A board of inquiry headed by Judge Gordon Whiting has given its approval for Contact Energy's power plant near Taupo. The whole process of approving the geothermal plant has been so fast that Environment Minister Nick Smith has hailed it.

Though Contact Energy managed to win an appeal to build a $400 million wind firm earlier this week, independent consultants feel that the company may not go for it in the near future as the project is not viable.

Meanwhile, the company too has not given any clarification regarding the beginning of the project. The only communiqué that has come so far is that the process will start only when the market conditions permit.

Contact Energy has claimed of its earnings which remain still in the first half of the current financial year, but it's come short of coming as an actual prediction of what it expects.

The already registered power company's annual gains has come down from last year as it one still needs to pay for the gas which didn’t come in use at its gas-fired power stations.

Since his appointment in company in 2006, Managing Director of Contact Energy, David Baldwin received his second highest cash bonus.

It is despite the company's, second lowest return on its equity in the sector.

The annual report for 30th June, 2010 was reported by the Contact Energy, electricity retailer and generator firm.

The company is listed in New Zealand.

The Commerce Commission, in a formal warning to two energy companies- Contact Energy and TrustPower-for their alleged anti-competitive conduct, has added that it would never tolerate bid-rigging incidents that came in to light during the purchase of the Cobb power station near Nelson in 2002.
The commission claimed that these companies acted very irresponsibly to avoid competitive bidding, a move that could adversely impact the revenue of the State.

The credit rating of power firm Contact Energy was lowered to BBB from BBB+ by Fitch Ratings, mainly due to its huge investment plans. Meanwhile, stocks of the firm declined 6c to $6.02 yesterday, as per the latest information gathered from the stock exchange.