New Zealand’s Genesis Energy has delivered strong performance in the first half of the 2022 financial year, reporting earnings before interest of $210.3 million. Net profit was up 63 per cent on the same period of the previous year, with a total of $84.7 million.
Genesis has declared a greater investment in renewable generation and enhanced customer experiences for this half-year, with chief executive Marc England calling this year a “pivotal year” for New Zealand’s climate agenda.
“We’re investing in enhanced digital capabilities, new sources of renewable generation, and in maximising the efficiency and output of our assets, all important for future growth as we manage the transition to a sustainable future,” said England.
Genesis has entered agreements for wind and geothermal generation, expanding its portfolio into grid-scale solar.
“Playing our role in the country’s transition to a low-carbon future remains top of mind across the organisation,” the report read.
The company undertook three significant projects during the half-year, with Kupe, Tekapo B and the Waikaremoana Power Scheme.
Along with Kupe joint venture (JV) partners, Genesis completed the $72 million project that restored production capability back to 77 TJ/day – equivalent to 15 per cent of New Zealand’s daily natural gas demand.
After five years of planning and design, work has commenced on stage two of the Tekapo B power station upgrade that will future-proof it for future decades.
The $15 million project will deliver 800 GWh of annual generation, providing operational flexibility, reduce running limitations and annual maintenance costs.
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