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Mercury Energy
Mercury Energy
Mercury Energy
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Mercury NZ Limited is a New Zealand electricity generation and multi-product utility retailer of electricity, gas, broadband and mobile telephone services. All the company's electricity generation is renewable. Mercury has a pre-paid electricity product sub-brand GLOBUG. Mercury Energy is also the largest electricity retailer in New Zealand.

Key Information

Mercury generates most of its energy from nine hydro stations on the Waikato River and five geothermal plants in the central north island as well as a number of wind farms.[2][3] As of June 2021, Mercury had generated 3,611 GWh of electricity through hydro generation and 2,594 GWh through geothermal generation.[4]

Mercury also service industrial and wholesale market customers offering electricity and natural gas products. Since 2022 it has also offered internet fibre broadband services as a bundle for its residential electricity customers.[5] Mercury has offices in Auckland, Tauranga, Hamilton, Rotorua, Palmerston North, Wellington and Oamaru.

History

[edit]

In the 1980s, the New Zealand Electricity Department (NZED) (a government department) controlled and operated almost all New Zealand electricity generation and operated the electricity transmission grid. The first phase of deregulation saw the New Zealand Government corporatise the NZED and form the state-owned enterprise Electricity Corporation of New Zealand (ECNZ).

In 1994, Mercury NZ Limited was formed by the Auckland Energy Consumer Trust to own and operate the electricity supply business previously operated by the community-owned local authority, Auckland Electric Power Board (AEPB). That same year, Transpower New Zealand was separated from ECNZ and created as a State Owned Enterprise (SOE) to own and operate the national grid. Four years later, law changes obligated AEPB to sell the electricity retailing and generation part of the business.

In 1996, ECNZ split into two SOEs, ECNZ and Contact Energy. ECNZ was further split into three companies on 1 April 1999 – Genesis Energy, Meridian Energy and Mighty River Power. Mercury's electricity retailing division was sold to Mighty River Power, who continued the trading name Mercury Energy. The electricity distribution business Mercury Energy Limited changed its name to Vector Limited and continued the distribution and transmission operation.

Logo of the former Mighty River Power

Mighty River Power took over the ownership and operation of the nine hydroelectric power stations on the Waikato River, New Zealand's longest river, and inherited assets of two largely decommissioned oil-fired power stations at Marsden Point, near Whangārei and its share in the Southdown Power Station (in conjunction with the Natural Gas Corporation).

In 2000, Mighty River Power acquired the Rotokawa geothermal power station, to operate and maintain the station, and own the geothermal turbines in a joint venture with the Tauhara North No.2 Trust. Also, that year, Mighty River Power commissioned the Mōkai geothermal power station geothermal power station in a joint venture with the Tuaropaki Trust.

In September 2002, Mighty River Power gained 100 percent ownership of the Southdown Power Station.

In 2004, Mighty River Power announced plans to refurbish the Marsden B plant to fire it on coal to increase supply security north of Auckland. Marsden B had been mothballed since it was completed in 1978 due to rising oil prices following the 1973 oil crisis and there being cheaper alternatives available. Greenpeace staged a nine-day occupation of the site in 2005, and after the Northland Regional Council granted consent, appealed to both the Environment Court and High Court, eventually overturning the consent. Mighty River Power appealed the High Court decision to the Court of Appeal, but in March 2007 dropped the proposal.

In 2008, Mighty River Power increased its generating capacity by opening the 100 MW Kawerau geothermal power station, increasing supply security to the eastern Bay of Plenty, a large timber processing area. In 2010, it opened the 140 MW Nga Awa Purua geothermal station near Taupō with the largest single-shaft geothermal turbine in the world. The commissioning of Nga Awa Purua increased Mighty River's geothermal capacity to 385 MW making it the nation's largest geothermal electricity generator with 52.7 percent of all installed geothermal capacity.

In 2009, Mighty River Power sold the Marsden B plant for $20 million to an Indian company, United Telecom.[6] Resource consents for dismantling the plant were granted in June 2011, and the 20,000 tonnes of plant and equipment was dismantled later in 2011.

In Dec 2011, the National Government announced plans to reduce its shareholding in the four state-owned energy companies, Contact Energy, Genesis Energy, Meridian Energy and Mighty River Power (Mercury) from 100 percent to 51 percent and to sell off the remaining 49 percent as part of its controversial "mixed-ownership model" plan. Mighty River Power was to be the first company to be partially sold in September 2012, pursuant to legislative changes and market conditions.[7] However, threatened legal action and unfavourable market conditions saw the Government delay any sale until March 2013 at the earliest.[8]

On 5 March 2012, the Government began taking registrations of interest from the public in Mighty River Power shares.[9] More than 35,000 people tried to register in the first six hours causing the registration website to crash for much of the day.[10] By midnight, more than 90,000 people had registered.[11]

In April 2013, State Owned Enterprises Minister Tony Ryall, in anticipation of the sale, said director fees would be increasing from $49,000 a year to $85,000, and the chair's fees from $98,000 to $150,000, despite still being majority-owned by taxpayers.

On 2 April 2013, The Financial Markets Authority approved the sale of Mighty River Power with the IPO (Initial Public Offering) on 15 April. However, the IPO was temporarily suspended on 22 April while a supplementary disclosure was issued, after the Labour and Green parties in opposition announced plans to reform the electricity market if elected to government at the 2014 election. At the close of the IPO on 5 May, there were 113,000 shareholders, and on 8 May the opening share price was set at $2.50, raising $1.7 billion. The Government was slightly disappointed, blaming the Labour-Green policy for putting off many more potential shareholders, with the Finance Minister indicating before the policy was announced that the price would be in the $2.70 to $2.80 range[12] The government retained 51.78 percent of the shareholding, with another 1.02 percent owned by other Crown interests (mainly the New Zealand Superannuation Fund).[13]

By September, shares had slumped to $2.16, well below the float price[14] and in October the company announced it would be buying back up to $50 million in shares.[15]

Logo of the former Mercury Energy

In December 2015, the gas fired Southdown Power Station, a 170 MW combined cycle power station in south Auckland was closed.

On 29 July 2016, after merging its retail and generation businesses the company changed its name to Mercury NZ Limited.[16] The company also launched a new brand logo, moving from the Roman god Mercury, to a bee. Market research showed New Zealand had a stronger connection to the bee as a symbol.[17]

In August 2021, Mercury acquired five operating wind farms and several wind farm development options from Tilt Renewables.[18] At the same time, the first power from the newly built wind farm at Turitea was generated[19] – adding to the existing portfolio of nine hydro stations[20] on the Waikato River and five geothermal plants[21] located in the central North Island.

In August 2021, Mercury acquired five operating wind farms and several wind farm development options.[22] At the same time, the first power from the newly built wind farm at Turitea was generated.[23]

In May 2022, Mercury acquired the retail business of Trustpower,[24] including the retail customer base and Trustpower brand. The generation business of Trustpower changed its name to Manawa Energy.

In June 2023, Mercury brought the two brands Mercury and Trustpower together under singular brand of Mercury.[25]

Power stations

[edit]

Mercury operates 17 generation sites; 8 Hydroelectric Powerstations, 5 Geothermal, and 4 Wind Farms.

In total, the company has 2155 MW of generating capacity – 1096 MW hydroelectric, 475 MW geothermal and 584 MW wind.

Name Type Location Capacity
(MW)		 Annual generation
(average GWh)[26]		 Commissioned Notes
Arapuni Hydroelectric Waikato River 198 805 First 4 machines 1929; further 2 in 1938; another 2 in 1946
Aratiatia Hydroelectric Waikato River 78 331 March - May 1964
Ātiamuri Hydroelectric Waikato River 74 305 First 3 machines - Nov 1958; 4th machine April 1962
Karāpiro Hydroelectric Waikato River 96 490 Machine 1 - May 1947; Machine 2 - Sept 1947; Machine3 - May 1948 Refurbishment project underway (expected completion 2025) once fully refurbished capacity will increase to 112.5 MW with expected annual average generation of 537 GW
Kawerau Geothermal Kawerau, Bay of Plenty 106 848 2008
Mahinerangi Wind Farm Wind Otago 68 245 2011 Acquired from Tilt Renewables August 2021
Maraetai Hydroelectric Waikato River 360 878 Maraetai 1 - 1952; Maraetai 2 - 1970
Mōkai Geothermal North-west of Taupō 112 890 2000 Joint venture with Tuaropaki Trust
Ngā Awa Pūrua Geothermal North of Taupō 139 1140 2010 Joint venture with Tauhara North No.2 Trust
World's largest geothermal turbine (147 MW rated)
Ngā Tamariki Geothermal North of Taupō 85 705 2013
Ōhakuri Hydroelectric Waikato River 112 405 1961
Rotokawa Geothermal North of Taupō 33 270 1997 Joint venture with Tauhara North No.2 Trust
Tararua Wind Farm Wind Tararua Ranges 161 563 Stage 1: 1991 Stage 2: 2004 Stage 3: 2007 Acquired from Tilt Renewables August 2021
Turitea Wind Farm Wind Tararua Ranges 222 840 2023 Turitea is currently NZ's largest wind farm
Waipipi Wind Farm Wind South Taranaki 133 455 2021 Acquired from Tilt Renewables August 2021
Waipāpa Hydroelectric Waikato River 54 238 1961
Whakamaru Hydroelectric Waikato River 124 497 1956

Generation developments

[edit]
Name Type Location Planned
capacity (MW)		 Status
Puketoi Wind Puketoi Ranges Consent application lodged August 2011,[27] granted June 2012[28]
Tararua I & II repowering Wind Manawatu 140 vs 68 existing Development option acquired from Tilt Renewables August 2021[29]
Kaiwaikawe Wind Northland 70 Development option acquired from Tilt Renewables August 2021
Mahinerangi II Wind Otago 160 Development option acquired from Tilt Renewables August 2021
Kaiwera Downs Wind Southland Stage 1 43; Stage 2 to bring total to 240 Stage 1 scheduled to commence Oct 2022[30]

Subsidiaries

[edit]

In addition to its generation assets, Mercury also incorporates or has major shareholdings in:

  • GLOBUG, a pre-pay electricity retailer

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Mercury Energy

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from Grokipedia
Mercury NZ Limited (NZX: MCY) is a New Zealand-based multi-utility company that generates, trades, and retails from 100% renewable sources, including hydro, geothermal, and , while also providing gas, , and mobile services to residential and commercial customers. Formerly known as Mighty River Power, Mercury operates a portfolio of power stations that contribute approximately 15% of New Zealand's total electricity generation, serving about one in five homes and businesses across the country. The company, which traces its origins to state-owned hydroelectric developments, underwent partial privatization in 2013 under the National government's mixed-ownership model, reducing Crown ownership to 51% while listing shares on the NZX. Mercury's defining characteristics include its emphasis on sustainable energy production, with key assets such as the hydro scheme, geothermal fields in the , and wind farms, alongside innovations in and customer-facing digital services. Notable achievements encompass maintaining a fully renewable generation mix amid New Zealand's challenges and expanding into to diversify revenue streams. While praised for its renewable portfolio, Mercury has faced scrutiny in the concentrated , including rejected allegations of supply practices disadvantaging smaller retailers, reflecting broader debates on competition among the major gentailers.

History

Origins as State-Owned Enterprise

Mighty River Power Limited was established on 1 April 1999 as a state-owned enterprise (SOE) through the division of the Electricity Corporation of New Zealand (ECNZ), a former government monopoly responsible for electricity generation, transmission, and sales. This restructuring, part of broader reforms to foster competition in the energy sector, carved out ECNZ's assets into three separate generation-focused SOEs: Mighty River Power, Genesis Energy, and Meridian Energy. Wholly owned by the Crown under the State-Owned Enterprises Act 1986, Mighty River Power operated on commercial principles while advancing national energy security through reliable supply. Upon formation, the company assumed control of eight hydroelectric power stations along the —New Zealand's longest river—spanning from Aratiatia to Taupo, with a combined installed capacity of approximately 1,000 megawatts, representing about 13% of the country's total at the time. These assets, originally developed by the between 1929 and 1970, emphasized renewable hydro resources, though Mighty River Power also managed smaller thermal generation facilities, including gas- and coal-fired plants, to balance supply variability. The SOE's initial mandate focused on and wholesale trading, with early diversification into retailing to upper customers via acquired brands. As an SOE, Mighty River Power contributed to government revenues through dividends and maintained a portfolio geared toward long-term asset optimization amid deregulated markets, investing in of aging hydro infrastructure while navigating hydrological risks from the catchment. By 2012, it served over 340,000 customers and ranked as New Zealand's fourth-largest generator by output. This period solidified its role in leveraging state-backed scale for renewable dominance, prior to partial .

Privatization and Rebranding

Mighty River Power, established as a in 1999, underwent partial privatization in 2013 as part of the National government's mixed-ownership model policy. The government sold 49% of the company's shares to private investors while retaining 51% ownership, marking the first such sale among four energy companies targeted for partial divestment. This process raised approximately NZ$1.7 billion, with shares offered to retail and institutional investors, predominantly -based, resulting in about 86.5% of the company remaining domestically owned post-sale. The privatization faced legal challenges from the Māori Council, alleging breaches of principles regarding water rights, though the ruled in favor of proceeding in March 2013. A citizen-initiated referendum held in 2013 rejected the asset sales program, with 67.5% voting against selling up to 49% of Mighty River Power and other entities, though the non-binding result did not halt the government's plans. Critics, including the , argued the sales led to taxpayer losses estimated at NZ$871 million by 2015, citing reduced dividends and higher retail prices post-privatization. Proponents highlighted increased dividends following the sale, with payouts rising significantly from the partially privatized firm compared to full ownership. In May 2016, Mighty River Power announced its to Mercury NZ Limited, unifying its with its established retail , , which had been acquired in 2004. The name change, effective later that year, emphasized a shift toward retail operations and focus, aligning with the company's growing customer base and geothermal expansions. CEO Fraser Whineray stated the single Mercury would streamline operations and better reflect the company's evolution from a generator-centric model to an integrated energy provider. The included a new logo and website, consolidating Mighty River Power's generation assets with Mercury's supply services under one visual identity. This move followed the company's record geothermal production and efficiency improvements, positioning Mercury as a leader in 's renewable sector.

Expansion and Key Milestones Post-2016

In 2019, Mercury committed to constructing the Turitea Wind Farm near , with on-site work commencing in August of that year at an estimated cost of NZ$256 million for the initial phase. The project, comprising 60 turbines across northern and southern zones, achieved first generation in early 2021 for the north zone and full commissioning in May 2023, delivering 221 MW of capacity and generating 1,600 GWh over its first two years of operation, equivalent to 2.5% of New Zealand's renewable . A pivotal expansion occurred in August 2021 when Mercury acquired Tilt Renewables' operations for approximately NZ$770 million, integrating established wind assets including the Te Apiti and Manawatu wind farms, along with development rights. This transaction, part of a broader scheme where Powering Australian Renewables acquired Tilt's Australian business, enhanced Mercury's wind portfolio by adding operational capacity and future pipeline opportunities without constructing from scratch. Mercury pursued geothermal enhancements, signing an contract with Ormat in September 2023 for a NZ$220 million expansion at the Ngā Tamariki station near , incorporating a fifth production unit to boost net output by 46 MW and annual generation by 390 GWh, sufficient for about 55,000 households. First generation from the expansion is slated for late 2025, with full completion in 2026; by August 2025, the project stood at 90% complete. Complementing this, Mercury invested NZ$169 million in geothermal across Kawerau, Ngā Tamariki, and Rotokawa fields to sustain long-term field capacity. Hydroelectric upgrades included the NZ$90 million refurbishment of Karāpiro station, completed after three years, which increased capacity from 96 MW to 112.5 MW and added power for roughly 4,000 households. In , Mercury initiated expansion of Kaiwera Downs near Gore in June , adding 36 turbines for a total capacity of 198 MW at NZ$486 million investment, targeting completion by end-2026 to supply 73,000 homes annually. Further, in December , Mercury finalized investment in the 77 MW Kaiwaikawe in Northland at NZ$287 million, Northland's first such project, with 12 turbines under construction for commissioning by December 2026, powering 27,000 homes and elevating Mercury's new renewable commitments beyond NZ$1 billion in two years. These initiatives reflect Mercury's strategy to scale renewable generation amid New Zealand's , though capital spending on new renewables across major gentailers declined sharply after 2021 peaks.

Generation Portfolio

Hydroelectric Assets

Mercury Energy operates nine hydroelectric power stations along the as part of the Waikato Hydro Scheme, extending from to the Karāpiro Dam, approximately 188 km downstream. These run-of-river facilities utilize the river's natural flow, regulated by the Taupō Control Gates, to generate , collectively accounting for about 10% of New Zealand's annual supply. The scheme's output varies with rainfall and inflows, with water management prioritizing energy production alongside , fisheries, and , though low inflows contributed to reduced generation of 3,410 GWh in the fiscal year ending June 2025. The stations, ordered from upstream to downstream, include Aratiatia (commissioned 1964, smallest reservoir in the system), Ōhakuri (1961, lake covering 12 km²), Ātiamuri (1958, originally three generators with a fourth added in 1962), Waipāpa (1961, smallest station supplementing larger neighbors), Maraetai I and II (1952 and 1970, largest output on the river), Whakamaru (1956, key switching point with recent generator refurbishments), Arapuni (1929, largest capacity at 196 MW, generating up to 805 GWh yearly for about 100,000 homes), and Karāpiro (1947). The Control Gates (1941) serve as the upstream control structure, adjusting flows based on real-time demand and . To maintain reliability of these aging assets, Mercury is executing a 26-year refurbishment program, midway as of May 2025. The Karāpiro upgrade, finalized in September 2025 at a cost of NZ$90 million, boosted capacity from 96 MW to 112.5 MW, enhanced efficiency by 4%, and added 32 GWh of annual equivalent to powering 19,000 homes. Planned enhancements at Maraetai, Ōhakuri, and Ātiamuri are forecasted to increase scheme capacity by 58 MW and output by 87 GWh yearly, extending operational life amid variable hydro conditions.

Geothermal Facilities

Mercury Energy operates five geothermal power stations, primarily in the with one in the Eastern , harnessing steam and hot water from volcanic fields to generate baseload electricity. These facilities, developed or expanded since 2000, utilize flash and technologies to produce approximately 2,800 GWh annually—enough to supply 330,000 homes—and form a core component of the company's renewable generation, operating continuously regardless of weather conditions. The Kawerau station in the Eastern , commissioned in 2008, employs Fujielectric-Sumitomo flash plant technology and has consistently produced above initial projections, contributing around 800 GWh yearly. Rotokawa, located 14 km northeast of and operational since 2000, is a with the Tauhara North No. 2 Trust; recent upgrades include incremental capacity additions to its binary plant. Nearby, the Ngā Awa Pūrua station, also 14 km northeast of , began generating in 2010 as a $430 million with the same Trust, using Fujielectric-Sumitomo flash technology and yielding about 1,100 GWh annually from a 140 MW installation, with minor expansions adding 3 MW in recent years. The Mokai station, 30 km northwest of and active since 2000, is co-owned with Tuaropaki Power Company and delivers roughly 900 GWh per year. Ngā Tamariki, situated 17 km northeast of , entered service in 2013 with four Ormat units—each among the largest of their kind globally at 20.5 MW—for a total of about 82 MW, producing baseload power fully owned by Mercury. The company initiated construction of a fifth unit in March 2024, adding 46 MW net capacity at a cost integrated into broader investments, with completion slated for 2026 to boost output by 390 GWh annually. To maintain long-term field productivity, Mercury allocated $169 million through FY26 for drilling at Kawerau, Rotokawa, and Ngā Tamariki, addressing depletion while minimizing emissions through efficient .

Wind and Emerging Renewables

Mercury Energy operates several wind farms contributing to its renewable generation portfolio, with a focus on expanding capacity to meet growing demand. As of 2025, its operational wind assets include the Tararua Wind Farm, with stages 1 and 2 providing 68 MW of capacity and 245 GWh annual output, commissioned in 1999 and 2004 respectively. The Turitea Wind Farm, New Zealand's largest, features 60 turbines with 221 MW capacity, generating approximately 840 GWh per year, equivalent to powering over 100,000 homes. The Kaiwera Downs Wind Farm's stage 1, completed in November 2023, added 43 MW, with stage 2 construction commencing in June 2024 to expand total capacity to 198 MW, enabling 525 GWh annual generation sufficient for around 73,000 homes. In December 2024, Mercury announced construction of the 77 MW Kaiwaikawe Wind Farm near , featuring 12 turbines expected to produce 221 GWh annually for 27,000 homes, with first generation targeted for mid-2026. The company is also exploring the Waikokowai in North , potentially with up to 70 turbines and 300 MW capacity, though details remain under development. These projects build on Mercury's 2021 acquisition of Tilt Renewables' assets, which integrated additional wind generation including the Puketoi Wind Farm. Beyond traditional , Mercury is advancing emerging renewables such as battery energy storage and solar. The Whakamaru Battery Energy Storage System, in early planning near the , is proposed at 300 MW to manage and integrate variable renewables. Earlier, Mercury commissioned New Zealand's first grid-connected utility-scale battery at Southdown in 2019, demonstrating storage feasibility for grid stability. In solar, Mercury announced in January 2024 plans for up to 100 MW of grid-scale photovoltaic generation, marking its entry into utility-scale solar with operations eyed for 2026 to diversify beyond hydro, geothermal, and . These initiatives align with Mercury's broader goal of adding 1.1 TWh of new renewables under construction as of 2025, supporting national while addressing challenges through storage.

Retail Operations and Diversification

Electricity and Gas Supply

Mercury Energy retails to residential, commercial, and industrial customers throughout , sourcing supply primarily from the wholesale rather than solely relying on its own generation assets. As of June 2025, the company holds approximately 25% of the national retail share by customer connections, positioning it as the largest electricity retailer in the country. This share expanded significantly following its acquisition of Trustpower's retail operations in May 2022, which boosted Mercury's market position from around 15% to 26% by installation control points (ICPs). The company serves hundreds of thousands of customers, offering fixed and variable plans, with retail gross margins in the industry ranging from $19.50/MWh to $56.57/MWh as observed in 2022 data across major retailers. In gas retailing, Mercury supplies both natural piped gas and (LPG) to homes and businesses, acting as an exposed to wholesale market fluctuations without producing the itself. It maintains around 209,000 gas customer connections as of mid-2025, benefiting from scale post-Trustpower acquisition, which also concentrated in the gas supply sector. Pricing adjustments have been passed through to customers amid rising wholesale costs and supply constraints, with piped gas prices increasing due to limited domestic production and import dependencies. The company has highlighted potential medium-term price pressures without expanded supply, while continuing residential gas provision amid debates on transitioning from fossil fuels. Electricity and gas services are often bundled with other utilities like and mobile to enhance and value, though Mercury's retail model emphasizes competitive pricing tied to market conditions over long-term fixed contracts. Operations face challenges from volatile wholesale prices, influenced by hydro inflows, gas availability, and peaks, prompting the company to advocate for improved market transparency and gas import mechanisms.

Broadband and Mobile Services

Mercury NZ Limited expanded into broadband and mobile services via its acquisition of Trustpower Limited's retail operations, completed on 2 May 2022 for NZ$467 million. The deal encompassed Trustpower's telecommunications assets, including around 280,000 customers and mobile services under brands such as Skinny Mobile, a (MVNO) leveraging Spark New Zealand's infrastructure. This move diversified Mercury's portfolio beyond electricity and gas, allowing integrated utility bundles for residential and small business customers. Broadband services feature fibre-optic and options, with fibre plans starting at NZ$65 per month for 100 Mbps and 20 Mbps upload speeds, scaling to higher tiers like 900/900 Mbps. utilizes LTE for areas lacking fibre, including free modems and unlimited data subject to fair-use policies. Mercury sources wholesale fibre from providers such as , enabling high-capacity backhaul up to 400 Gbps for internal efficiency and customer delivery. Bundles with power plans offer single-bill convenience and incentives, such as free devices or reduced rates, targeting cost-conscious households. Mobile offerings, integrated post-acquisition, include pay-monthly plans with data from 10 GB to unlimited "endless" options, where speeds throttle to 1 Mbps after 200 GB monthly usage, plus unlimited calls and texts. Prepaid plans under the Skinny brand emphasize affordability, with weekly or four-weekly options starting at low entry points for youth and budget users. Coverage relies on national MVNO agreements, primarily with Spark, ensuring broad reach but dependent on host network performance. These services support Mercury's strategy of , with over 300,000 migrated customers contributing to retail growth by 2024.

Corporate Structure

Subsidiaries and Partnerships

Mercury NZ Limited's principal subsidiaries include GlobuG Limited, which operates as a prepaid retailer targeting residential customers with flexible, no-fixed-term plans, and Bosco Connect Limited, focused on and services to support Mercury's diversification into connectivity offerings. These entities enable targeted retail segments, with GlobuG emphasizing accessibility for lower-income households through pay-as-you-go models, while Bosco integrates with Mercury's supply for bundled services. In geothermal generation, Mercury holds joint ventures with Māori iwi trusts to develop and operate facilities, reflecting shared ownership models mandated under New Zealand's resource consent processes for culturally significant lands. The Tauhara geothermal power station, commissioned in 2021 with a capacity of 184 MW, is a 50/50 with Tauhara North No. 2 Trust, incorporating iwi equity participation and . Similarly, the Ngā Tamariki expansion , approved in 2024, involves partnerships with Tauhara North No. 2 Trust and mana whenua to add up to 120 MW of capacity by leveraging existing . Another key arrangement is with Tūaropaki Trust for the Mangauka-Opepopo station, ensuring co-ownership of geothermal assets in the . Beyond joint ventures, Mercury collaborates strategically with technology providers and industry peers to enhance and renewable integration. In September 2025, Mercury partnered with Gentrack to deploy a large-scale demand flexibility program, enabling and load shifting for over 200,000 customers to support grid stability during peak periods. Additionally, Mercury co-founded the Powering Change alliance in 2023 with fellow generators like and Genesis Energy, committing to collective investments in transmission upgrades and emissions reductions without relying on subsidies. These arrangements prioritize commercial viability over subsidized models, aligning with Mercury's focus on self-sustaining renewable expansion.

Governance and Leadership

Mercury NZ Limited's framework is designed to promote long-term through principles of trust, integrity, transparency, and effective , with the Board holding ultimate for the company's , , and compliance. The framework aligns with the NZX Code, ASX Corporate Governance Principles, and international standards such as those from the International Corporate Governance Network and . Key policies include the Mercury , updated August 28, 2024, which outlines ethical standards for directors, executives, and employees, and a Policy revised June 16, 2025. The Board comprises seven members, a majority of whom are independent non-executive directors, providing oversight via specialized committees including Audit and Financial Risk, Nominations and Governance, People and Performance, and Safety and Enterprise Risk. Scott St John has served as Chair since January 2024, following his appointment as a director in 2017; he brings extensive capital markets experience, including prior roles as CEO of First NZ Capital and current chairs of . Other directors include Mark Binns (appointed 2023, former CEO of ), Rob Hamilton (appointed April 2025, finance expert and former CFO of ), Hannah Hamling (appointed February 2020, environmental consultant), Adrian Littlewood (appointed August 2023, former CEO of International Airport), Susan Peterson (appointed 2022, director at Xero), and Rachel Taulelei (appointed August 2025, co-founder of Oho and chair of Moana ). Executive leadership reports to the Board and focuses on operational execution, with Stew Hamilton as Chief Executive since September 2024, succeeding Vince Hawksworth after serving as Executive General Manager of Generation since 2021; Hamilton holds degrees in and an MBA, with over 25 years in industrial energy. Key executives include Richard Hopkins (joined 2025, former CFO of ), Chief Operating Officer - Generation Kevin Taylor (joined 2025, 30+ years in industrial operations), Catherine Thompson (joined 2025, prior roles at ), and others such as Chief Strategy and Transformation Officer Craig Neustroski and Chief People Experience Officer Fiona Smith. The team supports Mercury's emphasis on operations and customer innovation while adhering to protocols for decision-making and disclosure.

Financial Performance

Mercury NZ Limited, operating as Mercury Energy, has experienced consistent revenue growth over recent fiscal years, primarily driven by increased volumes, retail customer expansion, and contributions from diversified operations including gas and services. rose from NZ$2.045 billion for the year ended 30 June 2021 to NZ$2.188 billion in 2022, NZ$2.730 billion in 2023, NZ$3.424 billion in 2024, and NZ$3.498 billion in 2025, representing a of approximately 14% from 2021 to 2025. In contrast, net profit after tax (NPAT) has exhibited high volatility, largely attributable to fluctuations in hydrological conditions affecting hydroelectric output, wholesale prices, and adjustments on financial used for hedging. NPAT reached a high of NZ$469 million in FY2022 amid strong hydro generation and elevated spot prices, but declined to NZ$112 million in FY2023 due to lower generation and normalizing markets. It partially recovered to NZ$290 million in FY2024 before plummeting to NZ$1 million in FY2025, primarily from reduced EBITDAF of NZ$537 million (down from prior highs) and unfavorable revaluations amid subdued wholesale conditions. The following table summarizes key metrics (in NZ$ millions):
Fiscal YearRevenueNPAT
20212,045141
20222,188469
20232,730112
20243,424290
20253,4981
This divergence between revenue stability and profit variability underscores Mercury Energy's exposure to New Zealand's weather-dependent renewable generation base and commodity price cycles, with normalized NPAT metrics (excluding one-off items) showing less extreme swings, such as NZ$164 million in FY2020. Despite the FY2025 downturn, underlying operational earnings remained positive, supporting ongoing investments in assets like geothermal and wind.

Investment in Infrastructure

Mercury Energy allocates substantial to sustain and expand its renewable generation assets, emphasizing hydro rehabilitation, geothermal enhancements, and developments amid New Zealand's demands. In the ended June 30, 2025 (FY25), total totaled $347 million, reflecting a $193 million increase from FY24, primarily due to the initiation of stage two construction at the Kaiwera Downs and Kaiwaikawe s. Stay-in-business , focused on asset , stood at $138 million for FY25, down $4 million from the prior year, with progress in geothermal campaigns and hydro station rehabilitations. The company maintains long-term stay-in-business guidance at approximately $150 million annually to support these essential upkeep programs. Growth-oriented investments underscore Mercury's strategy to bolster baseload renewable capacity. A key initiative involves a $550 million multi-year program announced in August 2025 to three aging hydro stations—ranging from 64 to 75 years old—which is projected to increase total capacity by 58 MW and annual generation by 87 GWh. In geothermal infrastructure, Mercury is investing $220 million to install a fifth unit at the Ngā Tamariki station, enhancing site output by 390 GWh per annum. Looking to FY26, the company anticipates $600 million in growth capital expenditure dedicated to these and other major renewable projects, underpinning EBITDAF guidance of $1 billion. These efforts align with broader sector dynamics, including commitments announced on September 30, 2025, to support investments by state-influenced generators like Mercury, in which the government holds a 51% stake. Over the past five years through FY25, the energy sector collectively invested $2.9 billion in generation assets, with projections for an additional $5.5 billion by 2030 to address supply needs. Mercury's approach prioritizes reinvestment in proven renewable technologies over riskier ventures, though it faces challenges from variable hydro inflows and construction cost pressures.

Environmental Impact and Sustainability

Contributions to Renewable Energy

Mercury Energy operates a portfolio of generation assets that produce electricity exclusively from renewable sources, including hydroelectric, geothermal, and , contributing approximately 20-25% of New Zealand's total in recent years. The company's nine hydroelectric stations along the , with a combined capacity exceeding 1,000 MW, harness water flows to generate baseload power, supporting grid stability amid variable renewables. These facilities, upgraded through projects such as the Karāpiro refurbishment completed in July 2024, which added capacity to deliver 176 MW of renewable output sufficient for tens of thousands of households, exemplify Mercury's focus on enhancing existing hydro infrastructure for long-term reliability. In geothermal energy, Mercury manages five stations in the , leveraging New Zealand's high geothermal potential to provide consistent, weather-independent generation that accounted for a significant portion of the company's 2,594 GWh output in the year ending June 2021. Recent investments include $175 million allocated for geothermal drilling programs announced in 2025, aimed at expanding capacity and sustaining output amid risks in mature fields. This positions Mercury as one of New Zealand's leading geothermal operators, with the comprising about 18% of national renewable generation. Wind generation forms a growing segment, with operational assets like the Kaiwera Downs Wind Farm featuring 53 turbines and 228 MW capacity, producing around 1,040 GWh annually. Mercury has secured consents for expansions, including the Waikokowai Wind Farm and the Kaiwaikawe project, the latter with up to 77 MW capacity and construction slated for early 2025, expected to yield 221 GWh per year. As of fiscal year 2025, Mercury has 1.1 TWh of new renewable projects under construction across these technologies, with ambitions to deliver an additional 3.5 TWh by 2030, reflecting strategic commitments to scaling low-emission capacity amid national electrification demands. These developments align with broader sustainability goals outlined in Mercury's 2025 integrated report, emphasizing resource management and carbon-positive operations without reliance on fossil fuels.

Criticisms of Resource Dependency and Emissions

Mercury Energy's heavy reliance on hydroelectric generation, which accounts for approximately 60% of its electricity production from nine stations on the , has drawn criticism for vulnerability to climatic variability and inconsistent water inflows. Low rainfall periods have repeatedly constrained output, such as a 21% drop in hydro generation during 2024 due to below-average inflows, impacting overall earnings and highlighting risks of supply instability. This dependency exacerbates exposure to risks intensified by , with analysts noting that prolonged dry conditions, as seen in early 2021, force greater system reliance on variable renewables or backups elsewhere in New Zealand's grid, indirectly contributing to higher national emissions during shortages. Critics argue this over-dependence on rainfall-controlled resources undermines long-term reliability without sufficient diversification into less weather-sensitive baseload alternatives. Geothermal operations, comprising about 25% of Mercury's generation from five central stations, face scrutiny for non-zero and local environmental discharges, despite being classified as renewable. These plants emit CO2 and at rates of roughly 20-100 grams CO2-equivalent per kWh, alongside and trace toxic elements like mercury and from subsurface fluids, which can affect air quality and if not fully mitigated through reinjection. Historical assessments of geothermal facilities, including those akin to Mercury's, indicate that chemical effluents—such as and —rival impacts from plants in localized settings, prompting concerns over contamination in sensitive volcanic regions. Environmental advocates have criticized the sector's expansion without addressing potential over decades, as geothermal reservoirs may experience pressure declines without advanced management, though Mercury reports stable output through monitoring. Overall, while Mercury's exit from thermal generation in 2015 reduced scope 1 emissions by 60%, detractors contend that combined hydro-geothermal dominance perpetuates hidden systemic risks, including indirect emissions from grid imbalances during hydro lulls and unmitigated geothermal byproducts, urging faster pivots to diversified low-impact renewables. These issues are compounded by New Zealand's broader challenges, where generator-specific dependencies amplify national vulnerabilities to emission spikes from gas or peakers.

Controversies and Criticisms

Reliability and Supply Shortfalls

Mercury Energy's electricity generation, which relies heavily on hydroelectric assets comprising about 60% of its capacity, is vulnerable to supply shortfalls during periods of low rainfall and inflows into the Waikato River system. In fiscal year 2025, prolonged dry weather reduced hydroelectric output, prompting the company to revise its earnings guidance downward in April, with expectations of lower generation persisting due to continued arid conditions. These shortfalls contributed to broader energy market stress, where low hydro storage levels—exacerbated by droughts and reduced —forced generators including Mercury to contend with elevated spot prices and reliance on declining gas supplies for backup. In the March 2025 quarter, Mercury reported record-low hydro generation amid high wholesale prices, highlighting the risks in dry years despite diversification into geothermal and sources. Historical precedents include the 2020 fiscal year, when conditions drove a 2% decline in operating earnings, as reduced lake levels curtailed output and necessitated power purchases from the market. Such events underscore systemic challenges in New Zealand's hydro-dominated system, where national energy margins narrow during multi-year dry spells, prompting government discussions on enhanced security-of-supply measures without immediate asset sales. On reliability, Mercury maintains an outages map for faults affecting electricity distribution, but customer reports indicate occasional delays in restoration, particularly impacting medically dependent users during localized disruptions. While no widespread blackouts attributable solely to Mercury have been documented, the company's exposure to weather-driven generation variability has fueled calls for market reforms, including better dry-year by Transpower, which Mercury has welcomed.

Pricing Practices and Consumer Complaints

Mercury Energy's pricing structure includes variable usage rates, daily fixed charges, and optional plans such as low-user tariffs, which have undergone regulatory phase-out leading to gradual increases in fixed fees. In 2024, the company's open-term plan featured an anytime usage rate of $0.1909 per kWh, reflecting a 5-8% year-over-year hike attributable to rising wholesale costs. By February 2025, Mercury announced an average 9.7% residential price increase effective April, driven by elevated wholesale prices, transmission, and distribution charges passed through from regulated networks. A notable controversy arose in 2022 when the Commerce Commission charged Mercury NZ with seven violations of the Fair Trading Act for misleading approximately 2,000 customers about early termination fees on fixed-term contracts. The company represented that customers owed fees for switching providers early, despite contract clauses allowing penalty-free exits under certain conditions, such as relocation or hardship. In March 2023, Mercury was fined $279,500 by the Auckland District Court, with the Commission noting the representations constituted "a material departure from the truth" and lacked robust systems to verify fee applicability, potentially leaving customers out-of-pocket. Mercury refunded nearly all affected customers and implemented remedial measures, though the incident highlighted deficiencies in billing accuracy. Consumer complaints about Mercury have centered on billing disputes, unexpected rate hikes, and customer service responsiveness. User-reported issues include suspicions of overcharging, such as discrepancies between metered usage and billed amounts, and delays in resolving faulty readings. Independent review aggregators show polarized feedback: one platform rates Mercury's plans and pricing at 4.6 out of 5 based on over 12,000 reviews, praising competitive rates, while scores it 1.7 out of 5 from 161 reviews, citing rude service, app malfunctions, and communication failures particularly with subsidiary GloBug accounts. Mercury provides an internal complaints process via phone (0800 10 18 10) or email, with escalation options to Utilities Disputes Limited or the Telecommunications Dispute Resolution service if unresolved. Recent price adjustments, including the ongoing phase-out of low-fixed-charge plans raising daily fees from around 60 cents to $1.17 by 2025, have prompted additional grievances over transparency and affordability impacts on low-usage households.

Iwi Relations and Resource Rights Disputes

Mercury Energy maintains partnerships with various , acknowledging their cultural and ancestral connections to natural resources such as water bodies essential to its hydroelectric and geothermal operations. These relationships emphasize mutual respect for tupuna awa (ancestral river) ties, though they coexist with ongoing legal challenges over proprietary rights in resources underlying the company's assets. A primary dispute involves the Pouākani Claims Trust's assertion of Māori customary land ownership over a section of the riverbed near Mangakino, where Mercury operates the Maraetai I, Maraetai II, and Waipapa hydroelectric dams. In 2019, Pouākani applied to the Māori Land Court under Te Ture Whenua Māori Act 1993 for determinations that the riverbed remains unaffected by 20th-century grants to Mercury's predecessors for power development, and that any titles derived from those grants are held by the and Mercury in a capacity or on constructive trust for Pouākani benefit. Mercury sought to strike out the claims, arguing the Māori Land Court lacked due to indefeasible title under the Land Transfer Act 2017 and that the applications impermissibly challenged vested grants. The Land Court dismissed Mercury's strike-out application in 2022, prompting Mercury's in the . In Mercury NZ Limited v Land Court NZHC 1644, the granted Mercury partial relief by quashing aspects of the Land Court's jurisdictional findings related to duties and trusts, but refused to strike out the core customary land claim or related assertions of ongoing proprietary interests, allowing proceedings to continue. Separately, in May 2023, the ordered Section 27B memorials under Te Ture Whenua Act be added to Mercury's titles for the dams, formally noting Pouākani's claimed interests and requiring notification of future dealings. These claims trace to historical confiscations and developments on the , New Zealand's longest, where interests were not fully addressed prior to hydro infrastructure built from the onward. Earlier tensions surfaced during the 2012-2013 partial privatization of Mighty River Power (Mercury's predecessor), when the Council sought an citing unaddressed proprietary rights in water; the ultimately permitted the sale, ruling it did not prejudice claims. Broader assertions of residual rights in freshwater and geothermal resources, relevant to Mercury's portfolio, have been recognized by the but remain subject to settlement processes without direct resolution impacting company titles to date. No major resolved disputes specific to Mercury's geothermal operations, such as at , were identified, though general iwi-Crown negotiations continue.

Strategic Outlook

Ongoing Projects and Expansions

Mercury Energy is advancing a portfolio of projects to expand its generation capacity, with a focus on wind and geothermal developments amid New Zealand's push for and decarbonization. As of August 2025, the company has three major projects under construction, collectively poised to add over 1,100 GWh of annual renewable output, equivalent to powering more than 150,000 homes. These initiatives build on Mercury's existing 100% renewable asset base, including hydro, geothermal, and , and reflect investments exceeding $1 billion in new capacity over recent years. The Kaiwera Downs Wind Farm expansion in Southland, which began construction in June 2024, involves adding 36 turbines to the existing 7-turbine , increasing total capacity to 198 MW at a cost of $486 million. Upon completion by late 2026 or 2027, it will generate sufficient for approximately 73,000 homes annually, supported by a long-term linked to the Tiwai Point smelter's continued operation. Construction on the Ngā Tamariki Geothermal Station expansion near , a $220 million project, reached 90% completion by August 2025, with the fifth generating unit adding 46 MW of capacity and 390 GWh of annual output. occurred in March 2024, and first generation is targeted for late 2025, with full operations by 2026, enhancing baseload renewable supply capable of powering around 55,000 homes. The Kaiwaikawe in Northland, approved in 2024, features 12 turbines with 77 MW capacity, expected to produce 221 GWh yearly for about 27,000 homes. Construction commences in January 2025, with initial output by mid-2026 and full commissioning by year-end, marking Mercury's entry into northern generation at a cost of around $287 million. Supporting these builds, Mercury is conducting ongoing geothermal well drilling programs budgeted at $169 million to sustain resource extraction for its stations. Further expansions in the pipeline include feasibility studies for the 228 MW Puketoi (final investment decision in 2026) and consent amendments for Mahinerangi 2 (138 MW addition, decision by FY2027), alongside battery storage at Whakamaru (100-150 MW). These efforts aim to deliver an additional 3.5 TWh of renewable capacity in the coming years, though they face risks from regulatory consents, constraints, and variable .

Risks in Energy Transition

Mercury Energy's heavy reliance on hydro and geothermal generation exposes it to physical climate risks during the transition to a lower-carbon , particularly variability in weather patterns that reduce inflows and output. In FY2025, hydro generation fell 17% to 3,410 GWh amid low inflows, contributing to a 10% overall drop in electricity generation to 7,906 GWh and a corresponding 10% decline in EBITDAF to $786 million. Chronic physical risks, assessed as probable with 1-10% annual likelihood, could impair hydro flexibility and profitability, with estimated medium- to long-term impacts of $7.5 million to $75 million annually; recent dry years have already resulted in approximately $100 million in energy margin losses. Acute risks from intensified atmospheric conditions, such as storms, pose threats to asset integrity, with similar financial exposure ranges over short to long terms, though no material impacts occurred in FY2025. Transition risks further complicate Mercury's diversification into additional renewables like wind, including market and policy uncertainties that could disrupt the balance of energy security, affordability, and . These risks, deemed highly likely with 10-30% annual probability, carry potential annual impacts of $7.5 million to $75 million, stemming from policy settings that prioritize rapid decarbonization over system reliability, as evidenced by winter 2024 supply constraints and elevated spot prices. Global decarbonization efforts introduce supply chain constraints for critical materials and technologies, assessed as probable (1-10% annually), potentially delaying projects such as the 77 MW Kaiwaikawe Wind Farm targeted for completion by 2026. Gas constraints, amid plans to phase out fossil fuels, exacerbate intermittency issues in weather-dependent renewables, heightening the risk of energy shortages in 2025 despite hedging and a at Huntly Power Station. To mitigate these, Mercury allocates significant —$347 million in growth CAPEX for FY2025 toward 1.1 TWh of renewables under —while employing portfolio hedging, supplier management, and policy advocacy to build resilience. However, the company's net profit after plummeted to $1 million in FY2025 from $290 million the prior year, underscoring the financial volatility inherent in transitioning a hydro-dominant portfolio without sufficient firming capacity. These exposures highlight causal dependencies on hydrological stability and regulatory coherence, where unmitigated physical disruptions or misaligned incentives could strand investments or erode margins in New Zealand's evolving landscape.

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  142. https://issuu.com/mercurynz/docs/newsre_1
  143. https://www.rnz.co.nz/news/business/571899/new-geothermal-generator-to-produce-enough-electricity-to-power-tauranga-city
  144. https://newenergy.nz/project/mercury-kaiwaikawe-wind-farm/
  145. https://www.mercury.co.nz/-/media/project/mercury/mercury/pdfs-other/climate-change/mercury-2025-climate-statement.pdf?rev=16f1c1d47a8e4986af8bc529ced29be0&sc_lang=en
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