Todd Corporation

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Todd Corporation is a New Zealand company owned and controlled by the Todd family and based in Wellington. The corporation is controlled by Sir John D. Todd its chairman who according to Forbes Magazine is New Zealand's first billion dollar company.[1] Sir John D. Todd succeeded Sir Bryan Todd in 1987 when Sir Bryan died.

Contents

History

The history of Todd Corporation is understood to have begun in 1885, when Scottish immigrant Charles Todd founded opened either a wool scoring business (according to Todd Energy) or a rural goods store in Central Otago. By 1929, it had evolved into a car sales and maintenance business run by his son and namesake Charles Todd after the company began importing motor vehicles.

This automotive business would define the Todd family business until well into the 1980s. Charles Todd was credited with bringing the first motor car into Otago and in 1908 acquired a Ford dealership in Dunedin then in 1928 acquired the Rootes Group franchise for Hillman, Humber and Commer and obtained an Auckland Branch.

During the protectionist years of the 1930s the Todd family formed Todd Motor Industries Limited and in 1934 built an automotive assembly plant in Petone to reassemble vehicles imported as parts from Chrysler (USA) and Rootes. According to the Todd Energy website by 1964, Todd Motors was assembling and selling over 10,000 cars per year. In 1970 the company purchased the New Zealand Mitsubishi franchise. This franchise and assembly plants were sold to Mitsubishi Motors in 1987

The Todd family also founded Europa an oil importing and retail business that owned terminal services at four major ports and a chain of petrol stations across New Zealand. According to the Todd Energy website, this business was founded during disruptions in the petrol industry in 1929. Europa was originally named 'Associated Motorists Petrol Company Limited' (AMPC) and was formed in 1931. The company imported petrol from the Soviet Union from 1933, and was supported by the New Zealand Farmers' Union and various regional Automobile Associations. Because of price under-cutting by overseas oil companies, the government introduced price regulation of petrol from 1933.[2]

According to Todd Energy, Europa was the first to offer electric petrol pumps in New Zealand, the first to use articulated road tankers for fuel distribution and the first chain to operate service station convenience stores.

The Todd family also developed interests in the prospecting for, extraction of and refining of petroleum products. In 1954 they acquired prospecting licenses around New Zealand and developed joint venture agreements with Shell Oil New Zealand Limited and BP New Zealand. The discovery of the Kapuni gas and condensate field in 1959 meant that the Todd family together with Shell and BP became major players in the New Zealand petroleum production business.

Later discoveries in the famous Maui gas field meant the Todd family was intimately involved in supplying a majority of New Zealand's LPG and CNG natural gas for energy generation as well as fuel for the transport industry. Together with Shell, BP and the Government-owned Petrocorp began production in 1980.

In 1972 BP New Zealand took a 60 percent interest in Europa, purchasing the company’s marketing and refining interests including the Europa petrol stations. The two retail brands continued to operate independently, however in 1989 they were brought under the BP brand.[3]

Todd continued its involvement in the exploration and production businesses.

When sold to Mitsubishi in 1987, Todd Motors was assembling a wide range of cars, and light and heavy commercial vehicles. During the 1980s the Company held the number two market share position in the New Zealand automobile industry. The sale bought the Todd family's involvement in the New Zealand automotive industry to a close.

Investments

Todd Corporations are currently maintained under two distinct branches. Todd Energy continues the Todd family's involvement in the energy industry. Todd Capital, formed after the sale of the automotive industry, focuses on media and communications business but has some other significant investments.

According to the Todd Capital website the capital side of the business owns the following investments [1].

Previous investments

Todd Energy

Todd Energy is a diversified energy company operating in New Zealand. Todd Energy employs over 200 people and is part of the Todd Corporation. Nova Energy is the retail division of Todd Energy.

Electricity

Todd Energy generates and retails electricity in New Zealand. Generation assets include hydro, geothermal and gas fired cogeneration plants.[4]

NameFuelTypeLocationMaximum Capacity
(MW)
Annual Generation
(GWh average)
CommissionedNotes
AniwhenuahydroelectricRangitaiki River25135
Edgecumbenatural gascogeneration10
Kapuninatural gascogenerationsouth Taranaki2550% interest
KaweraugeothermalbinaryBay of Plenty6.361989, 1993100% owned
KuratauHydroelectricWaikato630196235% interest
MangahaohydroelectricManawatu50% interest
McKeenatural gascogenerationTaranaki9100MW in development
MokauitihydroelectricWaikato1.9257196335% interest
PiriakaHydroelectricWaikato1.871924 (expanded 1971)35% interest
Whareroanatural gascogenerationHawera70400199650% interest
WairerehydroelectricWaikato181925 (extended 1938 and 1981)35% interest

Oil and gas

Todd Energy has interests in several producing fields in New Zealand, including Maui (6.25%), Kapuni (50%), McKee (100%), Mangahewa (100%), Maari (16%)[5] and Pohokura (26%).[4] Todd also has interests in 10 exploration permits, 5 of which are operated.

Todd has a 50% stake in Shell Todd Oil Services.[6]

Retail brands include Nova Energy and Auckland Gas.

Subsidiary companies

Bay of Plenty Energy

Bay of Plenty Energy Limited (formerly known as Bay of Plenty Electricity Limited) is an electricity generation and retail company in New Zealand. BoPE also retails natural gas and is based in Whakatane.[7]

BoPE owns and operates a hydro-electric station at Aniwhenua on the Rangitaiki River, a geothermal power plant near Kawerau, and natural gas-fired cogeneration plants at Edgecumbe and Kapuni.[4]

Developments

BoPE plans to construct a 100MW gas fired peaking plant about 7 km south of New Plymouth.[8]

King Country Energy

King Country Energy is an electricity generation and distribution company in New Zealand, supplying the Waitomo, King Country and Ruapehu Districts. It generates 100% of its electricity from renewable sources (principally hydro-electric generation). King Country Energy was incorporated in 1991. It is a public company, the largest shareholders being Todd Energy (35%), King Country Electric Power Trust (10%) and Waitomo Energy Services (8%).[9]

Developments

KCE sought to develop a 9.6 MW hydroelectric power station on the Mokau River, approximately 4.3 km downstream from the Wairere Falls dam. In 2006, application to Environment Waikato for resource consents was declined.[10]

Nova Energy

Nova Energy is a retail company, selling electricity, natural gas, LPG and solar systems.

See also

References

External links