Contact Energy - CEN Chart

[Blendy]

Customer service desk is in the foyer to deal with any customer questions - that's a good idea!

[Blendy]

Question about why otahuhu plant was closed.

It's older, high cost, surplus to requirements, and not very renewable

[Blendy]

Question: prompt payment discount is too generous, how does it compare in the market. It's set competitively in the market.

Also, hardship programs: competitive products are offered with payment budgeting methods. WINZ resources, medical life support etc.

[Blendy]

Question about merging with Trustpower.

Not on the radar.

[Blendy]

Question about driving price of electricity down in the derivatives markets since we've had so many wet years.

Not really is the summary.

[Blendy]

Net Promotor Score is used as a tool to measure customer satisfaction. The Board sees this as a financial value tool.

[LAC]

Anything on Divies or sharebuybacks to continue?

[Blendy]

No further share buy backs planned.

Employee engagement went up from 44% to 56%. Surveys on how they feel in the organization, culture etc. - helps the Board to understand issues so that they can improve productivity and therefore financial return because staff want to go the extra mile and are motivated to do a great job.

(I could go on and on about organizational behavior benefits - I'm really impressed with the Board's approach to this).

[Blendy]

90% of the electricity is provided by the major players - Contact, Meridian, Mercury, Genesis, Trustpower. Contact holds about 21% of this market share.

[Blendy]

Overall, a very well run meeting, with generally positive feeling. The heavy focus on customer satisfaction and engagement, as well as employee engagement is great to see. The Board and staff present were very friendly and mingled with people at morning tea (very well catered by the way - scones, jam, cream, sandwiches, mini pies etc etc). There was much discussion from shareholders about how Contact would assist those in poverty, and sort of an expectation that they would provide something towards fixing a social problem. But then on the other hand there is the expectation of returning a profit to shareholders. A balance will no doubt be found.