GENESIS ENERGY FY18 Q1 PERFORMANCE REPORT
- strong start for the Wholesale and Kupe segments supported by favourable
wholesale conditions
CUSTOMER
It was a busy first quarter for the Customer segment as several milestones
were achieved in the integration of the Nova Energy retail LPG business. This
included welcoming 70 new LPG team members, over 70% of customers being
migrated, all depots rebranded and call centre activities being handled by
the new LPG customer experience team. Electricity demand was up for the
quarter as continued business growth offset residential declines with price
increases across both market segments. Gas prices also increased up 2.1%
although demand was down slightly. Overall customers were down 1,101 for the
quarter with small declines in electricity and gas customers offset by
continued growth in LPG.
WHOLESALE
Genesis was able to leverage its diverse and flexible generation portfolio to
meet variable market conditions in the first quarter of FY18. Total
generation was up 23.2% across both thermal and renewable sources from a
combination of higher thermal at the beginning of the quarter when lake
levels remained low, through to higher renewable generation more recently as
storage levels returned to above average conditions. The weighted average
wholesale price was up 66.2% in the prior quarter whilst efforts around plant
availability translated to more favourable EAF and FOF metrics.
KUPE
Strong production levels were delivered in the first quarter of FY18 from gas
production of 3.1PJ, with the field operating at 95.4% of maximum plant
capacity. LPG yield was higher as the amine system issues in the prior
quarter were resolved and compressor repairs were completed in August. Oil
sales were down despite the higher ownership percentage as a shipment was
deferred to accommodate a larger cargo thereby reducing selling costs.
"The competitive advantage of our diverse and flexible generation and fuels
portfolio was again demonstrated in the first quarter in variable market
conditions" - Tracey Hickman, EGM Generation & Wholesale
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
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 510,000 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:00308840 For:GNE Type:MKTUPDTE Time:2017-10-18 08:33:29