Mercury cuts guidance on dry conditions

Tue, 25 Feb 2020

Mercury NZ trimmed its full-year earnings guidance by $10 million, citing declining hydro-electric water storage in the North Island.The elecricity generator and retailer, which today reported a 15 percent slide in first-half operating earnings, said it expects full-year earnings of about $500 million before interest, tax, depreciation, amortisation and changes in financial instruments. That assumes annual hydro generation of about 3,900 gigawatt-hours of electricity, 170 GWh less than the company was expecting when it last offered guidance in...

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