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Mercury slashes earnings guidance 11%

Pattrick Smellie
Wed, 09 Jun 2021

Low rainfall into Lake Taupō has reduced Mercury's hydro-electricity production on the Waikato River. (Source: Getty Images)
Pattrick Smellie
Wed, 09 Jun 2021
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Electricity company Mercury has lost 100 megawatts of baseload generation for several months following the failure of its Kawerau geothermal power station two days ago.Notification of the breakdown accompanied a profit downgrade announcement to the NZX this morning, cutting expected earnings before interest, tax, depreciation, amortisation and changes in the value of financial instruments to $460 million.That’s an 11.2% reduction on previously announced guidance of $520m for the year ending June 30.The Auckland-based generator-retailer at...

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