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