Tuesday 29th January 2013
|Text too small?|
State-owned electricity generator and retailer MightyRiverPower says it experienced 12 percent growth in sales in the three months to Dec 31 as both residential and commercial consumers used more energy and the company gained new customers.
The majority of the gain came from a 22 percent increase in volumes to business customers, compared to the December 2011 quarter, potentially indicating an uptick in economic activity in Auckland, where MRP is strongest and its Mercury Energy brand is based.
MRP also showed customer growth in both the North and South Islands, with 391,000 customers in the north, compared with 383,000 a year earlier, and 43,000 southern customers, up from 37,000 in December 2011.
The company's combination of hydro-electric dams on the Waikato River and an increased portfolio of geothermal generation plant saw MRP increase its total electricity production 6 percent in the quarter, compared with the same period a year earlier.
Average wholesale electricity market prices fell over the quarter, thanks to plentiful rainfall in hydro catchments and improved transmission on the national grid in the upper North Island following upgrades.
However, MRP's "flexible generation portfolio allowed the company to outperform the market, achieving an average generation price of $66.25 per Megawatt hour," said chief executive Doug Heffernan in a statement.
MRP is the first candidate for partial privatisation, with the government proposing to sell up to 49 percent of the company in a float before the end of June, assuming challenges to its decisions by the New Zealand Maori Council are unsuccessful in a Supreme Court challenge to be heard this week.
No comments yet
Lumpy imports drive bigger July trade deficit than expected
Freightways' net profit rises despite NZ slowdown
National floats company tax cut, recommits to higher pension age
Metlifecare lifts underlying annual net profit 4%
Chorus CEO McKenzie to leave this year as operating earnings decline as expected
Supreme Court to hold oral hearing on Synlait's Pokeno appeal
Meridian posts record profit on high production, prices
Intuit on track to overtake Xero outside the US
Fasten seatbelts for the Trump twitter-storm fallout
Analysts pan Fletcher results, one comparing it to Fonterra