Genesis trims guidance on reduced hydro generation

Thu, 23 Apr 2020

Genesis Energy has trimmed its full-year earnings guidance by $5 million, citing lower-than-expected production from its Tekapo and Waikaremoana hydro schemes. Drought in the North Island has reduced generation inflows this year, prompting an earlier downgrade by Genesis in February and by rival Mercury NZ this week. Today, Genesis said it now expects June-year earnings before interest, tax, depreciation, amortisation and changes in financial instruments of $355 million to $365 million, down from its February forecast of $360 million to $...

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