Fickle rainfall favours Mercury, Genesis in gen-tailers' first-half earnings

Tue, 27 Feb 2018

By Rebecca Howard Feb. 27 (BusinessDesk) - Reporting season was a tale of two islands for the electricity sector as dry South Island conditions sapped first-half earnings for Contact Energy and Meridian Energy, forcing them to lean on backstop Genesis Energy, while Mercury NZ's North Island hydro schemes were inundated with rain. Forsyth Barr analyst Andrew Harvey-Green said the results "were in line with what we were expecting given what the hydrology had done". "Obviously, it's very different from what we had been expecting at the...

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