Todd Corporation

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The Todd Corporation Ltd is a New Zealand company owned and controlled by the Todd family and based in Wellington. Forbes magazine estimated it to be worth at least $1 billion in 2001.[1] Sir John D. Todd was chairman from 1987 until he retired in 2011.[2][3] He succeeded his uncle Sir Bryan Todd[4] when Sir Bryan died.

History[edit]

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.[5]

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.[6]

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[edit]

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.[7]

Previous investments[edit]

  • A 35.0% shareholding in Metlifecare Limited, Todd Capital sold its entire shareholding in November 2005.
  • A 14.2% shareholding in Independent Newspapers Limited (INL)
  • A 25.0% shareholding in Clear Communications
  • A 20.0% shareholding in AAPT Limited,
  • A 21.0% shareholding in UtiliCorp NZ Inc

Todd Energy[edit]

Todd Energy
Type Private
Industry Oil Production
Electricity generation
Electricity retailing
Natural gas wholesaling
Natural gas retailing
LPG retailing
Founded 1929 (1929)
Headquarters Wellington, New Zealand
Key people Paul Moore, CEO
Employees 450
Parent Todd Corporation
Website www.toddenergy.co.nz

Todd Energy is a diversified energy company based in New Zealand. Todd Energy employs over 450 people and is part of the Todd Corporation. Company offices are in Wellington, New Plymouth, Perth and Calgary. Nova Energy is the retail division of Todd Energy.[8]

Net production is approximately 25,000 BOEPD, and by 2015 Todd Energy expects to provide 35% of gas and 25% of oil production in New Zealand.[8]

Electricity[edit]

Todd Energy generates and retails electricity in New Zealand. Generation assets include hydro, geothermal and gas fired cogeneration plants.[9]

Name Fuel Type Location Maximum Capacity
(MW)
Annual Generation
(GWh average)
Commissioned Notes
Aniwhenua hydroelectric Rangitaiki River 25 135
Edgecumbe natural gas cogeneration 10
Kapuni natural gas cogeneration south Taranaki 22 50% interest
Kuratau Hydroelectric Waikato 6 30 1962 35% interest
McKee natural gas open cycle Taranaki 102 2013
Mokauiti hydroelectric Waikato 1.925 7 1963 35% interest
Piriaka Hydroelectric Waikato 1.8 7 1924 (expanded 1971) 35% interest
Whareroa natural gas cogeneration Hawera 70 400 1996 50% interest
Wairere hydroelectric Waikato 18 1925 (extended 1938 and 1981) 35% interest

Oil and gas[edit]

Todd Energy has interests in several producing fields in New Zealand, including Maui (6.25%), Kapuni (50%), McKee (100%), Mangahewa (100%), Maari (16%)[10] and Pohokura (26%).[9] Todd also has interests in 10 exploration permits, 5 of which are operated.

Todd has a 50% stake in Shell Todd Oil Services.[11]

Retail brands include Nova Energy and Auckland Gas.

Subsidiary companies[edit]

Bay of Plenty Energy[edit]

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.[12]

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.[9]

King Country Energy[edit]

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 (54%) and King Country Electric Power Trust (14%).[13]

Developments[edit]

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.[14]

Nova Energy[edit]

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

Developments[edit]

Nova Energy has been granted resource consents to construct a 100MW gas fired peaking plant about 7 km south of New Plymouth.[15][16]

Crest Energy[edit]

Crest Energy is the developer of the Kaipara Tidal Power Station.

See also[edit]

References[edit]

  1. ^ Showalter, Monica (2001). "New Zealand's first billionaire". Forbes. 
  2. ^ Harris, Catherine (1 December 2011). "John Todd resigns as chairman of Todd Corporation". Business Day. Retrieved 15 March 2014. 
  3. ^ "Sir John Todd honoured at Deloitte Energy Excellence Awards". Todd Corporation. 16 August 2012. Retrieved 15 March 2014. 
  4. ^ Weir, James (18 August 2011). "Business ideas need courage: Todd". Business Day. Retrieved 15 March 2014. 
  5. ^ Nightingale, Tony (30 October 2012). "Todd, Charles - Biography". Dictionary of New Zealand Biography. Te Ara - the Encyclopedia of New Zealand. 
  6. ^ "History of BP NZ". BP. 
  7. ^ "Key Investments". Todd Corporation. 
  8. ^ a b "Corporate Profile". Todd Energy. May 2013. 
  9. ^ a b c "Energy in New Zealand". MBIE. September 2013. 
  10. ^ "Manaia-1 gets nod off New Zealand". Upstream Online (NHST Media Group). 19 May 2009. 
  11. ^ "Key Facts". STOS. 
  12. ^ "Investigation report: Commerce Act 1986 S 27, S 30 and S 36 Electricity Investigation". Commerce Commission. 21 May 2009. 
  13. ^ "About KCE". King Country Energy. 
  14. ^ "Mokau River power station application declined". Environment Waikato. 26 September 2006. 
  15. ^ Maetzig, Rob (12 July 2012). "New Plymouth to get power station". Taranaki Daily News. Retrieved 14 July 2012. 
  16. ^ Ewing, Isobel (5 September 2013). "New power station gets go ahead". Taranaki Daily News. 

External links[edit]