NZ market utilities provide exception dividend yields, and have tangible (and valuable) asset backing. It goes without saying they produce a necessity of life and therefore have a captive (but competitive) market
If an investor can stomach the SP swings, NZ utilities appear better than money in the bank earning 3% (or whatever pittance the banks currently pay). Off shore, bank deposit rates are even lower, making yield differentials greater albeit with a potential forex risk/benefit
The only foreseeable on-shore "risk" to generator SP is the perpetual Tiwai uncertainty saga, which must resolve in the next few months if 2019 dry-year supply generation commitments are to be met
My view is firmly in line with your second scenario, this is a nice safe yield thing