New Zealand’s largest publically listed power company, Contact Energy, has announced it will be restructuring its business in a bid to reduce expenditure costs and resize the business ‘to match current market conditions’.

According to the company’s statement, the program has been underway for the last 18 months as it nears the end of its $2 billion capital investment program and continues to tackle flat electricity demand and growing competition.

The restructuring of the company is reportedly seeking to save as much as $40 million, with the Wellington-based company reportedly announcing it will cut as much as 10 per cent, or 100 positions, of its total staff.