Mercury Energy has recorded a huge surge in profit, thanks to favourable hydro conditions and renewable power generation.

The energy gentailer has announced annual net profit for $321-million, up from just $1 million last year.

The previous year had been affected by unusually dry and calm conditions, and faster-than-expected depletion of gas reserves - issues that also affected most other power generators.

CEO Stew Hamilton says this profit has been boosted by new investments made by the company. 

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