FY18 Q4 Performance Report

18 July 2018
FY18 Q4
Performance Report
G E N E S I S E N E R G Y L I M I T E D

FY18
2Q4 PERFORMANCE REPORT
Q4 FY18 Performance Summary
-Customerchurnfellnearly4percentagepointsonthepriorcomparableperiod(pcp)to
18%andcustomerswithmorethanoneproductwereupby5,181.Netbackfell5%on
pcpto$82/MWhduetoincreasedinvestmentinmarketingandbusinesssalesteams,
andincreasedB2Bvolumes.
-Totalelectricitysalesvolumewasup9%to1,642GWh,B2Bincreased23%,offsetbya
1%fallinresidentialsalesvolumes.
-Totalgassalesvolumewasup12%to2.1PJ,B2Bup16%,andtotalLPGsalesvolumeup
119%onpcp.
-Tekapo’s80MWgeneratorreturnedtoserviceon2JunewithLakeTekapostorageat
144%ofaverage.
-Averagegenerationpricereceivedwas$84/MWh.LWAP/GWAPratiowasdown5
percentagepointsto98%,apositiveresult.
-Totalgenerationvolumewasdown16%onpcpto1,603GWh.Carbonemissionswere
down14%onpcpto454ktCO
2
.
-Fieldproductionforthequarterwas83%ofmaximumcapacity,down13percentage
pointsonpcp,partlyduetoa4.5dayplantoutageandlowerdemandfromgeneration.
Gasproductionwasdownonpcpfrom3.0PJto2.7PJ.
-LPGsaleswereup8%onpcpto11.8ktwithLPGyieldat4.29t/TJofgasproduced,up
14%onpcp.
-196kbblofoilsaleswererecorded,down21%onpcp.Averagespotpriceforoilwasup
50%onpcp,toUSD74/bbl.
Genesis’ investment in
brand and Energy
Management
products and service
levels are having a
measurable impact on
brand perception,
resulting in below
market churn rates.
James Magill, Executive General
Manager Product Marketing
Customer
Wholesale
Kupe
Wholesale
Wholesale
Kupe

-3,000
-2,000
-1,000
-
1,000
2,000
3,000
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Net Customer & ICP Movement
Net Customer MovementNet ICP Movement
FY18
3
Customer Segment Performance
Highs
Lows
22.8%
2.1 PJ
Total gas sales
volumes
12.3%
$82/MWh
Netback down due to
B2B volume increase &
investment in growth
5.1%
737 GWh
B2B electricity
sales
Q4 PERFORMANCE REPORT
Customer > 1
Product
5,181 up on Q4 FY17
1,642 GWh
Total Electricity
retail sales volumes
9.0%
1.2%
851 GWh
Residential electricity
sales volume
1.2%
0.7 PJ
Residential gas
sales volume
10%
Genesis Brand Net
Promoter score climbs
9 ppt
NET CUSTOMER & ICP MOVEMENT (ALL FUELS)
Customer Churn
1
Down from 21.1% Q4
FY17 to 17.5%
3.6 ppt
5.0%
1. Based on losing and gaining accounts under a Single Customer View

FY18
4
Wholesale Segment Performance
$84/MWh
Average price received
for generation
6.1%
LWAP / GWAP
Ratio down due to
portfolio optimisation
5 ppt
Tekapo
80 MW returned to
service on 2 June
2018
86.5%
Equipment Availability
Factor (EAF) down
partly due to Tekapo
outage
7.1%
283 ktCO2
Generation
emissions down
Q4 PERFORMANCE REPORT
Highs
Lows
310 kilotonne
Huntly coal stockpile
inventory levels optimised
11.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
$-
$50
$100
$150
$200
$250
$300
$350
1-Apr6-Apr
11-Apr16-Apr21-Apr26-Apr
1-May6-May
11-May16-May21-May26-May31-May
5-Jun
10-Jun15-Jun20-Jun25-Jun
Lake Storage
(GWh)
Wholesale Price
($/MWh)
Benmore (BEN2201)Otahuhu (OTA2201)
Storage Long Run Average (RHS)FY2018 Storage
Source: COMIT/Genesis Energy
DAILY AVERAGE WHOLESALE PRICES &NATIONAL HYDRO
13.7%
727 GWh
Renewable generation
down partly due to
Tekapooutage
12.7%

FY18
5
Kupe Segment Performance
11.8 kt
LPG sales up in line
with gas and
improved yield
7.8%
13.4%
USD74/bbl
Average Brent Crude
spot oil price
196 kbbl
Kupe year-end oil
sales
External
Sales
GNE 46% Kupe share
120 kbblOil11.8 ktLPG
2.7 PJ Gas
Fuels Portfolio
Electricity Generation
Wholesale Market
Retail Customers
1,642 GWh Electricity
2.0 PJ Gas
2.1 PJ Gas
4.9 ktLPG
10.0 ktLPG
1,603 GWh Electricity
10.0 PJ Gas
1.6 PJ Coal
0 GJ Diesel
722 GWh Hydro
6 GWh Wind
876 GWh Thermal
196 kbbl Oil
14.9 ktLPG
0.1 ktLPG
External
Purchases
7.3 PJ Gas
2.4 PJ Coal
3.2 ktLPG
0.1 PJ Coal
49.6%
Q4 INTEGRATED PHYSICAL ENERGY FLOWS
1
Q4 PERFORMANCE REPORT
Highs
Lows
4.29 t/TJ
LPG yield
14.3%
1.LPG difference represents movement in storage
2.7 PJ
Gas production
down due to plant
outage and lower
generation demand
4.5 day
outage but had limited
impact on production

FY18
6
Glossary
Q4 PERFORMANCE REPORT
CUSTOMER
Brand Net Promoter ScoreBased on survey question "How likely would you be to recommend Genesis Energy/Energy Online to your friends or family?"
Electricity Market ShareMarket share based on Electricity Authority data for the end of quarter
Gas Market ShareMarket share based on Gas Industry Company data for the end of quarter
CustomersElectricity and gas customers are defined by single customer view, regardless of number of connections (ICP's)
Single Customer ViewRepresents unique customers which may have multiple ICP's
ICPInstallation Connection Point, a connection point that is both occupied and has not been disconnected (Active-Occupied)
Customer ChurnBased on losing and gaining accounts under a Single Customer View
MVPMinimal Viable Product
Resi, SME, C&IResidential, small and medium enterprises and commercial & industrial customers
Volume Weighted Average Electricity Selling Price - $/MWhAverage selling price for customers including lines/transmission and distribution and after prompt payment discount
Volume Weighted Average Gas Selling Price - $/MWhAverage selling price for customers including lines/transmission and distribution and after prompt payment discount
Average Retail Electricity Purchase Price - LWAP ($/MWh)Excludes settlements from electricity derivatives.
LPG Customer ConnectionsDefined 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 wholesale, 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 RateRolling 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

FY18
7
Customer Metrics
1. June 2017 customer numbers restated post LPG integration.
Q4 PERFORMANCE REPORT
2. Historical LPG figures restated post LPG integration.
CUSTOMER SEGMENTQ4 FY18Q4 FY17
% ChangeVar.
YTD FY18YTD FY17
% ChangeVar.
CUSTOMER
Brand Net Promoter Score - Genesis Energy (%)10.0% 1.0% 900.0% 9.0%
Retail Netback ($/MWh)$81.92$86.29(5.1%)($4.38)$80.33$83.81(4.2%)($3.48)
CUSTOMER NUMBERS
1
Electricity Only Customers341,545 357,900 (4.6%)(16,355)
Gas Only Customers18,444 19,134 (3.6%)(690)
LPG Only Customers35,639 33,435 6.6%2,204
Customers > 1 Product109,767 104,586 5.0%5,181
Total Customers505,395 515,055 (1.9%)(9,660)
Electricity ICPs Active-Occupied503,234 513,725 (2.0%)(10,491)
Gas ICPs Active-Occupied106,082 106,909 (0.8%)(827)
Total ICPs609,316 620,634 (1.8%)(11,318)
VOLUMES AND PRICE
Volume Weighted Average Electricity Selling Price - Resi ($/MWh)$249.93$252.79(1.1%)($2.86)$252.26$251.440.3%$0.81
Volume Weighted Average Electricity Selling Price - SME ($/MWh)$217.17$218.64(0.7%)($1.47)$216.66$215.380.6%$1.28
Volume Weighted Average Electricity Selling Price - C&I ($/MWh)$127.64$129.89(1.7%)($2.24)$121.46$120.041.2%$1.42
Residential Electricity Sales (GWh)851 862 (1.2%)(11) 3,088 3,227 (4.3%)(139)
SME Electricity Sales (GWh)265 261 1.5%4 1,081 1,096 (1.4%)(15)
C&I Electricity Sales (GWh)52538337.3%143 1,811 1,330 36.2%481
Electricity Sales - Retail (GWh)1,642 1,505 9.0%136 5,980 5,653 5.8%327
Electricity Sales - Wholesale (GWh)679 587 15.7%92 23891,998 19.6%391
Electricity Purchases - Retail (GWh)1,745 1,587 10.0%158 6,295 5,964 5.6%331
Electricity Purchases - Wholesale (GWh)591 284 108.4%308 18731,313 42.7%560
Average Retail Electricity Purchase Price - LWAP ($/MWh) $82.42$81.281.4%$1.14$92.12$60.5352.2%$31.59
LWAP/GWAP Ratio (%)98% 103% (4.4%) (4.6%) 101% 100% 0.7% 0.7%
Volume Weighted Average Gas Selling Price ($/GJ)$25.40$26.15(2.9%)($0.75)$27.12$27.14(0.1%)($0.02)
Residential Gas Sales (PJ)0.70.7(1.2%)(0.0) 2.72.8(5.2%)(0.1)
SME Gas Sales (PJ)0.40.49.7%0.0 1.41.43.6%0.1
C&I Gas Sales (PJ)1.00.826.2%0.2 3.43.17.0%0.2
Retail Gas Sales (PJ)2.11.912.3%0.2 7.57.41.7%0.1
LPG
2
LPG Customer Connections (#) 64,791 58,799 10.2%5,992
Bottled LPG Sales (tonnes)4,151 2,463 68.6%1,688 14,012 5,981 134.3%8,031
Other Bulk & SME LPG sales (tonnes)5,814 2,091 178.0%3,723 20,993 2,306 810.5%18,687
Total LPG Sales Volumes (tonnes)9,965 4,554 118.8%5,411 35,005 8,287 322.4%26,718
Wholesale LPG Sales (tonnes)4,996 7,658 (34.8%)(2,663) 29,668 24,792 19.7%4,876

FY18
8
Wholesale Metrics
Q4 PERFORMANCE REPORT
WHOLESALE SEGMENT
Q4 FY18
Q4 FY17
% Change
Var.
YTD FY18
YTD FY17
% Change
Var.
GENERATION
Gas (GWh)
740


927


(20.1%)
(187)


3,392


3,082


10.0%
309


Coal (GWh)
135


138


(2.2%)
(3)


657


186


254.2%
472


Total Thermal (GWh)
876


1,065


(17.8%)
(190)


4,049


3,268


23.9%
781


Hydro (GWh)
722


831


(13.2%)
(109)


3,036


3,133


(3.1%)
(98)


Wind (GWh)
6


4


37.6%
2


21


21


0.1%
0


Total Renewable (GWh)
727


835


(12.9%)
(108)


3,056


3,154


(3.1%)
(98)


Total Generation (GWh)
1,603


1,900


(15.7%)
(297)


7,105


6,422


10.6%
683


Average Price Received for Generation - GWAP ($/MWh)
$83.69
$78.88
6.1%
$4.81
$91.59
$60.63
51.1%
$30.96
Rankine Output (GWh)
183


271


(32.6%)
(89)


1,042


453


130.1%
589


Rankines Fueled by Coal (%)
74%


51%


45.2%


23%


63%


41%


54%


22%


Generation Emissions (ktCO
2
)
454


526


(13.7%)
(72)


2,137


1,474


45.0%
663


Generation Carbon Intensity (tCO
2
/GWh)
283


277


2.3%
6


301


230


31.1%
71


Forced Outage Factor (FOF)
10.1%


0.9%


971.0%


9.2%


4.6%


0.9%


419.8%


3.7%


Equipment Availability Factor (EAF)
86.5%
93.2%
(7.1%)
(6.7%)
91.1%
92.5%
(1.5%)
(1.4%)
WHOLESALE
Gas Purchases (PJ)
10.0
12.2
(18.5%)
(2.3)
45.9
45.6
0.8%
0.3
Coal Purchases (PJ)
2.4
1.4
72.8%
1.0
6.7
1.4
365.0%
5.2
Wholesale Gas Sales (PJ)
2.0
2.9
(31.1%)
(0.9)
11.8
14.2
(16.8%)
(2.4)
Wholesale Coal Sales (PJ)
0.1
0.1
(21.1%)
(0.0)
0.4
0.7
(48.0%)
(0.3)
Gas Used In Internal Generation (PJ)
5.8
7.4
(21.7%)
(1.6)
26.7
23.9
11.5%
2.8
Coal Used In Internal Generation (PJ)
1.6
1.5
4.8%
0.1
7.6
2.3
237.4%
5.4
Weighted Average Fuel Cost ($/MWh)
$38.13
$36.43
4.7%
$1.71
$37.91
$32.54
16.5%
$5.37
Coal Stockpile - closing balance (kilotonnes)
310.7
349.2
(11.0%)
(38.6)

FY18
9
Kupe and Other Metrics
1. TRIFR now being reported to include contractors. Prior period has been restated on same basis
Q4 PERFORMANCE REPORT
KUPE SEGMENT
Q4 FY18
Q4 FY17
% Change
Var.
YTD FY18
YTD FY17
% Change
Var.
KUPE
Gas Production (PJ)
2.7


3.1


(13.4%)
(0.4)


11.8


9.3


25.9%
2.4
Oil Production (kbbl)
119.5


152.3


(21.5%)
(32.8)


533


475.9


12.0%
56.9
Oil Sales (kbbl)
196.4


247.6


(20.7%)
(51.2)


533


507


5.2%
26.5
Average Brent Crude Oil (USD/bbl)
$74.35
$49.69
49.6%
$24.66
$63.65
$49.70
28.1%
$13.95
LPG Sales (kt)
11.8


10.9


7.8%
0.9


46.1


32.1


43.6%
14.0
LPG Production (kt)
11.5


11.6


(1.0%)
(0.1)


45.9


32.8


40.1%
13.1
OTHER
Q4 FY18
Q4 FY17
% Change
Var.
YTD FY18
YTD FY17
% Change
Var.
CORPORATE
1
Headcount (FTE)
1,041


754


38.1%
287


Total Recordable Injury Frequency Rate
1.25


0.78


60.3%
0.47

FY18
10
Appendix: Customer Segment
Q4 PERFORMANCE REPORT
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
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
Q2Q3Q4
Tonnes
Tonnes
LPG SALES VOLUMES (tonnes)
Quarterly Retail LPG Sales Volumes
Quarterly Bulk/SME LPG Sales Volume
Rolling 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
Q2Q3Q4
GWhGWh
ELECTRICITY SALES VOLUMES (GWh)
Quarterly C&I Sales VolumesQuarterly Resi Sales Volumes
Quarterly SME Sales VolumesRolling 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
Q2Q3Q4
PJPJ
RETAIL GAS SALES VOLUMES (PJ)
Quarterly C&I Sales VolumesQuarterly Resi Sales Volumes
Quarterly SME Sales VolumesRolling 12month sales volume (RHS)

FY18
11
Appendix: Wholesale Segment
Q4 PERFORMANCE REPORT
0
100
200
300
400
500
600
700
800
900
1000
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
TEKAPO STORAGE vs LONG RUN AVERAGE -Q4 FY2018
Tekapo Storage
Source: COMIT
0
20
40
60
80
100
120
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
WAIKAREMOANA STORAGE vs LONG RUN AVERAGE -Q4 FY2018
Waikaremoana Storage
Source: COMIT
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
JunJulAugSepOctNovDecJanFebMarAprMayJun
GWh
NEW ZEALAND DAILY STORAGE
91 year Average12month Rolling
Source: COMIT

FY18
12
Appendix: Wholesale Segment
PLANT PERFORMANCE
Q4 PERFORMANCE REPORT
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
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
May-18
Forced Outage Factor (FOF) %
Equipment Availability Factor (EAF) %
Monthly EAFMonthly FOF
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Q4 2018Q4 2017Q4 YTD 2018Q4 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
TAKE-OR-PAY FORWARD GAS PURCHASES
1
–Q4 DISCLOSURE
0
5
10
15
20
25
30
35
40
FY19FY20FY21FY22FY23FY24FY25FY26
PJ
$7.50 -
$8.50
1. Represents gas contracts under which Genesis is required to take the product
or pay a penalty. Includes Kupe and PPI adjustments
$8.00 -
$9.00
$8.00 -
$9.00
$8.00 -
$9.00
$8.50 -
$9.50
$8.50 -
$9.50
$8.50 -
$9.50

FY18
13
Appendix: Kupe Segment
OIL PRICE and FOREX RISK MANAGEMENT
BRENT CRUDE OIL SPOT PRICE (USD/bbl)
Q4 PERFORMANCE REPORT
KUPE GAS VOLUMES (PJ)
KUPE OIL PRODCUTION VOLUMES (kbbl)
$30
$40
$50
$60
$70
$80
JulAugSepOctNovDecJanFebMarAprMayJun
12 mths to Jun1712 mths to Jun18
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
Q1 FY13Q2 FY13Q3 FY13Q4 FY13Q1 FY14Q2 FY14Q3 FY14Q4 FY14Q1 FY15Q2 FY15Q3 FY15Q4 FY15Q1 FY16Q2 FY16Q3 FY16Q4 FY16Q1 FY17Q2 FY17Q3 FY17Q4 FY17Q1 FY18Q2 FY18Q3 FY18Q4 FY18
‘000 barrels
‘000 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 FY13Q2 FY13Q3 FY13Q4 FY13Q1 FY14Q2 FY14Q3 FY14Q4 FY14Q1 FY15Q2 FY15Q3 FY15Q4 FY15Q1 FY16Q2 FY16Q3 FY16Q4 FY16Q1 FY17Q2 FY17Q3 FY17Q4 FY17Q1 FY18Q2 FY18Q3 FY18Q4 FY18
PJ
PJ
Quarterly Sales VolumeRolling 12 Months Sales Volume (RHS)
FORWARD RISK MANAGEMENT
Oil Price Hedges (USD)
% Hedged
Average Oil Price
1-12 months
70%
$54.70
13-24 months
61%
$56.50
25-36 months
41%
$61.10
USD/NZD Hedges
Rate
1-12 months
63%
0.684
13-24 months
54%
0.700
25-36 months
15%
0.691