新西兰电力公用事业：亚太聚焦调整新西兰零售电力机遇

ab 16 May 2025 Powered by YES UBS Evidence Lab Global Research The market is likely undervaluing the long-term value in NZ electricity retail, with household electricity prices capable of growing at +5% p.a. over the next 5 years, exceeding CPI. With the retail segment comprising ~30% of demand, this should benefit sector profitability, particularly for bundled (MCY) or low cost to serve (CEN) operators. However, we expect retail EBITDA margins to only gradually increase from -20% in FY25e back towards +4% ...