King Country Energy

What King Country Energy does

King Country Energy (KCE) is a privately held New Zealand hydropower electricity generator operating five power stations — Mangahao, Kuratau, Wairere, Mokauiti, and Piriaka — across the King Country and Horowhenua districts of the North Island. The company traces its operational heritage to stations commissioned in 1924–1963, with two assets (Piriaka and Wairere) now past their centenaries. Its underlying technology consists of conventional run-of-river and small-storage hydropower schemes: three storage dams, two tunnels and penstocks at Mangahao; a small ~100-hectare storage lake at Kuratau; Francis turbines at Wairere; and three weirs at Piriaka. Across the portfolio KCE has approximately 53.1 MW of installed capacity generating an average of ~190 GWh per year, equivalent to powering roughly 24,000 households.

King Country Energy's business model is wholesale electricity generation: it produces power and sells it into the New Zealand electricity market, with the bulk of output supplied to local electricity distribution networks and a material contribution from the Mangahao scheme to the National Grid, including voltage stability support for the lower North Island. The company does not retail electricity directly; retail customers were historically transferred to Trustpower (now Mercury Energy) following the 2018 ownership agreement. KCE monetises generation through wholesale offtake arrangements, with revenue inherently exposed to hydrology and spot/hedge electricity prices. Operations and maintenance across all five stations are outsourced to Manawa Energy (a wholly owned subsidiary of Contact Energy) under a contract that has been in place since 2017.

The company's customer base is concentrated in two segments: local electricity distribution networks serving residential and small commercial loads in King Country and Horowhenua, and (via Mangahao) the National Grid. As of April 17, 2026, King Country Energy is wholly owned by Contact Energy following Contact's purchase of the remaining 24.98% from the King Country Trust for approximately NZD $47 million, completing a multi-step ownership transition from Trustpower/Manawa Energy majority control (2015–2025) to full Contact ownership. The company maintains a community-engagement model emphasising environmental stewardship (fish passage programs, elver transfers at Wairere and Mokauiti, 10-year predator control partnership at Lake Kuratau) and local sponsorships (rescue helicopters, scholarships).

Name

King Country Energy

Legal name

King Country Energy

Website

https://kce.co.nz

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1–10 employees

Short description

King Country Energy is a New Zealand privately-held hydropower generator operating five North Island stations (Mangahao, Kuratau, Wairere, Mokauiti, Piriaka), producing ~190 GWh annually to power 24,000 households, now wholly owned by Contact Energy.

Ownership category

akta.pro rank

Product category

Renewable Hydropower Electricity Generation

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation (22111)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991), Engines & Turbines (3510)

akta.pro primary industry

Hydroelectric Turbines & Governors (IMAHAFAD)

Keywords

• Hydropower electricity generation
• Renewable energy generation
• Wholesale electricity supply
• Hydroelectric power stations
• Electricity network supply

Headquarters

HQ city

Timaru

HQ country

New Zealand

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations

Revenue model

1. Electricity Generation and Sales: King Country Energy generates electricity through five hydropower stations and sells electricity to households and local electricity networks. The company has operated for over 100 years providing electricity to communities in the King Country and Horowhenua districts.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

King Country Energy is a hydropower electricity generator operating five power stations (Mangahao, Kuratau, Wairere, Mokauiti, and Piriaka) across the King Country and Horowhenua districts of New Zealand's North Island. The company generates approximately 190 GWh of renewable electricity annually from about 53.1 MW of installed capacity and supplies this electricity to local electricity distribution networks and the National Grid. Operations and maintenance are contracted to Manawa Energy, a subsidiary of Contact Energy which took full ownership of KCE in April 2026.

Product overview

King Country Energy (KCE) is a hydropower electricity generator operating five power stations across the North Island of New Zealand. The company offers a unified electricity generation service through its portfolio of hydro schemes: Mangahao (Horowhenua), Kuratau, Wairere, Mokauiti, and Piriaka (King Country). With total installed capacity of approximately 53.1 MW and average annual generation of 190 GWh, KCE supplies renewable electricity to local networks and contributes to the national grid, powering the equivalent of approximately 24,000 households. The five power stations function as a coordinated generation network, with operations and maintenance contracted to Contact Energy (majority shareholder since 2025).

Differentiator

Problem solved

Functional benefit

Products and services

• Mangahao Power Station Hydropower electricity generation station located near Shannon in the Horowhenua region, featuring three storage dams, two tunnels, and a series of penstocks. Generates approximately 120 GWh annually from its main station plus 8 GWh from the mini-hydro station, enough to power approximately 16,000 homes. Provides significant contributions to the National Grid including voltage stability in the lower North Island.
• Kuratau Power Station Hydropower electricity generation station located near Taupo in the King Country region, constructed in 1962 with a small storage lake of approximately 100 hectares. Site of an ongoing 10-year predator control partnership with Omori Kuratau Pest Management Group.
• Wairere Power Station Hydropower electricity generation station located near Aria/Piopio in the King Country region. Originally commissioned in 1925 with 200 kilowatts, now upgraded with a Francis turbine. Generates approximately 18 GWh annually. Site of the Wairere elver trap-and-transfer programme supporting upstream passage past the dam.
• Mokauiti Power Station Hydropower electricity generation station located near Aria in the King Country region, commissioned in 1963. Includes passive fish bypass development supporting migrating eels to safely navigate the dam.
• Piriaka Power Station Hydropower electricity generation station located near Taumarunui, originally established in 1924 with an expanded second powerhouse added in 1971. Features three weirs managing water flow as part of the King Country scheme.

Quantifiable outcome

• 53.1MW total capacity powering 24,000 households
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Omori Kuratau Pest Management Group (OKPMG)minorStrategic or Co-development Partner · 1 January 202110-year partnership established in 2021 for predator control at Lake Kuratau. OKPMG operates traplines around Kuratau Power Station. KCE supports the initiative as part of environmental stewardship around its hydro stations. In 2025, OKPMG removed 2,147 predators from the area.
• Manawa EnergycoreTechnology or Integration · 1 January 2017Manawa Energy (formerly Trustpower) has operated and maintained KCE's power stations since 2017 under an operation and maintenance contract. Manawa Energy is a wholly owned subsidiary of Contact Energy. Operations teams based in Taumarunui for Ruapehu and Shannon for Mangahao.
• Philips Search and Rescue TrustcoreGTM or Marketing Partner · 1 January 2016KCE has been a Supporting Sponsor of the Waikato Westpac Rescue Helicopter since 2016. The partnership covers all five hydropower scheme areas. KCE also sponsors the Grassroots Trust Rescue Helicopter servicing Manawatu and Horowhenua regions.
• King Country TrustcoreStrategic or Co-development Partner · 1 January 1990King Country Trust (formerly King Country Electric Power Trust) is the original trust established to represent the community interest in KCE. The Trust held 24.98% of shares until April 2026 when Contact Energy completed full acquisition. The Trust was represented on KCE's Board since the 1990s.
• Horizons Regional CouncilminorStrategic or Co-development PartnerKCE works with Horizons Regional Council on environmental initiatives including new fish passes at Mangahao, vegetation control and property erosion management.
• Department of Conservation (DOC)minorStrategic or Co-development PartnerKCE works with DOC for fish monitoring dives three times a year at Kuratau, focusing on stretch from Champagne spring to 1km downstream.

Scale indicators9 records

Recent moves6 records

Expansion highlights4 records

Others

• Transpower New Zealand: Transpower is the national grid operator and owner of the high-voltage transmission network in NZ. KCE's Mangahao scheme provides generation output and voltage stability services to the lower North Island grid, making Transpower a key operational counterpart and infrastructure peer for any NZ-connected hydro generator.
• Electricity Authority of New Zealand: The Electricity Authority is the NZ regulator overseeing the wholesale electricity market and grid reliability. KCE operates under the Electricity Code (13.2A(1) disclosure obligations cited on its site) and sells into the same wholesale market governed by the Authority, making it a key institutional counterpart for any NZ generator peer set.

Broad incumbents

• Meridian Energy: Meridian Energy is New Zealand's largest renewable electricity generator, with significant hydro generation assets across the South Island. It sells into the same national wholesale market and faces the same hydrology, resource consent, and decarbonization dynamics as KCE, making it a broad incumbent peer.
• Genesis Energy: Genesis Energy is one of New Zealand's largest electricity generators and retailers, with a mix of hydro, thermal, and wind assets. It competes in the same NZ wholesale electricity market and faces similar regulatory and hydrology dynamics as KCE.
• Contact Energy: Contact Energy is the parent company of King Country Energy following the April 2026 full acquisition. Contact is one of New Zealand's largest electricity generators and retailers, operating a diversified portfolio of geothermal, hydro, wind, and gas generation — making it directly comparable as both owner and as a broader NZ generation peer.
• Mercury Energy: Mercury Energy is a major NZ generator-retailer with hydro and geothermal assets on the North Island. It acquired Trustpower's retail business in 2022 — the same transaction that separated Trustpower's generation business into Manawa Energy — placing Mercury in the same competitive generation and retail market as KCE's parent.

Emerging players

• Eastland Generation: Eastland Generation operates a portfolio of small-to-medium hydro and geothermal generation assets in the Gisborne and East Coast regions of NZ. As a regionally-focused NZ renewable generator with community-linked ownership, it is comparable in scale and operating model to KCE.
• Ngāwhā Generation (Top Energy): Top Energy operates the Ngāwhā geothermal power station in Northland, NZ. While generation source differs, it is comparable as a mid-sized NZ independent/community-linked generator supplying a regional network — similar in scale and market structure to KCE's role in King Country/Horowhenua.

Direct peers

• Manawa Energy: Manawa Energy is a wholly-owned subsidiary of Contact Energy that has operated and maintained KCE's power stations since 2017 under an O&M contract. Manawa owns and operates a portfolio of NZ hydropower and renewable generation assets, making it the closest operational and structural peer to KCE.
• Trustpower (legacy generation): Trustpower was KCE's majority shareholder from 2015 until its generation business was rebranded as Manawa Energy in 2022. Trustpower historically operated small-to-mid hydro and wind assets in NZ, making its former generation portfolio directly comparable to KCE's footprint.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights4 records

Customer concentration

• Facebookfacebook.com/KingCountryEnergy
• LinkedInlinkedin.com/company/king-country-energy-kce

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 King Country Energy