Mercury boosts forecast by $30m on strong trading, storage

Fri, 22 Jan 2021

Mercury NZ has boosted its full-year earnings guidance by $30 million due to a recovery in its hydro storage and “strong” recent trading.The company, which operates nine power stations on the Waikato River, said storage in Lake Taupō climbed above average in November for the first time since May and increased by the equivalent of 201 gigawatt-hours of electricity production during the December quarter.Accordingly, it lifted its forecast hydro production for the year ending June 30 to 3,900 GWh, from 3,700 GWh — reversing a cut...

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