Genesis Energy reports hydro generation fell in the second half of FY2020

Genesis Energy announced that it delivered EBITDAF (earnings before interest, taxes, depreciation, amortization and fair value adjustments) for FY2020 of $356 million and net profit of $46 million, with underlying earnings of $53 million.

However, hydro generation fell by 491 GWh versus the previous year, due to low inflows. According to its website, Genesis has three hydro schemes: 361.8-MW Tongariro, 138-MW Waikaremoana and 179-MW Tekapo. These schemes comprise eight power stations, six in the North Island and two in the South Island.

“The second half of FY20 tested our portfolio flexibility through multiple gas and transmission outages, exceptionally low North Island hydro catchment inflows and the COVID-19 lockdown,” said Genesis Energy Chief Executive Officer Marc England. With hydro generation falling, “This meant Huntly Power Station’s back-up generation was called upon more regularly to stabilise wholesale electricity prices for all market participants,” he said.

The national COVID-19 disruption affected industrial and commercial electricity consumption but was partially offset by an increase in consumption from residential customers.

“We are continuing our Future-gen strategy with a target to develop 2,650 GWh of new renewable generation options that will enable us to transition our baseload thermal generation portfolio to renewables,” England said. “We will achieve the first 450 GWh of this, as Waipipi Wind Farm comes online in early 2021. Having already removed 1.8 million tonnes of CO2 from our portfolio in the last 10 years, Future-gen will enable us to further reduce our carbon emissions by another 1 million tonnes in the next 5 to 10 years.”

Genesis Energy is a diversified New Zealand energy company that sells electricity, reticulated natural gas and LPG through its retail brands of Genesis Energy and Energy Online and is New Zealand’s largest energy retailer. The company generates electricity from a diverse portfolio of thermal and renewable generation assets.

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