Mercury
A New Zealand renewable electricity generator and multi-product energy retailer.
Last updated August 31, 2026
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Overview
Mercury is the consumer-facing brand of Mercury NZ Limited, a New Zealand electricity generator and multi-product utility retailer. The company operates across electricity generation, residential and commercial energy retailing, natural gas, broadband and mobile services. Its generation portfolio is entirely renewable and is built around hydroelectric stations on the Waikato River, geothermal facilities in the central North Island and wind farms. Mercury also sells electricity and natural gas to industrial and wholesale customers, and has expanded its residential offering through bundled fibre broadband and mobile services. The business originated in the restructuring of New Zealand's electricity sector during the 1990s. Mercury NZ Limited was formed in 1994 by the Auckland Energy Consumer Trust to own and operate the electricity supply business previously associated with the Auckland Electric Power Board. After further sector reforms, the retail business was transferred to Mighty River Power in 1999, while the former distribution operation adopted the name Vector. Mighty River Power inherited the Waikato hydroelectric stations and developed a substantial geothermal portfolio, including interests in Rotokawa and Mōkai, followed by the Kawerau and Nga Awa Purua stations. The company became a publicly listed mixed-ownership enterprise in 2013, when the New Zealand Government sold a minority stake while retaining majority control. In 2016, Mighty River Power merged its retail and generation operations and changed its legal name to Mercury NZ Limited. The rebrand replaced the earlier Roman-god imagery with a bee symbol intended to reflect a stronger local connection. The Mercury name subsequently became the central brand for a broader energy and telecommunications proposition. Mercury strengthened its renewable-generation position in 2021 by acquiring five operating wind farms and development options from Tilt Renewables. The company also brought the Turitea wind farm into operation, complementing its hydro and geothermal assets. In 2022, Mercury acquired Trustpower's retail business, including its customer base and the Trustpower retail brand; Trustpower's generation business was separated and renamed Manawa Energy. In June 2023, Mercury consolidated the Mercury and Trustpower retail brands under the Mercury identity. Mercury's principal customer proposition combines renewable electricity with additional household services and flexible payment options. Its GLOBUG sub-brand provides prepaid electricity. Residential customers can also access gas, fibre broadband and mobile services, while business and industrial customers receive tailored electricity and gas offerings. The company operates from offices in Auckland, Tauranga, Hamilton, Rotorua, Palmerston North, Wellington and Oamaru. Its strategic identity is closely associated with renewable generation, large-scale infrastructure ownership and a broadening role as a household utility provider.
History
Mercury's origins lie in the reorganisation of New Zealand's electricity industry during the 1990s. Before deregulation, the New Zealand Electricity Department controlled most generation and the national transmission system. The subsequent corporatisation of the sector created the Electricity Corporation of New Zealand and separated transmission into Transpower. In 1994, Mercury NZ Limited was established by the Auckland Energy Consumer Trust to own and operate the electricity supply activities formerly associated with the Auckland Electric Power Board. The structure of the industry continued to change. In 1996, the Electricity Corporation was divided into separate state-owned enterprises, including Contact Energy. In 1999, the remaining generation and retail activities were reorganised into Genesis Energy, Meridian Energy and Mighty River Power. Mercury's retail operation was transferred to Mighty River Power, which retained the Mercury Energy trading name. The distribution business changed its name to Vector and continued operating the relevant network assets. Mighty River Power also acquired the Waikato hydroelectric stations and developed a large renewable-generation platform. During the late 1990s and 2000s, the business expanded through acquisitions, new generation and geothermal partnerships. It acquired Power New Zealand in 1998, obtained full ownership of the Southdown gas-fired station in 2002, and developed or operated geothermal assets at Rotokawa, Mōkai, Kawerau and Nga Awa Purua. The company also considered recommissioning the Marsden B station as a coal-fired plant, but environmental opposition and legal challenges ultimately led it to abandon the proposal in 2007. Marsden B was later sold and dismantled. Southdown was closed in 2015, reflecting the company's longer-term movement away from thermal generation. In 2013, Mighty River Power became the first of the New Zealand Government's planned mixed-ownership energy companies to be partially sold to the public. The offering created a broad shareholder base, while the Government retained a majority stake. The shares later traded below their initial offering level, and the company announced a share buyback programme in the same year. In July 2016, Mighty River Power merged its retail and generation businesses, adopted the legal name Mercury NZ Limited and relaunched its brand. The new visual identity used a bee rather than the previous Roman Mercury imagery. The change signalled a more accessible consumer brand while preserving the company's generation and infrastructure identity. Mercury continued to diversify its renewable portfolio in the 2020s. In 2021, it acquired five operating wind farms and related development options from Tilt Renewables, while the Turitea wind farm began producing electricity. The resulting portfolio combined Waikato hydro stations, central North Island geothermal plants and wind assets. Mercury also broadened its retail proposition beyond electricity and gas into fibre broadband and mobile services. In 2022, Mercury purchased Trustpower's retail business. The generation side of Trustpower was separated and renamed Manawa Energy, while Mercury assumed the retail customer base and continued operating the Trustpower retail brand for a transition period. In June 2023, the two retail identities were unified under Mercury. The company therefore evolved from a regional electricity-supply business into a nationwide, renewable-focused generator and multi-product utility retailer.
- 2023
Trustpower retail brand folded into Mercury
[1]Mercury unified its retail operations and the acquired Trustpower retail business under the Mercury brand.
- 2022
Trustpower retail acquisition
[1]Mercury acquired Trustpower's retail business and customer base; the former Trustpower generation business became Manawa Energy.
- 2021
Wind portfolio acquired
[1]Mercury purchased five operating wind farms and development options from Tilt Renewables, while Turitea began generating power.
- 2016
Company adopts the Mercury NZ name
[1]The retail and generation operations were merged, the company became Mercury NZ Limited and a bee-based brand identity was introduced.
- 2013
Partial privatisation and stock-market listing
[1]Mighty River Power completed a public offering and became a listed mixed-ownership company, with the New Zealand Government retaining majority control.
- 2010
Nga Awa Purua begins operation
[1]The 140 MW Nga Awa Purua geothermal station opened near Taupō and materially increased the company's geothermal capacity.
- 2008
Kawerau geothermal station opens
[1]The 100 MW Kawerau geothermal station entered service, strengthening electricity supply in the eastern Bay of Plenty.
- 2000
Geothermal expansion begins
[1]Mighty River Power acquired operational responsibility and turbine ownership interests at Rotokawa and commissioned the Mōkai geothermal station through joint ventures.
- 1999
Retail business transferred to Mighty River Power
[1]Electricity generation and retail activities were reorganised, and Mighty River Power continued using the Mercury Energy trading name.
- 1998
Power New Zealand acquisition
[1]The Commerce Commission approved Mercury's acquisition of Power New Zealand, expanding the business's electricity operations.
Products and positioning
A major New Zealand renewable-energy generator and integrated household utility brand, combining electricity generation with retail energy, telecommunications and prepaid-service offerings.
Electricity generation
Renewable electricity generation
Mercury generates electricity entirely from renewable sources. Its portfolio includes hydroelectric stations on the Waikato River, geothermal facilities in the central North Island and wind farms. The assets support both wholesale-market participation and electricity supplied to Mercury retail customers.
Energy retail · 1994
Residential electricity
Mercury supplies electricity to residential customers throughout New Zealand. The retail proposition is linked to the company's renewable generation base and can be combined with other household services such as gas, fibre broadband and mobile telecommunications.
Prepaid electricity
GLOBUG
GLOBUG is Mercury's prepaid electricity sub-brand. It is designed for customers who want to purchase electricity in advance and monitor or manage their energy spending through a prepaid model.
Energy retail
Natural gas
Mercury offers natural-gas products to residential, commercial, industrial and wholesale customers. Gas is part of the company's broader multi-product utility proposition rather than its generation portfolio, which is renewable.
Telecommunications · 2022
Fibre broadband
Since 2022, Mercury has offered fibre broadband services as a bundled option for residential electricity customers. The service extends the brand from energy supply into connected household utilities.
Telecommunications
Mobile services
Mercury also provides mobile telephone services as part of its multi-product retail offering. The mobile proposition is positioned alongside electricity and broadband rather than as a standalone core business.
Marketing campaigns
- 2023Mercury and Trustpower brand consolidation
New Zealand
Mercury brought the acquired Trustpower retail business together with its existing retail operation under one Mercury brand.
Outcome. The consolidation simplified the retail brand architecture following the Trustpower acquisition.
- 2016Bee-based Mercury rebrand
New Zealand
Following the merger of its retail and generation operations, the company introduced a new Mercury identity centred on a bee symbol. Research indicated that the bee had a stronger connection with New Zealand consumers than the earlier Roman-god imagery.
Outcome. The rebrand established the modern Mercury consumer identity and supported the company's transition from Mighty River Power to Mercury NZ.
Brand decisions
2022
Acquisition of Trustpower retailM&ABackground
Mercury aimed to expand its retail customer base and multi-product utility offering.
Action taken
Mercury acquired Trustpower's retail business, including its retail customers and brand.
Aftermath
Trustpower's generation business became Manawa Energy, and the retail operations were later consolidated under Mercury.
2021
Acquisition of Tilt Renewables wind assetsM&ABackground
Mercury sought to increase renewable generation and diversify beyond its established hydroelectric and geothermal portfolio.
Action taken
The company acquired five operating wind farms and several wind-farm development options from Tilt Renewables.
Aftermath
The transaction expanded Mercury's wind-generation platform and complemented the first power from the Turitea wind farm.
2013
Public offering and mixed-ownership transitionM&ABackground
The New Zealand Government sought to reduce its ownership of several state energy companies while retaining majority control.
Action taken
Mighty River Power completed an initial public offering and became a listed mixed-ownership company.
Aftermath
The Government retained majority ownership. The shares later traded below the offering level, and the company announced a buyback programme.
Initial public offering proceeds. NZ$1.7 billion raised (May 2013)
2007
Abandonment of Marsden B coal-conversion proposalStrategyBackground
Mighty River Power had proposed refurbishing the mothballed Marsden B station to burn coal, citing supply-security concerns in Northland. Greenpeace occupied the site and challenged the project's resource consent through the courts.
Action taken
After the High Court overturned the consent and the company appealed, Mighty River Power dropped the proposal in March 2007.
Aftermath
Marsden B was later sold and dismantled, while the company continued developing renewable generation.
Recent events
Mercury NZ agrees to acquire Trustpower retail and telecommunications businesses[3]
Reported:
Trustpower agreed to sell its telecommunications, gas and retail electricity supply business, excluding electricity supply to commercial and industrial customers, to Mercury NZ in a conditional transaction valued at $441 million. Completion was expected in late 2021 or early 2022, subject to approvals and other conditions.
- Unconfirmed
Mercury raises full-year earnings guidance[4]
Mercury NZ raised its full-year earnings guidance by $25 million, citing increased storage in its Waikato catchment and sustained high wholesale electricity prices.
Sources4 sources
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