Genesis is a diversified energy company. We sell electricity, natural gas and LPG through our retail brands. We generate electricity, and trade electricity and natural gas, through our Generation business. We also have a 46% interest in the Kupe Joint Venture which owns the Kupe oil and gas field.
We are New Zealand's largest electricity and gas retailer, supplying energy through our two retail brands – Genesis and Energy Online – to more than 650,000¹ customer connections across New Zealand. Genesis is focused on attracting and keeping valuable residential, commercial and industrial customers throughout the country.
The convergence of digital applications, low-cost solar and the development of battery storage is gaining pace and is leading to greater choice, convenience and control for our customers. We are rethinking, refreshing and reimagining how we use energy in everyday life.
We own and operate a portfolio of thermal generation and renewable generation assets located in different parts of New Zealand. The spread of locations and fuel types in the portfolio gives us significant operating flexibility.
Genesis' portfolio of generation assets comprises:
- Thermal Generation: At 953 MW, the Huntly Power Station is the largest electricity generation facility in New Zealand by capacity. It is made up of two modern gas fired and two gas/coal fired generating units.
- Renewable Generation: Genesis has three hydro schemes – Tongariro (361.8 MW), Waikaremoana (138.0 MW) and Tekapo (179.0 MW). These schemes comprise eight power stations. Six are located in the North Island and two in the South Island. We also have a 7.3 MW wind farm at Hau Nui in the North Island. This geographical spread of generation helps reduce the impact of localised dry periods on Genesis' earnings.
We aim to generate and contract electricity at the lowest cost to the Company to meet its customer demand. The Company also aims to maximise the value of its excess thermal generation capacity during periods of higher wholesale electricity prices.
Kupe oil and gas
We have a 46% interest in the Kupe Joint Venture, which owns the Kupe oil and gas field. Kupe is an integral part of our business and provides a diversified source of revenue for us