Mighty River Power
 |
|
| Public | |
| Traded as |
NZX: MCY ASX: MYT |
| Industry | Electric power generation |
| Predecessor | ECNZ, Mighty River Power |
| Founded | 1 April 1999 |
| Headquarters | Auckland, New Zealand |
|
Key people
|
Fraser Whineray (CEO) |
| Products | Electric power |
| Services | Electricity retailing |
| Revenue |
 NZ$1,564M |
 NZ$493M |
|
|
NZ$160M |
|
| Total assets |
NZ$6,085M |
| Total equity |
NZ$3,315M |
| Owner | New Zealand Government (51.15%) |
|
Number of employees
|
800 |
| Subsidiaries | Metrix (metering) |
| Website | www |
Mercury Energy is a New Zealand electricity generation and electricity retailing company. In 2015, Mercury had a 17% share of the New Zealand retail electricity market.
All of the company's electricity generation is renewable. It owns and operates nine hydroelectric generating stations on the Waikato River and five geothermal plants in the Taupo area.
In 2013, the company (then Mighty River Power) generated 15% of the country's electricity and had a market share of 19%. According to its own website, the company supplies 22% of New Zealand peak energy demand, with about 80% of this coming from hydro-power.
Mercury Energy Limited was formed in 1994 by the Auckland Energy Consumer Trust to own and run the electricity supply business previously operated by the community-owned local authority, Auckland Electric Power Board. In 1998, law changes obliged AEPB to sell the electricity retailing and generation part of the business.
In 1998 but after the 1998 Auckland power crisis Mercury Energy's electricity retailing division was sold to Mighty River Power, which was then a wholly state-owned SOE. Mighty River Power's retailing division continued the former trading name Mercury Energy. The electricity distribution business, Mercury Energy Limited, changed its name to Vector Limited and continued the distribution and transmission operation.
Mighty River Power was established on 1 April 1999, when the 1998 reform of the electricity sector took effect. The Electricity Corporation of New Zealand (ECNZ) was broken up into three state-owned generating companies - Mighty River Power, Genesis Energy and Meridian Energy. Mighty River Power took over the ownership and operation of the eight hydroelectric power stations on the Waikato River, New Zealand's longest, and also inherited the assets of two largely decommissioned oil-fired power stations at Marsden Point, near Whangarei.
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Wikipedia