Genesis Energy (ASX:GNE), one of New Zealand's largest energy companies, reported a robust first quarter for FY25, driven by thermal generation and expansion into renewable energy. The company’s diverse portfolio includes electricity generation from thermal and renewable sources, as well as the retailing of electricity, gas, and LPG. Genesis serves around 500,000 customers across New Zealand, with a notable presence in both residential and industrial sectors.
During Q1 FY25, Genesis' Huntly Power Station, which utilises coal, gas, and diesel, contributed significantly to a 52% increase in thermal generation compared to the previous year, producing 1,281 GWh. This generation was crucial in maintaining energy security during volatile winter demand. CEO Malcolm Johns remarked, “The Huntly Portfolio demonstrated its flexibility during the winter period, showing its importance to New Zealand’s energy stability. However, we are committed to increasing renewable capacity to meet future needs.”
The company's renewable energy projects also progressed, with construction at the Lauriston solar farm on track for its first generation by December 2024. Additionally, Genesis has expanded its renewable energy footprint through the development of a 100MW battery project at Huntly. Its acquisition of a 65% stake in Chargenet, New Zealand’s leading EV charging infrastructure operator, aligns with its Gen35 strategy, targeting a 30% share of the emerging EV market.
