π’ Contact Energy Limited, Head Office
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[0] => Contact Energy Limited was established from a split with the Electricity Corporation of New Zealand Limited, and took over the Roxburgh, Clyde, New Plymouth, Wairakei, Ohaaki, Otahuhu, Stratford and Whirinaki power stations, and contracts for Maui gas. Its core business was generation, wholesale marketing and trading of electricity and the purchase, wholesale marketing and trading of gas from Maui and other gas fields.
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[custom2] => 1- Directory of Official Information 1997-1999, Ministry of Justice
2- "Chronological of New Zealand Electricity Reform", Ministry of Economic Development [originally published 11 November 2005], Ministry of Economic Development website, www.med.govt.nz, accessed 19 November 2007
3- Contact Energy Limited Annual Report, 1996, Contact Energy Limited website, www.contactenergy.co.nz, accessed 21 November 2007
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Contact Energy Limited's creation was a result of a package of reforms announced by the government in June 1995, to encourage greater competition in the energy sector. It was envisaged that the new company would compete against the incumbent monopoly generator, the Electricity Corporation of New Zealand Limited (ECNZ).1
Contact Energy was incorporated on 8 November 1995 and became a state-owned enterprise on 18 November 1995. With effect from 1 February 1996, it purchased a portfolio of assets from the ECNZ.2 This included the Roxburgh, Clyde, New Plymouth, Wairakei, Ohaaki, Otahuhu, Stratford and Whirinaki power stations, and contracts for Maui gas.
Functions and Responsibilities
Contact Energy's core business was generation, wholesale marketing and trading of electricity and the purchase, wholesale marketing and trading of gas from Maui, Tariki, Ahuroa and Waihapa gas fields. Its main objective, consistent with the State Owned Enterprise Act, was to operate a successful business which was as profitable and efficient as comparable businesses not owned by the Crown.3
Structure
Contact Energy was operated under a flat structure. The Chief Executive Officer was responsible for the day-to-day operations of the company. There were seven directors, responsible for Corporate Services, Finance and Information Management, Market Development, Fuels Trading, Electricity Trading, Generation Operations, and who reported directly to the Chief Executive. Under the directors there was no hierarchy.4
Privatisation
In March 1999 the government announced the sale of a 40% cornerstone shareholding in Contact Energy to United States-based Edison Mission Energy.5 The remaining 60% was sold by way of public share float to a mixture of retail investors, and domestic and international institutions, in May 1999. Final settlement occurred on 14 May 1999, with the government earning $2.3 billion from the sale.6
[1] Contact Energy Limited Annual Report, 1996, p.2
[2] Contact Energy Limited Annual Report, 1996, p.24
[3] Directory of Official Information 1997-1999, p.75
[4] Ibid
[5] "Chronology of New Zealand Electricity Reforms", Ministry of Economic Development website (www.med.co.nz), accessed 19 November 2007
[6] "New Zealand Government Asset Sales as at 30 September 1999", The Treasury website (http://www.treasury.govt.nz/assetsales/default.asp), accessed 21 November 2007
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Show History
Establishment
Contact Energy Limited's creation was a result of a package of reforms announced by the government in June 1995, to encourage greater competition in the energy sector. It was envisaged that the new company would compete against the incumbent monopoly generator, the Electricity Corporation of New Zealand Limited (ECNZ).1
Contact Energy was incorporated on 8 November 1995 and became a state-owned enterprise on 18 November 1995. With effect from 1 February 1996, it purchased a portfolio of assets from the ECNZ.2 This included the Roxburgh, Clyde, New Plymouth, Wairakei, Ohaaki, Otahuhu, Stratford and Whirinaki power stations, and contracts for Maui gas.
Functions and Responsibilities
Contact Energy's core business was generation, wholesale marketing and trading of electricity and the purchase, wholesale marketing and trading of gas from Maui, Tariki, Ahuroa and Waihapa gas fields. Its main objective, consistent with the State Owned Enterprise Act, was to operate a successful business which was as profitable and efficient as comparable businesses not owned by the Crown.3
Structure
Contact Energy was operated under a flat structure. The Chief Executive Officer was responsible for the day-to-day operations of the company. There were seven directors, responsible for Corporate Services, Finance and Information Management, Market Development, Fuels Trading, Electricity Trading, Generation Operations, and who reported directly to the Chief Executive. Under the directors there was no hierarchy.4
Privatisation
In March 1999 the government announced the sale of a 40% cornerstone shareholding in Contact Energy to United States-based Edison Mission Energy.5 The remaining 60% was sold by way of public share float to a mixture of retail investors, and domestic and international institutions, in May 1999. Final settlement occurred on 14 May 1999, with the government earning $2.3 billion from the sale.6
[1] Contact Energy Limited Annual Report, 1996, p.2
[2] Contact Energy Limited Annual Report, 1996, p.24
[3] Directory of Official Information 1997-1999, p.75
[4] Ibid
[5] "Chronology of New Zealand Electricity Reforms", Ministry of Economic Development website (www.med.co.nz), accessed 19 November 2007
[6] "New Zealand Government Asset Sales as at 30 September 1999", The Treasury website (http://www.treasury.govt.nz/assetsales/default.asp), accessed 21 November 2007
1- Directory of Official Information 1997-1999, Ministry of Justice
2- "Chronological of New Zealand Electricity Reform", Ministry of Economic Development [originally published 11 November 2005], Ministry of Economic Development website, www.med.govt.nz, accessed 19 November 2007
3- Contact Energy Limited Annual Report, 1996, Contact Energy Limited website, www.contactenergy.co.nz, accessed 21 November 2007
- π’ Electricity Corporation of New Zealand Limited, Head Office (1996 ‑ )
- πΌ Electricity Generation (1911 ‑ )
- π Contact Energy (1996 ‑ 1999)
- π’ Contact Energy Limited - Hydro, Clyde Power Station (1996 ‑ )
- π’ Contact Energy Limited - Geothermal, Wairakei Power Station (1996 ‑ 1999)
- π’ Contact Energy Limited - Thermal, New Plymouth Power Station (1996 ‑ 1999)
- π Realm of New Zealand (1995 ‑ 1999)