Announcement
MKTUPDTE: GNE: FY19 Q2 Performance Report
08:30am
GNE
22/01/2019 08:30
MKTUPDTE
PRICE SENSITIVE
REL: 0830 HRS Genesis Energy Limited (NS)
MKTUPDTE: GNE: FY19 Q2 Performance Report
FY19 Q2 PERFORMANCE REPORT
Genesis Energy today released to the NZX/ASX its FY19 Q2 Performance Report
for the three months ended 31 December 2018. The report is available from the
Genesis Energy page at www.nzx.com or
https://www.genesisenergy.co.nz/investors/reports-and-presentations#quarterly
.
FY19 Q2 Performance Summary
CUSTOMER
Genesis continued to invest in loyalty, customer service and product
innovation in the quarter with Brand NPS up 6 ppts to 8% versus the same time
last year, churn down to 17% and dual fuel customer numbers steadily
increasing. Netback margins were up for Electricity and LPG but down for Gas
due to timing of price increases. Notable product campaigns include Bottle
Gas Monitoring focused on the Christchurch area and the Dual Fuel "Get it all
when you go all in" campaign. Energy IQ also incorporated Gas into the Energy
Mix and Home Comparison tools for the first time last quarter.
WHOLESALE
The unprecedented gas and hydro shortage in the quarter resulted in Genesis
running two dual fuel Rankine units at Huntly on coal for long periods. The
5-week planned 400 MW CCGT outage at Huntly also contributed to a tight
market, with Genesis managing risk to its own portfolio through advanced
hedging strategies. Consequently, other market participants called on Genesis
for energy and coal had to be imported to supplement local supplies. Genesis
has successfully demonstrated the importance and value of its fuel diversity
as well as a flexible supply chain throughout a volatile market period.
KUPE
Scheduled statutory maintenance, coinciding with Huntly U5 outage, reduced
production at Kupe for the quarter with gas production down 12% versus the
same time last year, and corresponding impacts on LPG and oil production. LPG
yields were up 2.5% whilst oil yield was down due to the natural decline in
the field. Oil sales were down 47% versus the prior comparable period due to
the timing of shipments and reduced field production.
"Genesis' generation portfolio responded well to a fuel constrained wholesale
market demonstrating the importance and value of fuel diversity coupled with
a flexible supply chain during volatile market conditions" said Tracey
Hickman, Executive General Manager - 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:
Cameron Parker
Investor Relations Manager
Genesis Energy
P: 09 951 9311
M: 021 241 3150
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 500,000 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 $NZ2.3bn
during the 12 months ended 30 June 2018. More information can be found at
www.genesisenergy.co.nz
End CA:00329661 For:GNE Type:MKTUPDTE Time:2019-01-22 08:30:21
Click here
to view related attachments.
