Mercury’s performance strong in testing year

Tuesday 18th August 2020

FY2020 FINANCIAL RESULTS SUMMARY

18 August 2020 - Mercury’s overall performance was strong in a testing 2020 financial year affected by drought across the Waikato catchment which impacted hydro generation from September, and the disruption caused by the COVID-19 pandemic.

Minimal rainfall in the final quarter of the financial year continued a sequence of record low hydrological conditions. Lake Taupō hydro storage ended the year almost 100GWh below its long-term mean at the end of June. Hydro generation for the year of 3,712GWh (4,006GWh FY2019) was approximately 300GWh down against Mercury’s long-term average. Careful management of Lake Taupō’s storage levels, and prudent hedging, helped lessen the financial impact of the extremely low inflows. See link for more.

Results announcement FY2020

Source: Mercury NZ Limited

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