Q3 Performance Report and Market Update

MARKET RELEASE
Date: 18 April 2019
NZX: GNE / ASX: GNE
FY19 Q3 PERFORMANCE REPORT AND MARKET UPDATE

Genesis Energy today released to the NZX/ASX its FY19 Q3 Performance Report for the three months
ended 31 March 2019, which includes an update on guidance for the year end, 30 June 2019. The
FY19 Q3 Performance Report is available from the Genesis Energy page at www.nzx.com or
https://www.genesisenergy.co.nz/investors/reports-and-presentations#quarterly.

FY19 Q3 Performance Summary

CUSTOMER

Genesis’ focus on its customers has received a positive response from the market with improvements
in both brand NPS and interaction NPS. Genesis’ gross churn, a new disclosure for the quarter, is
down 1.8 ppt whilst net churn is also down. Dual fuel customer numbers continue to steadily
increase, while netback margins were up across all fuels. Sales into the residential market segment
remain under pressure, whilst Genesis’ focus on its portfolio optimisation has resulted in further
growth across its business segment.

WHOLESALE

Genesis' long volume in the market was curtailed this quarter by a combination of low inflows,
swaption calls and ongoing market gas constraints. Portfolio fuel costs increased 32% on the same
period last year, due to the increased cost of imported coal and reduced hydro generation. Total
generation for the period was up 9%, however hydro generation was down 23%. Wholesale market
prices remained high throughout the quarter with gas supply constraints and below average hydro
inflows.

“The wholesale market was challenging this quarter, with ongoing gas constraints and low hydro
inflows in the North Island impacting long volumes in the market. This was in part mitigated by the
decision to bring back Unit 2 at Huntly,” said Tracey Hickman, Executive General Manager –
Generation & Wholesale.

KUPE

Kupe operated at nearly 96% of capacity over the period, following scheduled statutory maintenance
undertaken in the previous quarter. Gas production was up 2.5% versus the same time last year, LPG
yield was up 9.2% whilst oil yield was down 9% due to the natural decline in the field.

MARKET UPDATE

Genesis now expects an outcome towards the lower end of its previously stated FY19 EBITDAF
guidance of $360 million to $375 million. This follows an exceptional period of Pohokura gas
constraints and a greater use of more expensive imported coal, and low hydro storage following a
period of low inflows in the Genesis catchments. Genesis’s gas entitlements from the Pohokura field
for the past quarter have been down 5% on the prior comparable period and are expected to continue
to be down during parts of April and May as the well workovers are completed and the rig is
demobilised from the platform.

ENDS

For media enquiries, please contact:
Emma-Kate Greer
Group Manager Corporate Relations
M: 027 655 4499

For investor relations enquiries, please contact:
Wendy Jenkins
General Manager Finance – Planning and Customer
Genesis Energy
P: 09 951 9355
M: 027 471 2377

About Genesis Energy

Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. It sells electricity, reticulated
natural gas and LPG through its retail brands of Genesis Energy and Energy Online. It is New Zealand’s largest
energy retailer with around 500,000 customers. The Company generates electricity from a diverse portfolio of
thermal and renewable generation assets located in different parts of the country. Genesis Energy also has a
46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New
Zealand. Genesis Energy had revenue of $NZ2.3bn during the 12 months ended 30 June 2018. More information
can be found at www.genesisenergy.co.nz

---

18 April 2019
FY19 Q3
Performance Report
G E N E S I S E N E R G Y L I M I T E D

FY19
2Q3 PERFORMANCE REPORT
FY19 Q3 Performance Summary
Genesis’ focus on its customers has received a positive response from the market with improvements
in both brand NPS and interaction NPS.Genesis’ gross churn, a new disclosure for the quarter, is
down 1.8 ppt whilst net churn is also down.Dual fuel customer numbers continue to steadily
increase, while netback margins were up across all fuels.Sales into the residential market segment
remain under pressure, whilst Genesis’ focus on its portfolio optimisationhas resulted in further
growth across its business segment.
Genesis' long volume in the market was curtailed this quarter by a combination of low inflows,
swaption calls and ongoing market gas constraints. Portfolio fuel costs increased 32% on the same
period last year, due to the increased cost of imported coal and reduced hydro generation. Total
generation for the period was up 9% , however hydro generation was down 23%. Wholesale market
prices remained high throughout the quarter with gas supply constraints and below average hydro
inflows.
Kupe operated at nearly 96% of capacity over the period, following scheduled statutory maintenance
undertaken in the previous quarter. Gas production was up 2.5% versus the same time last year, LPG
yield was up 9.2% whilst oil yield was down 9% due to the natural decline in the field. Oil sales were
up 7.6% versus the prior comparable period, with a realised oil price of NZ$81 a barrel.
The wholesale market
was challenging this
quarter, with ongoing
gas constraints and low
hydro inflows in the
North Island impacting
long volumes in the
market. This was in
part mitigated by the
decision to bring back
Unit 2 at Huntly.
Tracey Hickman, EGM Generation
& Wholesale
Customer
Wholesale
Kupe
Wholesale
Wholesale
Kupe
Note: The prior comparable period (PCP) is defined as Q3 FY18, unless an alternative comparison is stated. New disclosures for the
period are market with an orange star ( ) in the segment metrics tables.

Netback
Up across all fuels
Electricity + 3.8%
Gas + 13.6%
LPG + 13.2%
3
Customer Segment Performance
Highs
Lows
3.1%
Total Gas Sales
1.4 PJ
2.6%
Total Electricity
Sales
1,371 GWh
Total LPG
Sales
8,060 tonnes
19.3%
2.1%
Residential
Electricity Sales
581 GWh
Customers > 1
product
114.6k
6.8 %
DUAL FUEL CUSTOMER NUMBERS & CHURN (3 MONTH ROLLING AVERAGE)
Genesis Net
Churn
1
16.1%
0.7 ppt
FY19
Q3 PERFORMANCE REPORT
1. Genesis residential 3 month rolling average churn (excluding EOL)
6.3%
Residential
Gas Sales
0.3 PJ
Genesis Gross
Churn
1
26.9%
1.8 ppt
0%
2%
4%
6%
8%
10%
12%
100,000
102,000
104,000
106,000
108,000
110,000
112,000
114,000
116,000
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Dual Fuel Churn
Dual Fuel Customer Numbers
Customers > 1 FuelDual Fuel Churn (RHS)

4
Wholesale Segment Performance
Average Price
Received for
Generation
1
$162/MWh
Hydro
Generation
482 GWh
Highs
Lows
23.2%
Total Generation
up to 1,781 GWh due to
gas shortages and low
hydro storage
9.1%
FY19
Q3 PERFORMANCE REPORT
Rankine Output
540 GWh
120.0%
83.3%
High Plant
Reliability
Forced Outage Factor
down to 0.3%
95.5%
HUNTLY RANKINE UTILISATION (GWh)
0
50
100
150
200
250
300
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
GWh
Genesis (incl U5 outage)SwaptionsOther Retailers / Spot Customers
Average Thermal
Fuel Cost
$78 MWh
11.7%
Average Portfolio
Fuel Cost
$57 MWh
32.3%

5
Kupe Segment Performance
Realised Oil
Price
NZ$81/bbl
External
Sales
GNE 46% Kupe share
121 kbblOil13.4 ktLPG
3.1 PJ Gas
Fuels Portfolio
Electricity Generation
Wholesale Market
Retail Customers
1,371 GWh Electricity
4.0 PJ Gas
1.4 PJ Gas
2.4 ktLPG
8.1 ktLPG
1,781 GWh Electricity
11.4 PJ Gas
5.7 PJ Coal
0 GJ Diesel
482 GWh Hydro
6 GWh Wind
1,294 GWh Thermal
103 kbbl Oil
10.5 ktLPG
4.2 ktLPG
External
Purchases
8.3 PJ Gas
5.5 PJ Coal
1.3 ktLPG
0 PJ Coal
6.3%
Q3 FY19 INTEGRATED PHYSICAL ENERGY FLOWS
1
Highs
Lows
LPG Yield
4.4 t/TJ
9.2%
1.LPG/Oil/Coal difference represent movement in stock
Oil Production
Down to 121 kbbldue
to natural decline in
field
FY19
Q3 PERFORMANCE REPORT
9.0 %
Gas Production
3.1 PJ
2.5%
Average Brent
Crude Oil Price
US$63/bbl
5.3 %

6
Glossary
FY19
Q3 PERFORMANCE REPORT
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?"
Interaction Net Promoter Score (%)Based on survey question "Based on your recent Interaction With GE/EOL, how likely would you be to recommend GE/EOL to your Friends/Family?"
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)
LPG Customer ConnectionsDefined as number of customers
Gross Customer ChurnBased on customers instigating a trader switch or home move, as opposed to net churn being post home move save and retentions
Net Customer ChurnBased on losing and gaining accounts under a Single Customer View
Resi, SME, C&IResidential, small and medium enterprises and commercial & industrial customers
B2BBusiness to Business, including both SME and C&I
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 - $/GJAverage selling price for customers including transmission and distribution and after prompt payment discount
Volume Weighted Average LPG Selling Price - $/tonneAverage selling price for customers including after prompt payment discount
Bottled LPG Sales (tonnes)Represents 45kg LPG bottle sales
SME & Other Bulk LPG sales (tonnes)Represents SME and other bulk and 3rd party distributors
Netback ($/MWh, $/GJ, $/tonne)Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units (excluding corporate allocation costs)
GENERATION
Average Price Received for Generation - GWAP ($/MWh) Excludes settlements from electricity derivatives.
Coal (GWh)Coal generation is calculated by applying coal burn to monthly average heat rates
Coal Used In Internal Generation (PJ)Results have been revised to reflect changes in coal kilo tonnes to PJ conversion rate and volume methodology
Rankine's 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
Average Retail Electricity Purchase Price - LWAP ($/MWh)Excludes settlements from electricity derivatives
Electricity CFD Purchases - Wholesale (GWh)Settlement volumes of generation hedge purchase contracts, including ASX but excluding Financial Transmission Right (FTRs) or Cap/Collar/Floor contracts
Electricity CFD Sales - Wholesale (GWh)Settlement volumes of generation hedge sale contracts, including ASX but exlcuding Financial Transmission Right (FTRs) or Cap/Collar/Floor contracts (including Swaptions)
Swaption Sales - Wholesale (GWh)Electricity (swap/option) sales contract volume called, a subset of the Electricity CFD Sales - Wholesale (GWh)
Wholesale LPG Sales (tonnes)Represents wholesale, export sales and transfers to Huntly power station
Weighted Average Gas Burn Cost ($/GJ)Total cost of gas burnt divided by generation from gas fired generation, excluding emissions
Weighted Average Coal Burn Cost ($/GJ)Total cost of coal burnt divided by generation from coal fired generation, excluding emissions
Weighted Average Fuel Cost - Portfolio ($/MWh)Total cost of fuel burnt plus emissions on fuel burnt divided by total generation (thermal, hydro and wind)
Weighted Average Fuel Cost - Thermal ($/MWh)Total cost of fuel burnt plus emissions on fuel burnt divided by total generation from thermal plant
CORPORATE
Total Recordable Injury Frequency RateRolling 12 month TRIFR per 200,000 hours worked for employees and contractors
Headcount Based on full time equivalents, including contractors
KUPE
Oil Price realised (NZD/bbl)Oil price received including hedge outcome for oil and foreign exchange
Oil Price realised (USD/bbl)The underlying benchmark crude oil price that is used to set the price for crude oil sales
Oil Hedge Levels (%)% hedged for remainder of FY as % of forecast sales

7
Customer Metrics
FY19
Q3 PERFORMANCE REPORT
1.Historical customer numbers restated post LPG integration
2.C&I prices exclude transmission costs
CUSTOMER SEGMENTQ3 FY19Q3 FY18
% ChangeVar.
YTD FY19YTD FY18
% ChangeVar.
CUSTOMER
Brand Net Promoter Score - Genesis (%)13.0% 6.0% 116.7% 7.0%
Interaction Net Promoter Score - Genesis (%)48.3% 45.3% 6.6% 3.0%
Gross Customer Churn (3 month rolling average, %)26.9% 28.7% (6.1%) (1.8%)
Net Customer Churn (3 month rolling average, %)16.1% 16.8% (4.0%) (0.7%)
Electricity Netback ($/MWh)$100.93$97.223.8%$3.71$103.05$98.984.1%$4.08
Gas Netback ($/GJ)$10.10$8.8913.6%$1.21$9.05$8.901.7%$0.15
LPG Netback ($/t)$753.21$665.4413.2%$87.77$793.50$750.445.7%$43.06
CUSTOMER NUMBERS
1
Customers > 1 Fuel114,630 107,352 6.8%7,278
Electricity Only Customers331,402 344,205 (3.7%)(12,803)
Gas Only Customers16,806 18,395 (8.6%)(1,589)
LPG Only Customers34,263 34,271 (0.0%)(8)
Total Customers497,101 504,223 (1.4%)(7,122)
Electricity ICPs Active-Occupied498,696 503,802 (1.0%)(5,106)
Gas ICPs Active-Occupied106,387 105,333 1.0%1,054
LPG Customer Connections (#) 66,543 60,225 10.5%6,318
Total ICPs671,626 669,360 0.3%2,266
VOLUMES AND PRICE
Volume Weighted Average Electricity Selling Price - Resi ($/MWh)$267.13$265.930.4%$1.19$255.71$253.141.0%$2.57
Volume Weighted Average Electricity Selling Price - SME ($/MWh)$219.30$217.470.8%$1.83$219.78$216.491.5%$3.29
Volume Weighted Average Electricity Selling Price - C&I ($/MWh)$123.91$116.346.5%$7.57$125.40$118.935.4%$6.46
Residential Electricity Sales (GWh)581 593 (2.1%)(12) 2,200 2,237 (1.6%)(37)
SME Electricity Sales (GWh)264 262 0.7%2 804 816 (1.4%)(11)
C&I Electricity Sales (GWh)527 475 10.9%52 1,506 1,285 17.2%221
Total Electricity Sales - Customer (GWh)1,371 1,330 3.1%41 4,510 4,338 4.0%172
Volume Weighted Average Gas Selling Price - Resi ($/GJ)$59.23$53.1811.4%$6.05$33.30$33.51(0.6%)($0.22)
Volume Weighted Average Gas Selling Price - SME ($/GJ)$19.17$18.762.2%$0.41$16.23$16.98(4.4%)($0.75)
Volume Weighted Average Gas Selling Price - C&I ($/GJ)$10.52$9.599.7%$0.93$10.33$10.141.8%$0.19
Residential Gas Sales (PJ)0.3 0.3 (6.3%)(0.0) 2.0 1.9 1.6%0.0
SME Gas Sales (PJ)0.3 0.2 13.0%0.0 1.2 1.0 15.6%0.2
C&I Gas Sales (PJ)0.8 0.8 2.8%0.0 2.7 2.4 16.2%0.4
Total Gas Sales (PJ)1.4 1.4 2.6%0.0 5.9 5.3 10.8%0.6
Volume Weighted Average LPG Selling Price - Resi ($/tonne)$3,026$2,48821.6%$538$2,449$2,4241.0%$25
Volume Weighted Average LPG Selling Price - SME/Bulk ($/tonne)$1,409$1,506(6.5%)($98)$1,477$1,515(2.5%)($37)
Bottled LPG Sales (tonnes)2,351 2,360 (0.4%)(9) 10,824 9,861 9.8%964
SME & Other Bulk LPG sales (tonnes)5,709 4,399 29.8%1,310 16,616 15,179 9.5%1,437
Total LPG Sales Volumes (tonnes)8,060 6,759 19.3%1,301 27,440 25,039 9.6%2,400
2
Change to ppts

8
Wholesale Metrics
FY19
Q3 PERFORMANCE REPORT
1. GWAP represents the average price received for generation prior to the outcome or settlement of any financial contracts.
WHOLESALE SEGMENTQ3 FY19Q3 FY18% ChangeVar.YTD FY19YTD FY18% ChangeVar.
GENERATION
Gas (GWh)808 857 (5.7%) (49) 1,887 2,652 (28.8%)(765)
Coal (GWh)486 144 238.0% 342 1,088 522 108.7%567
Total Thermal (GWh)1,294 1,001 29.3% 293 2,975 3,173 (6.2%)(198)
Hydro (GWh)482 627 (23.2%) (145) 2,183 2,314 (5.6%)(130)
Wind (GWh)6 5 20.6% 1 17 15 9.8%1
Total Renewable (GWh)487 632 (22.9%) (144) 2,200 2,329 (5.5%)(129)
Total Generation (GWh)1,781 1,632 9.1% 148 5,175 5,502 (5.9%)(327)
Average Price Received for Generation - GWAP ($/MWh) $162.27$88.5483.3% $73.73$152.04$93.9061.9%$58.15
Generation Emissions (ktCO
2
)857 523 64.1% 335 1,955 1,683 16.1%272
Generation Carbon Intensity (tCO
2
/GWh)482 320 50.4% 161 378 306 23.5%72
Forced Outage Factor (FOF)0.3% 6.4% (95.5%) (6.1%) 0.2% 3.3% (93.4%) (3.1%)
Equipment Availability Factor (EAF)76.1% 84.1% (9.5%) (8.0%)86.4% 90.3% (4.3%)(3.9%)
Rankine Output (GWh)540 246 120.0% 295 1,256 859 46.2%397
Rankines Fueled by Coal (%)90% 59% 53% 31% 87% 61% 43% 26%
WHOLESALE
Electricity Purchases - Customer (GWh)1,440 1,392 3.4%47 4,742 4,553 4.2%189
Average Customer Electricity Purchase Price - LWAP ($/MWh) $162.92$88.0785.0%$74.85$148.74$95.7855.3%$52.96
LWAP/GWAP Ratio (%)100% 99% 0.9% 0.9% 98% 102% (4.1%) (4.2%)
Gas Purchases (PJ)11.4 11.5 (1.1%) (0.1) 31.3 35.9 (13.0%)(4.7)
Coal Purchases (PJ)5.5 2.3 136.4% 3.2 12.1 4.3 182.4%7.8
Electricity CFD Purchases - Wholesale (GWh)450 619 (27.2%) (168) 1,612 1,412 14.2%200
Electricity CFD Sales - Wholesale (GWh)756 831 (9.0%) (75) 1,861 2,225 (16.3%)(363)
Swaption Sales - Wholesale (GWh)188 33 462.0% 155 311 263 18.5%49
Wholesale Gas Sales (PJ)4.0 3.4 17.8% 0.6 10.8 9.8 9.6%0.9
Wholesale Coal Sales (PJ)- 2.9 (100.0%) (2.9)5.1 12.0 (57.4%)(6.9)
Wholesale LPG Sales (tonnes)2,415 1,294 86.5% 1,120 5,621 13,544 (58.5%)(7,923)
Gas Used In Internal Generation (PJ)5.9 6.7 (11.9%) (0.8)14.6 20.9 (30.3%)(6.3)
Weighted Average Gas Burn Cost ($/GJ)$9.12$8.438.2%$0.69$8.65$7.929.3%$0.74
Coal Used In Internal Generation (PJ) 5.7 1.7 229.2% 4.0 12.6 6.0 108.5%6.6
Weighted Average Coal Burn Cost ($/GJ)$6.63$5.3823.2%$1.25$6.2$5.415.4%$0.83
Weighted Average Fuel Cost - Portfolio ($/MWh)$56.76$42.8932.3% $13.87$41.82$37.8510.5%$3.97
Weighted Average Fuel Cost - Thermal ($/MWh)$78.13$69.9611.7% $8.17$72.74$65.6210.9%$7.12
Coal Stockpile - closing balance (kilotonnes)266 257 3.5% 9

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 FY19
Q3 FY18
% Change
Var.
YTD FY19
YTD FY18
% Change
Var.
KUPE
Gas Production (PJ)
3.1


3.0


2.5%
0.1


8.7


9.1


(3.8%)
(0.3)


Gas Sales (PJ)
3.1


3.0


2.5%
0.1


8.5


9.1


(6.1%)
(0.6)


Oil Production (kbbl)
121


132


(9.0%)
(12)


356


413


(13.9%)
(57)


Oil Production Yield (bbl/TJ)
39.5


44.5


(11.3%)
(5.0)


41


45.6


(10.5%)
(4.8)


Oil Sales (kbbl)
103


96


7.6%
7


271


337


(19.6%)
(66)


Realised Oil Price (NZD/bbl)
$81.39
$76.56
6.3%
$4.82
$87.41
$77.77
12.4%
$9.65
Average Brent Crude Oil (USD/bbl)
$63.20
$66.76
(5.3%)
($3.55)
$66.88
$60.08
11.3%
$6.80
LPG Production (kt)
13.4


11.9


11.9%
1.4


37.0


34.4


7.6%
2.6


LPG Production Yield (t/TJ)
4.4


4.0


9.2%
0.4


4.2


3.8


11.8%
0.4


LPG Sales (kt)
13.2


11.7


12.5%
1.5


36.9


34.4


7.3%
2.5


OTHER
Q3 FY19
Q3 FY18
% Change
Var.
YTD FY19
YTD FY18
% Change
Var.
CORPORATE
Headcount (FTE)
1,038


1,012


2.6%
26


Total Recordable Injury Frequency Rate
1.35


1.36


(0.7%)
(0.01)

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 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3Q4
Q1 FY19
Q2Q3
Tonnes
Tonnes
LPG SALES VOLUMES (tonnes)
Quarterly Bottled LPG Sales Volumes
Quarterly Bulk & SME LPG Sales Volume
Rolling 12month sales volume (RHS)
10
Appendix: Customer Segment
FY19
Q3 PERFORMANCE REPORT
0
1000
2000
3000
4000
5000
6000
7000
0
200
400
600
800
1000
1200
Q1 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3Q4
Q1 FY19
Q2Q3
GWhGWh
ELECTRICITY SALES VOLUMES (GWh)
Quarterly Resi Sales VolumesQuarterly SME Sales Volumes
Quarterly C&I Sales VolumesRolling 12month sales volume (RHS)
6.4
6.6
6.8
7.0
7.2
7.4
7.6
7.8
8.0
8.2
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Q1 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3Q4
Q1 FY19
Q2Q3
PJPJ
GAS SALES VOLUMES (PJ)
Quarterly Resi Sales VolumesQuarterly SME Sales Volumes
Quarterly C&I Sales VolumesRolling 12month sales volume (RHS)

11
Appendix: Wholesale Segment
FY19
Q3 PERFORMANCE REPORT
0
200
400
600
800
1000
AprMayJunJulAugSepOctNovDecJanFebMar
GWh
TEKAPO STORAGE vs LONG RUN AVERAGE
Tekapo StorageLong Run Average Storage
Source: COMIT
0
50
100
150
200
AprMayJunJulAugSepOctNovDecJanFebMar
GWh
WAIKAREMOANA STORAGE vs LONG RUN AVERAGE
Waikaremoana StorageLong Run Average Storage
Source: COMIT
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
AprMayJunJulAugSepOctNovDecJanFebMar
GWh
NEW ZEALAND DAILY STORAGE
94 year Average12month Rolling
Source: COMIT

12
Appendix: Wholesale Segment
PLANT PERFORMANCE
FY19
Q3 PERFORMANCE REPORT
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
Forced Outage Factor (FOF) %
Equipment Availability Factor (EAF) %
Monthly EAFMonthly FOF
0
1,000
2,000
3,000
4,000
5,000
6,000
Q3 2019Q3 2018Q3 YTD 2019Q3 YTD 2018
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

13
Appendix: Kupe Segment
OIL PRICE AND FOREX RISK MANAGEMENT
BRENT CRUDE OIL SPOT PRICE (USD/bbl)
KUPE GAS SALES VOLUMES (GENESIS SHARE, PJ)KUPE OIL PRODCUTION VOLUMES (GENESIS SHARE, kbbl)
FY19
Q3 PERFORMANCE REPORT
FORWARD RISK MANAGEMENT
Oil Price Hedges
% Hedged
Average Oil Price
1-12 months
71%
$56.50
13-24 months
47%
$59.20
25-36 months
12%
$68.00
USD/NZD Hedges
Rate
1-12 months
61%
0.687
13-24 months
44%
0.693
25-36 months
12%
0.675
$30
$40
$50
$60
$70
$80
$90
AprMayJunJulAugSepOctNovDecJanFebMar
12 mths to Mar 1812 mths to Mar 19
-
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 FY16Q2 FY16Q3 FY16Q4 FY16Q1 FY17Q2 FY17Q3 FY17Q4 FY17Q1 FY18Q2 FY18Q3 FY18Q4 FY18Q1 FY19Q2 FY19Q3 FY19
PJ
PJ
Quarterly Sales VolumeRolling 12 Months Sales Volume (RHS)
-
100.
200.
300.
400.
500.
600.
-
20.
40.
60.
80.
100.
120.
140.
160.
Q1 FY16Q2 FY16Q3 FY16Q4 FY16Q1 FY17Q2 FY17Q3 FY17Q4 FY17Q1 FY18Q2 FY18Q3 FY18Q4 FY18Q1 FY19Q2 FY19Q3 FY19
kbbl
kbbl
Quarterly Production VolumeRolling 12 Months Sales Volume (RHS)