Mercury has reported lower hydro generation and higher electricity prices in its quarterly operational update for the three months ended March 31, 2025.
The company said the national hydrological inflows were the lowest on record during the quarter, which resulted in high spot electricity prices averaging $225 per megawatt hour in Auckland.
It also forecasted 3,400GWh of hydro generation for the full financial year, due to the continued dry conditions.
Mercury's hydro generation in the third quarter was 29% lower than the same period last year, while wind generation was 28% lower.
However, the company announced a long-term agreement with Fonterra for the electrification of its Edgecumbe and Waitoa operations, as well as the commencement of a supply agreement with New Zealand Aluminium Smelters.
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