Genesis Energy returns to profit on Tekapo assets, higher power prices

Sun, 26 Aug 2012

By Pattrick Smellie Aug. 27 (BusinessDesk) - Genesis Energy returned to profit in the year to June 30, with earnings of $90 million, compared with a $17 million loss in the previous year. A full year's earnings from its Tekapo A and B hydro stations, acquired from Meridian Energy part-way through the previous year and higher wholesale electricity prices were the primary factors driving the result, although the previous year also included a one-off $67.8 million non-cash revaluation loss. Despite the improvement, and a $100 million, or 34 per...

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