Overview Key strengths Key risks Solid market position as a major New Zealand electricity and gas retailer, with modest generation capacity. Exposed to volatility in the wholesale electricity market and global commodity prices. Vertically integrated business provides some natural hedge against volatile market prices. Margin pressure due to retail competition, exposure to coal, gas and oil prices, and emission cost. Modest renewable development pipeline to replace higher cost thermal generation and reduce carbon exposure. Significant capital expenditure (capex) over next two years driven primarily by Huntly Battery development. Unlike its peers, it can have exposure to coal prices, if required to run its coal units as seen in late fiscal 2024. Further, tight gas supplies and high gas prices in
