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flag New Zealand's Mercury Energy reports profit drop but plans big renewable investments despite challenges.

flag Mercury Energy, a major New Zealand power company, reported a significant drop in annual profits due to lower hydroelectric power generation and financial contract losses. flag Despite the challenges, Mercury plans to invest $1 billion in renewable energy projects over the next five years, aiming to generate 3.5 terawatt hours. flag The company’s CEO remains optimistic about future prospects, projecting a $1 billion operating profit by 2026. flag Electricity prices rose by 9.9% for customers.

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