Mercury NZ Limited has released its quarterly operational update for the three months ended 31 December 2021, showing a lift in Lake Taupo hydro storage and decreased FY2022 hydro generation forecasts, despite drier conditions.
Spot prices decreased on high hydro storage, and futures prices for the second half of FY2022 increased following the quarter due to record low inflows.
Mass Market customer numbers decreased, but yields increased, while Commercial & Industrial segment yields lifted on re-contracting and the early exit of the foundation hedge with Norske Skog Tasman.
Demand remained resilient in spite of COVID-19 restrictions, but decreased due to reduced irrigation and industrial load.
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