Mercury Investor Roadshow Presentation – November 2018

Mercury
Investor Roadshow
WILLIAM MEEK
Chief Financial Officer
November 2018
TIM THOMPSON
Head of Treasury &
Investor Relations

DISCLAIMER
This presentation has been prepared by Mercury NZ Limited and its group of companies (“Company”) for informational purposes. This disclaimer
applies to this document and the verbal or written comments of any person presenting it.
Information in this presentation has been prepared by the Company with due care and attention.However, neither the Company norany of its
directors, employees, shareholders nor any other person gives any warranties or representations (express or implied) as to the accuracy or
completeness of this information. To the maximum extent permitted by law, none of the Company, its directors, employees, shareholders or any
other person shall have any liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising
from this presentation or any information supplied in connection with it.
This presentation may contain projections or forward-looking statements regarding a variety of items.Such projections or forward-looking
statements are based on current expectations, estimates and assumptions and are subject to a number of risks, and uncertainties,including
material adverse events, significant one-off expenses and other unforeseeable circumstances, such as, without limitation, hydrological conditions.
There is no assurance that results contemplated in any of these projections and forward-looking statements will be realised, noris there any
assurance that the expectations, estimates and assumptions underpinning those projections or forward looking statements are reasonable.Actual
results may differ materially from those projected in this presentation.No person is under any obligation to update this presentation at any time after
its release or to provide you with further information about the Company.
A number of non-GAAP financial measures are used in this presentation.You should not consider any of these in isolation from, or as a substitute
for, the information provided in the audited consolidated financial statements, which are available at www.mercury.co.nz.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any
recommendation. The presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any security andmay not be relied upon in
connection with the purchase or sale of any security. Nothing in this presentation constitutes legal, financial, tax or other advice.
DISCLAIMER
2

Stable regulatory framework
>Underpinned by strong industry performance
on Reliability, Renewability and Pricing (the
electricity ‘trifecta’)
>Electricity recognised as a key enabler for
New Zealand’s low-carbon economy
100% renewable generation
>Low variable cost generation delivering strong
and stable cash flows
>Location and type of Mercury’s assets is a
competitive advantage
3
Focus on customer loyalty
>Focus on rewarding our existing customers
resulting in increased loyalty and below-
market churn
Delivering long-term shareholder value
>10 years of ordinary dividend growth
>Well positioned to deliver on growth
opportunities when timing is right
COUNTRY, INDUSTRY & COMPANY
MERCURY AT A GLANCE

6,800GWh
ANNUAL
GENERATION
4
MERCURY AT A GLANCE
MERCURY AT A GLANCE
Vertically integrated 100% renewable
generator and retailer
Key Information
1
Ticker Codes: MCY.NZ / MCY.AX
Market Capitalisation: NZ$4.6 billion
Enterprise Value: NZ$5.8 billion
Average Daily Turnover: NZ$4.5 million
Credit Rating: BBB+/Stable (S&P)
EBITDAF (FY19f): NZ$515 million
Cash Dividend Yield: 4.4%
Gross Dividend Yield: 6.2%
2
PE ratio: 20.0x
3
1
As at, or in the 12 months to, 31 October 2018
2
Fully imputed for New Zealand residents to 28%
3
Reflects high accounting depreciation due to policy of carrying generation assets at fair value
343K
NORTH ISLAND
CUSTOMERS
60%
HYDRO
40%
GEOTHERMAL
43K
SOUTH ISLAND
CUSTOMERS
NO. 2
METER DATA &
SERVICES
PROVIDER
IN NZ
19.99%
SHAREHOLDING
IN TILT

MERCURY AT A GLANCE
5
100% renewable generation
>Two low-cost complementary fuel sources
in base-load geothermal and peaking
hydro
Superior asset location
>North Island generation located near major
load centres; rain-fed hydro catchment
inflows aligned with winter peak demand
Substantial peaking capacity
>The Waikato hydro system is the largest
group of peaking stations in the
NorthIsland
High performance teams
>Dynamic company culture built on the
understanding that our people set
us apart
Track record of customer engagement
>Brand capital built through customer-led
innovation and rewarding loyalty
Long-term commercial partnerships
>With Māori landowners and other
key stakeholders
MERCURY’S COMPETITIVE ADVANTAGE

0
100
200
300
400
500
20092010201120122013201420152016201720182019
$m
Financial Year
CAPEX
Stay-In-BusinessGrowth
0
200
400
600
20092010201120122013201420152016201720182019
$m
Financial Year
EBITDAF
0
200
400
600
20092010201120122013201420152016201720182019
$m
Financial Year
OPEX
Operating expenditureOne-off costs
1x
2x
3x
4x
20092010201120122013201420152016201720182019
Financial Year
DEBT/EBITDAF
DEBT/EBITDAF
0
200
400
600
20092010201120122013201420152016201720182019
$m
Financial Year
DISTRIBUTIONS
Interim dividendFinal dividend
Special dividendShare buyback
6
MERCURY’S FINANCIAL TRACK RECORD
Flat from FY2014
Generation development
-10,000
-5,000
0
5,000
10,000
20092010201120122013201420152016201720182019
GWh
Financial Year
GENERATION VS SALES
Geo
Hydro
Thermal
MERCURY AT A GLANCE
CAGR: ~3%
Capacity for growth
10 years of ordinary dividend growth

>All electricity markets seek to balance Reliability, Pricing and Renewability –the ‘Electricity Trilemma’
>New Zealand has achieved the electricity ‘Trifecta’:
>Opportunity exists in New Zealand to broaden this advantage to reduce reliance on imported fossil fuels
NEW ZEALAND’S COMPETITIVE ADVANTAGE IN ELECTRICITY
INDUSTRY
7
Source: Accenture, Ministry of Business, Innovation & Employment, United States Chamber of Commerce

INTERNATIONAL ENERGY AGENCY
It is a world leading exampleof a well-functioning energy
market, which continues to work effectively.”
1
The country is endowed with a diverse range of energy
sources, notably renewables. Among IEA member countries,
New Zealand has the highest penetration of geothermal energy
and a significant contribution from hydro.
Without any direct subsidies or public support, their share in
electricity and heat supply has grown in recent years, as a result
of cost-competitive geothermal and hydro and very good
conditions for wind power. This performance is a world-class
success story among IEA member countries.”
1
1
IEA Publications (2017), Energy Policies of IEA Countries: New Zealand
2017 Review, International Energy Agency, p. 13
Kawerau Geothermal Power Station
INDUSTRY
8

CONTRAST TO AUSTRALIA’S ‘ELECTRICITY TRILEMMA’
Source: Ministry of Business, Innovation & Employment, Australian Government -Department of Industry, Innovation and Science
1
Australian Energy Market Operator (AEMO), (2018), AEMO observations: Operational and market challenges to reliability and security in the NEM, AEMO Limited, p. 72
2
Australian Competition and Consumer Commission (ACCC), (2018), Retail Electricity Pricing Inquiry –preliminary report, ACCC, p. 5
0
10
20
30
40
50
1990199319961999200220052008201120142017
TWh
NEW ZEALAND’S GENERATION MIX
HydroGeothermalWindCoalGasOtherSolar
0
50
100
150
200
250
300
1990199319961999200220052008201120142017
TWh
AUSTRALIA’S GENERATION MIX
HydroWindCoalGasOtherSolar
Reliability
>Coal plant retirements and growing intermittent generation
have reduced system stability
>“With increasing growth in variable renewable energy
resources, both demand and supply are now exposed to
the vagaries of weather ... impacting AEMO’s ability to
meet demand on extreme peak days”
1
Pricing
>Wholesale and retail price increases driven by thermal
retirement and gas price linkage to international LNG market
>“there is a severe electricity affordability problem across
the NEM ... putting Australian business and consumers
under unacceptable pressure”
2
Renewability
>Renewable generation contribution of 15%
>Policy uncertainty has created challenging conditions for
investment in generation
INDUSTRY
9

STABLE REGULATORY FRAMEWORK
INDUSTRY
10
Celebrating 20 years of the market delivering reliability, renewability and choice for customers
>Electricity sector fully deregulated in the 1990s with introduction of competitive wholesale and retail markets
>Generation investment entirely market-led with no payments for reserve capacity (energy-only wholesale market)
>Full retail competition with low barriers to entry
>Competitive segments (generation and retail) subject to independent regulatory oversight from the Electricity Authority
>Bipartisan support for a low-carbon economy enabled by New Zealand’s electricity advantage
>Electricity Price Review (EPR) underway as part of coalition agreement following September 2017 general election
>EPR focus on incremental changes designed to improve customer access, affordability and energy literacy
>NZ Emissions Trading Scheme (ETS) places increased cost on emitting generation sources
>Emission units trading at ~NZ$25/t (equivalent to ~$10/MWh for a CCGT post removal of transitional arrangements by 2019
1
)
1
Transitioning from 1 unit for 2 tonnes of CO
2
to 1 unit for 1 tonne of CO
2

INDUSTRY
11
LONG-TERM INDUSTRY TRENDS
CAGR: 2.7%
CAGR: 4.6%
Source: Company reports, TPIX, MBIE, Pricing Manager (NZX), Electricity Authority
1
Includes premise churn –switches caused by customers moving house
0%
5%
10%
15%
20%
25%
20082009201020112012201320142015201620172018
Annualised Churn (%)
Financial Year
CHURN
Total ChurnTrader Churn
0
1
2
3
20082009201020112012201320142015201620172018
EBITDAF ($b)
Financial Year
SECTOR EARNINGS
CAGR: 3.3%
0
5
10
15
20
20082009201020112012201320142015201620172018
Nominal c/kWh
Financial Year
RESIDENTIAL PRICE
LinesEnergyWholesale 12mth rolling)
8.5
9.0
9.5
10.0
0
10
20
30
40
50
2009201020112012201320142015201620172018
GW
TWh
Financial Year
DEMAND
Series1Series2
1

EMERGING TECHNOLOGY IN NEW ZEALAND CONTEXT
12
INDUSTRY
Solar
>Still a niche in the NZ electricity market
>1m solar panels is equivalent to ~1% of national demand
>Solar generation is not well matched to NZ’s demand profile
which peaks in winter evenings
>“Given rapid changes in electricity-generation technology and
potential effects of rising electricity prices on adoption of low-
emissions technology in other parts of the economy, the
Government should not use subsidies or regulation to favour
particular technologies that generate low-emissions electricity”
1
Batteries
>Useful when coupled to solar but at significant additional cost
>Lake Taupo storage equivalent to 41m 14kWh Tesla Powerwalls
Electric Vehicles (EVs)
>New Zealand’s largest green growth opportunity
>Renewable electricity advantage well suited to transport
electrification
0
1,000
2,000
3,000
4,000
5,000
0
100
200
300
400
500
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Monthly Solar PV
Installations
SOLAR PV INSTALLATIONS
Solar Installations12mth Rolling Installations (RHS)
0
2,000
4,000
6,000
8,000
10,000
0
100
200
300
400
500
600
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Monthly EV
Registrations
ELECTRIC VEHICLE REGISTRATIONS
Total EVs12mth Rolling Registrations (RHS)
Total EV Fleet Size (RHS)
1
New Zealand Productivity Commission, (2018), Low-emissions economy: Final report, p. 401. Available from www.productivity.govt.nz/low-emissions

UNDERLYING DRIVERS FOR FUTURE DEMAND GROWTH
INDUSTRY
13
>Electricity demand has been flat for a decade
>Signs of demand growth are re-emerging
>Urban, rural and dairy segments continue to grow
>NZ Aluminium Smelter (NZAS) is re-commissioning its
4
th
potline(~1% of national demand)
>Supportive drivers of demand growth include:
>High net migration
>GDP per capita growth
>Adverse drivers of demand growth include:
>Reductions in per household consumption due to
efficiency
>Medium-term trend of de-industrialisation
>“Transition from fossil fuels to electricity and other
low-emissions fuels” identified as one of three
significant changes that must occur to achieve low-
emissions goals
2
1
Normalised for temperature
2
Low-emissions economy: Final report. Available from www.productivity.govt.nz/low-emissions
0
2
4
6
8
10
12
14
UrbanRuralDairyTiwaiIndustrialIrrigation
TWh
FY2013FY2014FY2015
FY2016FY2017FY2018
-3
-2
-1
0
1
2
3
4
34
36
38
40
42
20022003200420052006200720082009201020112012201320142015201620172018
%
TWh
Financial Year
Annual Growth Rate (RHS)
Consumption (LHS)
ANNUAL ELECTRICITY DEMAND
TEMPERATURE ADJUSTED SEGMENT ELECTRICITY DEMAND
1
1

$0
$40
$80
$120
$160
$200
$240
$280
$320
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Auckland Price ($/MWh)
ELECTRICITY PRICES
Wholesale PriceFutures Price
>Wholesale spot prices reflect near term supply and demand conditions including hydrology
>Futures pricing tends to Long Run Marginal Cost (LRMC) of new generation in a growing market
DYNAMIC WHOLESALE MARKET
MARKET DYNAMICS
14
Above average hydrology dampens price
volatility
550MW thermal
capacity retired
Higher spot prices due to
gas supply constraint
1
As at 31 October 2018
1

15
MERCURY

LEVERS FOR GROWTH
16
MERCURY
Tighter supply and demand
>Upward pressure on end-user pricing due to supply and demand
balance tightening
Investment in core business
>Wind options Turitea (216MW) & Puketoi(300MW) remain ready
for multi-stage development at the right time
>Current geothermal reservoirs may support further development
>Market consolidation options available but challenging
Home and beyond
>19.99% stake in Tilt Renewables (TLT.NZ) complements NZ wind
options and provides opportunity to participate in Australian
renewables transition
>Global strategic review confirmed focus on our core markets and
opportunities within the home and e-mobility
SnowtownWind Farm –Tilt Renewables

17
60
70
80
90
100
110
120
0
10
20
30
40
50
60
70
80
Jan
FebMar
Apr
May
Jun
Jul
AugSep
Oct
NovDec
Load (GWh)
Inflows (GWh)
AVERAGE SOUTH ISLAND INFLOWS VS DEMAND
Average Inflows in SI (LHS)Average Market Demand (RHS)
60
70
80
90
100
110
120
0
5
10
15
20
25
30
Jan
FebMar
Apr
May
Jun
Jul
AugSep
Oct
NovDec
Load (GWh)
Inflows (GWh)
AVERAGE NORTH ISLAND INFLOWS VS DEMAND
Average Inflows in NI (LHS)Average Market Demand (RHS)
MERCURY’S HYDRO ADVANTAGE
>Positive correlation of North Island hydro inflows and sales
>Inflows into Mercury’s North Island hydro catchment peak in winter to match peak winter demand
>Complemented by non-weather-dependent baseload geothermal
MERCURY
Inflows from summer snow melt inversely correlated to demand
Inflows from winter rain correlated to demand

$0
$50
$100
$150
$200
$250
$300
-1500-1000-500050010001500
OTA Wholesale Price ($/MWh)
Delta to SI Storage Average (GWh)
SI MONTHLY HYDRO STORAGE AND PRICE
Jan 1999 to Jun 2016
FY2017
FY2018
$0
$50
$100
$150
$200
$250
$300
-400-2000200400
OTA Wholesale Price ($/MWh)
Delta to NI Storage Average (GWh)
NI MONTHLY HYDRO STORAGE AND PRICE
Jan 1999 to Jun 2016
FY2017
FY2018
Graphs Source: NZX Hydro, Pricing Manager (NZX), Mercury
18
MERCURY
~15% of annual national generation
17% of total hydro energy storage
28% of annual national inflows
~45% of annual national generation
83% of total hydro energy storage
72% of annual national inflows
Mercury can benefit from high
prices and high volumes
MERCURY’S HYDRO ADVANTAGE
>Large South Island (SI) hydro catchments and associated hydrology drives wholesale prices
>High South Island hydro storage will result in low wholesale prices (and vice versa)
>Mercury’s North Island (NI) hydro catchment has low correlation to wholesale prices
>High Mercury hydro storage can occur with high wholesale prices (and low storage with low wholesale prices)

0%
5%
10%
15%
20%
25%
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Annual Churn
NATIONAL CHURN RATE
(12mth rolling)
All Retailers
Mercury
Mercury Brand
}
-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
Switches
NATIONAL SWITCHING
Mercury Group
Mercury Brand
Prior 12mth Mercury Switches
Net Switches
0%
10%
20%
30%
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Switches
Withdrawn
1
FOCUS ON LOYALTY IN A HIGHLY COMPETITIVE RETAIL MARKET
19
All switches
Trader switches
2
Source: Electricity Authority, EMI –Market share trends and switching breakdown
1
Switches which were initiated but not completed (inclusive of saves)
2
A trader switch is where a customer changes retailer without changing house
}
MERCURY
>In a highly competitive retail market, Mercury is focused on promoting and rewarding customer loyalty
>Mercury Brand churn rate significantly below market
>Churn rate of other brands reflects behaviour of targeted customers

FOCUS ON CUSTOMER LOYALTY
20
MERCURY
The number of customers enjoying unique Mercury rewards continues to grow:
>155,000 Airpoints™ customers (45% of Mercury brand)
1
>123,000 on Fixed-Term contracts (36% of Mercury brand)
1
>GEM, our usage monitor, is one of our most popular services with ~100,000
customers engaging every week
1
>94,500 customers enjoyed a Free Power Day in FY2018
>Growing customer engagement capability through new digital channels
and features
1
As at 30 June 2018

STABLE CAPITAL STRUCTURE
21
>BBB+ rating is key reference point for dividend policy and an efficient and sustainable capital structure
>S&P re-affirmed Mercury’s credit rating of BBB+/stable on 11 December 2017
>One-notch upgrade given majority Crown ownership
>Capital structure prudently managed
>Targeting gearing at low end of Debt / EBITDAF between 2.2x and 3.0x (within key ratio for stand-alone S&P credit rating BBB)
to provide debt headroom due to Government minimum equity ownership requirement
>Gearing range reflects flexibility afforded by Treasury stock retained from share buyback (37.7m shares)
>Debt / EBITDAF 2.0xat 30 June 2018
1
(2.3x after EBITDAF normalisation for above-average hydro generation)
30 June 201830 June 201730 June 201630 June 201530 June 2014
Net debt ($m)
1,2491,0381,0681,0821,031
Gearing ratio (%)
27.523.924.424.524.3
Debt/EBITDAF(x)
2.0
1
1.8
1
2.0
1
2.0
1
2.1
Capital management
priority
Capital returns
Growth
MERCURY
1
Adjusted for S&P treatment of Mercury’s Capital Bond

22
APPENDIX
Karapiro Hydro Power Station

NEW ZEALAND OVERVIEW
APPENDIX
23
1
As at 31 October 2018
2
As at 30 June 2018
Key Facts
Credit Rating: AA/stable
Population: 4.9 million
1
GDP: NZ$289 billion (or US$188 billion)
2
Official Cash Rate (OCR): 1.75%
10yr Interest Rate: 2.8%
1
>Stable political environment
>Mixed Member Proportional (MMP) system
>Two main parties –National (centre-right)
and Labour (centre-left)
>Labour-led coalition government since
October 2017 (3-year term)
>Robust GDP growth achieved over recent
years (currently 2.7%
2
), with below-trend
unemployment (currently 3.9%
1
)

GENERATORS
>Wholesale prices
determined by competition
>Generate electricity and
sell to wholesale market
>5 major generators
producing about 95% of
NZ’s electricity
>80% renewable electricity
(unsubsidised)
>Solar installed in 20,000 or
1% of total customer
connections
DISTRIBUTION AND
NETWORK OWNERS
>Regulated monopolies
>29 distribution companies
>150,000km of overhead and
underground networks
THE NATIONAL GRID
RETAILERS AND
CONSUMERS
>Retail prices determined
by competition
(unregulated)
>>40 retailer brands buy
from wholesale market and
on-sell to nearly 2 million
consumers
>Electricity Authority
responsible for promoting
competition, efficiency and
reliability of supply for
long-term benefit of
consumers
>NZAS (aluminium smelter)
13% of national demand
>2 major metering
companies, including
Mercury trading as Metrix,
with high national smart
meter penetration
24
NEW ZEALAND ELECTRICITY MARKET STRUCTURE SINCE 1998
APPENDIX
>Transpower(Government owned) is
regulated owner and operator
>Transports high voltage electricity to
networks and large industrial users
>1,200MW HVDC link between South
and North Islands
WE OPERATE
HERE
WE OPERATE
HERE
1
4
1
4
2
3
23

25
>100% renewable generation with two complementary
low-cost fuel sources
>High up-front build cost, low operating cost
>Central North Island close to major load centres and not
dependent on inter-island connection (HVDC)
>Generation-Weighted Average Price (GWAP) favourable to
peers reflecting the flexibility and location of assets
>Flexible hydro generation (1,064MW / 4,000GWh)
>Largest group of peaking stations in North Island
>Baseloadgeothermal generation (337MW
1
/ 2,800GWh)
>Only renewable not dependent on weather
>Average net long position reflecting integrated portfolio
>Movement in net position year-on-year due to hydrology,
plant availability and value of sales
APPENDIX
MERCURY’S COMPLEMENTARY GENERATION SOURCES
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
LongShort
GWh
FY2018 NET POSITION BREAKDOWN
Net CFD Sales
FPVV Losses
Commercial FPVV
Residential FPVV
Additional Hydro
Average Hydro
Geothermal (Consolidated)
1
Equity share
2
Contract-For-Difference
3
Fixed-Price Variable Volume
3
3
2

51%
24%
14%
8%
3%
Government
New Zealand Retail
International Institutions
New Zealand Institutions
Treasury Stock
OWNERSHIP
26
1
As at October 2018
>Listed on NZX and ASX in May 2013
>~85,000 shareholders (widest-held New Zealand
register)
>Government majority ownership
>Public Finance Act and Company’s constitution require at
least 51% Crown ownership
>No other person may hold more than 10% of shares
>Eight independent Directors
>No direct government representation on Board
MERCURY SHARE REGISTER
1
APPENDIX

27
>Reduces or eliminates the economic impact of Non-Resident Withholding Taxes
>For illustrative purposes see below worked example for a corporate investor. This should not be interpreted as
tax advice
SUPPLEMENTARY DIVIDEND TO NON-RESIDENTS
APPENDIX
NZ investorForeign investor
No Supplementary
dividend
Supplementary
dividend
Gross dividend 100.00100.00100.00
Imputationcredits (28.00)(28.00)(28.00)
Supplementary dividend--12.71
72.0072.0084.71
Less: Corporation tax(@28%)(28.00)--
Add:Imputation credits 28.00--
Less: Non-residentwithholding tax (@15% of dividend where DTA
1
)-(10.80)(12.71)
Cashdividend 72.0061.2072.00
1
Includes United Kingdom, United States, Japan & Hong Kong

28
REFERENCE MATERIAL
MERCURY REFERENCES
Mercury Investor Centrewww.mercury.co.nz/Investor-Centre
Governance Presentation–December 2017http://issuu.com/mercurynz/docs/governance_roadshow_presentation_de?e=25554184/56318686
FY2018 ResultsPresentation –August 2018https://issuu.com/mercurynz/docs/20180821_mercury_financial_results?e=25554184/63952632
Mercury Electricity Price Review Submission
https://www.mbie.govt.nz/info-services/sectors-industries/energy/electricity-price-
review/submissions/copy_of_submissions-received-epr/electricity-price-review-submissions-017.pdf
INDUSTRY REFERENCES
Electricity Authority websitewww.ea.govt.nz
SystemOperator websitehttps://www.transpower.co.nz/system-operator
Wholesale electricity spotpriceswww.em6live.co.nz
Electricity futurespriceswww.asx.com.au/products/energy-derivatives/new-zealand-electricity.htm
INDUSTRY PUBLICATIONS
Energy Policies of IEA Countries –
New Zealand 2017 Review
https://www.iea.org/publications/freepublications/publication/energy-policies-of-iea-countries---new-zealand-2017-
review.html
Ministry of Business, Innovation and Employment–
Energy in New Zealand
www.mbie.govt.nz/info-services/sectors-industries/energy/energy-data-modelling/publications/energy-in-new-zealand
Electricity Authority -Electricity in New Zealandwww.ea.govt.nz/about-us/media-and-publications/electricity-nz
APPENDIX

FOR FURTHER INFORMATION > TIM THOMPSON | HEAD OF TREASURY & INVESTOR RELATIONS T. +64 275 173 470 E. INVESTOR@MERCURY.CO.NZ