FIRST CUT: Genesis Energy first-half earnings fall 11% as wholesale electricity market weighs

Mon, 27 Feb 2017

By Paul McBeth Feb. 28 (BusinessDesk) - Genesis Energy, the country's biggest electricity retailer, posted an 11 percent decline in first-half earnings as cheap oil and a wet spring kept wholesale prices low, offsetting better margins on the retail side of the business. Earnings before interest, tax, depreciation, amortisation and fair value movements (ebitdaf), a favoured measure of power companies, fell to $155.7 million in the six months ended Dec. 31 from $175.5 million a year earlier, the Auckland-based company said in a statement....

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