Genesis reports decline in thermal generation, growth in customer base

Genesis has reported a decline in total generation of 205 gigawatt hours (GWh) for the second quarter of the 2025 financial year.

The company's renewable generation was in line with the previous corresponding period (pcp), while thermal generation was down 42%.

This strategy aimed to maximise margin leverage from flexible generation options in response to wholesale market dynamics.

As a result of this approach, Genesis said its generation carbon emissions were down 65% compared to the pcp.

The company's retail customer base grew by 4.7% compared to the pcp, driven by the acquisition of Ecotricity and the growth of Frank.

In the gas sector, Genesis reported a 43.1% increase in gas netback, attributed to higher wholesale prices.

Kupe production was interrupted in December 2024 due to a 16-day unplanned de-ethaniser plant outage, but full production has since resumed.