Contact’s electricity customer numbers fall

Contact’s electricity customer numbers fall to new low

By Paul McBeth

Sept. 21 (BusinessDesk) – Contact Energy Ltd., the third biggest listed company, resumed losing customers last month after the exodus slowed down, falling to a new seven-year low. The shares fell 0.2% to $5.75.

The power company lost 2,500 electricity customers in August, taking its total to 474,000, the lowest since 2002, according to its monthly operation data. That’s more than 50,000 customers lost from its peak in September 2008.

Contact began shedding customers at the tail-end of 2008 when it simultaneously raised tariffs and the size of its directors’ fee pool, much to the chagrin of then-Prime Minister Helen Clark and shareholders.

Since then, the power company stymied the flow, and managed to claw back customers over Christmas and New Year period, reaching 481,000.

Gas and LPG customer numbers held at 63,500 and 58,500 respectively.

(BusinessDesk)

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