Genesis takes $53m hit on carbon liability dispute loss

Mon, 02 Aug 2021

Electricity and gas provider Genesis Energy has advised of a $53 million one-off hit to operating earnings after a surprise loss in a dispute over liability for carbon emissions produced by natural gas bought from one of its suppliers.Guidance for earnings before interest, tax, depreciation and amortisation (ebitda) for the last financial year, to June 20 2021, has dropped to $358m, although the company said it was “unlikely” to reduce its final dividend payment.The Genesis share price fell 1.5% to $3.38 on relatively high volumes o...

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