Mercury Energy's earnings have fallen on the back of weaker renewable electricity generation, and its bottom-line profit has taken a hit.

The company's profit has plunged from $290 million to just $1 million, due to tough power generation conditions.

Despite this, Mercury Energy CEO Stew Hamilton is hopeful ahead of another financial year.

"We're investing heavily in new power plants - we're investing about $1 billion in new power plants at the moment. That's from the top of the north to the bottom of the south."

LISTEN ABOVE

Mercury Energy's earnings have fallen on the back of weaker renewable electricity generation, and its bottom-line profit has taken a hit.
The company's profit has plunged from $290 million to just $1 million, due to tough power generation conditions.
Despite this, Mercury Energy CEO Stew Hamilton is hopeful ahead of another financial year.
"We're investing heavily in new power plants - we're investing about $1 billion in new power plants at the moment. That's from the top of the north to the bottom of the south."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Stew Hamilton: Mercury Energy CEO on the company's recent drop in profitability

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/403b0dd9-580e-40a1-b550-b33e0073d9b9/transcript

Oil prices have jumped more than three percent on the back of another snag in negotiations between the US and Iran. 

Donald Trump has taken to social media to call Iran's response to a US 14-point memorandum 'totally unacceptable'. 

Brent crude is now trading at more than 104 US dollars a barrel. 

Harbour Asset Management's Shane Solly explained further.

LISTEN ABOVE

Oil prices have jumped more than three percent on the back of another snag in negotiations between the US and Iran.&nbsp;
Donald Trump has taken to social media to call Iran's response to a US 14-point memorandum 'totally unacceptable'.&nbsp;
Brent crude is now trading at more than 104 US dollars a barrel.&nbsp;
Harbour Asset Management's Shane Solly explained further.
LISTEN ABOVE

Shane Solly: Harbour Asset Management expert on the market reactions to the 'no deal' announcement on the Middle East conflict

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/c8268336-8ca6-4a5d-950b-b4470085e90b/transcript

Tonight on The Huddle, Trish Sherson from Sherson Willis PR and Child Fund CEO Josie Pagani joined in on a discussion about the following issues of the day - and more!

Mariameno Kapa-Kingi has left Te Pāti Māori to start a new party. Is this the beginning of the end for them? What do we think? 

Does New Zealand have to worry about far-right populism sweeping through the nation? Between Reform and One Nation, do we see New Zealand getting its own counterpart?

LISTEN ABOVE

Tonight on The Huddle, Trish Sherson from Sherson Willis PR and Child Fund CEO Josie Pagani joined in on a discussion about the following issues of the day - and more!
Mariameno Kapa-Kingi has left Te Pāti Māori to start a new party. Is this the beginning of the end for them? What do we think?&nbsp;
Does New Zealand have to worry about far-right populism sweeping through the nation? Between Reform and One Nation, do we see New Zealand getting its own counterpart?
LISTEN ABOVE

The Huddle: Is this the end of Te Pāti Māori?

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/9485d200-fc11-4e06-aa30-b4470084c383/transcript

We’re never going to know for sure what tipped the Government into finally cutting the fees-free policy but I would like to take some credit for this show’s part in it.

We have harped on about the need to get rid of that policy for so long that it actually started to get boring, even for me.

But as with everything: persevere and you will succeed. And finally, the policy is gone. We had it confirmed by Winston Peters on Friday.

Now, I’ve already had emails from people who are upset about this. I’ve heard students complaining and I’ve heard some parents complaining as well. And I understand - it is never fun to have free Government money taken away from you. It is because of this kind of angst that free Government money is so rarely clawed back once it’s started being handed out.

But this policy was a dog from the start. It cost perhaps $350 million a year - and $350 million a year is a lot of money. For that money, it didn’t do what it was supposed to do, which was to lift enrolments among poorer kids.

If it didn’t achieve that - if those kids were going to uni anyway and are still going - then all we were doing was wasting $350 million.

And to those worrying about students living in poverty or being unable to afford study, please remember: we taxpayers already subsidise about 70 percent of what it costs Kiwi kids to go to university. We already provide interest-free student loans.

It is already relatively cheap, by global standards, to go to university here.

You could argue that our system is already so generous that even making it more generous didn’t lift enrolments. It’s already generous enough.

Now, I am going to withhold judgment on Nicola and Winston and what the plan is from here because this Government does tend to save money only to spend it again.

They’re going to take some of that money and spend it on trades training. That might be a good idea - but then again, it might just be the same kind of slop as fees-free, only in a more worthy place. We’ll see.

But as for the cutting of Jacinda’s wasteful and pointless free year of study - RIP. And may we'll be more careful with our spending in the future.

LISTEN ABOVE

We’re never going to know for sure what tipped the Government into finally cutting the fees-free policy but I would like to take some credit for this show’s part in it.
We have harped on about the need to get rid of that policy for so long that it actually started to get boring, even for me.
But as with everything: persevere and you will succeed. And finally, the policy is gone. We had it confirmed by Winston Peters on Friday.
Now, I’ve already had emails from people who are upset about this. I’ve heard students complaining and I’ve heard some parents complaining as well. And I understand - it is never fun to have free Government money taken away from you. It is because of this kind of angst that free Government money is so rarely clawed back once it’s started being handed out.
But this policy was a dog from the start. It cost perhaps $350 million a year - and $350 million a year is a lot of money. For that money, it didn’t do what it was supposed to do, which was to lift enrolments among poorer kids.
If it didn’t achieve that - if those kids were going to uni anyway and are still going - then all we were doing was wasting $350 million.
And to those worrying about students living in poverty or being unable to afford study, please remember: we taxpayers already subsidise about 70 percent of what it costs Kiwi kids to go to university. We already provide interest-free student loans.
It is already relatively cheap, by global standards, to go to university here.
You could argue that our system is already so generous that even making it more generous didn’t lift enrolments. It’s already generous enough.
Now, I am going to withhold judgment on Nicola and Winston and what the plan is from here because this Government does tend to save money only to spend it again.
They’re going to take some of that money and spend it on trades training. That might be a good idea - but then again, it might just be the same kind of slop as fees-free, only in a more worthy place. We’ll see.
But as for the cutting of Jacinda’s wasteful and pointless free year of study - RIP. And may we'll be more careful with our spending in the future.
LISTEN ABOVE

Perspective with Heather du Plessis-Allan: I'd like to take some credit for the end of fees-free

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/98e26e9f-24c5-4986-a74a-b44700802315/transcript

Stew Hamilton: Mercury Energy CEO on the company's recent drop in profitability

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