May Performance Wasn't Too Bad; Contact Looks Attractive
Narrow moat-rated Contact Energy delivered a respectable performance during May, notwithstanding earnings pressure on a couple of fronts. First, hydroelectric generation is down because of low South Island rainfall, forcing the firm to run its more expensive gas-fired power stations. Second, electricity oversupply is depressing futures prices, which hurts commercial and industrial pricing as contracts roll over. But the financial impact of these two items appears to be less than we feared, and w...Contact Energy sell electricity, gas and liquefied petroleum gas (LPG) products and services to residential, small business, commercial and industrial customers. Co. has two operating segments: Integrated Energy, which is a generator of electricity and a purchaser and retailer of electricity and natural gas to customers throughout New Zealand; as well as Other, which consists of other products and services provided by Co., which includes the sale of LPG.
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