The story
Contact Energy was incorporated on 8 November 1995 and became a state-owned enterprise on 18 November 1995. It commenced operations on 1 February 1996, acquiring assets from ECNZ with a payment of $1.6 billion. The founding chief executive Paul Anthony was instrumental in establishing the corporation distinct from ECNZ.
In 1999, the company was sold, with 40% purchased by Edison Mission Energy (EME) as cornerstone shareholder for $5 per share. The remaining 60% was sold in a public offering of shares for $3.10 per share. Edison Mission Energy subsequently increased its shareholding to 51%.
As part of the 1999 electricity sector reforms, local electricity companies were split into lines and retail, with most selling the retail part. Contact Energy acquired the retail bases of Top Energy, Counties Power, Eastland Network (Gisborne area), Unison (Hawke's Bay area), Electra, Network Tasman, MainPower, Alpine Energy, Aurora Energy (Dunedin area), the Power Company and Electricity Invercargill.
Edison Mission Energy sold its shareholding to Origin Energy in 2004, following financial difficulties elsewhere in its business.
During the 2008 financial crisis, Contact Energy raised its prices by up to 12% while doubling its directors' fees. As a result, it lost more than 40,000 customers (10% of the total) in six months and its profit halved. Contact said this was the worst blow to its reputation in the company's history.
Origin Energy sold its 53% shareholding to the market in 2015, following financial difficulties elsewhere in its business.
From Wikipedia’s article on Contact Energy, shared under CC BY-SA 4.0.5