Thursday, 16 August 2018

Announcement

GENERAL: GNE: Unit Outage at Tekapo B

21 Dec 2017 08:31NZX
UNIT OUTAGE AT TEKAPO B

Genesis Energy is notifying the market that it has completed an assessment of
Tekapo B Generator 3 that suffered a fault in November. This unit is now
expected to return to service at full capacity in early March. Tekapo A and
the second unit at Tekapo B are operating as normal.

Whilst the recent firm wholesale prices are positive for Genesis, the
Generator 3 outage will have an offsetting effect on the second half FY18
earnings, however Genesis Energy''s EBITDAF guidance for FY18 remains
unchanged.

Genesis Executive General Manager of Generation and Wholesale Tracey Hickman
says the fault occurred when the unit was being returned to service following
a planned outage.

"The strategic benefit of Genesis'' diverse generation portfolio is helping to
offset the loss of 43% of the Tekapo Power Scheme''s generating capacity,"
says Hickman.

Genesis will provide a further update on the outage as part of its FY2018
Half Year result announcement to be released on 14 February 2018.

ENDS

For media enquiries, please contact:
Emma-Kate Greer
Group Manager Corporate Relations
M: 027 655 4499

For investor relations enquiries, please contact:
Wendy Jenkins
Group Manager Corporate Finance and Investor Relations
Genesis Energy
P: 09 951 9355
M: 027 471 2377

ABOUT GENESIS ENERGY

Genesis Energy (NZX: GNE) is a diversified New Zealand energy company. It
sells electricity, reticulated natural gas and LPG through its retail brands
of Genesis Energy and Energy Online. It is New Zealand''s largest energy
retailer with around 505,000 customers. The Company generates electricity
from a diverse portfolio of thermal and renewable generation assets located
in different parts of the country. Genesis Energy also has a 46% interest in
the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of
Taranaki, New Zealand. Genesis Energy had revenue of $NZ2 billion during the
12 months ended 30 June 2017. More information can be found at
www.genesisenergy.co.nz
End CA:00312271 For:GNE    Type:GENERAL    Time:2017-12-21 08:31:04
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