24 Jul 2013

Mighty River sales fall in June quarter

2:32 pm on 24 July 2013

Electricity generator and retailer Mighty River Power says its operating statistics for the three months ended June are in line with its prospectus forecasts.

Electricity sales volumes fell 2% on the same quarter last year, though sales for the year ended June were 5% higher.

The average price paid by Mighty River customers in the latest quarter was $126.27 per megawatt hour, and $117.28 for the year.

The company says electricity generation volumes were down 16% in the quarter and 9% for the year, largely due to lower hydro production because of lower-than-average water inflows into the Waikato catchments.

In April, the company recorded the lowest monthly hydro production on record, having started the quarter with storage at just 33% of the historical average.

Geothermal and gas-fired production was also down in the latest quarter.

Mighty River Power will release its annual results on 28 August.