While you freeze, Contact Energy rorts $423million in profits and ASB make $1.4b
Contact Energy’s net profit climbs to $423 million, up 62 percent on last year
Contact Energy has reported a record net profit of $423 million, driven by the acquisition of Manawa Energy and higher renewable generation, as it looks to future electricity demand with a proposed data centre development in Taranaki.
RNZ
ASB profit drops to $1.4b as class action settlement lifts costs
ASB has posted a lower annual after-tax profit, with its $135.6 million class action settlement seeing operating expenses rise amid a year with uneven economic forces.
The bank posted a net profit after tax of $1.4 billion for the year to June 30, down from $1.45b a year earlier.
NZ Herald
A private energy company rorting hundreds of millions in profit while you and I freeze and an Australian owned bank syphoning off huge profits to foreign interests.
We have allowed monopolies, duopolies and oligopolies to rule NZs economy and have bugger all to show for it!
I’m not looking for socialism from NZ Government, just basic regulated capitalism!
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Oil companies are creaming it, power companies creaming it, banks are creaming it, supermarkets are creaming it and the rich are getting richer by the day all under the COC government.
Wait till the oil companies release their profits and see how much they are fleecing us which adds to inflation
Contact Energy Limited (NZX/ASX: CEN) has a highly distributed ownership structure with no single controlling parent shareholder, following Origin Energy’s exit in 2015. Shareholder Group BreakdownCategoryShareholding %DescriptionInstitutional Investors
~49%Held primarily by local and international funds, pension schemes, and investment management firms.General Public / Retail
~42%Individual retail investors across New Zealand and Australia.Corporate / Strategic Investors
~8% – 9%Corporate shareholders, including major holding firms such as Infratil.Company Insiders<1%Shares owned directly by company directors and key executives.
” 1. Contact Energy Limited (New Zealand Power Company)1996: Formation & DeregulationOrigins: Formed on February 1, 1996, when the New Zealand government split state-owned enterprise ECNZ (Electricity Corporation of New Zealand) to foster market competition. Initial Assets: Contact inherited key generation assets, including the Clyde and Roxburgh hydro stations, the Wairakei geothermal plant, and natural gas facilities. 1999: Privatization & Public ListingPublic Float: In May 1999, the New Zealand government sold its 100% stake in Contact Energy for NZ$2.3 billion in what was the country’s largest initial public offering (IPO) at the time.Edison Mission Energy: US company Edison Mission Energy acquired a 40% cornerstone stake during the privatization. ”
” 1. Government / State Ownership: No0% Crown Ownership: The New Zealand Government does not own any stake in Contact Energy.Difference from Other NZ Power Companies: Unlike Genesis Energy, Mercury NZ, and Meridian Energy—where the NZ Government holds a 51% controlling stake under the Mixed Ownership Model—Contact Energy is a completely private sector company. History: Contact was originally created as a State-Owned Enterprise (SOE) in 1996, but the government fully privatized it in 1999. “