Mercury's profit increases 159%

Mercury's hydro generation was down due to low inflow into Lake Taupo. (Image: NZME)

Tue, 20 Aug 2024

Mercury reported a 158.9% increase in net profit to $290 million, attributing the growth mainly to positive changes in the fair value of unhedged financial instruments.This profit lift came from a 4% increase in earnings (ebitdaf) to $887m for the 12 months to June 30 due to increased wind and geothermal generation and higher customer prices, offset by reduced hydro generation and higher operating costs.Hydro generation was hit by very low inflows into Lake Taupo and was 4,096 gigawatt hours (GWh), down 21% on the prior year’s record gene...

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