company's Electricity business is a generator and retailer of electricity throughout New Zealand. Electricity is generated by means of hydro, geothermal and thermal sources/power stations.
Contact Energy was formed in February 1996 when it acquired electricity generation and gas assets from state-owned electricity generator ECNZ. Subsequent expansion put the company in the forefront of electricity generators in NZ. It is strongly positioned in wholesale gas distribution, gas retailing and electricity retailing. In early 1999 the Crown sold 241.6m shares in the company (for $1.2b) to cornerstone shareholder Edison Mission Energy (EME) from USA. The rest of the holding was listed on the NZ stock exchange (May 1999) following the sale of 362.4m shares to the public at $3.10 each.
In July 2004, EME sold its 51.2% holding in CEN to Australia's Origin Energy for $5.67 per share, or $1.67b. In February 2006 it announced plans to merge with Origin, but retain a listing on the NZ exchange, but this was dropped in the face of shareholder resistance. As of Dec 31, 2013, Origin Energy Pacific Holdings Limited held 53.09% interest in Contact Energy Limited.
In October 2012, it sold its gas metering business to Vector. In June 2013, Contact Energy Ltd confirmed the conclusion of the sale process for the site of the former New Plymouth power station. In July 2013, Contact Energy Ltd announced that it has completed the sale of its gas metering business to Vector group company, Advanced Metering Assets (AMA).
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