Genesis reports strong year with thermal power in demand

The Huntly power station delivered strong results for Genesis due to low lake levels and gas shortages. (Image: Getty)

Thu, 26 Aug 2021

Genesis Energy has delivered a strong financial result as it fired up its gas and coal generation due to low hydro lake and gas supply shortage.Net profit for the 12 months ended June 30 2021 was $34 million down $12m on the previous year.However, underlying earnings (net profit adjusted for non-cash fair value adjustments and acquisition costs) were $75m up $22m.The company said the performance was “led by continued growth in the retail segment and by providing seasonal back-up energy in a year characterised by gas supply shortages and l...

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