Tuesday, 19 February 2019


MKTUPDTE: GNE: FY18 Q2 Performance Report

19 Jan 2018 08:40NZX

In the second quarter of FY18, Genesis Energy Limited demonstrated the
benefit of its diverse portfolio, recent acquisitions and strategic delivery.
The attached presentation contains full details of performance metrics for
the quarter.


It was a steady performance for the Customer segment as increases in B2B and
LPG sales were offset by residential electricity and gas declines in part due
to a warmer than average quarter. The highlight of the quarter was the
continued organic growth in LPG customers, up 27% from the comparable quarter
excluding acquired customers. B2B electricity sales were up 24% as Genesis
saw some early wins from its B2B sales teams with prices up in both SME and
C&I. C&I gas sales were down 17.8% as we prioritised generation for our gas
book. Some early success from the brand relaunch with ''Consideration'' up 5
percentage points.


It was another strong quarter for the Wholesale segment as the strength of
Genesis'' diverse portfolio across North and South Island, thermal and hydro,
enabled value creation in volatile market conditions. Total generation was up
26% driven by higher thermal generation up 66% as low national inflows led to
stored energy at 81% of average compared with 115% at the end of 2016.
Offsetting this, renewable generation was down 8%  as Genesis used its
thermal advantage to conserve water while 41 GWh of swaptions were called.
The weighted average wholesale price was up 101% on the comparable quarter.
An extended unplanned outage at Tekapo B occurred in the quarter, an update
will be provided at the FY18 interim results.


Strong production levels were sustained in the second quarter with gas
production of 3.0PJ as the field operated at 91.3% of maximum plant capacity
to support generation requirements and swaption calls. LPG yield was 8.7% up
as amine systems issues in the comparable quarter were resolved. Oil sales
volumes and margins were up on the back of cargo shipment timings and
improved oil price realisation as Brent Crude spot prices rose above

"Genesis provided security of supply to the market during a period of low
lake inflows which was made possible by our integrated fuel position from
Kupe" said Chris Jewell, Chief Financial Officer"


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, ASX: 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 503,000 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 $NZ2bn
during the 12 months ended 30 June 2017. More information can be found at
End CA:00313205 For:GNE    Type:MKTUPDTE   Time:2018-01-19 08:40:23
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