Mercury NZ Limited (MCY) has announced a strong fourth-quarter performance for the period ending 30 June 2026, driven by higher renewable generation and disciplined portfolio management. The ASX-listed company, which generates electricity from 100% renewable hydro, geothermal, and wind sources, and also retails electricity, gas, broadband, and mobile services, reported a trading margin of $390 million. This marks a substantial 33% increase compared to the prior corresponding period. The company also saw a significant rise in generation volume, reaching 2,344 GWh, up 339 GWh on PCP, contributing to a year-to-date trading margin of $1,421 million.
The quarter also reflected continued progress across Mercury’s renewable development and asset renewal programmes. Major milestones were achieved, including the installation of all turbines at the Kaiwera Downs Stage 2 Wind Farm, with reliability testing underway and full handover expected by the end of August. The Kaiwaikawe Wind Farm is progressing on schedule for full operation in the first half of FY27, having commenced first generation from six installed turbines in July. Furthermore, fast-track consent was granted for the Puke Kapo Hau Wind Farm, bolstering Mercury’s renewable development pipeline and future growth options.
Mercury’s Geothermal Investor Day in May showcased the scale of its geothermal platform, with more than 1 TWh of potential capacity entering feasibility studies and $75 million committed to appraisal drilling at the Ngā Tamariki and Rotokawa geothermal fields. This strategic focus underscores the company’s commitment to expanding its renewable energy assets. In a move to empower retail customers, Mercury also launched Flex Rates, new Time of Use electricity plans designed to offer greater control over electricity costs. Chief Executive Stew Hamilton noted that this performance highlights strong operational momentum and disciplined execution against strategic priorities, concluding a year of significant operational delivery.
