Outages, low demand and low prices depress Genesis Energy earnings

Wed, 28 Aug 2013

By Pattrick Smellie Aug. 29 (BusinessDesk) - A combination of low wholesale electricity prices, low growth in demand for electricity and gas, and the impact of one-off outages to upgrade canals in the Tekapo hydro scheme saw operating earnings at Genesis Energy fall 13 percent to $336 million in the year to June 30. The result was achieved on a 9 percent drop in revenue to $2.1 billion, not quite offset by an 8 percent decline in operating expenses at $1.7 billion. Net profit after tax improved from a restated $86 million in the prior year...

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