Mercury Energy said dry weather had led it to revise down its operating earnings forecast for the current financial year.
The North Island-based power generator and retailer said it now expected its ebitdaf to come in at $505 million for the 2021 financial year, down from an earlier guidance of $515m.
"This reflects an expected 200 gigawatt hour (GWgh) decrease in full-year hydro generation to 3700 GWh due to dry weather conditions in the Taupo catchment in full-year 2021 to date," it said in a statement.
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Chair Prue Flacks said in speech notes to today's annual meeting that Mercury was well placed for the future.