Contact Gains Victorian Retail Electricity Licence

FOR IMMEDIATE RELEASE
26 February 2004

Contact Energy Gains Victorian Retail Electricity Licence

Contact Energy’s chief executive, Mr Steve Barrett, today welcomed the granting of a licence to the company's Australian subsidiary to commence retail electricity sales in Victoria.

“This is a milestone event for our Australian strategy, and follows our completion of a long term contract for electricity supply earlier this month,” said Mr Barrett.

“We now have the key building blocks in place to launch a retail offering in Victoria.”

Contact has chosen to enter the Victorian retail electricity market on the basis of its open and competitive regulatory environment.

“As I said at our Annual Meeting last week, we are planning to establish a significant, profitable niche business that will offer longer-term growth opportunities for the company,” Mr Barrett said.

“With approximately 4.8 million people, Victoria represents a larger population base than the whole New Zealand market. We have researched the market carefully and are confident that there is significant opportunity for us to grow a competitive, new retail electricity business, based on the success of our retail strategy in New Zealand.”

Mr Barrett said preparations for the launch of the new Victorian business, including branding and product offers, were well advanced and would be announced in due course.

ENDS

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