Between 2011 and 2014, the government sold down its ownership in Meridian, Mercury and Genesis Energy and listed 49 percent of each company’s shares under the “mixed-ownership model” (MoM). In a recent report, TDB reviewed the performance of these three MoM companies since their sharemarket listing. We found that since listing, the overall operating performance of these companies has improved, with EBITDAF increasing by 4 percent and return on assets increasing from 7.8 to 8.3 percent on average. Performance improved despite static total electricity demand and without average electricity prices rising. The government received $4.3b in sale proceeds, has kept control of the companies (through its 51 percent holdings) and is receiving more in ordinary dividends now than it did when it owned 100 percent of the companies.