Genesis revenue and emissions both fall amid record renewable generation

The cost of putting Huntly Unit 5 back into service is estimated to be between $20 million and $30m. (Image: Getty)

Thu, 24 Aug 2023

Genesis Energy generated 65% of its electricity from renewable sources in the year to June 30, 2023, the highest proportion since the company was formed in 1999. At the same time, thermal generation from its Huntly power station fell to record lows, resulting in a 45% reduction in emissions compared with 2022.The lower thermal generation played a major part in a 16% drop in Genesis’ revenue to $2.37 billion in 2023. Net profit after tax fell 11.8% to $195.7m from 2022’s restated $221.9m net profit.It reported full-year earnings...

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