Trustpower: Strategic review of retail business

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com

28 January 2021


Trustpower: Strategic review of retail business
Trustpower Limited (Trustpower), in which Infratil is a 51% shareholder, this morning announced a
strategic review of its retail business. The strategic review will test market interest in Trustpower’s retail
business, while also exploring the merits and business case to establish a standalone generation business.
Infratil advises that it is supportive of Trustpower undertaking the strategic review.
A copy of the Trustpower release is attached.
Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com

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MEDIA RELEASE
For immediate release

Thursday 28
th
January 2021

Trustpower strategic review of retail business


TPW: Trustpower today announces a review of its retail business.

The review will test market interest in its retail business, while also exploring the merits and
business case to establish a standalone generation business.

Significant current and forecast changes in the energy and utility retailing markets are the primary
driver of its review.

“Electrification and decarbonisation, decentralised energy, digital trends in service provision
and utilities convergence are all shaking up traditional operating models,” Chairman, Paul Ridley-Smith
said. “The Board intends to examine the options available for our market position, given these changes
and opportunities.”

Trustpower has built a successful bundled retail business delivering electricity, gas, broadband and
wireless connection services to 231,000 customers nationwide.

The strategic review is expected to take a number of months and no decision will be made to sell or
retain the retail business until the completion of that process.

The announcement of the strategic review will also have fundamental implications for one of
Trustpower’s major shareholders, the Tauranga Energy Consumer Trust (TECT), and the existing rebate
scheme, the TECT distribution, Mr Ridley-Smith says.

“As a major shareholder, we have briefed TECT on the strategic review. Both Trustpower and TECT
share a common goal of seeking the best possible outcome for the Trust beneficiaries, who are our
customers,” he says. “TECT has advised they will be addressing potential impacts on the Trust and
the rebate distribution and will communicate with Trust beneficiaries.”

Trustpower has retained Forsyth Barr as a Financial Advisor to the company in respect of the strategic
review.


ENDS

11.30am Conference Call: Analysts and media are invited to a TPW conference call presentation via
Zoom Webinar at 11.30am today (Thursday, 28 January). Please access the meeting via this link:
https://trustpower.zoom.us/webinar/register/WN_08iM8_MYTxy1d3YSC6Td9w

Images: Hi-res images for publication are available here.

Media Enquiries: Please direct enquiries to nick.smith@sweeneyvesty.com, or on 021-055 364

About Trustpower

Trustpower is New Zealand’s fifth largest electricity generator and fourth largest energy retailer by
market share, with approximately 12% electricity retail market share. It owns 25 hydro power schemes
throughout New Zealand with a total installed capacity of 495MW. It operates a multi- product retail
business, including electricity, gas and telecommunications products with approximately 263,000
electricity connections, 42,000 gas connections and 106,500 telecommunications customers. For
further information see trustpower.co.nz”