Why the Mercury (ASX:MCY) share price is surging today

The Mercury NZ Ltd (ASX: MCY) share price was up by more than 5% today after the 100% renewable energy generator and retailer released its governance presentation. The Mercury share price has since pulled back slightly to be up 2.62% at the time of writing.

Mercury, which is 51% owned by the New Zealand government, acquired fellow energy provider Tilt Renewables (ASX: TLT) this month, with the aim to subsequently acquire its $770 million gross operations annually.

Mercury share price and earnings strong

Mercury shares have returned more than 60% over the past 12 months, with a price-to-earnings ratio of 33 and earnings per share of 14.21. Over the past 12 months, the Mercury share price has gone from $3.66 to its current price of…