Genesis Energy has reported a strong financial performance for the first half of the 2025 financial year, with ebitdaf of $216.5 million and net profit after tax of $70.3m.
The company attributed its success to its portfolio flexibility, which allowed it to navigate the challenges posed by dry winter conditions and industry-wide gas shortages.
Genesis chief executive, Malcolm Johns, said the company would no longer fund broad market back-up in spare generation capacity or stored fuel and welcomed the major players in the sector to explore supporting thermal back-up for longer into the transition.
Genesis also provided an update on its strategy progress, highlighting the migration of its retail operating model to a lower-cost approach, the launch of a hot water control trial, and the acquisition of a majority stake in ChargeNet.
The company said its renewable generation pathway remains focused on solar development.
However, it has revised its guidance for ebitdaf in the 2025 financial year to around $460m, due to the impact of dry weather and fuel prices.
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