Mercury NZ Posts Above-Average Hydro Generation in June Quarter

MT Newswires Live07-17

Mercury NZ (NZE:MCY, ASX:MCY) posted a quarterly operational update for the three months ended June 30, showing slightly above average hydro generation of 4,096 gigawatt hours (GWh) but was 21% lower than last year's output, according to a Wednesday filing with the Australian and New Zealand bourses.

Total generation was 8,780 GWh, 3% lower than the prior corresponding period but reflected an 11% climb in geothermal generation to 2,622 GWh and a 40% jump in wind generation to 2,062 GWh.

Further, commercial and industrial yields increased 7% year over year to NZ$131 per megawatt hour, reflecting repriced contract renewals into the high electricity forward curve, the filing said. Gas supply constraints during the quarter furthered elevated gas purchase costs.

Meanwhile, the second stage of construction at Kaiwera Downs started last month, with full generation expected by end-2026, the filing said. This puts the company's total 2024 commitment to new renewables to over NZ$700 million.

Price (AUD): $6.92, Change: $-0.04, Percent Change: -0.50%

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