New Zealand-based electricity company Mercury NZ Ltd (ASX: MCY) has recorded an impressive annual generation out of its renewable portfolio according to a quarterly update released today.
Mercury's 100% renewable portfolio set a new generation record of 7,704GWh in the 12 months to June 30 – the highest North Island inflow in company history.
But the generation win comes after customer numbers across all brands decreased by 3000 over the period due to "sustained intense retail competition" with Mercury now focused on "rewarding and inspiring" customers to meet its competition head-on.
On home soil major utility providers are locked into the same competition cycle, although in the renewables space, AGL Energy Ltd (ASX: AGL) leads the way with interests in hydro, wind, landfill, gas, solar and biomass, while Origin Energy Ltd (ASX: ORG) is more focused on gas and oil exploration.
Confidence in renewable energy is tipped to surge in the short to medium term, but the sector is impacted by government regulation which has a definite impact on shareholder sentiment towards companies in the space.
