Mercury Energy posts significant increase in earnings on strong hydro generation
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Mercury Energy has recorded a huge surge in profit, thanks to favourable hydro conditions and renewable power generation.
The energy gentailer has announced annual net profit for $321-million, up from just $1 million last year.
The previous year had been affected by unusually dry and calm conditions, and faster-than-expected depletion of gas reserves - issues that also affected most other power generators.
CEO Stew Hamilton says this profit has been boosted by new investments made by the company.
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