Tough six months hit Genesis Energy's earnings and profit

A major outage at Huntly power station reduced energy security and Genesis Energy's earnings. (Image: Getty)

Thu, 22 Feb 2024

Genesis Energy recorded large drops in earnings and profit as it dealt with a major plant outage, lower hydro inflows and increasing costs across the business.For the six months to Dec 31, Genesis reported earnings (Ebitdaf) of $202 million, down 32% on the previous corresponding period. The reduced earnings meant that net profit after tax was lower: $38m, a 74% drop.The company suffered an extended outage of Unit 5 at Huntly power station, which took longer to fix than originally estimated. The outage occurred in June and meant...

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