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Mercury NZ
Mercury NZ (MCY) investor relations material
Mercury NZ Q2 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 TU earnings summary20 Jan, 2026
Executive summary
High national hydrological inflows (98th percentile) led to lower wholesale spot electricity prices, averaging $40/MWh in Auckland for the quarter.
National electricity demand rose 3.1% year-over-year, driven by the resumption of normal operations at the New Zealand Aluminium Smelter.
Commissioning of the new Ngā Tamariki OEC5 geothermal unit began as planned, with expected generation upside and full commissioning by end of Q3.
Customer bundling strategy increased multi-product connections by 10% to 223,000, with telco and mobile connections up by 30,000 year-over-year.
Financial highlights
Hydro generation increased 23% year-over-year to 1,072 GWh, while wind generation rose 6% and geothermal generation fell 9% due to planned maintenance.
Commercial & Industrial yield declined by $3.2/MWh year-over-year, reflecting contract repricing and new long-term agreements.
Physical electricity sales volume was 1,463 GWh at a VWAP of $166.05/MWh, compared to 1,473 GWh at $155.53/MWh in the prior year.
Mass market sales volume was 916 GWh at $195.55/MWh, down from 970 GWh at $174.30/MWh year-over-year.
Gas sales price increased to $42.36/GJ from $31.61/GJ year-over-year, with volumes slightly down.
Outlook and guidance
Forward electricity prices in Auckland for FY26 have eased to $135/MWh, reflecting high inflows and above-average hydro storage.
Ngā Tamariki OEC5 geothermal expansion is expected to add 390 GWh per annum and 46 MW net output upon full commissioning by end of Q3.
Detail OEC5 generation upside potential.
What is the revenue impact of lower FY26 forward prices?
Opportunity cost of 345 GWh hydro spill?
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Next Mercury NZ earnings date
H1 202623 Feb, 2026
Mercury NZ
Next Mercury NZ earnings date
H1 202623 Feb, 2026
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Frequently asked questions
Mercury NZ Limited is an integrated electricity generation and retail company in New Zealand, primarily focused on renewable energy. The company generates electricity from a portfolio of renewable sources, including hydro, geothermal, and wind assets, supplying power to residential, commercial, and industrial customers. Mercury NZ is committed to sustainability and supports New Zealand’s transition to cleaner energy through its investments in renewable infrastructure and technology. In addition to electricity generation, the company offers energy management services and products to help consumers optimize energy use. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX.
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