FY20 Q3 Performance Report

MARKET RELEASE
Date: 23 April 2020
NZX: GNE / ASX: GNE
FY20 Q3 PERFORMANCE REPORT AND MARKET UPDATE

Genesis Energy today released to the NZX/ASX its FY20 Q3 Performance Report for the three months
ended 31 March 2020, which includes an update on guidance for the year end, 30 June 2020. The
FY20 Q3 Performance Report is available from the Genesis Energy page at www.nzx.com or
https://www.genesisenergy.co.nz/investors.

Genesis understands that the current global COVID-19 pandemic and economic situation is a stressful
time for its customers, shareholders and broader communities within which it operates. The
addendum to this Q3 Performance Report contains a early view high level summary of the impact
and response from Genesis, to the current market environment.

FY20 Q3 Performance Summary

“We remain committed to meeting our customers’ needs throughout these uncertain times, both from
a customer care and energy security perspective,” said Marc England, Chief Executive Officer.

RETAIL

Genesis’ cost to serve has continued to decrease, down to $138 per ICP from $139 in the previous
quarter and $144 in the prior comparable period (pcp). Customers choosing to purchase more than
one fuel increased 5,222 on the pcp and 625 on the previous quarter, whilst both gross and net churn
continued to fall, gross churn down 1.3 ppt on the pcp and 1.9 ppt down on the previous quarter.
Total electricity sales volume was up by 7.1% and total LPG sales volume up 10.5% on the pcp, with
total gas sales volume held flat at 1.4 PJ. All three fuel Netbacks increased on the pcp, with electricity
up 8%, gas up 5% and LPG up 29%. The country’s level 4 lockdown that commenced on 26 March has
positively impacted residential demand by 10-15%, with SME demand being down 45% and industrial
demand down 25%.

WHOLESALE

Genesis’ volume weighted average fuel cost for its thermal generation was up 4.8% on the pcp to
$82/MWh, with the average portfolio fuel cost up 6.7% to $61/MWh. Hydro generation was down
13% to 419 GWh. Whilst Lake Tekapo saw average inflows driven by the significant rainfall in
February, generation remained low due to a planned Tekapo outage and Lake Waikaremoana inflows
at 53% of average for the quarter, driven by a very dry February month where inflows were only 18%
of average. Total generation was 1,633 GWh, down 8.3% on the prior year, and received an average
price of $87/MWh. Plant availability was strong, Genesis’ Equivalent Availability Factor (EAF) at
91.8%, up 21% on the pcp.

KUPE

Kupe gas production was down 6.0% on the pcp to 2.9 PJ due to the wireline intervention campaign
carried out in February, during which all three wells were logged and perforation added to two of the
producing wells. Preliminary results are positive and the Joint Venture Operator (Beach Energy) is
continuing its work to estimate the uplift to production rates. Kupe production capacity was back up
to 77 TJ/day from 8 March. LPG yield remains high at 4.4 t/TJ, whilst oil yield was down 11% to 35.3
bbl/TJ due to the natural decline in the field. A significant decline in Brent Crude during the quarter

translated to a realized oil price of NZD69/bbl, down 15.6% on the pcp. Oil price hedging in place for
the next 12 months consists of a 63% weighting priced at USD58/bbl.

MARKET UPDATE

Due to the ongoing and below average North Island inflows, year-to-date hydro generation being 312
GWh below the prior year and a two week delay to the return to service of Tekapo B, Genesis has
revised its FY20 EBITDAF guidance to $355 million to $365 million. We continue to closely monitor
any financial impacts that may arise due to COVID-19 .

ENDS

For media enquiries, please contact:
Allan Swann
Communications Manager
M: 027 211 4874
For investor relations enquiries, please contact:
Cameron Parker
Investor Relations Manager
M: 021 241 3150

About Genesis Energy
Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells
electricity, reticulated natural gas and LPG through its retail brands of Genesis Energy and Energy Online
and is New Zealand’s largest energy retailer with approximately 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 also has a 46% interest in the Kupe Joint Venture, which owns the
Kupe Oil and Gas Field offshore of Taranaki, New Zealand. Genesis had revenue of $NZ2.7 billion during
the 12 months ended 30 June 2019. More information can be found at www.genesisenergy.co.nz

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23 April 2020
FY20 Q3
Performance Report
G E N E S I S E N E R G Y L I M I T E D

FY20 Q3 Performance Summary
Genesis’costtoservehascontinuedtodecrease,downto$138perICPfrom$139intheprevious
quarterand$144inthepriorcomparableperiod(pcp).Customerschoosingtopurchasemore
thanonefuelincreased5,222onthepcpand625onthepreviousquarter,whilstbothgrossand
netchurncontinuedtofall,grosschurndown1.3pptonthepcpand1.9pptdownontheprevious
quarter.Totalelectricitysalesvolumewasupby7.1%andtotalLPGsalesvolumeup10.5%onthe
pcp,withtotalgassalesvolumeheldflatat1.4PJ.AllthreefuelNetbacksincreasedonthepcp,
withelectricityup8%,gasup5%andLPGup29%.Thecountry’slevel4lockdownthatcommenced
on26Marchhaspositivelyimpactedresidentialdemandby10-15%,withSMEdemandbeing
down45%andindustrialdemanddown25%.
Genesis’volumeweightedaveragefuelcostforitsthermalgenerationwasup4.8%onthepcpto
$82/MWh,withtheaverageportfoliofuelcostup6.7%to$61/MWh.Hydrogenerationwasdown
13%to419GWh.WhilstLakeTekaposawaverageinflowsdrivenbythesignificantrainfallin
February,generationremainedlowduetoaplannedTekapooutageandLakeWaikaremoana
inflowsat53%ofaverageforthequarter,drivenbyaverydryFebruarymonthwhereinflowswere
only18%ofaverage.Totalgenerationwas1,633GWh,down8.3%ontheprioryear,andreceived
anaveragepriceof$87/MWh.Plantavailabilitywasstrong,Genesis’sEquivalentAvailabilityFactor
(EAF)at91.8%,up21%onthepcp.
Kupegasproductionwasdown6.0%onthepcpto2.9PJduetothewirelineintervention
campaigncarriedoutinFebruary,duringwhichallthreewellswereloggedandperforationadded
totwooftheproducingwells.PreliminaryresultsarepositiveandtheJointVentureOperator
(BeachEnergy)iscontinuingitsworktoestimatetheuplifttoproductionrates.Kupeproduction
capacitywasbackupto77TJ/dayfrom8March.LPGyieldremainshighat4.4t/TJ,whilstoilyield
wasdown11%to35.3bbl/TJduetothenaturaldeclineinthefield.AsignificantdeclineinBrent
CrudeduringthequartertranslatedtoarealizedoilpriceofNZD69/bbl,down15.6%onthepcp.
Oilpricehedginginplaceforthenext12monthsconsistsofa63%weightingpricedatUSD58/bbl.
We remain
committed to
meeting our
customers’ needs
throughout these
uncertain times,
both from a
customer care and
energy security
perspective.
Marc England, Chief Executive
Officer
Retail
Wholesale
Kupe
Wholesale
Kupe
Note: The prior comparable period (pcp) is defined as FY19 Q3, unless an alternative comparison is stated
Genesis Energy Limited FY20 Q3 Performance Report 2.

Netback
Up across all fuels
Electricity + 7.5%
Gas + 5.0%
LPG + 29.0%
Retail Segment Performance vs Prior Comparable Period
Highs
Lows
Cost to Serve
$138/ICP
Total
Electricity
Sales
1,469 GWh
10.5%
Total Customers
> 1 fuel
120k
4.6%
1
Genesis residential customer churn, 3 month rolling average (excluding EOL)
Genesis Gross
Churn
1
24.6%
1.3ppt
Genesis Energy Limited FY20 Q3 Performance Report 3.
4.2%
Brand Net
Promoter Score
18%
4 ppt
Volume Weighted
Electricity Price
SME
$218/MWh
1.2 %
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
100,000
102,000
104,000
106,000
108,000
110,000
112,000
114,000
116,000
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
RESIDENTIAL CUSTOMER >1 FUEL & CHURN (3-MONTH ROLLING AVERAGE %)
Customers > 1 FuelDual Fuel Churn (RHS)
Total LPG
Sales
8,903 tonnes
7.1%
Genesis Net
Churn
1
15.2%
0.9 ppt
Total
Customers
486,338
2.2 %

Wholesale Segment Performance vs Prior Comparable Period
Average Price
Received for
Generation
$87/MWh
Coal-fired
Generation
400 GWh
Highs
Lows
17.7%
46.4%
Average Portfolio
Fuel Cost
$61/MWh
6.7%
Genesis Energy Limited FY20 Q3 Performance Report 4.
Generation
Emissions
740 ktCO2
9.6%
Renewable
Generation
425 GWh
12.7%
High Plant Availability
Equivalent Availability Factor (EAF)
91.8%
20.6%
Average Thermal
Fuel Cost
$82/MWh
4.8%
Lake Waikaremoana
Inflows
53% of average in Q3
0
50
100
150
200
250
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
HUNTLY RANKINE UTILISATION (GWh)
Genesis Customers/Portfolio
Backup Swaption Partners
Backup Other Retailers/Spot Customers

Kupe Segment Performance vs Prior Comparable Period
External
Sales
GNE 46% Kupe share
101 kbblOil
12.5ktLPG
2.9 PJ Gas
Fuels Portfolio
Electricity Generation
Wholesale Customers
Retail Customers
1,469 GWh Electricity
3.2 PJ Gas
1.4 PJ Gas
1.3 kt LPG
8.9 kt LPG
1,633GWh Electricity
11.1 PJ Gas
4.5 PJ Coal
0 GJ Diesel
419GWh Hydro
5GWh Wind
1,209GWh Thermal
156kbbl Oil
10.4 kt LPG
4.4 kt LPG
External
Purchases
8.2PJ Gas
5.1 PJ Coal
2.3kt LPG
0 PJ Coal
GENESIS ENERGY FY20 Q3 INTEGRATED PHYSICAL ENERGY FLOWS
1
Highs
Lows
1
LPG/Oil/Coal difference represents movement in stock
Realised Oil
Price
Down to $69 from
$81/bbl
15.6%
Gas Production
Down 0.2 PJ
6.5 %
Genesis Energy Limited FY20 Q3 Performance Report 5.
Successful completion
of Kupe’s perforation
project helps raise
production capacity
back to 77 TJ/day
51.5%
Oil Sales
156 kbbl
LPG Yield held at
maximum
4.4 t/TJ

Glossary
Genesis Energy Limited FY20 Q3 Performance Report 6.
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 ChurnDefined as customers instigating a trader switch or home move
Net Customer ChurnDefined as Gross Churn post home move saves, retention and acquisition activity
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 - $/tonneAverage selling price for customers including after prompt payment discount
Bottled LPG Sales (tonnes)Represents 45kg LPG bottle sales
SME & Other Bulk LPG sales (tonnes)Represents SME and other bulk and 3rd party distributors
Cost to Serve ($ per ICP)Retail costs associated with serving customers across all fuel types divided by the total numbers of ICPs at time of reporting
Netback ($/MWh, $/GJ, $/tonne)
Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units (excluding corporate allocation costs and
Technology & Digital cost centre)
GENERATION
Average Price Received for Generation - GWAP ($/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 ($/MWh)Excludes settlements from electricity derivatives
Electricity CFD Purchases - Wholesale (GWh)Settlement volumes of generation hedge purchase contracts, including ASX but excluding Financial Transmission Right (FTRs) or Cap/Collar/Floor contracts
Electricity CFD Sales - Wholesale (GWh)Settlement volumes of generation hedge sale contracts, including ASX but exlcuding Financial Transmission Right (FTRs) or Cap/Collar/Floor contracts
Swaption Sales - Wholesale (GWh)Electricity (swap/option) sales contract volume called, a subset of the Electricity CFD Sales - Wholesale (GWh)
Wholesale LPG Sales (tonnes)Represents wholesale, export sales and transfers to Huntly power station
Weighted Average Gas Burn Cost ($/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
Coal Stockpile - Stored Energy (PJ)The coal stockpile closing balance in tonnes divided by an estimated nominal energy content of Huntly's coal (22 GJ/t)
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

Retail Operating Metrics
Genesis Energy Limited FY20 Q3 Performance Report 7.
1
RETAIL SEGMENTQ3 FY20Q3 FY19
% ChangeVar.
YTD FY20YTD FY19
% ChangeVar.
Q1 FY20Q2 FY20Q3 FY20
RETAIL
Brand Net Promoter Score - Genesis (%)18.0% 22.0% (18.2%) (4)ppt14.0% 15.6% 18.0%
Interaction Net Promoter Score - Genesis (%)42.3% 44.7% (5.4%) (2.4)ppt40.7% 38.0% 42.3%
Gross Customer Churn (3 month rolling average, %)24.6%25.9% (5.0%) (1.3)ppt26.8%26.5%24.6%
Net Customer Churn (3 month rolling average, %)15.2% 16.1% (5.6%) (0.9)ppt15.9% 15.9% 15.2%
Cost to Serve ($ per ICP)$138$144(4.2%)($6)$141$139$138
Electricity Netback ($/MWh)$108.54$100.937.5%$7.61$108.31$103.055.1%$5.26$113.96$101.39$108.54
Gas Netback ($/GJ)$10.6$10.15.0%$0.5$9.8$9.17.7%$0.7$9.4$9.8$10.6
LPG Netback ($/t)$1,009$78229.0%$227$990$81920.9%$171$1,001$960$1,009
CUSTOMER NUMBERS
Customers > 1 Fuel119,852 114,630 4.6%5,222 118,991 119,227 119,852
Electricity Only Customers316,825 331,402 (4.4%)(14,577) 326,149 320,731 316,825
Gas Only Customers15,976 16,806 (4.9%)(830) 16,150 16,022 15,976
LPG Only Customers33,685 34,263 (1.7%)(578) 34,196 33,969 33,685
Total Customers486,338 497,101 (2.2%)(10,763) 495,486 489,949 486,338
Electricity ICPs Active-Occupied494,248 498,931 (0.9%)(4,683) 501,993 497,435 494,248
Gas ICPs Active-Occupied105,031 106,381 (1.3%)(1,350) 106,443 105,572 105,031
LPG Customer Connections72,164 66,543 8.4%5,621 70,385 71,349 72,164
Total ICPs671,443 671,855 (0.1%)(412) 678,821 674,356 671,443
VOLUMES AND PRICE
Volume Weighted Average Electricity Selling Price - Resi ($/MWh)$275.37$269.672.1%$5.70$262.95$257.712.0%$5.24$253.78$264.97$275.37
Volume Weighted Average Electricity Selling Price - SME ($/MWh)$217.60$220.23(1.2%)($2.63)$219.06$221.04(0.9%)($1.98)$216.31$223.29$217.60
Volume Weighted Average Electricity Selling Price - C&I ($/MWh)$133.13$125.546.0%$7.59$133.71$126.855.4%$6.86$152.81$116.03$133.13
Residential Electricity Sales (GWh)587 581 1.0%6 2,187 2,200 (0.6%)(13) 940 661 587
SME Electricity Sales (GWh)285 264 8.0%21 862 804 7.2%58 290 287 285
C&I Electricity Sales (GWh)598 527 13.5%71 1,593 1,506 5.8%87 488 507 598
Total Electricity Sales - Customer (GWh)1,469 1,371 7.1%98 4,641 4,510 2.9%131 1,717 1,455 1,469
Volume Weighted Average Gas Selling Price - Resi ($/GJ)$51.4$57.4(10.5%)($6.0)$34.0$32.64.3%$1.4$27.2$36.3$51.4
Volume Weighted Average Gas Selling Price - SME ($/GJ)$17.6$19.2(8.3%)($1.6)$15.8$16.2(2.5%)($0.4)$14.5$16.3$17.6
Volume Weighted Average Gas Selling Price - C&I ($/GJ)$10.9$10.80.9%$0.1$10.7$10.60.9%$0.1$10.4$11.1$10.9
Residential Gas Sales (PJ)0.3 0.3 0.0%- 2.0 2.0 0.0%- 1.0 0.6 0.3
SME Gas Sales (PJ)0.3 0.3 0.0%- 1.3 1.2 8.3%0.1 0.6 0.4 0.3
C&I Gas Sales (PJ)0.8 0.8 0.0%- 2.6 2.7 (3.7%)(0.1) 1.1 0.8 0.8
Total Gas Sales (PJ)1.4 1.4 0.0%- 5.9 5.9 0.0%- 2.7 1.8 1.4
Volume Weighted Average LPG Selling Price - Resi ($/tonne)$2,819$2,6078.1%$212$2,429$2,20010.4%$229$2,266$2,337$2,819
Volume Weighted Average LPG Selling Price - SME/Bulk ($/tonne)$1,489$1,4085.8%$81$1,451$1,476(1.7%)($25)$1,449$1,421$1,489
Bottled LPG Sales (tonnes)3,250 2,351 38.2%899 12,761 10,824 17.9%1,937 5,562 3,949 3,250
SME & Other Bulk LPG sales (tonnes)5,653 5,709 (1.0%)(56) 19,617 16,616 18.1%3,001 7,560 6,404 5,653
Total LPG Sales Volumes (tonnes)8,903 8,060 10.5%843 32,378 27,440 18.0%4,938 13,122 10,353 8,903

Wholesale Operating Metrics
Genesis Energy Limited FY20 Q3 Performance Report 8.
WHOLESALE SEGMENTQ3 FY20Q3 FY19% ChangeVar.YTD FY20YTD FY19% ChangeVar.Q1 FY20Q2 FY20Q3 FY20
GENERATION
Gas (GWh)809 808 0.1% 1 2,133 1,887 13.0%246 725 599 809
Coal (GWh)400 486 (17.7%) (86) 1,065 1,088 (2.1%)(23) 361 304 400
Total Thermal (GWh)1,209 1,294 (6.6%) (85) 3,198 2,975 7.5%223 1,086 903 1,209
Hydro (GWh)419 482 (13.1%) (63) 1,871 2,183 (14.3%)(312) 759 693 419
Wind (GWh)5 6 (16.7%)(1) 18 17 5.9%1 6 7 5
Total Renewable (GWh)425 487 (12.7%) (62) 1,889 2,200 (14.1%)(311) 765 700 425
Total Generation (GWh)1,633 1,781 (8.3%) (148) 5,087 5,175 (1.7%)(88) 1,851 1,603 1,633
Average Price Received for Generation - GWAP ($/MWh) $87.01$162.27(46.4%)($75.26)$107.37$152.04(29.4%)($44.67)$124.59$108.22$87.01
Generation Emissions (ktCO2)740 819 (9.6%) (79) 1,986 1,902 4.4%84 682 564 740
Generation Carbon Intensity (tCO2/GWh)453 460 (1.5%) (7) 390 367 6.3%23 369 352 453
Forced Outage Factor (FOF)0.3% 0.3% - - 0.5% 0.2% 150.0% 0.3% 0.3% 0.9% 0.3%
Equivalent Availability Factor (EAF)91.8% 76.1% 20.6% 15.7%91.0% 86.4% 5.3%4.6%94.6% 86.7% 91.8%
Rankine Output (GWh)496 540 (8.1%) (44) 1,193 1,256 (5.0%)(63) 374 324 496
Rankines Fueled by Coal (%)80% 90% (11.1%) (10%) 89% 87% 2% 2% 97% 94% 80%
WHOLESALE
Electricity Purchases - Retail (GWh)1,552 1,440 7.8%112 4,911 4,742 3.6%169 1,822 1,537 1,552
Average Retail Electricity Purchase Price - LWAP ($/MWh) $79.27$162.92(51.3%)($83.65)$104.14$148.74(30.0%)($44.60)$125.35$104.10$79.27
LWAP/GWAP Ratio (%)91% 100% (9.0%) (9.0%) 97% 98% (1.0%) (1.0%) 101% 96% 91%
Gas Purchases (PJ)11.1 11.4 (2.6%)(0.3) 33.6 31.3 7.3%2.3 12.3 10.2 11.1
Coal Purchases (PJ)5.1 5.5 (7.3%) (0.4) 10.2 12.1 (15.7%)(1.9) 1.9 3.2 5.1
Electricity CFD Purchases - Wholesale (GWh)361 450 (19.8%) (89) 1,297 1,611 (19.5%)(314) 479 458 361
Electricity CFD Sales - Wholesale (GWh)565 756 (25.3%) (191) 1,500 1,862 (19.4%)(362) 453 482 565
Swaption Sales - Wholesale (GWh)13 188 (93.1%) (175) 83 311 (73.3%)(228) 50 20 13
Wholesale Gas Sales (PJ)3.2 4.0 (20.0%) (0.8) 11.1 10.8 2.8%0.3 4.1 3.8 3.2
Wholesale Coal Sales (kilotonnes)- - 0.0- 5.1 (100.0%)(5.1)- - -
Wholesale LPG Sales (tonnes)1,282 2,415 (46.9%) (1,133) 2,481 5,621 (55.9%)(3,140) 291 908 1,282
Gas Used In Internal Generation (PJ)6.5 5.9 10.2% 0.616.6 14.6 13.7%2.05.5 4.6 6.5
Weighted Average Gas Burn Cost ($/GJ)$9.20$9.120.9% $0.08$9.38$8.658.4%$0.73$9.23$9.82$9.20
Coal Used In Internal Generation (PJ) 4.5 5.7 (21.1%) (1.2) 12.1 12.6 (4.0%)(0.5) 4.2 3.5 4.5
Weighted Average Coal Burn Cost ($/GJ)$6.58$6.63(0.8%) ($0.05)$6.89$6.2111.0%$0.68$7.14$7.00$6.58
Weighted Average Fuel Cost - Portfolio ($/MWh)$60.59$56.766.7% $3.83$51.33$41.8222.7%$9.51$47.79$45.99$60.59
Weighted Average Fuel Cost - Thermal ($/MWh)$81.88$78.134.8% $3.75$81.66$72.7412.3%$8.92$81.44$81.63$81.88
Coal Stockpile - Closing Balance (kilotonnes)402 266 51.1% 136 386 374 402
Coal Stockpile - Stored Energy (PJ)8.8 5.9 49.2% 2.9 8.5 8.2 8.8

Kupe and Other Operating Metrics
Genesis Energy Limited FY20 Q3 Performance Report 9.
KUPE SEGMENT
Q3 FY20
Q3 FY19
% Change
Var.
YTD FY20
YTD FY19
% Change
Var.
Q1 FY20
Q2 FY20
Q3 FY20
KUPE
Gas Production (PJ)
2.9


3.1


(6.5%)
(0.2)


7.8


8.7


(10.3%)
(0.9)


3.1


1.8


2.9


Gas Sales (PJ)
2.9


3.1


(6.5%)
(0.2)


7.7


8.5


(9.4%)
(0.8)


3.0


1.8


2.9


Oil Production (kbbl)
101


121


(16.5%)
(20)


278


356


(21.9%)
(78)


111


66


101


Oil Production Yield (bbl/TJ)
35.3


39.5


(10.6%)
(4.2)


35.8


40.8


(12.3%)
(5.0)


36.2


36.1


35.3


Oil Sales (kbbl)
156


103


51.5%
53


294


271


8.5%
23


66


72


156


Realised Oil Price (NZD/bbl)
$68.72
$81.39
(15.6%)
($12.67)
$76.45
$87.41
(12.5%)
($10.96)
$83.34
$86.81
$68.72
Average Brent Crude Oil (USD/bbl)
$50.26
$63.20
(20.5%)
($12.94)
$58.48
$68.75
(14.9%)
($10.27)
$61.94
$63.25
$50.26
LPG Production (kt)
12.5


13.4


(6.7%)
(0.9)


33.9


37.0


(8.4%)
(3.1)


13.4


8.0


12.5


LPG Production Yield (t/TJ)
4.4


4.4


0.0%
-


4.4


4.2


4.8%
0.2


4.4


4.4


4.4


LPG Sales (kt)
12.2


13.2


(7.6%)
(1.0)


34.0


36.9


(7.9%)
(2.9)


13.9


8.0


12.2


OTHER
Q3 FY20
Q3 FY19
% Change
Var.
YTD FY20
YTD FY19
% Change
Var.
Q1 FY20
Q2 FY20
Q3 FY20
CORPORATE
Headcount (FTE)
1,066


1,038


2.7%
28


1,094


1,080


1,066


Total Recordable Injury Frequency Rate
1.04


1.39


(25.2%)
(0.35)


1.18


1.23


1.04

Appendix: Retail Segment
Genesis Energy Limited FY20 Q3 Performance Report 10.
6.0
6.5
7.0
7.5
8.0
8.5
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
Q2Q3Q4
Q1 FY20
Q2Q3
GAS SALES VOLUME (PJ)
Quarterly Resi Sales VolumesQuarterly SME Sales Volumes
Quarterly C&I Sales VolumesRolling 12-month Sales Volume (RHS)
-
10,000
20,000
30,000
40,000
50,000
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Q1 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3Q4
Q1 FY19
Q2Q3Q4
Q1 FY20
Q2Q3
LPG SALES VOLUMES (Tonnes)
Quarterly Bottled LPG Sales Volumes
Quarterly Bulk & SME LPG Sales Volume
Rolling 12-month Sales Volume (RHS)
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
-
200
400
600
800
1,000
1,200
Q1 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3Q4
Q1 FY19
Q2Q3Q4
Q1 FY20
Q2Q3
ELECTRICITY SALES VOLUMES (GWh)
Quarterly Resi Sales VolumesQuarterly SME Sales Volumes
Quarterly C&I Sales VolumesRolling 12-month Sales Volume (RHS)
-
100
200
300
400
500
600
700
800
$0
$50
$100
$150
$200
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3Q4
Q1 FY19
Q2Q3Q4
Q1 FY20
Q2Q3
ICP Count
Thousands
Cost to Serve ($/ICP)
ICP NUMBER & COST TO SERVE ($/ICP)
Electricity ICPs Active-OccupiedGas ICPs Active-Occupied
LPG Customer ConnectionsCost to Serve ($ per ICP)

Appendix: Wholesale Segment
Genesis Energy Limited FY20 Q3 Performance Report 11.
0
20
40
60
80
100
120
140
AprMayJunJulAugSepOctNovDecJanFebMar
WAIKAREMOANA STORAGE Vs LONG RUN AVERAGE (GWh)
Long Run Average Storage12-month Storage
0
200
400
600
800
1000
AprMayJunJulAugSepOctNovDecJanFebMar
TEKAPO STORAGE Vs LONG RUN AVERAGE (GWh)
Long Run Average Storage12-month Storage
0
1000
2000
3000
4000
5000
AprMayJunJulAugSepOctNovDecJanFebMar
NEW ZEALAND DAILY STORAGE (ALL GENERATORS, GWh)
Long Run Average Storage12-month Storage
$50
$70
$90
$110
$130
$150
$170
$190
$210
2017201820192020
ASX FUTURES SPOT PRICING ($/MWh)
1-Year Contract2-Year Contract3-Year Contract

0%
20%
40%
60%
80%
100%
$0
$20
$40
$60
$80
$100
Q1 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3Q4
Q1 FY19
Q2Q3Q4
Q1 FY20
Q2Q3
PORTFOLIO AND THERMAL FUEL COSTS
Weighted Average Fuel Cost - Thermal ($/MWh)
Weighted Average Fuel Cost - Portfolio ($/MWh)
Renewable Contribution to Total Generation (RHS, %)
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
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
Forced Outage Factor (FOF) %
Equipment Availability Factor (EAF) %
PLANT PERFORMANCE
Monthly EAFMonthly FOF
Appendix: Wholesale Segment
Genesis Energy Limited FY20 Q3 Performance Report 12.
0
1,000
2,000
3,000
4,000
5,000
6,000
Q3 2020Q3 2019Q3 YTD 2020Q3 YTD 2019
GENERATION BY POWER STATION (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
116
109
58
47
102102
109
104
62
95
104
111
81
111
48
42
121
118
72
50
54
174
184
153
112
105
93
74
37
28
50
69
105
151
168
131
148
119
101
77
54
37
64
54
79
87
51
12
26
28
15
11
31
53
22
30
18
14
15
14
20
28
28
0%
40%
80%
120%
160%
0
50
100
150
200
250
300
350
400
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
% of average
GWh
HYDRO INFLOWS, GENERATION & STORAGE
Hydro Storage (TEK+WKM) (RHS)Tekapo Generation (GWh)
Tongariro Generation (GWh)Waikaremoana Generation (GWh)
Hydro Inflows (WKM+TEK) % of average (RHS)

Appendix: Kupe Segment
Genesis Energy Limited FY20 Q3 Performance Report 13.
-
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 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3Q4
Q1 FY19
Q2Q3Q4
Q1 FY20
Q2Q3
PJ
PJ
KUPE GAS SALE VOLUMES (GENESIS SHARE, PJ)
Quarterly Sales VolumeRolling 12 Months Sales Volume (RHS)
$10
$20
$30
$40
$50
$60
$70
$80
$90
AprMayJunJulAugSepOctNovDecJanFebMar
BRENT CRUDE OIL SPOT PRICE (USD/bbl)
12 mths to Mar 1912 mths to Mar 20
OIL PRICE AND FOREX RISK MANAGEMENT
-
100.
200.
300.
400.
500.
600.
-
20.
40.
60.
80.
100.
120.
140.
160.
Q1 FY16
Q2Q3Q4
Q1 FY17
Q2Q3Q4
Q1 FY18
Q2Q3Q4
Q1 FY19
Q2Q3Q4
Q1 FY20
Q2Q3
KUPE OIL PRODUCTION VOLUMES (GENESIS SHARE, Kbbl)
Quarterly Production VolumeRolling 12 Months Production Volume (RHS)
FORWARD RISK MANAGEMENT
Oil Price Hedges (USD/bbl)% HedgedAverage Oil Price
1-12 months63%$58.10
13-24 months44%$60.90
25-36 months19%$56.00
USD/NZD HedgesRate
1-12 months79%0.674
13-24 months56%0.671
25-36 months38%0.642

Addendum: COVID-19 Impact & Response
Genesis Energy Limited FY20 Q3 Performance Report 14.
Working
Capital
➢
As at 31 March 2020 Genesis had $220 million of committed and undrawn bank facilities.
➢
The $70 million of wholesale bonds that mature on 23 June 2020 will be repaid utilising a combination of available free
cash flows generated during Q4 FY20 and undrawn bank facilities.
➢
The next debt maturity is a $30 million committed bank facility that matures in June 2021.
➢
Overdue & bad debt is one of our focus areas, but currently there is no change to historical trends
.
➢
Delivery of LPG Bottles to our customers proceed as normal.
Customer
➢
Our "Genesis Care Package” is designed to offer additional support to those customers experiencing financial hardship. We
want our customers’ energy supply to be one less thing to worry about during this time, so are making sure the lights stay on
and their homes are warm, regardless of their situation.
➢
School-gen Trust released $80,000 for the purchase of 200 Chromebooks to assist with children remote learning activities.
➢
Any planned price increases have been deferred. Network cost reductions are being passed through to Genesis eligible
customers, as we announced in February 2020.

COVID-19 GENESIS RESPONSE
Recognising our important role as a provider of essential services and, in particular, the role of our thermal generation assets in a national security
of supply context, Genesis has initiated a number of measures in response to the COVID-19 crisis and in order to meet with the requirements put
forward under the current ‘lockdown’:
People &
Operations
➢
Our primary focus is to ensure our business continues to operate as close to full capacity as possible and is well prepared
for winter demand.
➢
Power stations operate as usual with increased protection measures in place for our operators.
➢
Work on our Tekapo intake gate is classified as "essential" and continues to progress during ‘lockdown’.
➢
All of our office-based staff have been working from home since the beginning of 'lockdown' (including all call centre staff).

Addendum: COVID-19 Impact & Response
Genesis Energy Limited FY20 Q3 Performance Report 15.
➢Early observations following New Zealand entering a COVID-19 level 4 lockdown on 26 March 2020 are a 10-15% increase
in the residential electricity demand, a 45% reduction in the SME and a 25% reduction in industrial (C&I) demand.
➢This demand change equates to an approximate 8-10% decrease in total electricity demand for Genesis’ portfolio.
➢We expect residential demand to increase significantly if restrictive lockdown scenarios continue into the winter months.
GENESIS’ YTD SALES VOLUME COMPOSITION
COVID-19 DEMAND IMPACT
47%
19%
34%
Retail Electricity Sales Volume (4,641 GWh)
ResidentialSMEC&I
33%
22%
45%
Retail Gas Sales Volume (5.9 PJ)
ResidentialSMEC&I
39%
61%
Retail LPG Sales Volume (32.4kt)
ResidentialSME & Other Bulk LPG sales
60%
40%
Wholesale Gas Sales/Use (27.7 PJ)
Gas used in internal generationWholesale gas sales
➢The charts below provide an indication of the segment distribution across Genesis’ energy sales volumes and
consumption for generation production.