Mercury's quarterly update shows growth, project progress

Mercury's quarterly operational update for the three months ended September 30, 2023, highlights several key points.

The Kaiwera Downs 1 project contributed 9GWh of electricity during the quarter, with full operation expected in October.

The company successfully migrated over 50% of its customers to the Gentrack billing system.

The electricity yield grew due to contract repricing on a sustained higher forward price.

Hydro generation was lower due to dry conditions, but wind generation was higher, partially offsetting the decrease.

Retail connections grew despite a focus on customer migration.

National demand was higher due to urban demand, while lower industrial demand was attributed to the impact of Cyclone Gabrielle on the Pan Pac timber mill.