Genesis Statement on Tiwai Point Aluminium Smelter Closure
MARKET RELEASE
Date: 9 July 2020
NZX: GNE / ASX: GNE
Genesis statement on the closure of Tiwai Point Aluminium Smelter
The closure of Rio Tinto’s Tiwai Point Aluminium Smelter is disappointing news, in particular, for the
people of Southland who are most directly affected.
This marks a fundamental shift in the New Zealand electricity market and is a scenario that we have
been planning for. The precise impact on the electricity system will depend on a number of factors,
including transmission capacity and future shifts in demand.
As a predominantly North Island generator, Genesis expects the immediate effects to be felt more
by the larger South Island generators. We see benefit for the New Zealand electricity market
through the removal of a significant source of uncertainty. In the medium to long term, this
presents a potential opportunity to accelerate electrification of industrial processes, especially in the
South Island.
As for all generators, we will need to further assess what the closure means for our generation
portfolio long term.
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
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- CEN — Contact Energy Limited: Contact says smelter closure is ‘disappointing’2020-07-08
“9 July 2020 Media release Contact says smelter closure is ‘disappointing’ Contact Energy (“Contact”) CEO Mike Fuge said Rio Tinto’s intention to effectively close New Zealand’s Aluminium Smelter (“NZAS”) by giving 14 months’ notice on their electricity contract wi…”
- MCY — Mercury NZ Limited: Rio Tinto decision following strategic review of Tiwai2020-07-08
“` The Mercury Building, 33 Broadway, Newmarket 1023 PHONE: + 64 9 308 8200 mercury.co.nz PO Box 90399, Auckland 1142 New Zealand FAX: + 64 9 308 8209 Rio Tinto decision following strategic review of Tiwai smelter 9 July 2020 – Mercury notes Rio Tinto’s announ…”
- SPN — South Port New Zealand Limited: Statement on NZAS Tiwai Point Aluminium Smelter Closure2020-07-09
“SOUTH PORT NEW ZEALAND LIMITED NZX & MEDIA RELEASE 9 July 2020 South Port Statement on NZAS Tiwai Point Aluminium Smelter Closure The closure of NZAS Tiwai Smelter in August 2021 will be a major loss to the regional economy. South Port Chairman, Re…”