FY18 Q3 Performance Report

17 April 2018
FY18 Q3
Performance Report
G E N E S I S E N E R G Y L I M I T E D

FY18
2Q3 PERFORMANCE REPORT
Q3 FY18 Performance Summary
ItwasanimprovedperformancefromtheCustomersegmentasincreasesinB2BandLPGsaleswere
offsetbyresidentialelectricityandgasvolumedeclines,inpartduetooneofthewarmestsummers
onrecord.ThehighlightofthequarterwasthepositivesentimentcomingfromGenesiscustomers,
ournetpromoterscoreup3percentagepoints,andchurndropped1.2percentagepointsbelowthe
comparablequarter.Residentialcustomerlossescontinuedtodeclineovertheperiod,theseturned
togainsinthemonthofMarchandB2Bsalesliftedby21%overthequarter.B2Bgassaleswereup
31%.Netbackfellto$80/MWhduetoincreasedinvestmentinmarketingandbusinesssalesteams,
increasedC&Ivolumes,andlinescosttimingimpacts.LPGsalesvolumesrose55%.
Totalgenerationvolumeswereup16%withthermalgenerationup40%andrenewabledown9%.
RenewablevolumesandforcedoutagefactorswereaffectedbytheoutageatTekapoB,anda
generatorfailureatTokaanu.Tekapolakeendedtheperiodon122%ofaverage.Nationalstorage
recoveredthroughthequartertoendon111%ofaveragewithaveragepricereceivedforgeneration
up70%to$89/MWh.Ourthermalgenerationcontinuedtosupportthevolatilemarketconditions
with34GWhofswaptionscalled.Thecoalstockpilereduced27%toendon257kt.
Gasproductionof3.0PJwasup22%,asthefieldoperatedat93.5%ofmaximumplantcapacityto
supportgenerationrequirementsandswaptioncalls.LPGyieldwas2.7%up,nowstableabove4
tonnesperTJofgasproduced.Oilsalesvolumesfell15%duetoexportshipmenttiminghowever
BrentCrudespotpricesrose24%toUSD67/bbl.
Genesis is seeing a
positive response from
customers as a result
of brand recognition
and through
innovation delivered,
with churn below the
comparable quarter
and residential gains in
March.
James Magill, Executive General
Manager Product Marketing
Customer
Wholesale
Kupe
Wholesale
Wholesale
Kupe

FY18
3
Customer Segment Performance
Highs
Lows
20.6%
1.4 PJ
Total gas sales
volumes
16.3%
1.Power Shout is an offering to customers to use 5 free hours of power at a time of their choosing
$80/MWh
Netback down
5.4%
‘Power Shout’
1
Launched to around
200,000 customers
737 GWh
B2B electricity
sales
$266/MWh
Volume weighted average
Residential electricity price
2.2%
Q3 PERFORMANCE REPORT
Customer Churn
1.2ppts down on Q3 FY17
1,330 GWh
Total Electricity
retail sales volumes
7.6%
5.0%
593 GWh
Residential electricity
sales volume
16.9%
0.3 PJ
Residential gas
sales volume
6%
Genesis Brand Net
Promoter score climbs
3 ppt
(3,500)
(3,000)
(2,500)
(2,000)
(1,500)
(1,000)
(500)
0
500
1,000
Oct-17Nov-17Dec-17Jan-18Feb-18Mar-18
Customers > 1 Product
LPG Only Customers
Gas Only Customers
Electricity Only Customers
Total Customer Change
CHANGE IN CUSTOMER NUMBERS (SIX MONTHS)

FY18
4
Wholesale Segment Performance
$89/MWh
Average price received
for generation
70.0%
632 GWh
Total renewable
generation
9.0%
33.5 GWh
Swaptions called by
other market
participants
6.4%
Forced Outage Factor
(FOF) up due to
Tekapooutage
5.8
ppts
1,632 GWh
Total generation up in
response to market
15.6%
246 GWh
Rankine output to
support volatile
market conditions
0
1,000
2,000
3,000
4,000
5,000
6,000
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
1-Jan6-Jan
11-Jan16-Jan21-Jan26-Jan31-Jan
5-Feb
10-Feb15-Feb20-Feb25-Feb
2-Mar7-Mar
12-Mar17-Mar22-Mar27-Mar
Lake Storage
(GWh)
Wholesale Price
($/MWh)
Benmore (BEN2201)Otahuhu (OTA2201)
Storage Long Run Average (RHS)FY2018 Storage
Source: COMIT/Genesis Energy
DAILY AVERAGE WHOLESALE PRICES &NATIONAL HYDRO
Q3 PERFORMANCE REPORT
Highs
Lows
257 kilotonne
Huntly coal stockpile
inventory levels optimised
26.8.%

FY18
5
Kupe Segment Performance
11.9kt
LPG production up
in line with gas and
improved yield
25.3%
14.7%
USD67/bbl
Average Brent Crude
spot oil price
96 kbbl
Kupe oil Sales
down due to
shipment timings
3.0 PJ
Gas production
supporting fuel
flexibility
22.0%
External
Sales
GNE 46% Kupe share
132 kbbl Oil11.9 ktLPG
3 PJ Gas
Fuels Portfolio
Electricity Generation
Wholesale Market
Retail Customers
1,330 GWh Electricity
3.4 PJ Gas
1.4 PJ Gas
4.3 ktLPG
6.7 ktLPG
1,632 GWh Electricity
11.5 PJ Gas
1.8 PJ Coal
0 GJ Diesel
627 GWh Hydro
5 GWh Wind
1,001 GWhThermal
96 kbbl Oil
11.7 ktLPG
2.6 ktLPG
External
Purchases
8.5 PJ Gas
2.3 PJ Coal
2.4 ktLPG
0.1 PJ Coal
24.1%
Q3 INTEGRATED PHYSICAL ENERGY FLOWS
1
Q3 PERFORMANCE REPORT
Highs
Lows
4.01t/TJ
LPG yield
2.7%
1.LPG difference represents storage
USD56/bbl
Average USD strike
price on oil contract
settlements below
Brent Crude spot
price

FY18
6
Glossary
CUSTOMER
Brand Net Promoter Score
Based on survey question "How likely would you be to recommend Genesis Energy/Energy Online to your friends or family?"
Electricity Market Share
Market share based on Electricity Authority data for the end of quarter
Gas Market Share
Market share based on Gas Industry Company data for the end of quarter
Customers
Electricity and gas customers are defined by single customer view, regardless of number of connections (ICP's)
Single Customer View
Represents unique customers which may have multiple ICP's
ICP
Installation Connection Point
MVP
Minimal Viable Product
Resi, SME, C&I
Residential, small and medium enterprises and commercial & industrial customers
Volume Weighted Average Electricity Selling Price - $/MWh
Average selling price for customers including lines/transmission and distribution and after prompt payment discount
Volume Weighted Average Gas Selling Price - $/MWh
Average selling price for customers including lines/transmission and distribution and after prompt payment discount
Average Retail Electricity Purchase Price - LWAP ($/MWh)
Excludes settlements from electricity derivatives.
LPG Customer Connections
Defined as number of customers
Bottled LPG Sales (tonnes)
Represents 45kg LPG bottle sales
Other Bulk and SME LPG Sales (tonnes)
Represents bulk, 3rd party distributors and SME sales
Wholesale LPG Sales (tonnes)
Represents wholelsale, export sales and transfers to Huntly power station
Electricity Sales - Wholesale (GWh)
Includes contracts for difference and options (excluding futures)
Electricity Purchases - Wholesale (GWh)
Includes contracts for difference and options (excluding futures)
Retail Netback ($/MWh)
Customer Segment EBITDAF plus electricity and gas purchase cost divided by total electricity and gas sales volumes
GENERATION
Coal (GWh)
Coal generation is calculated by applying coal burn to monthly average heat rates
Average Price Received for Generation - GWAP ($/MWh)
Excludes settlements from electricity derivatives.
Coal Used In Internal Generation (PJ)
Results have been revised to reflect changes in coal kilo tonnes to PJ conversion rate and volume methodology
Rankines Fuelled by Coal (%)
The proportion of coal used in the Rankine units
Equipment Availability Factor (EAF)
The percentage of time a power station is available to generate electricity
Forced Outage Factor (FOF)
The percentage of time a power station is unavailable to generate electricity due to unplanned failure or defect.
WHOLESALE
Weighted Average Fuel Cost ($/MWh)
Total cost of fuel burnt plus emissions on fuel burnt divided by total generation (thermal, hydro and wind)
CORPORATE
Total Recordable Injury Frequency Rate
Rolling 12 month TRIFR per 200,000 hours worked for employees and contractors
Headcount
Based on full time equivalents, excluding contractors
KUPE
Oil Hedge Levels (%)
% hedged for remainder of FY as % of forecast sales
Q3 PERFORMANCE REPORT

FY18
7
Customer Metrics
1. Mar 2017 customer view not available.
Q3 PERFORMANCE REPORT
CUSTOMER SEGMENT
Q3 FY18Q3 FY17% ChangeVar. YTD FY18YTD FY17% ChangeVar.
CUSTOMER
Brand Net Promoter Score - Genesis Energy (%)6%3%(100.0%)3%
Retail Netback ($/MWh)$80.26$84.88(5.4%)($4.62)$80.64$82.89(2.7%)($2.25)
CUSTOMER NUMBERS
1
Electricity Only Customers340,655 NA
Gas Only Customers17,896 NA
LPG Only Customers31,978 NA
Customers > 1 Product111,429 NA
Total Customers501,958 NA
Electricity ICP's Excluding Vacants (#) 501,245 510,209 (1.8%)(8,964)
Electricity Vacant ICP's- 20,452 (100.0%)(20,452)
Gas ICP's Excluding Vacants (#) 104,837 105,433 (0.6%)(596)
Gas Vacant ICP's- 4,133 (100.0%)(4,133)
VOLUMES AND PRICE
Volume Weighted Average Electricity Selling Price - Resi ($/MWh)$265.93$260.142.2%$5.80$253.14$250.950.9%$2.19
Volume Weighted Average Electricity Selling Price - SME ($/MWh)$217.47$216.160.6%$1.31$216.49$214.351.0%$2.14
Volume Weighted Average Electricity Selling Price - C&I ($/MWh)$116.34$114.291.8%$2.06$118.93$116.062.5%$2.87
Residential Electricity Sales (GWh)593 624 (5.0%)(31) 2,237 2,365 (5.4%)(128)
SME Electricity Sales (GWh)262 257 1.8%5 816 835 (2.3%)(19)
C&I Electricity Sales (GWh)475 354 34.2%121 1,285 947 35.7%338
Electricity Sales - Retail (GWh)1,330 1,235 7.6%94 4,338 4,147 4.6%191
Electricity Sales - Wholesale (GWh)479 453 5.7%26 1,710 1,411 21.2%299
Electricity Purchases - Retail (GWh)1,392 1,312 6.1%80 4,550 4,377 4.0%173
Electricity Purchases - Wholesale (GWh)491 296 65.5%194 1,281 1,029 24.5%252
Average Retail Electricity Purchase Price - LWAP ($/MWh) $88.07$52.0169.3%$36.06$95.84$53.0180.8%$42.84
LWAP/GWAP Ratio (%)99%100%(0.4%)0%102%100%2.0%2%
Volume Weighted Average Gas Selling Price - Resi/SME ($/GJ)$37.87$36.453.9%$1.42$27.78$27.491.0%$0.29
Residential Gas Sales (PJ)0.30.4(16.9%)(0.1)1.92.1(6.7%)(0.1)
SME Gas Sales (PJ)0.20.25.0%0.01.01.01.3%0.0
C&I Gas Sales (PJ)0.80.640.8%0.22.42.40.5%0.0
Retail Gas Sales (PJ)1.41.216.3%0.25.35.4(2.1%)(0.1)
LPG
LPG Customer Connections (#) 60,225 18,334 228.5%41,891
Bottled LPG Sales (tonnes)2,360 935 152.2%1,424 9,861 3,505 181.3%6,356
Other Bulk & SME LPG sales (tonnes)4,393 3,413 28.7%980 15,143 - 0.0%15,143
Total LPG Sales Volumes (tonnes)6,752 4,348 55.3%2,404 25,004 3,505 613.4%21,499
Wholesale LPG Sales (tonnes)4,269 5,362 (20.4%)(1,093) 23,923 10,893 119.6%13,031

FY18
8
Wholesale Metrics
Q3 PERFORMANCE REPORT
WHOLESALE SEGMENT
Q3 FY18Q3 FY17% ChangeVar. YTD FY18YTD FY17% ChangeVar.
GENERATION
Gas (GWh)857 718 19.4%139 2,652 2,150 23.3%502
Coal (GWh)144 - N/A144 522 53 887.9%469
Total Thermal (GWh)1,001 718 39.4%283 3,173 2,203 44.1%971
Hydro (GWh)627 689 (9.0%)(62) 2,314 2,302 0.5%11
Wind (GWh)5 5 (6.7%)(0) 15 17 (9.0%)(2)
Total Renewable (GWh)632 694 (9.0%)(63) 2,329 2,319 0.4%10
Total Generation (GWh)1,632 1,412 15.6%220 5,502 4,522 21.7%981
Average Price Received for Generation - GWAP ($/MWh) $88.54$52.0770.0%$36.46$93.90$52.9677.3%$40.94
Generation Emissions (ktCO
2
)523 287 81.9%235 1,683 948 77.6%735
Generation Carbon Intensity (tCO
2
/GWh)320 203 57.3%117 306 210 45.9%96
Forced Outage Factor (FOF)6.4%0.6%966.7%5.8%3.3%0.9%266.7%2.4%
Equipment Availability Factor (EAF)84.1%90.4%(7.0%)(6.3%)90.3%92.3%(2.2%)(0)
Rankine Output (GWh)246(4) N/A250 859181373.8%678
Rankines Fueled by Coal (%)59%0%N/A58.5%61%30%105.7%31%
WHOLESALE
Gas Purchases (PJ)11.59.916.2%1.635.933.28.0%2.7
Coal Purchases (PJ)2.30.0N/A2.34.30.18000.6%4.2
Wholesale Gas Sales (PJ)3.43.32.3%0.19.811.3(13.1%)(1.5)
Wholesale Coal Sales (PJ)0.10.2(69.4%)(0.1)0.30.6(54.2%)(0.3)
Gas Used In Internal Generation (PJ)6.75.425.2%1.420.916.626.3%4.4
Coal Used In Internal Generation (PJ) 1.70.0N/A1.76.00.7723.4%5.3
Weighted Average Fuel Cost ($/MWh)$42.89$31.6135.7%$11.28$37.85$30.9122.4%$6.93
Coal Stockpile - closing balance (kilotonnes)257.1 351.2 (26.8%)(94.1)

FY18
9
Kupe and Other Metrics
1. TRIFR now being reported to include contractors. Prior period has been restated on same basis
Q3 PERFORMANCE REPORT
KUPE SEGMENT
Q3 FY18
Q3 FY17
% Change
Var.
YTD FY18
YTD FY17
% Change
Var.
KUPE
Gas Production (PJ)
3.0
2.4
22.0%
0.5
9.1
6.2
45.4%
2.8
Oil Production (kbbl)
132.5
127.7
3.7%
4.8
413.2
323.5
27.7%
89.7
Oil Sales (kbbl)
96.0
112.5
(14.7%)
(16.5)


337.0
259.2
30.0%
77.7


Average Brent Crude Spot Oil Price (USD/bbl)
$66.76
$53.78
24.1%
$12.98
$60.08
$49.70
20.9%
$10.38
LPG Sales (kt)
11.7
9.7
21.0%
2.0
34.4
21.2
62.0%
13.1
LPG Production (kt)
11.9
9.5
25.3%
2.4
34.4
21.1
62.8%
13.3
OTHER
CORPORATE
Headcount (FTE)
1,012


775


30.6%
237


Total Recordable Injury Frequency Rate
1
1.18


0.65


81.5%
0.53

FY18
10
Appendix: Customer Segment
Q3 PERFORMANCE REPORT
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q1 FY14
Q2Q3Q4
Q1 FY15
Q2Q3Q4
Q1 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3
Tonnes
Tonnes
LPG SALES VOLUMES (tonnes)
Quarterly Retail LPG Sales Volumes
Quarterly Bulk/SME LPG Sales Volume
Rolling 12month sales volume (RHS)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Q1 FY14
Q2Q3Q4
Q1 FY15
Q2Q3Q4
Q1 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3
PJPJ
RETAIL GAS SALES VOLUMES (PJ)
Quarterly C&I Sales VolumesQuarterly Resi Sales Volumes
Quarterly SME Sales VolumesRolling 12month sales volume (RHS)
0
1000
2000
3000
4000
5000
6000
7000
0
200
400
600
800
1000
1200
Q1 FY14
Q2Q3Q4
Q1 FY15
Q2Q3Q4
Q1 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3
GWhGWh
ELECTRICITY SALES VOLUMES (GWh)
Quarterly C&I Sales VolumesQuarterly Resi Sales Volumes
Quarterly SME Sales VolumesRolling 12month sales volume (RHS)

FY18
11
Appendix: Wholesale Segment
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
AprMayJunJulAugSepOctNovDecJanFebMar
GWh
NEW ZEALAND DAILY STORAGE
91 year Average12month Rolling
Source: COMIT
0
20
40
60
80
100
120
140
160
AprMayJunJulAugSepOctNovDecJanFebMar
GWh
WAIKAREMOANA STORAGE vs LONG RUN AVERAGE -Q3 FY2018
Waikaremoana Storage
Source: COMITSource: COMITSource: COMIT
0
200
400
600
800
1000
AprMayJunJulAugSepOctNovDecJanFebMar
GWh
TEKAPO STORAGE vs LONG RUN AVERAGE -Q3 FY2018
Tekapo Storage
Source: COMIT
Q3 PERFORMANCE REPORT

FY18
12
Appendix: Wholesale Segment
PLANT PERFORMANCE
Q3 PERFORMANCE REPORT
0
1,000
2,000
3,000
4,000
5,000
6,000
Q3 2018Q3 2017Q3 YTD 2018Q3 YTD 2017
GWh
Hau Nui Wind Farm
Tekapo A and B power stations
Waikaremoana Power Scheme
Tongariro Power Scheme
Huntly Unit 6
Huntly Unit 5
Huntly Units 1 to 4 Gas
Huntly Units 1 to 4 Coal
GENERATION BY POWER STATION
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
Forced Outage Factor (FOF) %
Equipment Availability Factor (EAF) %
Monthly EAFMonthly FOF

FY18
13
Appendix: Kupe Segment
OIL PRICE and FOREX RISK MANAGEMENT
BRENT CRUDE OIL SPOT PRICE (USD/bbl)
Q3 PERFORMANCE REPORT
FORWARD RISK MANAGEMENT
% HEDGED
Oil Price HedgesAverage Oil Price
1-12 months90%USD56.5
13-24 months75%USD56.5
25-36 months35%USD56.2
USD/NZD HedgesRate
1-12 months61%0.674
13-24 months57%0.698
25-36 months34%0.696
380.0
420.0
460.0
500.0
540.0
580.0
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
Q1 FY12Q2 FY12Q3 FY12Q4 FY12Q1 FY13Q2 FY13Q3 FY13Q4 FY13Q1 FY14Q2 FY14Q3 FY14Q4 FY14Q1 FY15Q2 FY15Q3 FY15Q4 FY15Q1 FY16Q2 FY16Q3 FY16Q4 FY16Q1 FY17Q2 FY17Q3 FY17Q4 FY17Q1 FY18Q2 FY18Q3 FY18
‘000 of barrels
‘000s of barrels
Quarterly Production VolumeRolling 12 Months Sales Volume (RHS)
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Q1 FY12Q2 FY12Q3 FY12Q4 FY12Q1 FY13Q2 FY13Q3 FY13Q4 FY13Q1 FY14Q2 FY14Q3 FY14Q4 FY14Q1 FY15Q2 FY15Q3 FY15Q4 FY15Q1 FY16Q2 FY16Q3 FY16Q4 FY16Q1 FY17Q2 FY17Q3 FY17Q4 FY17Q1 FY18Q2 FY18Q3 FY18
PJ
PJ
Quarterly Sales VolumeRolling 12 Months Sales Volume (RHS)
KUPE GAS VOLUMES (PJ)
KUPE OIL PRODCUTION VOLUMES (kbbl)
$20
$30
$40
$50
$60
$70
$80
AprMayJunJulAugSepOctNovDecJanFebMar
12 mths to Mar1712 mths to Mar18