Table of Contents
Table of Contents 2
List of Tables 6
Company Snapshot 7
Key Information 7
Company Overview 7
SWOT Snapshot 7
Operational Metrics 8
Mercury NZ Ltd, Operational Metrics, By Capacity 8
Mercury NZ Ltd, Operational Metrics, By Generation 8
Mercury NZ Ltd, Operational Metrics, By Customers 8
Mercury NZ Ltd, Operational Metrics, By Segmental Information 8
Mercury NZ Ltd, Wind Farms 9
Mercury NZ Ltd, Wind Farms, New Zealand 9
Mercury NZ Ltd, Hydro Power Plants 10
Mercury NZ Ltd, Hydro Power Plants, New Zealand 10
Mercury NZ Ltd, Biopower Plants 11
Mercury NZ Ltd, Biopower Plants, New Zealand 11
Mercury NZ Ltd, Thermal Power Plants 12
Mercury NZ Ltd, Thermal Power Plants, New Zealand 12
Business Description 13
Business Overview 13
Major Products and Services 14
History 15
SWOT Analysis 18
Overview 18
Mercury NZ Ltd Strengths 18
Cost Efficiency 18
Energy Related Operations 18
Mercury NZ Ltd Weaknesses 18
Geothermal Project Cost 18
Working Capital Deficit 19
Mercury NZ Ltd Opportunities 19
Electric Vehicles Programme 19
Increase in Demand for Electricity 19
Renewable energy Initiatives 19
Mercury NZ Ltd Threats 19
Project Cost Fluctuations: Geothermal 19
Operational Issues 20
Increasing Popularity of Substitute Energy Sources 20
Financial Ratios – Capital Market Ratios 21
Financial Ratios – Annual Ratios 21
Financial Ratios – Interim Ratios 23
Key Employees 24
Key Employee Biographies 25
Company Statement 26
Locations And Subsidiaries 28
Head Office 28
Other Locations & Subsidiaries 28
Financial Deals Landscape 29
Mercury NZ Ltd, Deals Summary 29
Mercury NZ Ltd, Power, Deal Details 30
Asset Transactions 30
Mighty River Power Invests US$363.2 Million In Ngatamariki Geothermal Power Project In New Zealand 30
Mighty River And Tauhara North Completes Project Financing Of US$205 Million For Nga Tamariki Geothermal Power Project In New Zealand 31
Equity Offering 32
Mighty River Power Completes IPO For US$1.4 Billion 32
Debt Offering 33
Mighty River Power Raises USD253.5 Million in Public Offering of Bonds Due 2044 33
Asset Transactions 35
Mighty River Power to Sell Interests in Geothermal Assets in Germany and Chile 35
Acquisition 36
Mighty River Power to Acquire What Power Crisis 36
Mighty River To Acquire Additional 13.33% Stake In EnergySource From Hannon Armstrong And Catalyst Renewables 37
Recent Developments 38
Mercury NZ Ltd – Recent Developments 38
Sep 06, 2011: Mighty River Power Receives Consent For Its 60 Turbine Turitea Wind Farm In Manawatu-Wanganui Region, New Zealand 38
Feb 23, 2011: L&M Energy Announces Permit Extension 38
Feb 11, 2011: Mighty River Power Receives Draft Decision From Board of Inquiry For Construction And Operation Of Wind Farm At Turitea, New Zealand 38
May 21, 2010: L&M Energy Secures PEP 52181 Exploration Permit In Taranaki Basin, New Zealand 38
May 13, 2010: Rotokawa Receives Resource Consents Approval For NGPS 39
Oct 12, 2009: Windflow Technology Receives Approval For Long Gully Wind Farm In New Zealand 39
Jun 05, 2014: Metrix confirmed as preferred smart metering partner for Trustpower 40
Nov 07, 2011: Mighty River Power Signs Agreements With Okere And Ruahine Kuharua For Geothermal Development On Taheke Field In Rotorua, New Zealand 40
Jun 08, 2011: Mighty River Power Continues Geothermal Growth With New NZD466m Plant In New Zealand 40
Jan 17, 2011: Mighty River Power To Construct Wind Farm Near Cape Campbell In New Zealand 41
Jan 27, 2010: Mighty River Power To Unveil New Design Of Its Proposed Turitea Wind Farm Near Palmerston North, New Zealand 41
Mar 18, 2008: Mighty River To Monitor Wind Potential Of Puketoi Range 42
Mar 06, 2008: Mighty River Committs To New Geothermal Development In New Zealand 42
Dec 07, 2009: New Zealand Oil & Gas Starts Drilling At Albacore 43
Nov 23, 2009: New Zealand Oil & Gas Takes Over ENSCO-107 Rig For Albacore Permit 43
Feb 23, 2016: Strong operating performance confirms interim dividend: Mighty River Power 44
Jan 20, 2016: Mighty River Power Quarterly Operational Update for the Three Months ended 31 December 2015 45
Aug 28, 2015: Strong cash flow supports special dividend, while operating earnings ease on record low hydro output 46
Feb 24, 2015: Mighty River Power: Forecast dividend unaffected by dry conditions 47
Nov 05, 2014: MRP announces special dividend for shareholders 48
Aug 20, 2014: Mighty River Power: Annual Results and dividend above IPO financial forecasts 48
Jul 24, 2014: Mighty River Power Quarterly Operational Update for the Three Months ended 30 June 2014 49
Feb 26, 2014: Mighty River Power released financial results for the six months ended 31 December 2013 49
Oct 23, 2013: Mighty River Power Quarterly Operational Update for the Three Months Ended 30 September 2013 51
Aug 28, 2013: Mighty River Power’s FY2013 financial results above IPO forecasts 51
Jul 24, 2013: Mighty River Power Quarterly Operational Update for the Three Months to 30 June 2013 52
Feb 21, 2013: Mighty River Reports Revenue Of NZD706.3m In H1 Fiscal 2013 53
Aug 28, 2012: Mighty River Reports Revenue Of NZD1.5 Billion In Fiscal 2012 55
Mar 27, 2012: Mighty River Reports Revenue Of NZD729.1m In H1 Fiscal 2012 56
Mar 03, 2010: Mighty River Reports Net Profit Of NZD73.9 Million For H1 Fiscal 2010 56
Sep 03, 2009: Mighty River Reports Net Profit After Tax Of NZD159.6 Million For Fiscal 2009 57
Mar 25, 2008: Mighty River Declares H1 Fiscal 2008 Results 58
Oct 08, 2007: Mighty River Declares Year End 2007 Results 59
Jul 22, 2016: Mighty River Power Quarterly Operational Update 59
Jun 08, 2016: Mighty River Power appoints Future Director, Nicky Ashton 60
May 30, 2016: Chief Marketing Officer appointed: Mighty River Power 60
May 05, 2016: Mighty River Power appoints GM Digital Services 61
May 02, 2016: Mighty River Power moving to single brand – Mercury 61
Apr 20, 2016: Mighty River Power Quarterly Operational Update for the Three Months ended 31 March 2016 62
Dec 11, 2015: Leadership team changes: Mighty River Power 63
Oct 20, 2015: Mighty River Power Quarterly Operational Update for the Three Months ended 30 September 2015 63
Aug 27, 2015: Mike Taitoko to join Mighty River Power Board 64
Jul 28, 2015: Electric vehicle charging stations go live in Downtown Auckland 64
Jul 20, 2015: Mighty River Power Quarterly Operational Update for the Three Months ended 30 June 2015 65
May 13, 2015: GM Geothermal appointment completes leadership team 65
Apr 23, 2015: Mighty River Power Quarterly Operational Update for the Three Months ended 31 March 2015 66
Mar 24, 2015: Renewables growth behind closure of Southdown thermal station 66
Feb 03, 2015: Kiwi technology key to cut-price electricity for Community Services Card holders 67
Jan 22, 2015: Mighty River Power again confirms no energy price increase 67
Jan 20, 2015: Mighty River Power Quarterly Operational Update for the Three Months ended 31 December 2014 67
Dec 16, 2014: MRP to exit geothermal investments in Chile & Germany 68
Dec 01, 2014: Tania Simpson to step down from MRP Board in mid 2015 68
Nov 17, 2014: Mighty River Power appoints GM Strategy & Communications 69
Nov 07, 2014: ‘Stunning opportunity’ for Kiwis and Country in home-grown fuel 69
Oct 24, 2014: Mighty River Power Quarterly Operational Update for the Three Months ended 30 Sept 2014 70
Sep 18, 2014: MRP appoints General Manager for Hydro/Wholesale 70
Aug 20, 2014: Mighty River Power: Shearer claims on power pricing a “work of fiction” – misleading our customers 71
Jul 23, 2014: Changes to Mighty River Power leadership team 71
May 13, 2014: Metrix Chief Executive appointment signals significant growth opportunity 72
May 01, 2014: Mighty River Power appoints Fraser Whineray as new Chief Executive 73
Apr 17, 2014: Mighty River Announces Quarterly Operational Update 74
Jan 30, 2014: Mighty River Power Quarterly Operational Update For The Three months Ended 31 December 2013 74
Dec 18, 2013: Patrick Strange to join Mighty River Power Board 75
Dec 02, 2013: Joint venture power station temporarily withdrawn for turbine maintenance 76
Sep 13, 2013: Council confirms no review of Waikato Hydro System resource consent conditions 76
Sep 02, 2013: New Ngatamariki Station boosts Mighty River Power’s geothermal production, driving earnings growth 76
Aug 25, 2013: Gas Bill Reductions for Majority of Mercury Energy Customers 77
Jun 27, 2013: Mighty River Power’s Ngatamariki Geothermal Power Station Reaches Full Capacity During Testing 77
Jun 04, 2013: Mighty River Power Provides Business Update For Three Months Ended March 2013 77
Jun 03, 2013: Mighty River Power Receives Final Resource Consents For 310 MW Wind Farm In New Zealand 78
May 16, 2013: Mighty River Power Seeks Consent To Explore Geothermal Power Potential Near Okere Falls In New Zealand 79
Jan 29, 2013: Mighty River Power Announces Quarterly Operational Update 79
Jun 25, 2012: Mighty River Power Granted Resource Consents For Wind Development At Puketoi, New Zealand 79
Jun 13, 2012: Mighty River Power Provides Update On Geothermal And Wind Power Projects 80
May 08, 2012: Mighty River Power Provides Construction Update On Ngatamariki Geothermal Station In New Zealand 81
Mar 06, 2012: Mighty River Power Achieves Grid Synchronization For 49.9 MW Hudson Ranch Power I Geothermal Project In Southern California 81
Nov 22, 2011: Mighty River Power Funds University Of Auckland For Geothermal Reservoir Engineering 82
Aug 03, 2011: Mighty River Power Files Application For Wind Farm Development At Puketoi In New Zealand 82
Jul 28, 2011: Nga Awa Purua Sells 410,000 ERUs To Deutsche Bank 82
Apr 05, 2011: Cue Energy Commences 2D Seismic Surveys At PEP 51313 And PEP 51149 Permits In New Zealand 82
Jan 21, 2011: Mighty River Power’s Total Electricity Generation Increase By 5% In Q3 2010 83
May 17, 2010: Mighty River Power And Tauhara North No.2 Trust Open Nga Awa Purua Geothermal Power Station 83
May 05, 2010: Mighty River Power And JV Partner To Officially Open Nga Awa Purua Geothermal Power Station In May 2010 84
Apr 08, 2010: Mighty River Appoints Prudence Flacks As New Board Of Director 84
Apr 08, 2010: Mighty River Power’s Nga Awa Purua Geothermal Power Station Starts Operations 84
Mar 25, 2010: Mighty River Power Resists Proposed Noise Limit For Turitea Wind Farm In New Zealand 85
Jan 18, 2010: Mighty River’s Nga Awa Purua Geothermal Power Station Adds Electricity To National Grid 85
Dec 21, 2009: New Zealand Oil & Gas Provides Albacore-1 Exploration Well Update 86
Mar 16, 2009: New Zealand’s Power Companies Ask For Investment In Grid 86
Nov 19, 2008: Mighty River Launches New Kawerau Geothermal Power Station 87
Oct 30, 2008: Mighty River Appoints Two General Managers 88
Oct 22, 2008: Mighty River Opens Tirohia Landfill Gas To Electricity Plant 88
Sep 02, 2008: Mights River Updates On Turitea Wind Farm Development Project 88
Sep 02, 2008: Mighty River Updates On Its Kawerau Geothermal Power Station 89
Jul 01, 2008: Mighty River Updates On Kawerau Power Station 89
Apr 18, 2008: Mighty River Begins Work On New Geothermal Development 89
Oct 24, 2007: Mighty River Provides Operational Update On Arapuni Dam 90
Oct 18, 2007: Mighty River Provides Operational Update On Kawerau Plant 91
Oct 08, 2007: Mighty River Invests $1 Billion 91
Jul 13, 2006: Mighty River Commences Operations In Penrose 91
Apr 11, 2016: MRP appoints UGL as Head Maintenance Contractor 92
Dec 22, 2015: Andritz receives refurbishment contracts for hydropower stations in New Zealand and Malawi 92
Jul 03, 2015: National Metering Arrangement with Mighty River Power Ends 92
Dec 22, 2014: Tuwharetoa and Mighty River Power reach partnership agreement over Lake Taupo 93
Jul 03, 2014: Metrix partnership with Trustpower supports growth plans 93
Jun 10, 2012: Vector Wins Natural Gas Supply Contracts 94
Apr 27, 2012: Ward Demolition To Demolish Marsden A Power Project In Ruakaka, New Zealand 94
Jun 24, 2011: Mighty River Power Confirms Multi-Year Agreement With Genesis Energy To Add Electricity Portfolio Flexibility 94
Jun 08, 2011: Ormat Technologies Secures $130m Supply And EPC Contract For Ngatamariki Geothermal Power Plant In New Zealand 95
Aug 03, 2010: Mighty River Power Initiates Tender Process For Securing Long Term Carbon Credits 95
Jul 07, 2009: Mighty River Receives Contract From Palmerston North City Council To Develop Wind Farm In New Zealand 96
Dec 12, 2008: Rheochem Renews Contract With Mighty River To Supply Drilling Fluids And Engineering Services 96
Mar 31, 2008: Nga Awa Purua Signs Contract With Sumitomo To Construct Second Geothermal Station 96
Appendix 98
Report Scope 98
GlobalData Coverage 98
Benchmarking 98
GlobalData’s Methodology 98
Secondary Research 98
Primary Research 99
Contact Us 99
Disclaimer 99
Mercury NZ Ltd, Key Facts 7
Mercury NZ Ltd, Operational Metrics, Capacity 8
Mercury NZ Ltd, Operational Metrics, Generation 8
Mercury NZ Ltd, Operational Metrics, Customers 8
Mercury NZ Ltd, Operational Metrics, Segmental Information 8
Mercury NZ Ltd, Wind Farms, New Zealand 9
Mercury NZ Ltd, Hydro Power Plants, New Zealand 10
Mercury NZ Ltd, Biopower Plants, New Zealand 11
Mercury NZ Ltd, Thermal Power Plants, New Zealand 12
Major Products and Services 14
Mercury NZ Ltd, SWOT Analysis 18
Mercury NZ Ltd, Ratios based on current share price 21
Mercury NZ Ltd, Annual Ratios 21
Mercury NZ Ltd, Interim Ratios 23
Mercury NZ Ltd, Key Employees 24
Mercury NZ Ltd, Subsidiaries 28
Mercury NZ Ltd, Deals Summary 29
Mighty River Power Invests US$363.2 Million In Ngatamariki Geothermal Power Project In New Zealand 30
Mighty River And Tauhara North Completes Project Financing Of US$205 Million For Nga Tamariki Geothermal Power Project In New Zealand 31
Mighty River Power Completes IPO For US$1.4 Billion 32
Mighty River Power Raises USD253.5 Million in Public Offering of Bonds Due 2044 33
Mighty River Power to Sell Interests in Geothermal Assets in Germany and Chile 35
Mighty River Power to Acquire What Power Crisis 36
Mighty River To Acquire Additional 13.33% Stake In EnergySource From Hannon Armstrong And Catalyst Renewables 37
