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Speaker 1: The business basically of having the lights on and the

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Speaker 1: heater on and winter contacts seem to be doing very nicely,

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Speaker 1: thank you. Net profits up forty one percent, revenues up

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Speaker 1: twenty percent, people seem to like them. Connections rows three

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Speaker 1: point three percent. So you've got six hundred and forty

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Speaker 1: six thousand customers, Multi product customers up seven percent. Mike

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Speaker 1: Pooge is the contact CEO and is with us. Mike, Morning, Morning, Mike.

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Speaker 2: How are you?

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Speaker 1: I'm very well and does that all feel good? You're

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Speaker 1: fizzing at the moment.

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Speaker 2: Look, it's the result of a lot of hard work

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Speaker 2: in building some serious projects over the last four to

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Speaker 2: five years and working hard with customers. So yes, we're

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Speaker 2: very proud of the result. I think it's something to

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Speaker 2: be stand tall on.

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Speaker 1: Manuwa For people who haven't followed this. You sort of

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Speaker 1: integrate that you bought that. How does that play out

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Speaker 1: in the future, ah.

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Speaker 2: Locke, So we're now integrating the business. But the big

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Speaker 2: benefit there is the complimentary hydro. They are what we

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Speaker 2: call winter weighted and in the North Island and our

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Speaker 2: existing hydro is in the South Island, and so the

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Speaker 2: two portfolios compliment to each other phenomenally.

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Speaker 1: Well, how fine a line do your walk as a

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Speaker 1: company or as a CEO? We like successful companies. But

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Speaker 1: your net profits up forty one percent and everyone's going

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Speaker 1: to go yeah, well I know why that is because

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Speaker 1: it kin'd of form a power bill.

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Speaker 2: Oh look no, look the profits up and we can

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Speaker 2: reconcile it back. It's due to those projects that we've

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Speaker 2: worked very hard on building. They're innovative, the g therm

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Speaker 2: or the base load, they're good for the country and

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Speaker 2: we want to do more. So No, this is a

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Speaker 2: result of investment, and we're investing more than what we

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Speaker 2: actually earned and profit last year.

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Speaker 1: Those connections when they go, I mean there's a lot

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Speaker 1: of customers, six hundred and forty six thousand people. Why

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Speaker 1: do they come to you? What is going How much

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Speaker 1: churn is there in the market.

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Speaker 2: Ah, look, the churn probably averages somewhere between eighty and

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Speaker 2: twenty percent. We've got a good telco offering that if

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Speaker 2: we put around it, and then we also have what

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Speaker 2: we call the good plans, which give people the three

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Speaker 2: hours of free power or the free power on the weekends,

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Speaker 2: and that helps people move their load and it helps

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Speaker 2: them save costs. And they seem to like that.

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Speaker 1: Okay, the battery at Glennok how much of the future

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Speaker 1: is our battery do you think? Oh?

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Speaker 2: No, Look, batteries will form an absolute critical part of

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Speaker 2: the infrastructure and the going forward. So there's a battery

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Speaker 2: at Glenbrook. We've applied for resource consent. We've got more

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Speaker 2: batteries at Glenbrook. They will take the edge of the

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Speaker 2: morning and evening peaks and just leave the gaspeakers to

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Speaker 2: run what we call the shoulders over the autumn and spring.

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Speaker 1: And you've also got to out. I don't know if

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Speaker 1: you've seen it, but at Prince King Charles has got

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Speaker 1: a massive solar farm at Kensington Palace now in a paddock,

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Speaker 1: and I saw it the other days. I just cannot

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Speaker 1: visually get my head around it. They're ugly, is that

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Speaker 1: a thing or not?

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Speaker 2: Really? Look, you put them on land which is not

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Speaker 2: otherwise going to be used, and just absolutely perfect. You

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Speaker 2: can actually run agriculture in between the panels, but you

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Speaker 2: put them on land which is otherwise So that's why

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Speaker 2: we're putting it in the land round christ to a

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Speaker 2: chairport that's otherwise fallow land, so you may as well

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Speaker 2: use it for something product, So no one.

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Speaker 1: It's not going to be a thing eventually where people go.

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Speaker 1: You know what, there are just too many of them

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Speaker 1: and it's ugly, so that won't begin.

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Speaker 2: No, No, Unfortunately New Zealand, looking at the weather out

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Speaker 2: there this morning, we don't quite have the resource. They

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Speaker 2: will be part of the system. We will build a few,

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Speaker 2: but looking at the rain out there this morning, they're

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Speaker 2: not going to become the thing and dominate the landscape.

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Speaker 1: The electricity Authority is I'm sure you will. We're announced

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Speaker 1: some sort of investigation. What's going on. You've got the

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Speaker 1: concom there, you've got Nicola in the background. But the

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Speaker 1: vibe in the industry generally are things what are they? Tense?

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Speaker 1: Business is usual.

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Speaker 2: Look, we always have to keep an eye on what

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Speaker 2: stakeholders say, and so we acknowledge that. And that investigation

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Speaker 2: was prompted by the stress in the gas market and

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Speaker 2: gas apply and we understand that. But really, look, the

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Speaker 2: big thing now, we're booming in terms of renewable energy build.

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Speaker 2: We want to keep building. As I said last night,

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Speaker 2: it's created strong economic growth in towns like Taupo, and

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Speaker 2: if we can continue out across the whole country, that

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Speaker 2: would be a great thing, good.

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Speaker 1: Stuff and like us to talk to you as always.

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Speaker 1: Mike Fushi is the YouTube executive officer at contact Indergies.

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Speaker 2: For more from the mic Asking Breakfast listen live to

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Speaker 2: news talks that'd be from six am weekdays, or follow

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Speaker 2: the podcast on iHeartRadio