Renewable energy player Mercury NZ Ltd (ASX:MCY) upgrades profit guidance to $555 million

New Zealand electricity company Mercury NZ Ltd (ASX: MCY) has lifted its FY18 EBITDAF guidance from $540 million to $555 million after an increase in hydro generation due to wet weather.

Mercury is an Auckland-based company developing and producing power from renewable energy sources to retail and wholesale customers with interests in upstream gas and international geothermal development.

Back in April Mercury upgraded its EBITDAF guidance from $530 million to $540 million for the same reason with another announcement in May the company would acquire a 19.99% stake in Tilt Renewables Limited in line with its strategy to “accelerate Australia’s transition” to renewable energy sources.

Integrated energy giant AGL Energy Ltd (ASX: AGL) leads the way in the renewables space, pursuing hydro, wind, landfill gas, solar and biomass renewable sources, while Origin Energy Ltd (ASX: ORG) maintains its market monopoly despite its focus on the traditional energy sources of gas and oil exploration and production.

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