Mercury

What Mercury does

Mercury NZ Limited (NZX/ASX: MCY) is a vertically integrated New Zealand energy and telecommunications company that generates electricity from 100% renewable sources — nine hydroelectric stations on the Waikato River (including Karāpiro, Maraetai, Ātiamuri, and Ōhakuri), geothermal assets (notably Ngā Tamariki near Taupō), and wind farms (Mahinerangi and the developing Kaiwera Downs). It holds approximately 17% of New Zealand's electricity generation market share and is one of the country's largest renewable energy operators, with capacity being expanded through a multi-billion-NZD programme including a $590 million ANDRITZ hydro upgrade contract, a $220 million Ngā Tamariki fifth-unit geothermal expansion, and a planned up to $1 billion in next-phase geothermal investment.

The company serves residential and commercial customers across New Zealand through a bundled retail offering of electricity, gas, broadband, and mobile services, plus a Mercury Rewards programme with Free Power Days. Energy Management Services enroll customer devices (e.g., hot-water cylinders) for telemetry-based optimization. On the enterprise side, Mercury supplies wholesale electricity to large commercial and industrial customers and has signed long-duration agreements with hyperscale technology buyers, including a 15-year Power Purchase Option Agreement with Datagrid NZ for ~1.2TWh annually to a 280MW AI data center campus and a renewable energy partnership with Amazon underpinning the AWS Asia Pacific (New Zealand) Region via the Turitea South wind farm.

Mercury generates recurring revenue from retail electricity and gas subscriptions, bundled telecom services, wholesale energy sales, and energy management services. Distribution is direct-to-consumer via website, mobile app, and phone, with a wholesale field-sales function for enterprise accounts. The New Zealand Government (Crown) holds a legislated 51% shareholding, making Mercury one of New Zealand's most widely-owned businesses, and the company is positioned as a key player in New Zealand's legislated 100% renewable electricity target by 2030.

Name

Mercury

Legal name

Mercury NZ Limited

Website

https://mercury.co.nz

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Mercury NZ is a vertically integrated renewable energy and telecommunications company generating electricity from hydro, geothermal, and wind assets to serve New Zealand residential, commercial, and hyperscale data center customers with bundled electricity, gas, broadband, and mobile services.

Ownership category

akta.pro rank

Product category

Renewable Energy Retail

NAICS

Hydroelectric Power Generation (221111), Geothermal Electric Power Generation (221116), Wind Electric Power Generation (221115), Electric Power Generation (22111)

akta.pro primary industry

Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF)

Keywords

• Renewable electricity generation
• Electricity retail services
• Natural gas supply
• Broadband internet services
• Mobile telecommunications

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Electricity Generation and Retail: Mercury generates electricity from hydroelectric and geothermal assets and sells electricity, gas, and related services to residential and business customers across New Zealand. The vertically integrated model spans generation, retail, and technology services.
2. Telecommunications Services: Mercury offers bundled telecommunications services including broadband internet and mobile services alongside energy offerings, creating cross-selling opportunities and customer retention.
3. Wholesale Energy Sales: Mercury sells electricity to large commercial and industrial customers through its wholesale operations, managing the overall electricity portfolio with responsibility for wholesale market activities.
4. Energy Management Services: Mercury provides energy management services including controlling enrolled devices like hot-water cylinders, collecting telemetry data for optimization purposes.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Mercury NZ Limited generates electricity from 100% renewable sources including hydroelectric, geothermal, and wind assets and retails electricity, natural gas, broadband internet, and mobile telecommunications services to residential and business customers across New Zealand through a vertically integrated business model spanning generation, retail, and technology services. The company operates nine hydro stations on the Waikato River, geothermal generation near Taupō, and wind farms, and bundles its energy offering with telecommunications services following its 2022 merger with Trustpower.

Product overview

Mercury NZ Limited operates as a vertically integrated energy and telecommunications company offering a bundled suite of consumer services. The core offering consists of retail energy services (Electricity and Gas) combined with telecommunications (Broadband and Mobile), supported by a customer rewards programme. The company's generation assets produce renewable electricity from hydro, geothermal, and wind sources. Energy management services allow customers to enrol devices (such as hot-water cylinders) for remote monitoring and control. The product portfolio is unified under the Mercury brand, with services available through the Mercury App, website, and My Account portal.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Retail electricity supply to residential and business customers across New Zealand, sourced from Mercury's renewable hydro, geothermal, and wind generation assets. Customers can choose from various plans including time-of-use options.
• Gas Retail natural gas supply to residential and business customers in New Zealand, offered as part of Mercury's bundled energy services following the Trustpower merger.
• Broadband Internet connectivity services provided through partnerships with local fibre companies and network providers, including wireless broadband options, available as part of Mercury's bundled offering.
• Mobile Mobile telecommunications services delivered through the Spark Mobile Network, available as part of Mercury's bundled energy and telecommunications offering.
• Mercury Rewards Loyalty programme offering customers benefits such as Free Power Days, discounts, and special offers on Mercury's energy and telecommunications services.
• Energy Management Services

Quantifiable outcome

• H1 FY2026 EBITDAF increased 28% to NZD 337 million
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• ANDRITZcoreTechnology or Integration · 22 April 2026Mercury selected ANDRITZ to supply 9 turbines and 13 generators for major upgrade of Maraetai I, Ātiamuri, and Ōhakuri Hydro Stations. The contract, valued in the lower three-digit million-euro range, will increase combined installed capacity by 76 MW from 376 MW to 452 MW and add 87 GWh annual generation. This is the fourth major contract between Mercury and ANDRITZ.
• Datagrid New ZealandcoreStrategic or Co-development Partner · 23 March 2026Datagrid signed a 15-year Power Purchase Option Agreement with Mercury to power its planned 280MW hyperscale AI data center campus in Invercargill, New Zealand. The deal will supply approximately 1.2TWh of power annually, supporting global AI workloads and renewable energy sourcing.
• Genesis Energy, Contact Energy, Meridian EnergyminorStrategic or Co-development Partner · 5 November 2025Commerce Commission approved the 'Strategic Energy Reserve Huntly Firming Option' agreement granting Genesis, Contact, Meridian, and Mercury access to Genesis Energy's Huntly Power Station. This strategic partnership addresses dry-year risks in New Zealand's energy market.
• Amazon (AWS)coreStrategic or Co-development Partner · 1 September 2025Amazon partnered with Mercury for renewable energy through the Turitea South wind farm to underpin the AWS Asia Pacific (New Zealand) Region. Amazon plans to invest over NZ$7.5 billion in New Zealand with the new region comprising three Availability Zones and expected to add approximately NZ$10.8 billion to NZ's GDP.

Scale indicators19 records

Recent moves11 records

Expansion highlights3 records

Others

• Trustpower: Former NZ competitor that merged into Mercury in 2022. Relevant as the legacy benchmark for what Mercury absorbed (mass-market retail customers, solar/IoT products) and the consolidation logic driving Mercury today.
• Vector Limited: NZ electricity and gas distribution infrastructure owner (lines and metering). Comparable as a regulated NZ energy infrastructure business, though Vector operates the network rather than competing in generation or integrated retail.
• Spark New Zealand: Largest NZ telco and the network on which Mercury resells mobile services. Adjacent peer via Mercury's bundled broadband/mobile offering rather than a direct competitor; provides the wholesale platform Mercury depends on.

Direct peers

• Manawa Energy: NZ-listed renewable generator (predominantly small-to-mid-scale hydro and some wind) supplying electricity via wholesale/retail channels. Comparable on the generation side though smaller scale than Mercury; led until recently by ex-Mercury executives.
• Genesis Energy: NZ incumbent electricity generator-retailer including the Huntly thermal station (used as the Commerce Commission's dry-year reserve). Comparable vertically integrated model and customer base to Mercury; Mercury is a counterparty to Genesis on the Huntly Strategic Energy Reserve.
• Contact Energy: NZ-listed vertically integrated generator-retailer with geothermal-heavy generation and significant hydro assets. Direct NZ peer; competes with Mercury in retail and wholesale markets under the same regulatory framework.
• Meridian Energy: New Zealand's largest renewable electricity generator (hydro, wind, geothermal) and multi-product retailer. Closest direct peer: same regulatory regime, similar generation mix and retail customer base, both Crown-influenced utilities.

Broad incumbents

• Iberdrola: Global vertically integrated renewable utility (hydro, wind, solar, grids, retail). Comparable business model and the international benchmark for integrated renewable generators; multiple-orders-of-magnitude larger than Mercury.
• Infratil: NZ-listed infrastructure investor with material exposure to NZ and Australian renewables (Mercury affiliate Gentailer collective). Comparable in NZ energy infrastructure but as a diversified infrastructure platform rather than a pure-play generator-retailer.
• Ørsted: Global offshore wind and renewable utility. Useful broad incumbent comparator for capital-intensive renewable generation + retailing economics and ESG positioning, though at much larger scale and portfolio breadth than Mercury.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mercurynz
• Facebookfacebook.com/mercurynz

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mercury