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Contact turns focus towards debt reduction
Contact Energy's near-term focus was reducing debt, to ensure it maintains its investment grade status from credit rating agency Standard & Poor's.
Contact Energy's near-term focus was reducing debt, to ensure it maintains its investment grade status from credit rating agency Standard & Poor's.
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There are signs that electricity demand may be starting to grow again after a long period of declne.
Reading Diligent Corporation's acquisition announcement this week, you could be forgiven for assuming it was a done deal, signed and sealed.
Contact's selling its Auckland power station to a property developer.
Contact Energy's stock price slumped as the power firm failed to meet market forecasts amid tough competition and higher than expected costs related to bad debt and the separation from Origin Energy.
Contact Energy looked to be nailing health and safety.
New Zealand shares rose yesterday, led by A2 Milk Co, after it raised $40 million in an oversubscribed placement.
It's been a tough year for Contact Energy, with profits falling 43 per cent. But CEO Dennis Barnes says improvements are expected across all parts of the business next year.
Of the 33 employees based at the site, 26 roles will be disestablished and seven employees will moved within the company.
Contact Energy's decision to close its Otahuhu power station is the latest in an industry-wide move away from gas.
Contact Energy has said goodbye to Australian shareholder Origin and signalled a revision of its dividend policy which will be welcomed by shareholders.
Origin Energy will book a A$270m impairment from selling out of Contact Energy.
Contact Energy will have more New Zealand shareholders on its register after Australia's Origin Energy sold its controlling stake for $1.8 billion.
Australia's Origin Energy has sold is Contact Energy shares to underwriters Macquarie Capital for $1.8 billion, ending months of speculation.
A revised contract between Meridian Energy and the owners of the Tiwai Pt aluminium smelter extends the smelter's operating life for at least another year from 2017.
More than half a billion dollars has been wiped off the value of NZX-listed electricity firms today.
Contact Energy's 70,000 shareholders will get a 50c-a-share special dividend tomorrow as its majority owner examines options to quit its stake in the company.
New Zealand shares fell yesterday, as Contact Energy and Mighty River Power were sold by investors looking to crystallise recent gains.
Despite speculation about its future in NZ, Origin Energy says it's committed to its investment in Contact Energy.
Contact Energy shares jumped more than 14 per cent after announcing it will increase returns to shareholders.
New Zealand shares rose yesterday, paced by Genesis Energy, Contact Energy and Mighty River Power in a relief rally as Meridian Energy's instalment came due.
Power companies have successfully pushed back against a move to provide people with more information about why prices go up.
New Zealand shares fell, led by Fonterra Shareholders' Fund, after the world's biggest dairy exporter lowered its guidance for dividends
Listed companies release their financial results to investors biannually, in a period informally known as the reporting season.
The electricity sector has attracted a lot of attention in the past couple of weeks, both in the business pages and within the investment community itself.
It has been a big week for the sharemarket as the reporting season continues and stocks make big price moves.
Mighty River Power's $69 million writedown on two failed geothermal developments overseas is a lesson for Contact Energy, says an analyst.