How We Create Value
- Tauranga-based national electricity generator and retailer of energy and telecommunications services.
- Established in 1915 as the Tauranga Electric Power Board.
- Listed as Trustpower Limited on the New Zealand Stock Exchange in 1994.
- Key shareholders are Infratil (51%) and Tauranga Energy Consumer Trust (TECT) (26.8%).
- New Zealand hydro generation capacity of 487 megawatts, producing an average of 1,917GWh per annum.
- 116,000 customers purchase more than one product from Trustpower.
- Approximately 809 full time equivalent employees.
Trustpower has undergone a major transformational journey in recent years. We have shifted from being an operationally-driven electricity generator and retailer to being a customer-driven company. Our predictable, slow-change environment has switched to a fast-changing, dynamic and competitive landscape.
To support this transformation, our operating model and culture has had to fundamentally change. We have become more agile, innovative, open, collaborative and empowered. These ways of working are critical for Trustpower to survive and thrive. Critically, we need the right people practices in place for business success.
We recognise that success extends beyond the bottom line. Our commitment to people and the planet is just as important as profit.
In order to better judge how we are doing across all of these areas, Trustpower is adopting a different format to our annual report this year. We have based it on internationally-recognised integrated reporting frameworks.
Previously, we have reported on our approach to five key areas: economic, our people, environmental, customers and community. We are expanding these areas of focus to include our infrastructure and our unique expertise. We also reflect on the interdependencies between these areas, and explain how we use them to create value for all our stakeholders.
This is the beginning of the integrated reporting journey for Trustpower. We have included the issues that our stakeholders have identified as important, as well as others we recognise. We are confident in the integrity of this report, while acknowledging the limitations in some areas and the need to improve in years to come. In future, we will further test and refine our understanding of, and response to, these priorities.
Our intent is that our culture and values are demonstrated in an authentic and accountable way as we embark on this journey. We will be open about our challenges, the gaps in our knowledge or activities, and the strategies yet to be fully developed. We hope the end result will be an even greater understanding of the way Trustpower creates value for New Zealand.
Inputs, activities, outputs, outcomes
Trustpower harnesses the power of many resources, which can be broadly categorised as:
- Our relationships with customers and community.
- Our people.
- Our environment.
- Our assets and infrastructure.
- Our knowledge.
- Our finances.
Trustpower generates electricity at 27 sites across New Zealand.
Our retail customers purchase products across our suite of electricity, gas, broadband and phone services.
Award-winning customer service across multiple platforms.
Fast, reliable broadband connections.
A digital business that delivers on our customers’ expectations.
More than 99% of our power is generated from renewable sources, through hydroelectric generation.
Total generating capacity of 487MW.
We have more than 235,000 customers, including 116,000 that purchase multiple products.
High customer satisfaction.
Community partnerships that benefit people and the environment.
Some of New Zealand’s fastest broadband.
Affordable, clean and efficient energy for New Zealand.
A smart and connected world.
The ease and convenience of one utilities bill for our customers.
A motivated, diverse, inclusive workforce that is continuously learning.
Resilient, prosperous communities connected to their natural environments.
Protected health of, and access to, fresh water.
Sustainable returns to shareholders.