0113 GMT - The main issues facing New Zealand's electricity sector were in a holding pattern in April, says Forsyth Barr. The first is hydropower, and whether there is enough water to get through winter. Hydro storage at the end of April was 79%, up from 72% a month earlier. "That said, it looks like Meridian Energy had another challenging month," analyst Andrew Harvey-Green says. April was also a waiting game for Contact Energy's proposed takeover of Manawa Energy. New Zealand's Commerce Commission is due to make a decision or publish a statement of unresolved issues by May 9. Mercury NZ is Forsyth Barr's top pick. "The sector continues to offer defensive earnings and dividend growth and offers good value, albeit in a market where finding value is not difficult," Forsyth Barr says.(david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
May 05, 2025 21:13 ET (01:13 GMT)
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