Mercury NZ Ltd. ( (MGHTF) ) has shared an announcement.
New Zealand’s four largest electricity generators, including Genesis Energy, are exploring market options to bolster national energy security, following the supply challenges experienced during winter 2024 due to declining natural gas supply, low hydro lake levels, and low wind conditions. The companies have entered a non-binding agreement to investigate keeping Huntly Power Station’s Rankine Units operational beyond their planned retirement dates to manage dry-year risk and enhance system security, with potential arrangements to be in place by 2026, pending regulatory approvals.
More about Mercury NZ Ltd.
Genesis Energy is a diversified New Zealand energy company, known for selling electricity, natural gas, and LPG under its retail brands Genesis and Frank. It is one of the largest energy retailers in New Zealand, serving approximately 500,000 customers. The company generates electricity from a mix of thermal and renewable generation assets and holds a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field. Genesis reported $NZ3.0 billion in revenue for the year ending 30 June 2024.
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Technical Sentiment Consensus Rating: Hold
Current Market Cap: $5.01B
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