Genesis Energy 2020 Full Year Financial Results

MARKET RELEASE
Date: 20 August 2020
NZX: GNE / ASX: GNE
Genesis delivers earnings of $356 million and a full year dividend of 17.20cps


Year ended June 2020 Change year on year
1

EBITDAF
2
$356 million Down 4% on FY19 of $369 million
Net Profit $46 million Down $13 million on FY19 of $59 million
Underlying Earnings
3
$53 million Down $11 million on FY19 of $64 million
Earnings Per Share 4.47 cents Down 1.36 cps from FY19 of 5.83 cps
Underlying Earnings Per Share 5.14 cents Down 1.21 cps fromFY19 of 6.35 cps
Final Dividend Per Share 8.675 cents Up 1% on FY19 of 8.6 cents
Full Year Dividend Per Share 17.20 cents Up 1% on FY19 of 17.05 cents
Free Cash Flow
4
$168 million Down 6% on FY19 of $178 million

Genesis regularly flexed its portfolio of fuels and generation assets to ensure a solid result during a year of
exceptionally dry North Island conditions, multiple planned and unplanned market outages and the disruption
of COVID-19.

Genesis Energy (GNE) today announced that it delivered EBITDAF for the year of $356 million and Net Profit
(NPAT) of $46 million, with underlying earnings of $53 million. Genesis declared an increased final dividend of
8.675 cps, and a full year dividend increase to 17.20 cents per share.

“The second half of FY20 tested our portfolio flexibility through multiple gas and transmission outages,
exceptionally low North Island hydro catchment inflows and the COVID-19 lockdown. Despite those
uncontrollable events, Genesis people demonstrated great resilience and adapted quickly to support our
customers through difficult conditions,” said Genesis Energy CEO Marc England.

“Overall, hydro generation fell by 491 GWh versus the year prior. This meant Huntly Power Station’s back-up
generation was called upon more regularly to stabilise wholesale electricity prices for all market participants.”

On top of these volatile conditions was the national COVID-19 disruption, which affected industrial and
commercial electricity consumption, but was partially offset by an increase in consumption from residential
customers.

“Our retail business has continued its momentum from the first half, backed by increased uptake of our digital
products and promotions, such as Power Shout, which saw a record 141,000 customers participate in May.
Genesis now has 121,000 dual fuel customers, an increase of 3%. Our new customer care package, launched at
the end of 2019, was boosted by $250,000 to support our vulnerable customers facing hardship during the
COVID-19 lockdown.”

“Genesis’ uniquely diversified generation portfolio, flexible retail products and strong customer support
networks have demonstrated our value to all market participants. I am proud to say that our business strategy
has been thoroughly stress tested this year and has performed under the challenging conditions.


1
Due to the adoption of NZ IFRS 16 and changes to the segment reporting structure as outlined in the notes to the audited financial
statements, FY19 comparable financials have been restated in this presentation. As a result prior comparable period metrics may also
have changed.
2
Earnings before net finance expenses, income tax, depreciation, depletion, amortisation, impairment, Fair Value changes and other
gains and losses. Refer to consolidated comprehensive income statement in the 2020 audited financial statements for a reconciliation
from EBITDAF to Net Profit after tax
3
Net Profit adjusted for non-cash fair value adjustments and business acquisition costs.
4
Free Cash Flow is EBITDAF, less finance expense, cash taxes paid and stay in business capital expenditure.

“We are continuing our Future-gen strategy with a target to develop 2,650 GWh of new renewable generation
options that will enable us to transition our baseload thermal generation portfolio to renewables. We will
achieve the first 450 GWh of this, as Waipipi Wind Farm comes online in early 2021. Having already removed
1.8 million tonnes of CO2 from our portfolio in the last 10 years, Future-gen will enable us to further reduce our
carbon emissions by another 1 million tonnes in the next 5 to 10 years. The closure of the Tiwai smelter, if it
goes ahead, represents an exciting prospect to potentially accelerate our Future-gen strategy.”

Final dividend and a dividend reinvestment plan

The Genesis Board has declared a final dividend of 8.675 cents per share, which has a record date of 11
September 2020 and will be paid on 25 September 2020. Genesis is pleased to confirm the continuation of its
dividend reinvestment plan to provide shareholders a cost-effective way to reinvest in Genesis’ growth strategy.
Shareholders will have until 14 September 2020 to opt into the dividend reinvestment plan.

FY21 guidance

EBITDAF guidance for the full year ended 30 June 2021 is in a range of between $395 million to $415 million.
This is subject to hydrological conditions, any material events, one-off expenses or other unforeseen
circumstances. Genesis continues to target its strategic goal of $400+ million EBITDAF in FY21. Capital
expenditure guidance for FY21 is up to $95 million.

Further information on the company’s operations and financing can be found in the investor presentation of
the full year results and the Company’s Annual Report at nzx.com/instruments/GNE and
www.genesisenergy.co.nz/reports-and-presentations

ENDS

For media enquiries, please contact:
Allan Swann
External 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. 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. More information
can be found at www.genesisenergy.co.nz

---

FY20 Full Year
Results Presentation
20 August 2020
G E N E S I S E N E R G Y L I M I T E D
Marc England –CHIEF EXECUTIVE OFFICER
Chris Jewell –CHIEF FINANCIAL OFFICER

AGENDA
Genesis Energy Limited FY20 Full Year Result Presentation 2.
1
Year in Review
2
Financial Performance and Guidance
3
Strategy Update and Outlook
4
Supplementary Information

1. Year in Review
G E N E S I S E N E R G Y L I M I T E D

➢Field production down 10% due to planned November 30-day outage and February perforation project
➢Well perforation project completed successfully. Estimated total production uplift of 1.4 PJ over FY20/FY21
➢Kupe’s Inlet Compression Project on track for completion in mid-2021
➢1P reserve upgrade of 33% to 250 PJe, an uplift of 61.9 PJe, 2P reserve upgrade of 7%
➢2
nd
lowest January to June North Island inflow sequence in 95 years, hydro generation down 20% to 491 GWh
➢Thermal generation up 12%, fuel portfolio costs up 20%
➢Average FY20 thermal fuel cost up 7% but has commenced a decline and is down 3% on HY20 to $79/MWh
➢Our adaptive flexible generation and fuels portfolio defended low hydrology and high fuel cost impacts
➢Tekapo upgrades successfully completed and its intake gate capital project reached the half-way point
Genesis Energy Limited 1H FY19 Result Presentation 4.
Results at a glance
Genesis Energy Limited 1H FY19 Result Presentation 4.
1
Earnings before net finance expenses, income tax, depreciation, depletion, amortisation, impairment, Fair Value changes and other gains and losses. Refer to consolidated comprehensive income statement in the 2020
annual report for a reconciliation from EBITDAF to Net Profit after tax.
Note: The prior comparable period (pcp) is defined as full year FY19, unless an alternative comparison is stated.
Genesis Energy Limited FY20 Full Year Result Presentation 4.
Retail
Kupe
Wholesale
➢Genesis’ residential gross customer churn down 3.5 ppt to 24.1% and net churn down 1.6 ppt to 14.8%
➢Continued Retail momentum -netbacks up in all fuels, Electricity up 7%, Gas up 10% and LPG up 10%
➢Customers choosing to purchase more than 1 fuel grew to over 121,000, up 3%
➢Over 77% of customers now choosing to interact digitally
➢Launch of new customer Care Packagefor those most vulnerable post-COVID-19
NPAT
EBITDAF
$
m
$
m
Gross
yield of
Final dividend
cps
.
%
%
Finance
expense
down
Operating expenses
down $1m
m
$
1
As at 18 August 2020

8% Gross
Dividend
Yield
335
333
360
369
356
FY16FY17FY18FY19FY20
$ MILLIONS
EBITDAF
2
Earnings
—EBITDAF of $356m,gross dividend yield
1
of 8% remains near top of peers
Genesis Energy Limited FY20 Full Year Result Presentation 5.
GROSS DIVIDEND YIELD COMPARISON WITH PEERS AND LONG-TERM BOND YIELDS
Source: Bloomberg
1
Gross yield based on closing share price as at 18 August 2020, $2.80
2
Due to the adoption of NZ IFRS 16 and changes to the segment reporting structure, as outlined in the notes to the audited financial statements contained in Genesis 2020 Annual Report, FY19 comparable financials have been restated in this
presentation. As a result prior comparable period (FY19) metrics may also have changed. Reporting years FY16 to FY18 does not include impact of IFRS 16.
0%
2%
4%
6%
8%
10%
12%
Jul-17Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20
MeridianMercuryContact
GenesisUS 10-Year Govt BondsNZ 10-Year Govt Bonds

0%
2%
4%
6%
8%
10%
12%
14%
111,000
112,000
113,000
114,000
115,000
116,000
JulAugSepOctNovDecJanFebMarAprMayJun
Customers > 1 FuelDual Fuel Churn (RHS)
2,669
2,705
2,669
$10.7
$11.4
$13.5
$5.00
$10.00
$15.00
$20.00
$25.00
2,400
2,500
2,600
2,700
2,800
FY18FY19FY20
Sales Volume (TJ)
Sales VolumeNetback
Continued momentum in building value within residential category
—Our dual fuel strategy is helping todeliver loyalty and drive churn down
RESIDENTIAL GAS SALES VOLUMES (TJ) & NETBACK ($/GJ)
RESIDENTIAL ELECTRICITY SALES VOLUMES (GWh) & NETBACK
1
($/MWh)
RESIDENTIAL LPG SALES VOLUMES (t) & NETBACK ($/t)
1
Netback is defined as Retail EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units and excluding Technology & Digital Costs (FY20 $30.6m) and corporate allocations
2
Residential LPG Netback has been normalised for FY18 and FY19 to account for changes in the cost allocation methodology betweencustomer types.
3
Gross churn is defined as customers who instigated a trader switch or home move, whilst net churn is post home move save and retentions.
Genesis Energy Limited FY20 Full Year Result Presentation 6.
RESIDENTIAL CUSTOMER GROSS
3
CHURN DOWN 3.5 ppt, NET CHURN DOWN 1.6ppt (ROLLING 12
MONTH AVG)
RESIDENTIAL DUAL FUEL CUSTOMERS UP 3%, CHURN DOWN TO 6.6% (ROLLING 3MONTH AVG)
Volume/value
mix
Volume/value
mix
Volume/value
mix
2
3,088
3,012
3,017
$112
$116
$128
$70.00
$90.00
$110.00
$130.00
$150.00
$170.00
2,500
2,700
2,900
3,100
3,300
FY18FY19FY20
Sales Volume (GWh)
Sales VolumeNetback
18.8%
16.4%
14.8%
31.4%
27.6%
24.1%
0%
10%
20%
30%
40%
FY18FY19FY20
Net ChurnGross Churn
14,012
15,308
17,302
$940
$1,009
$1,213
550
650
750
850
950
1050
1150
1250
1350
-
5,000
10,000
15,000
20,000
FY18FY19FY20
Sales Volume (t)
Sales VolumeNetback

4,808
5,486
5,169
$7.6
$8.0
$8.2
$7.00
$7.50
$8.00
$8.50
$9.00
4,200
4,500
4,800
5,100
5,400
5,700
FY18FY19FY20
Sales Volume (TJ)
Sales VolumeNetback
-
1,000
2,000
3,000
4,000
5,000
6,000
FY19FY20
GWh
Elec (GWh)Gas (GWhe)LPG (GWhe)
Optimising the business portfolio in a competitive market
—Our volume/ value mix has increasedon two of threefuel types, business volume now around 50% of portfolio
BUSINESS GAS SALES VOLUMES (TJ) & NETBACK ($/GJ)
BUSINESS ELECTRICITY SALES VOLUMES (GWh) & NETBACK ($/MWh)
BUSINESS LPG SALES VOLUMES (t) & NETBACK ($/t)
Volume/value
mix
Volume/value
mix
Volume/value
mix
1
Netback is defined as Retail EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units and excluding Technology & Digital Costs (FY20 $30.6m) and corporate allocations.
LPG Netback has been normalised for FY18 and FY19 to account for changes in the cost allocation methodology between customer types.
Genesis Energy Limited FY20 Full Year Result Presentation 7.
BUSINESSDUAL FUEL CUSTOMERS UP 7%, CHURN DOWN TO 6.3% (ROLLING 3MONTH AVG)
BUSINESS SALES VOLUME UP 2.2% ON A GWh EQUIVALENT BASIS
Electricity +8.0%
Gas -5.8%
LPG +5.6%
2,891
3,055
3,227
$88
$94
$97
$60.00
$80.00
$100.00
$120.00
$140.00
2,600
2,800
3,000
3,200
3,400
FY18FY19FY20
Sales Volume (GWh)
Sales VolumeNetback
0%
2%
4%
6%
8%
10%
4,500
4,600
4,700
4,800
4,900
5,000
JulAugSepOctNovDecJanFebMarAprMayJun
Customers > 1 ProductDual Fuel Churn (RHS)
20,993
23,200
25,045
$653
$762
$764
400
600
800
1000
1200
18,000
20,000
22,000
24,000
26,000
FY18FY19FY20
Sales Volume (t)
Sales VolumeNetback

Analytics & insights are driving customer engagement and performance
Genesis Energy Limited FY20 Full Year Result Presentation 8.
1
Source: EIQ quantitative research May 2020
DATA, INSIGHTS & SURVEYS ALLOW US TO SHAPE
DIGITAL EXPERIENCES TO CUSTOMER NEEDS
GROWING CUSTOMER ENGAGMENT
THROUGH ENERGYIQ
%
Of users either strongly agree (52%)
or agree slightly (39%) thatEnergy
IQ helps them to save money
1
Power Shout 8 delivered 2.1m
hours of free power to 141,000
customers
Based on completed profiles, we know:
✓Hot water system: 35% gas, 63% electricity
✓Fuel used to heat homes: 18% gas, 79% electricity
✓Heating appliances preferred: 37% heat pumps,
4% underfloor heating, 29% electric heaters, 22%
burners, 3% radiators
✓Over 9,000 customers have spa pools and over
4,000 have a sauna
Why are customers using EIQ?
✓37% -say it helps them make smart choices
✓36% -it makes me feel in control
✓23% -it gives me a personalised experiences
✓22% -it give me peace of mind
✓19% -it helps me understand how I’m doing
compared to others like me
ADDING VALUE TO BOTH CUSTOMER
AND THE BUSINESS
Customer needs and preferences change:
Genesis’ Customer Life Value (CLV
1
) up 20%
PRE-COVID
1. Reduce waste
2. Reduce spend
3. Environmental impact
4. Reduce bill shock
5. Save time
PRESENT
1. Reduce spend
2. Reduce waste
3. Reduce bill shock
4. Environmental impact
5. Save time
“I like the way you can get a projected bill –that means I can
manage my budget. If it looks a bit high I’ll make sure to nag the
kids to turn things off.” Energy IQ user –May 2020
50
70
90
110
130
150
170
190
210
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
Apr-20
May-20
Jun-20
Jul-20
Thousands
Trend in monthly unique users
Total EIQ Registrations
EIQ registrations and unique users
1
Total Genesis Customer Lifetime Value is the sum of each customer’s margin, discounted over its expected tenure.
95%
100%
105%
110%
115%
120%
125%
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
Apr-20
May-20
Jun-20
CLV Index

$496
$482
$569
$850
$766
$736
$439
$524
$522
FY18FY19FY20
Fuel Cost ($/t)Cost to Deliver ($/t)Margin ($/t)
COST TO SERVE DOWN A FURTHER $3/ICP YoY, DOWN 14% SINCE FY16
Customer centricity is key to service excellence
AN INCREASINGLY DIGITAL AND AUTOMATED SERVICE CONTINUES TO REDUCE
COSTS
➢Total interactions up 4% YoY, to3.2m customer touch points in FY20. Digital interactions
now make up the majority of all interactions:
▪Self Serve transactions are up 31 ppt since Jun16
▪Assisted phone transactions down 7 ppt on Jun19
➢Genesis’ “Care Package” offers additional support to those customers in financial hardship
to ensure their homes are staying warm during winter, regardless of their situation
▪Genesis also pledged $250k with ERANZ to support customers through post-COVID
winter
➢School-gen trust released $80,000 for the purchase of 200 Chromebooks during lockdown
SELF SERVE INTERACTIONS UP A FURTHER 9 ppt FROMFY19
Genesis Energy Limited FY20 Full Year Result Presentation 9.
$161
$160
$151
$141
$138
$130
$135
$140
$145
$150
$155
$160
$165
FY16FY17FY18FY19FY20
Cost to Serve per ICP
Cost to serve down
14% since FY16
LPG COST TO DELIVER
1
CONTINUES TO BE OPTIMISED, DOWN 4% ON FY19
1
Cost to Deliver excludes a one-off cost, circa $1.1m, relating the ISO leak at Picton, January 2020. Including this costs results in a cost to deliver $762/t
—Digitising our operations has driven cost to serve & cost to deliver lower
52%
44%
40%
30%
23%
1%
3%
14%
13%
14%
12%
9%
34%
43%
47%
56%
65%
FY16
FY17
FY18
FY19
FY20
Phone %Webchat %Email %Self Serve %

$64
$61
$92
$143
$114
$-
$20
$40
$60
$80
$100
$120
$140
$160
FY16FY17FY18FY19FY20
Genesis GWAP ($/MWh)
2
nd
lowest January to June North Island hydro sequence in 95 years
—Ourgeneration portfolio proves adaptive to bothlow and high priced wholesale market conditions
Genesis Energy Limited FY20 Full Year Result Presentation 10.
GWAP
1
($/MWh) DOWN 21% TO$114, BUT REMAINED ELEVATED
LOW NORTH ISLAND INFLOWS & TEKAPO PLANT OUTAGES CONSTRAIN PRODUCTION
1
GWAP is the average price received for generation, $/MWh.
-180
-150
-120
-90
-60
-30
-
30
60
90
120
150
180
-8
-6
-4
-2
0
2
4
6
8
April (Lockdown)
OTA Price $48/MWh
May (Blend)
OTA Price $134/MWh
June (Post Lockdown)
OTA Price $163/MWh
Long/Short Volume (GWh)
Margin ($/MWh)
Long / Short Volume (RHS)Long / Short Margin (LHS)
DISCRETIONARY THERMAL CREATES VALUE IN A LOW-PRICED WHOLESALE MARKET
A short position at a
low price creates
margin up-side
GAS AND HYDRO SHORTAGES, HVDC OUTAGE DRIVE WHOLESALE PRICE VOLATILITY
$0
$40
$80
$120
$160
$200
$240
$280
JulAugSepOctNovDecJanFebMarAprMayJun
BenmoreOtahuhu
JulAugSepOctNovDecJanFebMarAprMayJun
GNE Storage BandWKA Storage as % of AverageTKA Storage as % of Average
South Island rain event
Tekapo Station outages
North Island drought
UTS
HVDC outage
COVID-19

Wholesale Segment impacted by hydro conditions & high fuel costs
LOW INFLOWS AND PLANT OUTAGES CONSTRAIN HYDRO GENERATION:
➢Total generation of 6,805 GWh, renewable generation down 17% to 2,344 GWh
▪North Island hydro inflows were at the 15
th
percentile for the year, with inflows
from January to June the second lowest since records began in 1926
▪Generation at Tekapo was also constrained, due to a dry first four months of the
year, inflows 85% of average, followed by planned outages for most of the second
half of the year
▪Tekapo B Stations outages were successfully completed in June 2020, with the 190
MW station returned to full capacity with stored water at 131% of average
Genesis Energy Limited FY20 Full Year Result Presentation 11.
Hydro generation
volume down 491
GWh on FY19
THERMAL GENERATION UP 12%, PORTFOLIO FUEL COST UP 20% TO $52/MWh:
➢Thermal fuel costs up 7% year on year however has begun to decrease in the second half of
the year, and forecast to reduce further in FY21 due to decline in weighted average cost of
coal stockpile and gas contract roll-offs
▪Year on year, weighted average coal burn cost was up 7% to $6.8/GJ, weighted average
gas burn cost up 4% to $9.0/GJ
▪The full-year weighted average coal burn cost was down 4% on HY20, and weighted
average gas burn cost was down 5% on HY20
➢Portfolio fuel costs are expected to return to around $44/MWh as the renewable
contribution to total generation returns to “normal conditions” in FY21
RENEWABLE vs THERMAL GENERATION VOLUMES (GWh)
AVERAGE FUEL COSTS (EXCLUDING CARBON) AND RENEWABLE GENERATION
CONTRIBUTION TO GENERATION PORTFOLIO
2,678
3,154
3,056
2,834
2,344
3,240
3,082
3,392
2,583
3,122
803
186
657
1,404
1,339
0
1,500
3,000
4,500
6,000
7,500
FY16FY17FY18FY19FY20FY21 (FC)
Renewable GenerationThermal Generation (Gas)Thermal Generation (Coal)
0%
20%
40%
60%
80%
100%
$0
$20
$40
$60
$80
$100
Q1 FY18Q3Q1FY19Q3Q1FY20Q3FY21 (FC)
Thermal Fuel Cost ($/MWh)
Portfolio Fuel Cost ($/MWh)
Renewable Contribution to Total Generation (RHS,%)
—Hydro generation down 18% year on year, thermal fuel cost up 7%, but commences decline, down 3% on HY20

33% 1P Reserve Upgrade at Kupe, significant Tekapo investment underway
—Planned maintenance and Kupe development work, positions assets well to deliver future value
Genesis Energy Limited FY20 Full Year Result Presentation 12.
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
JulAugSepOctNovDecJanFebMarAprMayJun
Forced Outage Factor (FOF) %
Equipment Availability Factor (EAF) %
Monthly EAFMonthly FOF
FORCED OUTAGES AT 0.5%
Planned Unit
1 & 4 Outage
Planned Tekapo &
Unit 1 Outage
KUPE RESERVE ESTIMATE UPGRADE AND RECONCILIATION
KUPE RESERVE UPGRADES AND INVESTMENT IN GENERATION ASSETS
▪Kupe reserves updated, 1P reserves up 33% to 250 PJeand 2P up 7% to 340.5 PJe
▪Successful completion of Kupe’s 30-day statutory outage in November 2019, and the Inlet
Compression Project on target for completion mid-2021
▪Kupe’s well perforation project estimated total production uplift is 1.4 PJ over FY20/FY21
▪Successful completion of Tekapo B generator upgrades and installation of new Intake Gate
project passed half-way point
−Tekapo commences FY21 with a lake at 131% of average and its full 190 MW capacity
available for winter
▪A third Huntly Rankine unit temporarily certified for winter running as national hydro levels
fall to around 70% of average
KUPE PRODUCTION (GENESIS SHARE, PJe), DOWN 10% DUE OUTAGES & NATURAL
DECLINE
Kupe planned
statutory
30-day outage
Kupe field reserves (PJe) as at 30 June 2020*
Proved,
(1P) 2020
PJe
Proved
(1P) 2019
PJe
Proved &
probable
(2P) 2020
PJe
Proved &
probable
(2P) 2019
PJe
Developed83.593.3140.2126.5
Undeveloped166.594.8200.3192.5
Closing remaining field reserves 250.0188.1340.5319.0
*Further investment will be required to access the undeveloped field reserves disclosed above.
7.4
9.3
11.8
11.8
10.7
2.6
2.9
3.2
2.9
2.3
1.4
1.6
2.3
2.5
2.3
0
5
10
15
20
FY16FY17FY18FY19FY20FY21 (FC)
Production in PJe
GASOILLPG

2. Financial
Performance
G E N E S I S E N E R G Y L I M I T E D

369
59
64
251
311
178
89
17.05 cps
1,240
356
46
53
250
308
168
89
17.20 cps
1,247
EBITDAFNPATUnderlying EarningsControllable
Operating Expenses
Operating CashflowFree Cash FlowCapital ExpenditureDividendNet Debt
$ MILLIONS
FY19FY20
5
2
3
5
KEY FINANCIAL COMPARISONS
1
—EBITDAF of $356m, controllable operating expense and capital expenditure held flat
FY20 financial highlights
-4%
-22%
-17%
-0%
+ 0%
-6%
+ 1%
+ 1%
-1%
Genesis Energy Limited FY20 Full Year Result Presentation 14.
4
1
Due to the adoption of NZ IFRS 16 and changes to the segment reporting structure as outlined in the notes to the audited financial statements, FY19 comparable financials have been restated in this presentation. As a result prior
comparable period metrics may also have changed.
2
Controllable Operating Expenses refer to Employee Benefits plus Other Operating Expenses.
3
Free Cash Flow represents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure.
4
Capital Expenditure amounts differ from amounts stated in the financial statements due to exclusion of capital expenditure relating to Huntly U5’s Long Term Maintenance contract (LTMA).
5
Net Debt and dividends are shown on a separate scale to other financial comparisons..

Dividends
—A final dividend of 8.675 cps declared, resulting in a full year dividend of 17.20 cps, representing a 8% gross yield
1
FY16 TO FY20 DIVIDEND CENTS PER SHARE & PAY-OUT HISTORY
16.40
16.60
16.90
17.05
17.20
87%
89%
89%
98%
106%
-10%
10%
30%
50%
70%
90%
110%
130%
0
FY16FY17FY18FY19FY20
Dividends (CPS)% of Free Cash Flow
1
Gross yield based on closing share price as at 18 August 2020, $2.80.
2
Free cash flow represents EBITDAF less tax paid, net interest and stay in business capital expenditure.
3
Large one-off items include the Tekapo gate, Tekapo turbine overhaul and Tekapo turbine runners
upgrades.
2
•The total FY20 dividend has been increased to 17.20 cps, a
1% increase over FY19.
•Normalised for ‘one-off
3
’ levels of SIB capex, pay-out ratio
was 94% of Free Cash Flow. An unadjusted pay-out ratio as a
percentage of free cash flow
2
is 106%.
•A final dividend of 8.675 cps, 80% imputed, will have a
record date of 11 September 2020, payable to shareholders
on 25 September 2020.
•Supplementary dividend of 1.2247 cps payable to non-
resident shareholders.
•The Dividend Reinvestment Plan (DRP) continues to be
offered at 2.5% discount, with an opt-in cut-offdate as at
14September 2020. DRP pricing will be notified to
shareholders on 17 September 2020.
94%
Genesis Energy Limited FY20 Full Year Result Presentation 15.
---% of Normalised FCF

FY20 vs FY19 EBITDAF
$ MILLIONS
—EBITDAF down $14m versus prior year, a strong Retail result offset by reduced hydro generation and a planned
30-day statutory Kupe outage
FY20 EBITDAF
Genesis Energy Limited FY20 Full Year Result Presentation 16.
FY16 TO FY20 EBITDAF
1
$ MILLIONS
1
Due to the adoption of NZIFRS16 and changes to the segment reporting structure as outlined in the notes to the audited financial statements, FY19 comparable financials have been restated in this presentation (+$6.0m).
No other prior periods have been restated.
2
Full year impact of LPG distribution business acquisition and increased 15% share in Kupe.
369
356
24
24
15
1
FY19 EBITDAFRetailWholesaleKupeCorporateFY20 EBITDAF
Favourable Unfavourable
335
333
360
369
356
FY16FY17FY18FY19FY20
2

Segment EBITDAF
FY19 TO FY20 KUPE EBITDAF
FY19 TO FY20 RETAIL EBITDAF
FY19 TO FY20 WHOLESALE EBITDAF
Genesis Energy Limited FY20 Full Year Result Presentation 17.
•Retail result improved by continued Residential momentum, offset by
softer B2B margins from competitive markets and COVID-19 demand
impacts
•Wholesale result was impacted by dry hydro conditions lowering
renewable generation and replacing it with thermal generation at higher
fuel costs
•Kupe result is impacted by lower production from planned 30-day statutory
outage, well perforation project and natural decline in the field
•Corporate result is favourable by $1m due to lower costs
110
134
12
1
36
1
FY19 EBITDAF Residential
Margin Growth
LPG Margin
Growth
B2B Margin
Decline
Higher
Operating
Expenses
FY20 EBITDAF
189
165
49
15
37
3
FY19 EBITDAF Reduced
Renewable
Volumes
Higher Thermal
Fuel Prices
Trading
Performance
Reduced
Operating
Expenses
FY20 EBITDAF
109
94
15
3
4
FY19 EBITDAFLower Production
Volumes
Oil Price decreaseOther FY20 EBITDAF
$ MILLIONS
$ MILLIONS
$ MILLIONS

FY19 TO FY20 UNDERLYING EARNINGS
NPAT & Underlying Earnings
—Decrease in NPAT and UnderlyingEarnings
$ MILLIONS
Genesis Energy Limited FY20 Full Year Result Presentation 18.
FY19 TO FY20 NPAT
$ MILLIONS
•Increased DDA relates to the June 2019 increase
in valuation of generation assets, partly offset by
increase in Kupe reserves
•The movement in Fair Value adjustments is
related to the change in Fair Value of the Waipipi
Wind Farm as it is no longer hedge accounted.
Future valuations are expected to fluctuate in line
with changes in underlying price and inflation
over the duration of the contract
•Finance costs have reduced by $7m due to lower
interest rates
•The movement in other gains and losses relates
to unrealised carbon trading loss caused by the
reversal of unrealised gains posted in the prior
year. When units are sold the cost of the units is
recorded in operating expenses
•Income tax reduced based on lower profit
59
46
14
8
11
17
7
8
FY19 NPATReduced
EBITDAF
Increased DDAFair Value
Adjustments
Reduced Net
Finance Costs
Other Gains &
Losses
Reduced
Income Tax
Expense
FY20 NPAT
Unfavourable Favourable
64
53
14
8
7
4
FY19 Underlying
Earnings
Reduced EBITDAFReduced Net Finance
Costs
Increased DDAAdjusted Tax Expense
& Other Movements
FY20 Underlying
Earnings
Unfavourable Favourable

FY16 TO FY20 CONTROLLABLE OPERATING EXPENSES
1
Controllable operating expenses
—Continued drive for efficiency, operating expenses down $1.2m
Genesis Energy Limited FY20 Full Year Result Presentation 19.
1
Controllable operating expenses refer to Employee Benefits plus Other Operating Expenses. In FY20 Genesis updated its segmentreporting and this included realigning the Technology & Digital function previously in Corporate to the Retail Segment. All comparable periods
have been adjusted to reflect the new segment note structure.
•Customer acquisition costs down $2.8m
•Increased wholesale labour costs due to lower labour capitalisation
in FY20. FY19 included one-off labour intensive projects capitalised
against generation assets.
•Increase in Bad Debt provision in relation to current economic
situation ($1m)
•Kupe operating expenses up ($2m) due to planned outage works
and higher routine operating costs
LPG distribution acquisition & increased
share in Kupe JV
$ MILLIONS
38%
26%
9%
15%
12%
FY20 CONTROLLABLE OPERATING EXPENSES SPLIT
Retail
Wholesale
Kupe
Corporate
Technology & Digital
225
236
261
251
250
FY16FY17FY18FY19FY20

Capital expenditure
—Total capital expenditure was $89m, deferral of some projects due to COVID-19
FY16 TO FY20 CAPITAL EXPENDITURE
1
•Stay in business capex (SIB) was $69m. Significant maintenance
projects includes:
•Tekapo Intake Gate Installation ($11m),Tekapo Turbine
Overhaul ($7m) and Runner Replacement ($4m), Tuai
Generator Refurbishment ($3m)
•Kupe planned statutory outage ($6m)
Other capex includes:
•LPG distribution upgrades, Development of Retail
products and systems
•Kupe Inlet Compression Project & Kupe Perforation
Project
1
Capital expenditure excludes M&A activities.
2
Capital Expenditure amounts differ from amounts stated in the financial statements due to exclusion of capital expenditure relating to Huntly U5’s Long Term Maintenance contract (LTMA) (FY20: $16.5m).
FY16FY17FY18FY19FY20
WholesaleRetailLPG Operations
KupeTechnology & DigitalCorporate
$ MILLIONS
40
47
89
80
89
Genesis Energy Limited FY20 Full Year Result Presentation 20.
2
2

FY16 TO FY20 NET DEBT AND NET DEBT/EBITDAF RATIO
1
833
1,212
1,183
1,240
1,247
2.6
3.3
3.0
3.0
3.1
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0
200
400
600
800
1000
1200
FY16FY17FY18FY19FY20
Net debtNet debt/EBITDAFTarget debt ratio band (2.4 to 3.0)
Capital structure
—Net Debt/EBITDAF at 3.1 with forecast decline in FY21, and net debt flat at $1,247m
•S&P reaffirmed BBB+ credit rating in January 2020
•S&P have also stated that the BBB+ credit rating is not impacted
by the announcement of the closure of the Tiwaialuminium
smelter in August 2021
•Assuming net debt at 30 June 2021 is unchanged and FY21
EBITDAF is $400 +million the Net Debt/EBITDAF ratio will fall
below 2.8 in FY21
•Dividend reinvestment plan (DRP) in place since the FY18 interim
dividend with 30% of holders currently participating,
representing 24% of all shares, and $97 million raised to date
•Average debt tenor has decreased slightly to 11.5 years, from
11.9 years
•Change in interest rate, down from 5.8% to 5.4% in FY20
•$175 million of bank facilities were undrawn at 30 June 2020. A
further $100 million of liquidity headroom was added during July
2020.
1
S&P Global Ratings make a number of adjustments to Net Debt and EBITDAF for the purpose of
calculating credit metrics. The most significant of these is the 50% equity treatment attributed
to the Capital Bonds.
Genesis Energy Limited FY20 Full Year Result Presentation 21.

FY21 Guidance
—Guidance for FY21 EBITDAF is $395 million to $415 million
Genesis Energy Limited FY20 Full Year Result Presentation 22.
•We continue to target the strategic goal of $400+ million EBITDAF in FY21
•FY21 EBITDAF guidance is $395 million to $415 million subject to normal hydrological conditions, any
material events, one-off expenses or other unforeseen circumstances. Key drivers are:
‒Roll-off of Take or Pay Gas Supply Agreements from 1 January 2021
‒Return to normal hydrology
•FY21 capital expenditure guidance of up to $95 million
‒Long-run outlook for stay in business capital expenditure is $50 million to $70 million
‒Key capital expenditure projects include: Kupe Phase 2 Development ($20 million), Completion of Tekapo Intake
Gate, Tekapo and TuaiGenerator Updates, Huntly Unit 5 Outage

3. Strategy
Update and
Outlook
G E N E S I S E N E R G Y L I M I T E D

Key contributors to EBITDAF growth have been:
✓LPG distribution business acquisition & synergies, $20-25m
✓Additional 15% Kupe stake & production brought forward, $30-35m
✓Gas Supply Agreement contract roll-off, $10-15m
✓Wholesale and Retail growth, $20-30m
Doing what we said we would do
In 2016 Genesis set out a pathway to a targeted $400m+ EBITDAF in FY21, this underpinning a yield plus growth
investor proposition
Genesis Energy Limited FY20 Full Year Result Presentation 24.
*Refer to FY21 guidance slide
for further detail
Guidance
305
375
395
FY17 EBITDAF
Guidance
OptimiseInnovateInvestCore GrowthFY21 Target Set in
FY17
FY21 EBITDAF
Guidance
425
325
415
15 -25
35 –40
12 -17
20 -30

Future-genstrategy will maximise value as NZ transitions to a low carbon future
Future-gen will build further on Genesis’ commitment that by 2025 it will not use any coal to generate electricity
in normal market conditions, with the intention to phase out coal use completely by 2030
Genesis Energy Limited FY20 Full Year Result Presentation 25.
Economically displace baseload thermal
with renewable generation
Enhance the value of our back-upthermal
in an increasingly renewable market
Develop a pipeline of executable renewable
options
Progressing
PPA Wind
Considering
PPA Solar
Considering PPA
Geothermal
Negotiate future
swaptions
Creating fuel and
plant flexibility
Investing in carbon
offsets
Maximise the value of our thermal fleetSecure flexible gas arrangements
In FY21 Genesis will committo a science-based emission reduction target
1
Our 2030 goals to deliver this include:
•Develop 2,650 GWh of renewable portfolio options
•Execute up to 110 TJ/day of gas flexibility backed by up to 20 TJ of storage
•500 ktof long-term carbon offsets at below market prices, combined with our 2025/2030 coal commitments
1
As part of its Science-based Targets Initiative, Genesis has committed to setting generation emission reduction targets by the end of FY21

Tiwaiclosure will release significant energy into lower South Island
Transmission constraints will limit energy travelling north toward key load centres until upgrades completed
Genesis Energy Limited FY20 Full Year Result Presentation 26.
15 -25
20 -30
35 -40
12 -17
10 -15
Genesis Energy Limited FY20 Full Year Result Presentation 26.
051015
Upper
North Island
Central
North Island
Lower
North Island
Upper
South Island
Lower
South Island
Significant Transmission
investment of >$600m
over 5 –8 years needed
beforeenergy can move
freely to northern
demand centres
NZAS
0510
UPPER
NORTH ISLAND
CENTRAL
NORTH ISLAND
LOWER
NORTH ISLAND
UPPER
SOUTH ISLAND
LOWER
SOUTH ISLAND
NEW ZEALAND ELECTRICITY DEMAND / SUPPLY (TWh)
DemandGeneration
New Zealand
Aluminium Smelter
Significant share of
lower South Island load
Auckland Demand
Huntly Power Station
(Genesis, 948 MW)
Manapouri
850 MW
Clutha
750 MW
Waitaki
1,550 MW
190 MW
8 MW
Genesis generation sites
Other major South Island generation
138 MW
362 MW
Geographical
diversity of
assets has
benefits
Retail market
base is the
shock
absorber

Genesis’ portfolio will adapt to Tiwaistructural market change
Genesis performs strongly in low or high priced spot market
Genesis Energy Limited FY20 Full Year Result Presentation 27.
* Refer to slide 10 for a market illustration of gross margin captured during COVID-19 lockdown
restrictions and spot price distribution similar to what we expect in a post-Tiwaimarket.
EXPECTED WHOLESALE PRICE DISTRIBTUTION WITH/WITHOUT
TIWAI CLOSURE
$- $50 $100 $150 $200
Frequency Distribution
National Wholesale Market Price ($/MWh)
TiwaiNo Tiwai
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
North IslandSouth Island
GWh
Demand by Island
Renewable Generation
Discretionary NI Thermal
GENESIS PORTFOLIO BY ISLAND (3-YEAR AVERAGE GWh,
SOUTH ISLAND LIGHT ORANGE)
GENESIS’ WHOLESALE GROSS MARGIN IMPACT *
$-
$5
$10
$15
$20
$25
$30
$35
$40
$- $20 $40 $60 $80 $100 $120
Wholesale GM Change ($m)
National Wholesale Market Price ($/MWh)

Genesis’ diverse margin portfolio is well positioned to defend against
competitive pressures
With 30% of Genesis’ gross margin not attributable to electricity and only 5% attributable to South Island retail
Genesis Energy Limited FY20 Full Year Result Presentation 28.
GENESIS GROSS MARGIN CONTRIBUTION (FY20, SOUTH ISLANDRESIDENTIAL ELECTRICITY
DEMAND IN LIGHT ORANGE)
10 -15
Gas 11%
Oil 4%
LPG 4%
Thermal Generation 11%
South Island Renewable
Generation 8%
North Island Renewable
Generation 19%
Residential Electricity
North Island 22%
South Island 4%
B2B
Elec
NI 5%
SI 1%
LPG 6%Gas 5%
Kupe 19%
Wholesale 38%
Retail 43%
Energy Insights
Market leading energy monitoring
technology
•FY20: 1,300 sensors installed
•Q1FY21: +1,100 sensors sold
Benchmarking, Carbon & Energy
Audits
•FY20: 18 energy audits completed
•Q1FY21: +33 audits sold
Implementation, Optimisation and
Decarbonisation Projects
•FY20: 2 projects completed
•Q1FY21: 4 projects under proposal
Knowledge ->
Advice ->Action ->

Thermal requirement remains post Tiwaiclosure and transmission upgrades
Approximately 3,000 GWh pa of dry year support needed by market, above remaining thermal requirement
Genesis Energy Limited FY20 Full Year Result Presentation 29.
ENERGY BALANCE POST TIWAI CLOSURE AND TRANSMISSION UPGRADES COMPLETE
Tiwai exit
Committed
Renewable Build
Demand Growth
Spill & Losses
TCC Closure
Other Thermal
Reduction
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Supply IncreaseDemand/Supply Rebalance
GWh
1,100
2,100
3,000
5,750
2,550
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Recent
Historical
Thermal
TCC ClosureOther Thermal
Reduction
Required
Thermal
Dry Year
Thermal
Support
GWh
THERMAL GENERATION CHANGES POST TIWAI CLOSURE AND TRANSMISSION UPGRADES
DOES NOT REMOVE THE NEED FOR ONGOING DRY YEAR SUPPORT
•Electricity supply is set to increase by ~6,000 GWh pa due to Tiwaiclosure and committed wind farms coming on line
•The supply increase will reduce the need for approximately half the current level of thermal generation in the market, includingthe likely closure
of Contact’s TCC, by ~3,200 GWh pa
•The remaining supply increase is expected to be absorbed by demand growth at ~1% pa and ongoing spill and losses from South Island suppliers
•Approximately 2,550 GWh pa of thermal support will be needed by the market on an ongoing basis, more in dry years
FY25-27

Genesis’ gas book declines over transmission upgrade timeframe and
untapped demand exceeds electricity decline for gas
Declining field production and untapped existing and potential industrial gas demand will help mitigate impact
from a Tiwaiclosure
Genesis Energy Limited FY20 Full Year Result Presentation 30.
Kupe
Mangahewa
Maui
Pohokura Decline
Methanex
Untapped
Potential New
Industrial
All Other Demand
Electricity
Generation
Pohokura
-
50
100
150
200
250
2019 SupplyEstimated
Decline
Existing
Demand
Potential
Demand
NZ Gas Market (PJ)
38 PJ
0
5
10
15
20
25
30
35
40
45
50
FY20FY21FY22FY23FY24FY25FY26
PJ
Kupe Contracted
Other Contracted
Kupe Uncontracted
Total Contracted
GENESIS’ REDUCING TOTAL CONTRACTED GAS POSITION WILL PROVIDE GREATER
PORTFOLIO FLEXIBILITY IN THE FUTURE
POHOKURA DECLINES REDUCE GAS MARKET SUPPLY OVER TIME

The Taskforce on Climate-Related Financial Disclosures (TCFD)
Genesis has reported using the TCFD framework in its 2020 Annual Report
Genesis Energy Limited FY20 Full Year Result Presentation 31.
Strategy
Risk
Management
Governance
Metrics &
Targets
1.We set out a comprehensive risk identification and assessment process over
the short, medium and long term. Key strategic considerations relate to:
•Building a renewable future
•Transitioning baseload thermal generation to renewables
•New Zealand’s seasonal storage challenge
•Climate change scenario mapping
•Genesis’ Future-gen transition strategy
2.Clear metrics and targets Genesis commit to focus on:
•Carbon emission reduction targets and reporting
•Renewable development opportunities to displace baseload thermal
•Customer-centric, community and corporate based electrification and
environment related goals
3.Commitment to oversight and accountability by Genesis’ Board and
management team
4.Proactive management of risks and opportunities around climate change
concerning:
•Acute Physical Risk, Chronic Physical Risks, & Transition Risks

Genesis’ executive management team
A talented team dedicated to executing the Company’s strategy and delivering Genesis’ vision, to be first choice
for energy management
Genesis Energy Limited FY20 Full Year Result Presentation 32.
Nigel Clark –Chief Operations Officer
•accountable for Generation, Safety & Wellness,
Environment & Community Relations and the Kupe
JV
Nicola Richardson –Chief People Officer
•accountable for Recruitment, Talent Development,
Cultural Change, Agile, Property and Procurement
Chris Jewell –Chief Financial Officer
•accountable for Finance, Audit, Risk, Capital
Markets, Investor Relations and Corporate
Strategy
Tracey Hickman –Chief Customer Officer
•accountable for the Genesis Brand, LPG operations,
back office functions, metering/field services and
revenue assurance for both brands
James Magill –Chief Digital Officer
•accountable for Technology, Data, Energy Online,
Energy Management development and C&I
Customers
Marc England –Chief Executive Officer
•accountable for the overall direction, strategy,
and performance of the business as well
accountable for safety and wellbeing of
Genesis people
Matthew Osborne –Chief Corporate Affairs Officer
•accountable for Regulatory and Government Affairs,
Legal, Corporate Comms, Sustainability and
Company Secretariat
Shaun Goldsbury –Chief Trading Officer
•accountable for electricity, gas, coal and carbon
portfolio management, derivatives and spot trading
plus delivery of the Future-gen strategy

4. Supplementary
Information
G E N E S I S E N E R G Y L I M I T E D

Financial statements
1
Genesis Energy Limited FY20 Full Year Result Presentation 34.
1
Due to the adoption of NZ IFRS16 and changes to the segment reporting structure as outlined in the notes to the audited financial statements, comparable FY19 numbers have been restated in this presentation. As a result prior comparable period metrics may also have changed.
2
Capital items received as part of the LTMA are recognised upfront and paid off over the life of the agreement (8 years), the cash outflow ($4.9m) relating to this has been recorded as Stay in Business capex for the purposes of the Free Cash Flow Calculation.
Income Statement
FY20FY19
Variance
($m)($m)
Revenue2,591.52,700.7(4.0%)
Total Operating Expenses(2,235.9)(2,331.3)(4.1%)
EBITDAF355.6369.4(3.7%)
Depreciation, Depletion & Amortisation(209.8)(201.7)
Impairment of Non-Current Assets(3.0)(4.2)
Revaluation of Generation Assets-4.6
Fair Value Change(0.6)(15.2)
Share of Associate(1.2)(0.2)
Other Gains (Losses)(8.8)7.3
Earnings Before Interest & Tax132.2160.0(17.4%)
Interest(70.6)(77.1)
Tax(15.6)(23.8)
Net Profit After Tax46.059.1(22.2%)
Earnings Per Share (cps)4.475.83
Stay in Business Capital Expenditure68.864.6+6.5%
Free Cash Flow (FCF)
1
167.7178.1-5.8%
Dividends Per Share (cps)17.2017.05(0.9%)
Dividends Declared as a % of FCF106%98%+7 ppt
Balance Sheet
FY20FY19
Variance
($m)($m)
Cash and Cash Equivalents32.561.9
Other Current Assets407.0417.0
Non-Current Assets4,142.84,210.4
Total Assets4,582.34,689.3(2.3%)
Total Borrowings1,367.41,355.0
Other Liabilities1,145.11,189.3
Total Equity2,069.82,145.0(3.5%)
Adjusted Net Debt1,2471,240
Gearing per bank Covenants32.8%32.5%
EBITDAF Interest Cover6.7x6.5x
Net Debt/EBITDAF
2
3.1x3.0x
Cash Flow Summary
FY20FY19Variance
($m)($m)($m)
Net Operating Cash Flow307.5311.4
Net Investing Cash Flow(103.2)(92.7)
Net Financing Cash Flow(233.7)(206.1)
Net Increase (Decrease) in Cash(29.4)12.6(42.0)

Debt InformationFY20
($m)
FY19
($m)
Variance
Total Debt$1,3671,355
Cash and Cash Equivalents$ 3262
Headline Net Debt$1,3351,293+3.2%
USPPFX and FV Adjustments$8853
AdjustedNet Debt
1
$1,2471,240+0.6%
Headline Gearing39.8%38.7%+1.1 ppts
AdjustedGearing38.2%37.8%+ 0.4 ppts
Covenant Gearing32.8%32.5%+0.3 ppts
Net Debt/EBITDAF
2
3.1x3.0x
Interest Cover6.7x6.5x
Average InterestRate5.4%5.8%
Average Debt Tenure11.5 yrs11.9 yrs
1
Net debt has been adjusted for foreign currency translation and fair value movements
related to USD denominated borrowings which have been fully hedged with cross
currency swaps and fair value interest rate risk adjustments for fixed rate Capital Bonds.
2
Standard and Poor’s make a number of adjustments to Net Debt and EBITDAF for the
purpose of calculating credit metrics. The most significant of these is the 50% equity
treatment attributed to the Capital Bonds.
GENESIS DEBT PROFILE
Debt information
Genesis Energy Limited FY20 Full Year Result Presentation 35.
$0
$50
$100
$150
$200
$250
$300
$350
FY21FY22FY23FY24FY25FY26FY27FY47FY49
$m
Retailable BondsWholesale DomesticDrawn Bank
Undrawn BankCapital BondsUSPP
$175 million of bank facilities were undrawn at 30 June 2020. A further $100 million of liquidity
headroom was added during July 2020.
* Two capital bonds issued in 2017 and 2019 have a 30-year time horizon ending in FY47 and FY49.
*
*
*

Operational metrics
Genesis Energy Limited FY20 Full Year Result Presentation 36.
Retail Key InformationFY20FY19Variance
EBITDAF ($ millions)134.0110.0+21.8%
Customers with > 1 Fuel121,110117,191+3.3%
Electricity Only Customers314,120328,415
Gas Only Customers15,88816,549
LPG Only Customers33,56934,181
Total Customers484,687496,336(2.3%)
Total Electricity, Gas & LPG ICP’s671,519675,056(0.5%)
Volume Weighted Average Electricity
Selling Price –Resi ($/MWh)
$263.2 $257.7 +2.1%
Volume Weighted Average Electricity
Selling Price –SME ($/MWh)
$217.6 $222.3 (2.1%)
Volume Weighted Average Electricity
Selling Price –C&I ($/MWh)
$138.0 $130.3 +5.9%
Volume Weighted Average Gas Selling
Price –($/GJ)
$19.7 $18.8+4.8%
Volume Weighted Average LPG Selling
Price –($/t)
$1,826.7 $1,772.3 +3.1%
Retail Cost to Serve per ICP$138$141(2.1%)
Retail Key InformationFY20FY19Variance
Retail Electricity Sales (GWh)6,2446,0672.9%
Retail Gas Sales (PJ)7.88.2-4.9%
Retail LPG Sales (tonnes)42,34738,50710.0%
Electricity Netback ($/MWh)$111.9 $104.9 6.7%
Gas Netback ($/GJ)$10.0 $9.1 9.9%
LPG Netback ($/t)$947.3 $860.5 10.1%
Retail Netback
1
by Segment & FuelFY20FY19FY18
Residential -Electricity ($/MWh)$128.1 $116.3 $111.9
Residential -Gas ($/GJ)$13.5 $11.4 $10.7
Bottled -LPG ($/tonne)$1,253.4 $1,009.5 $939.7
SME -Electricity ($/MWh)$98.2 $105.9 $100.9
SME -Gas ($/GJ)$10.2 $9.6 $9.2
C&I -Electricity ($/MWh)$96.0 $87.3 $80.1
C&I -Gas ($/GJ)$7.3 $7.2 $6.9
SME & Bulk -LPG ($/tonne)$735.8 $762.0 $652.5
1
Historical segment LPG netbacks have been restated in line with sales channels, “Bottled” and “SME & Bulk”, to
better align with business activities. There is no change to headline netback numbers.

Operational metrics
Genesis Energy Limited FY20 Full Year Result Presentation 37.
Kupe Key InformationFY20FY19Variance
EBITDAF ($m)93.8109.0(13.9%)
Field Production (PJ)23.225.7(9.7%)
Genesis Gas Sales (PJ)10.711.4(6.1%)
Genesis Oil Sales (kbbl)365.5441.1(17.1%)
Genesis LPG Sales (kt)46.850.7(7.7%)
Oil Production Yield (bbl/TJ)3540(12.5%)
LPG Production Yield (t/TJ)4.44.3+2.3%
Remaining Kupe Reserves (2P, PJe)
1
340.5319.0+21.5PJe
Average Brent Crude Oil (USD/bbl)$51 $69 (25.6%)
Realised Oil Price (NZD/bbl)$76 $88 (13.8%)
Wholesale Key InformationFY20FY19Variance
EBITDAF ($ millions)164.9188.6(12.6%)
Renewable Generation (GWh)2,3442,834(17.3%)
Thermal Generation (GWh)4,4613,987+11.9%
Total Generation (GWh)6,8056,821(0.2%)
GWAP ($/MWh)$113.9 $143.4 (20.6%)
Electricity Purchases –Retail (GWh)6,6026,395+3.2%
LWAP ($/MWh)$109.5 $139.0 (21.3%)
LWAP/GWAP Ratio96%97%(4 ppts)
Electricity CFD Purchases (GWh)1,6532,255(26.7%)
Electricity CFD Sales (GWh)2,0082,475(18.9%)
Coal/Gas Mix (Rankinesonly)82/1888/12
Gas Used in Internal Generation (PJ)24.620.2+21.8%
Coal Used in Internal Generation (PJ)15.215.9(4.4%)
Weighted Average Gas Burn Cost ($/GJ)$9.0 $8.7 +3.4%
Weighted Average Coal Burn Cost ($/GJ)$6.8 $6.4+6.2%
Weighted Average Thermal Fuel Cost ($/MWh)$78.9 $73.8 +6.8%
Weighted Average Portfolio Fuel Cost ($/MWh)$51.7 $43.2 +19.8%
1
FY20 remaining 2P reserves include FY20 production of 32.6 PJe, and represent a 7%
increase (21.5 PJe)

Genesis Energy Limited FY20 Full Year Result Presentation 38.
Glossary
RETAIL
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

Disclaimer
This presentation has been prepared by Genesis Energy Limited (‘Genesis Energy’) for information purposes only. The information in
this presentation is of a general nature and does not purport to be complete nor does it contain all the information requiredfor an
investor to evaluate an investment. This presentation may contain projections or forward-looking statements regarding a variety of
items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may
differ materially from those stated in any forward-looking statement based on a number of important factors and risks.
Although management may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any
of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the
forward-looking statements will be realised. EBITDAF, underlying profit and free cash flow are non-GAAP (generally accepted
accounting practice) measures. While all reasonable care has been taken in compiling this presentation, to the maximum extent
permitted by law Genesis Energy accepts no responsibility for any errors or omissions and no representation is made as to the
accuracy, completeness or reliability of the information. This presentation does not constitute investment advice. All referenceto $ are
New Zealand dollars, unless specifically stated.
Genesis Energy Limited FY20 Full Year Result Presentation 39.

---

GENESIS ENERGY LIMITED

annual report 2020 /
te pūrongo ā-tau 2020
With you. For you.

Chairman &
Chief Executive's joint letter
3
Independent
Auditor’s Report
74
Results
at a glance
5
Introduction to
Task Force on Climate-related Financial
Disclosures (TCFD) Reporting
13
TCFD 1.
Strategy
14
TCFD 2.
Metrics and Targets
20
TCFD 3.
Governance
23
Putting control in
our customers' hands
7
Consolidated
Financial Statements
39
Corporate
governance
77
Director and
Executive remuneration
79
Statutory
disclosures
83
People, Community
and Partnerships
25
TCFD 4.
Risk Management
24
Board of Directors
and Executive team
35
TCFD
Appendix
88

4
GENESIS ANNUAL REPORT 2020
3
GENESIS ANNUAL REPORT 2020
Kia ora shareholders,
This year has been amongst the most
impactful in our history, forcing radical
changes to how we operate our
business.
2020 will be remembered as the year
of COVID-19, a once-in-a-generation
event. But it is also worth reflecting
on a financial year that started out
with intense and prolonged climate
change protest action across the
globe, the passing of the Zero Carbon
Act domestically and concluded with
the announced closure of Tiwai Point
aluminium smelter in Southland, which
will permanently realign the domestic
electricity market.
We are proud of how our teams
have stood up and performed under
pressure, supporting our customers
through trying times. This is testament
to our strong team culture. We are
confident in stating that our business
has been stress tested at every level
and we have come through well.
Chairman and Chief Executive’s
joint letter
Stress tested
As New Zealand’s largest energy
retailer to residential homes,
maintaining service to our customers
through the COVID-19 lockdown was
crucial. Our long-standing investments
in technology, innovation and flexible
working were invaluable. This enabled
our customer service teams to rapidly
adapt, maintaining high levels of
customer service while working safely
and remotely from their homes.
We also used the relationships built
through School-gen to partner with
Mind Lab to make online learning
content available to New Zealand
children throughout the COVID-19
lockdown.
Our generation and LPG operations
staff have been continuing their
essential work to ensure energy is
delivered to New Zealand homes and
businesses.
Our Tekapo upgrade works, which
ran from January to June, were able
to continue throughout the lockdown,
safely and efficiently. This phase was
completed with only minor delays
and utilised new technologies such as
HoloLens Augmented Reality helmets.
He tuhinga nā te Tiamana māua ko te Manahautū
CHAIR AND CEO JOINT LETTERCHAIR AND CEO JOINT LETTER
Strong retail performance
A strong retail performance has been
anchored by the development of our
digital capability, with 77 per cent of
customers engaging with our products
via our digital platforms. More than
150,000 customers took up our last
Power Shout, and 141,000 unique
users engaged with EnergyIQ in May
alone. We’re using the insights gained
from these interactions to iterate
and improve our products, to help us
innovate into a data-driven future and
Reimagine Energy for our customers.
Beyond our technological innovation,
we’re also partnering with Emirates
Team New Zealand ahead of the 2021
America’s Cup and we’ve leveraged our
40 per cent equity position in electric
car share company, Zilch, to support
our new Auckland office in Wynyard
Quarter. This will not only solidify our
own ‘electric’ first approach to our staff
transportation, but also provides a
low-carbon car share option to the local
business community.
Wholesale market volatility
The wholesale market has been
extremely volatile this year, and the
value provided by our diverse portfolio
of generation assets has been clear.
The North Island drought during the
second half of the year saw the second
lowest inflows in 95 years, with some
lakes dropping to as low as 20 per
cent of capacity. Kupe, Pohokura and
the HVDC Inter-Island link's planned
outages meant Genesis’ Rankine units
were vital in stabilising electricity
prices.
Towards the end of the year, all
swaptions were activated with our
partners, enabling Huntly Power Station
to support the other major generators
facing similar hydrology challenges, as
well as smaller retailers.
Proposed Tiwai Point closure
The proposed closure of Tiwai Point
Aluminium Smelter in August 2021
is disappointing news for the people
of Southland. This will equate to the
removal of approximately 13 per cent
of New Zealand’s national electricity
demand. As such, this marks a
fundamental shift in the New Zealand
electricity market’s supply/demand
balance. The announcement was
not unexpected and is a scenario we
have planned for. Genesis Energy's
fuel and generation flexibility will be
able to react well to the conditions as
they change. Most notably, it removes
a large uncertainty that has hung
over the sector for many years. This
presents an opportunity to accelerate
the electrification of industry and
transportation, something we have
been a strong advocate for.
Regulatory reform
We have responded to regulatory
changes, such as the opportunities
presented by the Electricity Pricing
Review in late 2019 to redesign our
residential products to better meet
our customers’ needs. These new
products better position our digital
capabilities and put control in our
customers' hands. Our EnergyIQ
platform continues to go from strength
to strength, and new features such
as EcoTracker have enabled our
customers to make better decisions
about their energy use and manage
their own carbon footprints.
The recent Zero Carbon Act and
changes to the emissions trading
scheme have been significant
movements in New Zealand’s response
to climate change, and you will see
throughout this report a range of
measures to increase transparency and
support our transition to a low-carbon
future.
Future-gen and
climate-related risk
Future-gen is Genesis’ strategy to
identify renewable opportunities
that enable the transition away from
baseload thermal generation. Thermal
will still fulfil an important function
in New Zealand’s electricity market,
filling the gaps when the rain doesn’t
fall or the wind doesn’t blow. We see
Huntly Power Station continuing this
backup role for the near future, which is
necessary for the New Zealand energy
sector’s resilience.
You can read more about this strategy
throughout this report. It has been
one of the reasons we have been quite
ambitious in reporting our climate
change-related targets this year.
There are a number of firsts here
Barbara Chapman CNZM
CHAIRMAN
Marc England
CHIEF EXECUTIVE
–
this will be the first time we’ve
re ported in line with the Task Force on
Climate Related Financial Disclosures’
re
commendations, which forms the
basis of this report.
It is also the first time as a publicly listed
company we will report our Scope 1, 2
a
nd 3 emissions in our Annual Report.
We will also be setting a Science Based
Target in FY21 which demonstrates
a
lignment between our low-carbon
transition with the co
mmitments of the
Paris agreement, and we have set
ourselves an ambitious target of
2
,650GWh of new renewables
generation development. Waipipi Wind
Farm will achieve the first 450GWh.
We
were also accredited as a Living
Wage employer earlier this year and
reported our gender pay gap for the
first time – important milestones that
further support our p
eople.
We firmly believe Genesis is going
to be a key enabler to New Zealand’s
decarbonisation jou
rney over the next
decade, maintaining a secure and
affordable electricity system for all New
Zealanders and backing up the
renewable system.
The underlying strength and flexibility
of Genesis’ business strategy, leadership
a
nd governance has been st rongly
validated this year. We are confident
that our strong and resilient business
culture positions Gen
esis well for the
future.
Ngā m
ihi,
Barbara Chapman CNZM
Chairman
Marc England
Chief Executive
Considered Genesis
the most preferred brand in the
residential market¹
Increase in 'brand
love' amongst existing
customers during COVID-19²
1: Purpose Business Monthly Brand Tracking June 2020.
2: Purpose Business Campaign Tracking May 2020.
%%
+

6
GENESIS ANNUAL REPORT 2020
5
GENESIS ANNUAL REPORT 2020
Results at
a glance
Results at
a glance
55
GENESIS ANNUAL REPORT 2019
Ngā tīpakotanga
RESULTS AT A GLANCE
1. Refer to note A1 on page 46 for a reconciliation to net profit after tax.
2. EBITDAF: Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, fair value changes,
and other gains and losses. Refer to the consolidated income statement on page 40 for reconciliation to net profit after tax.
3. CPS: Cents per share.
4. Includes US Private Placement (USPP) translated using Cross Currency Interest Rate Swap (CCIRS) fixed rate.
5. Operating expenses is made up of other operating expenses and employee benefits as disclosed in note A2 on page 48.
Net Profit After Tax
(NPAT)
FY19 $59m
(restated)
EBITDAF
2
FY19 $369m
(restated)
Revenue
FY19 $2.7b
Underlying
earnings
1
FY19 $64m
(restated)
Operating expenses
FY19 $251m (restated)
$
Free Cash flow
FY19 $178m
(restated)
$
Total Dividend
relating to FY20 result
FY19 17.05 cps
cps
3
Net debt
4

FY19 $1,240m
(restated)
5

8
GENESIS ANNUAL REPORT 2020
7
GENESIS ANNUAL REPORT 2020
Genesis has strategically positioned
its business for a low emissions
economy. Developing innovative new
ways of reducing the Company’s
emissions, outside of its generation
activities, remains a key strategic
focus for the business.
Enabling greater energy efficiency
and managing peak demand is
a critical part of meeting New
Zealand's energy challenges, both
now and into the future.
Genesis works alongside its
customers to help them better
manage their energy use, control
their costs and lower their
environmental impact.
Genesis does this by enabling
greater consumer choice at the
household/retail level through its
multiple EnergyIQ propositions,
which can be read about on the
coming pages.
Key to all of this is providing
accessible information to our
customers that enables better
decision-making. Although
investments in energy efficiency
are already economically sound,
customers often defer them due to
competing priorities.
HomeGen, for example, supports
renewables at the household level by
increasing the price paid for energy
produced from Genesis customers’
rooftop solar panels.
Genesis believes providing the
appropriate incentives, for suppliers
and consumers, will lower the
information barrier and fast-track
meaningful action to reduce energy
consumption in the short term.
Kei ō tātou kiritaki te mana
Zilch Electric Car Share
Genesis acquired a
40 per cent ownership interest
in Zilch, New Zealand’s only
fully electric vehicle (EV) car-
sharing business.
As part of the design of the
new Auckland office, Genesis
will focus on encouraging low
emissions commuting by our
staff by using a combination of
our EV fleet and Zilch for work
trips during the day.
Our teams will also benefit
from staff discounts for Zilch
use outside work hours, and
the creation of Zilch parking
pods in Wynyard Quarter will
also enable the local business
community to lower their
carbon footprints.
INNOVATION
Putting control in our customers' hands
Power Shout 8
Free electricity that can be used whenever customers want
EnergyIQ’s
Eco Tracker
Helping customers
make sustainable
consumption choices
Last year Genesis launched Eco
Tracker, a tool within its EnergyIQ
platform that allows Genesis
customers to view New Zealand’s
carbon emissions from electricity
generation in real time and plan their
energy usage accordingly.
Eco Tracker is designed to help
educate customers about how
electricity is generated, how it
comes through the grid to homes
and how it impacts customers'
carbon footprints. Combined with
EnergyIQ’s energy saving tips, the
goal is to provide customers with
clear suggestions about how to
change their usage habits and make
more sustainable choices.
Genesis Power Shouts are a gift
of free electricity to say thank you
to our customers for being with
Genesis.
Eligible Genesis customers can jump
into EnergyIQ and choose when
they want to activate their free hour
of power and plan ahead of time
when to perform energy intensive
tasks, such as running the dryer and
heaters.
Genesis decided to bring Power
Shout 8 forward by a month to
support customers during COVID-19
lockdown.
70% of customers engaging
with Eco Tracker have
expressed a willingness to
take an action, proof that
information is the best tool to
help kiwis lower their household
carbon emissions.
In May 2020 nearly 141,000
customers engaged with EnergyIQ
Genesis broke a number of its own
records:
• A record 16 hours of free power
offered to customers, in two
blocks of eight hours.
• A record 141,000 customers
redeeming their Power Shouts in
May – a 71 per cent redemption
rate (also a record).
• All up, Genesis gave away a
record 2.1 million hours or 240
years of free power.
INNOVATION
Eco Tracker
Unique users

10
GENESIS ANNUAL REPORT 2020
9
GENESIS ANNUAL REPORT 2020
Kenehi@Wynyard:
Genesis’ new sustainable home
In October Genesis will be moving
its Auckland office to 155 Fanshawe
Street, in Auckland’s innovation
hub, Wynyard Quarter. The name
Kenehi@Wynyard (K@W) was chosen
by staff.
The 6 Green Star-rated office
building is currently under
construction by Mansons TCLM. It
boasts world-class facilities, superior
transport options and new ways
to network and collaborate with
customers and business partners. 
The office will align to Genesis’ wider
sustainability goals. K@W is being
built to the highest quality energy
efficiency standards: it recycles
rainwater, utilises solar power and
onsite battery storage and also
features state-of-the-art heating and
cooling systems.
Genesis will also take on the
role of site energy manager,
enabling Genesis to showcase its
solar management systems and
demonstrate its innovative digital
products and customer service
first-hand. It also enhances brand
proximity to sponsor partner
Emirates Team New Zealand ahead
of the America’s Cup in 2021.
To reduce Genesis’ carbon footprint,
it will feature on-site EV parking
spaces and chargers for its electric
vehicle fleet and end-of-trip facilities
to encourage teams to cycle and run
to work. No staff car parking will be
made available by design, lowering
Genesis' commute emissions,
but also reducing congestion and
encouraging the use of Auckland’s
public transport network.
Electric car sharing is an innovative
and cost-effective way for businesses
to reduce the emissions associated
with fleet management.
As part of the Company's Zilch
investment (see Page 7) EV car-
sharing will be a key part of the new
office’s transport infrastructure.
New 6 Green Star-rated office will focus on sustainable transport options
The central location presents a
great opportunity to weave car-
sharing transport options throughout
Genesis’ operations and push the
future of sustainable mobility.
INNOVATION
Genesis installs curved solar panels to
power Emirates Team New Zealand
In a first of its kind solar installation
for New Zealand, Genesis has fitted
curved solar panels to the unique
roof of the Emirates Team New
Zealand base. The solar installation
was a year in the making, from
planning, design, production, testing
and installation, on one of Auckland’s
most iconic buildings. These panels
will power Emirates Team New
Zealand through their defence of the
36th America’s Cup and supply the
building with energy for many years
to come.
Revolve Energy worked with Genesis
to explore the feasibility, design and
installation of the solar panels, as
well as monitoring and optimising
energy production. The panels
were designed not only to suit the
unique design of the building but to
withstand the waterfront’s strong
winds. Solar panels are typically rigid
and bolted to the roof but, due to the
curved shape of the roof, the project
used bonded flexible solar modules.
Genesis also provides electricity,
solar and energy monitoring to the
base, including tracking and sharing
how much energy the solar panels
are generating in real time and
bringing that data to life through a
dashboard. Both the team and public
can now see it displayed on the giant
digital screen outside the base, and
those not in Auckland will be able to
see it on the Genesis website.
Genesis thanks all the partners who
helped make this project a success,
especially the teams at Revolve
Energy, Reid Technology, SuperCity
Solar, Regional Facilities Auckland
and Panuku Development.
Genesis is the official energy partner for Emirates Team New Zealand
INNOVATION

12
GENESIS ANNUAL REPORT 2020
11
GENESIS ANNUAL REPORT 2020
New ways of keeping our
people safe
Safety and Wellness innovations
In FY20 Genesis built its new
Safety and Wellness Management
Framework, completely overhauling
its existing health and safety
management systems. The new
framework includes a new strategic
focus on mental health and
wellbeing, prioritisation of critical
risks, as well as improved quality and
transparency of safety reporting.
Genesis has continued to see the roll
out of new technologies to manage
workplace hazards, such as the
AutoSense fatigue and distraction
management system for our heavy
and light vehicle fleets. Over this
period Genesis has seen a 44 per
cent decline in contractor injuries,
which is a very pleasing result.
Underwater drone inspections at
Moawhango
Genesis also completed over
20 inspections using both aerial
and submersible drones, with
one notable inspection being the
assessment of the Moawhango Dam
Diversion Valve Intake, located 50
metres below the surface of Lake
Moawhango.  The use of drone
technology has significantly reduced
the Company's critical risk exposure,
reduced the costs of inspection,
reduced outage time and improved
inspection data quality.
Tekapo Power Station
intake gate works
Genesis’ sole South Island generation asset, the
Tekapo Power Scheme, underwent substantial
upgrades and maintenance works, including
rebuilding its intake gate. This involved alternating
shutdowns of Tekapo A and Tekapo B power stations
across the January to June 2020 period. Genesis
was designated as an Essential Services provider
during the COVID-19 lockdown and worked closely
with government agencies to ensure this work was
uninterrupted, while also keeping our dedicated
engineers and contractors safe. The project
was completed with minimal delay due to the
exceptional efforts of these teams. These upgrades
will further enhance the efficiency and reliability of
this valuable generation asset.
The first major work took place at Tekapo in 1951, using very different 'dive' technologies
and safety standards.
INNOVATION
New ways of working
New tools and technologies to not only support our operations,
but our people’s safety and wellbeing
Genesis' Predictive
Analytics Platform
Genesis’ Predictive Analytics
Platform (GPAP) utilises
machine learning algorithms
to examine historical and
current data from thousands
of sensors on the power
generation sites to predict
when the health of an asset
is deteriorating and at risk
of failure. This provides
valuable early warning and
intervention on emerging
issues with the aim of
reducing plant down time and
repair costs.
Built completely on open
source software developed
inhouse, the project has
now been live for a year. In
that time Genesis has more
than 900 predictive models
running on the platform,
covering approximately 80
per cent of its key generation
assets. Already GPAP has
identified more than 40 asset
health issues that would
not have been picked up as
quickly using traditional,
manual asset monitoring
techniques.
This industry-leading
programme provides greater
certainty to engineers and
asset management planners
on the ground, but also
reinforces Genesis’ vital
role in providing security
of supply to the entire New
Zealand electricity market.
‘Virtual maintenance’ via Augmented Reality
Microsoft’s HoloLens is an
augmented reality headset that
allows Genesis staff to engage
teams remotely, by virtually
overlaying blueprints, drawings and
instructions over an operator's field
of vision. Engineers can interact
from thousands of kilometres away
via a laptop – drawing lines, circling
or pointing arrows at power station
components in the operator's field
of view while they’re talking – while
also keeping the worker's hands free.
Genesis moved HoloLens out of
its testing phase in FY20, and its
implementation was accelerated
by COVID-19. Specialists in the
Hamilton office were able to engage
with remote workers at Tekapo,
assisting in their maintenance and
inspections while travel was banned
during lockdown.
It also allowed engineers at Huntly
Power Station to successfully
perform a re-certification of vacuum
sealers via overseas inspectors
20,000kms away in the UK, in
real time. This also would not
have been able to be completed
under COVID-19 Level 4 due to
international travel restrictions.
Genesis is now using HoloLens as
a part of its training programmes,
recording veterans performing tasks
on legacy technology to train the
next generation of engineers.
INNOVATION
Genesis uses Blue Robotics BlueROV2 drones to conduct underwater inspections, saving on the
health and safety risks (and costs) of commercial diver-based inspections

14
GENESIS ANNUAL REPORT 2020
13
GENESIS ANNUAL REPORT 2020
TCFD Recommendations
1.
Strategy
Page 14
Disclose the actual and
potential impacts of
climate-related risks
and opportunities
on the organisation’s
businesses, strategy,
and financial planning
where such information
is material.
a) Describe the
climate-related risks
and opportunities
the organisation has
identified over the
short, medium, and
long term.
b) Describe the
impact of climate-
related risks and
opportunities on
the organisation’s
businesses,
strategy, and
financial planning.
c) Describe the
resilience of the
organisation’s
strategy, taking
into consideration
different climate-
related scenarios,
including a 2°C or
lower scenario.
2.
Metrics
and Targets
Page 20
Disclose the metrics and
targets used to assess
and manage relevant
climate-related risks and
opportunities where
such information is
material.
a) Disclose the
metrics used by
the organisation
to assess climate-
related risks and
opportunities in line
with its strategy and
risk management
process.
b) Disclose Scope
1, Scope 2, and if
appropriate, Scope
3 greenhouse gas
(GHG) emissions,
and the related
risks.
c) Disclose the
targets used by
the organisation to
manage climate-
related risks and
opportunities
and performance
against targets.
3.
Governance
Page 23
Disclose the
organisation’s
governance around
climate-related risks and
opportunities.
a) Describe the
board’s oversight of
climate-related risks
and opportunities.
b) Describe
management’s role
in assessing and
managing climate-
related risks and
opportunities.
4.
Risk
Management
Page 24
Disclose how the
organisation identifies,
assesses, and manages
climate-related risks.
a) Describe the
organisation’s
processes for
identifying and
assessing climate-
related risks.
b) Describe the
organisation’s
processes for
managing climate-
related risks.
c) Describe how
processes for
identifying,
assessing, and
managing climate-
related risks are
integrated into
the organisation’s
overall risk
management.
The Task Force on Climate-related
Financial Disclosures (TCFD) was
created in 2015 to develop a set
of voluntary recommendations for
companies and investors to report
the risks faced to their organisations
by climate change.
It was formed by the Financial
Stability Board (FSB) as a means
of coordinating disclosures among
companies impacted by climate
change all over the world. A key
goal of the TCFD is to encourage
sustainable investments and build
an economy which is resilient in the
face of climate-related uncertainties.
The TCFD consists of 31 members
selected by the FSB. Members are
made up of both users and preparers
of disclosures and represents
members of the G20 across
numerous sectors and industries.
The TCFD’s recommendations are
widely regarded as best practice for
climate-related financial disclosures.
TCFD requirement
a) Describe the climate-related risks and opportunities the organisation has identified over the
short, medium, and long term.
Genesis has a comprehensive risk
identification and assessment
process, further detail of which is
provided in the risk management
disclosures on page 24. These
processes result in a comprehensive
register of risks that are actively
managed.
Physical climate impacts can be
'acute' arising from extreme weather
events (such as floods or droughts)
or 'chronic' arising from the longer-
term shifts in climate patterns
(i.e. increasing temperatures and
changes to hydro lake inflows).
These changes may result in financial
risks or opportunities due to the
direct and indirect impacts they can
Climate change risks
have on business operations, assets,
markets or supply chains.
Transitional climate impacts refer
to risks and opportunities resulting
from the policy, legal, technology
and market changes occurring in the
transition to a low-carbon economy.
Depending on the nature, speed and
focus of these changes, transition
impacts may pose varying levels of
financial and reputational risk or
opportunity.
Opportunities arising
Many of the transitional risks
represent an evolution or change in
the market. Some are an expected
transition and some are less
predictable, such as the speed of
technology advancement. In all
cases these changes also reflect
opportunities that Genesis is well
positioned to capitalise on.
An overview of Genesis’ highest
rated climate-related risks and
opportunities are included below.
Each category has been assessed
according to the most relevant
timeframe and level of potential
impact. Recognising that the climate
scenario is dynamic and unknown
to a certain extent, the classification
represents Genesis’ current
assessment of the risk landscape.
1. Strategy
Introduction
The Task Force on Climate-related
Financial Disclosures (TCFD)
For greater detail on the risks
and opportunities presented
above, refer to TCFD Strategy
Appendix on page 88.
Category description Risk/Opportunity Category Timeframe
Impact
rating*
Regulatory changes that impact thermal
generation
Risk & some opportunityTransitional
Short term
(1-10 years)
Moderate
Environmental and physical changes that
impact thermal generation
RiskPhysical
Short term
(1-10 years)
Moderate
Consumer and investor preference impacting
our operating landscape
Risk & some opportunityTransitional
Short to Medium term
(1-20 years)
Moderate
Technological disruptionRisk & opportunityTransitional
Short to Medium term
(1-20 years)
High
Long-term climate changes that impact
hydro generation
Risk & opportunityPhysical
Long term (gradual increase in
likelihood over next 20-30 years)
High
Acute climate events causing damage to
critical infrastructure and assets
RiskPhysical
Long term (gradual increase in
likelihood over next 20-30 years)
High
*Note: Impact rating corresponds to a defined Genesis risk management
matrix. For example, ‘high’ impact risks or opportunities have the potential to
materially impact the business and require significant action across multiple
business units.
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b) Describe the impact of
climate-related risks
and opportunities on the
organisation’s businesses,
strategy, and financial
planning.
All climate-related risks and
opportunities affect the Company’s
short-medium term strategy and
financial planning. These strike
a balance between several key
objectives, and are underpinned
by extensive scenario mapping,
including those that span different
carbon transition pathways.
Genesis recognises the impact
climate change is already having and
supports meaningful, economy-wide
planning to reduce emissions and
transition New Zealand to a low-
carbon future.
Genesis, along with the wider
electricity sector, must play a critical
role in driving decarbonisation
1. Reference: UMR/Genesis Research: Coal,
gas and renewable energy, February 2020.
through electrifying the more
carbon-intensive parts of the
economy, in particular industrial
processes and transport. With one
of the most renewable electricity
systems in the OECD, New Zealand
has an opportunity to lead the
world in electrification. However,
this transition is subject to its own
climate-related risks. For example,
poor regulatory or policy settings
could have the opposite effect and
disincentivise electrification through
a higher-cost and less reliable
electricity system.
Genesis has a plan to transition its
thermal generation assets away
from baseload, while still providing
backup options for renewable
generation. The economics of
renewable baseload electricity
generation have now reached
the tipping point where it is cost-
effective to build geothermal, wind
and solar. Consumers have also
stated that they want secure and
low-cost electricity¹. Currently, there
are limited commercially feasible
zero-carbon options to manage the
seasonal challenges in New Zealand.
The wholesale electricity market
will become increasingly tested as
the country becomes more reliant
on renewable generation, which
is subject to seasonal and intra-
day weather conditions that could
intensify with climate change.
This does not take away from the fact
that as New Zealand’s largest thermal
electricity generator, Genesis is very
aware of the role it plays – and the
responsibility it has – in supporting
New Zealand’s transition to a low-
carbon future.
TCFD requirement
Building a renewable future
Transitioning thermal baseload
to a backup role is necessary as
the electricity sector as a whole
decarbonises and in order for
New Zealand to reach its
carbon obligations.
Careful consideration is required
to ensure the 'energy trilemma'
elements of sustainability, reliability
and affordability are balanced to the
maximum benefit of consumers and
the economy.
The electricity sector is responsible
for approximately 4.2 per cent of
2. Reference: Ministry of Business, Innovation
and Employment – Energy in New Zealand
2019.
3. Reference: Ministry of Business, Innovation
and Employment, Electricity Demand and
Generation Scenarios July 2019.
The transition away from coal is under way
- A ten-year window points to exit
2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Average
Coal use for abnormal conditions
Coal use normal conditions
Genesis Energy’s
coal use and
intention
Transitioning baseload thermal generation to renewables
New Zealand’s annual emissions
and is already largely decarbonised,
with approximately 84 per cent
of electricity generated annually
from renewable sources². This
decarbonisation is set to continue,
with renewable electricity generation
anticipated to increase to around
90 per cent by 2035 and around
95 per cent by 2050 under all the
Ministry of Business, Innovation and
Employment’s modelled scenarios³.
The costs of new wind and
geothermal generation are already
comparable to those of gas
baseload generation.
Already Genesis has removed 1.8
million tonnes of carbon from its
generation activities across the
last ten years and aims to remove a
further one million tonnes across the
next ten.
Genesis has made a commitment
to cease coal use at Huntly Power
Station by 2025 under normal market
conditions and has stated an intent
to end coal use altogether by 2030.
Gas will still be required to support
thermal backup generation for many
years to come.
Source: Ministry for the Environment, Gross Greenhouse
Gas Emissions 2018 (published: April 2020).
Note: these figures may not add up to exactly 100% due to rounding
Industrial
processes
and waste
11.6%
Energy 40.5%
Agriculture 47.8%
New Zealand’s
Greenhouse Gas
Emissions
Opportunity
to decarbonise
process heat
through
electrification
Transport
%
.
Electricity
Generation
%
.
Manufacturing
(including process heat)
%
.
Other
%
.
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.
Fugitive
Emissions
%
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Seasonal and dry year storage challenges
The increasing proportion of
electricity from renewable
generation will not solve New
Zealand’s fundamental challenge
of seasonal storage. New Zealand
currently requires about 7,000 GWh
of deep energy storage to deal with
the seasonal shifts in demand – in
which 2,000 GWh more energy is
needed in winter than summer. In
dry years inflows can be as much as
5,000 GWh or more below average.
This effect may be exacerbated by
climate change over time.
Existing hydro lakes provide about
4,000 GWh of that storage, leaving
a 3,000 GWh gap. For scale, 3,000
GWh is about five times what
Lake Taupō currently stores for
generation⁴ or 140 Tesla Powerwall
batteries for every household in
New Zealand. The Tesla option
would cost in the order of $2 million
per dwelling. That storage gap is
currently met by thermal electricity
generation, particularly at Huntly
Power Station.
New Zealand has 60 per cent of
electricity generated from hydro-
power stations, yet only six weeks
of hydro storage at any given time
(this assumes ideal hydrological
conditions and full lake storage).
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
400
350
300
250
200
150
100
50
0
Monthly Totals (GWh)
Solar Monthly Totals (GWh)
South Island Inflow National Demand Solar Generation (per 1000MW Installed)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
As an island, New Zealand does not
have any international interconnect
backup options when renewables
aren't available. There are also
additional risks from the North
Island/South Island split and how
supply/demand is managed via
transmission over the HVDC Inter-
Island link.
Thermal electricity generation
(including at times coal) provides
the crucial backup support that has
allowed New Zealand to enjoy such
a high level of renewable electricity.
The multi-month seasonal risk we
face when the lakes are low is unique
to New Zealand and will require
longer-term technology solutions
that are currently uneconomic,
particularly if we are to keep
4. At the currently consented operating range
of 1.4 metres.
electricity prices low enough
to encourage other sectors to
decarbonise through electrification.
In addition, the wholesale
electricity market will become more
volatile as New Zealand further
increases electricity generation
from renewable sources, given
the intermittent nature of wind
generation in particular and as the
cost of owning the remaining thermal
plant that runs less and less becomes
unsustainable. These risks are all
exacerbated by long-term effects of
climate change.
c) Describe the resilience of
the organisation’s strategy,
taking into consideration
different climate-related
scenarios, including a 2°C
or lower scenario.
• Genesis stress tests its strategy
against a number of scenarios,
these include (but are not limited
to) three scenarios specifically
modelled to align to climate-related
risks. These scenarios contribute
towards a comprehensive climate-
related risk assessment.
• The first two scenarios involve
global efforts to heavily reduce
emissions and limit global
temperature increase to below 2°C
(ideally 1.5 °C). These two scenarios
differ in their methods needed to
reach this target. The first scenario
is driven primarily by stringent
government legislation. The second
is energy sector transformation
via the private sector, such as
innovative technological advances
and change in consumer choices.
Both potentially succeed in being
the main driving force in keeping
climate change within the 2°C goal
of the Paris Agreement.
• The third scenario defined, is where
greenhouse gas concentrations
continue unabated (the IPCC's
Representative Concentration
Pathway (RCP) 8.5) and includes
greater climate change and
associated physical impacts.
• These scenarios were selected to
provide integrated scenarios with
a mix of factors but also allowed
a stress test against extremes
from both a transitional and
physical perspective. Specifics of
the scenarios were created from
published climate-risk related
models, including work published
by NIWA and the Ministry for the
Environment for physical risks.
This is supported by long-term
scenarios mapping the supply
and demand balance in the New
Zealand electricity system from
internal subject matter experts.
• The scenarios used to test company
strategy have differing timescales
applied. For the three climate-
specific scenarios, the timeframes
applied are:
»Short Term: one to 10 years
»Medium Term: 10 to 20 years
»Long Term: 20+ years
TCFD requirement
• In all scenarios modelled Genesis'
strategy proved resilient. A key
aspect is that with many risks, a
corresponding opportunity is also
created. Genesis' strategy seeks
to identify these opportunities,
while also providing a level of
risk mitigation where executed
successfully.
• An example would be the entrance
of new types of renewables into
the market. While this is needed
to reduce the reliance on thermal
generation, and potentially diversify
away from hydro-dominated
renewables, this also creates a
financial risk of displacement for
Genesis' thermal assets. However,
this also places the Company in a
strong position to make informed
and structured investment in
renewables in the
long term.
Climate change scenario mapping
New Zealand's Unique Winter Challenge
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Renewable energy has a different role in the market to thermal generation
Generation RoleThermal (Gas)Thermal (Coal)HydroGeothermalWind & SolarBatteries
Baseload Runs 24/7
Daily Flex
Can turn it on/off
(or up/down) for a few hours
Baseload
Can turn it on/off
(or up/down) for a few days
Baseload
Has fuel storage to run in droughts
(c. 3000 GWh)
AlwaysSometimes
a) Disclose the metrics used
by the organisation to
assess climate-related risks
and opportunities in line
with its strategy and risk
management process.
b) Disclose Scope 1, Scope 2,
and, if appropriate, Scope
3 greenhouse gas (GHG)
emissions, and the related
risks.
c) Describe the targets used
by the organisation to
manage climate-related
risks and opportunities
and performance against
targets.
TCFD requirement
Goal:
Reduce generation
emissions by one
million tonnes
• In the past 10 years (2009-2019) Genesis has removed more than 1.8 million
tonnes of CO2 from its generation activity (a reduction of 42 per cent).
• Genesis aims to reduce its net carbon emissions by one million tonnes over the
next ten years.
• As part of the Science-based Targets Initiative, Genesis has committed to set a
Science-based Target covering generation emissions by the end of FY21.
• Genesis has committed to cease coal use at Huntly Power Station by 2025
under normal market conditions, and its intention is to phase out coal use
completely by 2030.
• Genesis has reduced coal use by 72 per cent since the 2006 peak (2006:
54.8PJ, 2019: 15.2PJ).
Goal:
Identify 2,650GWh of
renewable opportunities
to transition away
from baseload thermal
generation
• Genesis' Future-gen Strategy presents a pathway to economically displace
baseload thermal generation with renewable alternatives, with a long-term
goal of an additional 2,650GWh of incremental renewables development.
• Genesis has partnered with Tilt Renewables to buy the entire output of Waipipi
Wind Farm (133MW, 450GWh per annum) for 20 years. This will enable a
reduction of 250,000 tonnes of carbon per annum.
• Genesis is currently evaluating a number of additional geothermal, solar and
wind generation opportunities to reduce its carbon footprint.
Future-gen
More
renewables
Future-gen can be broken down into three key focus areas:
Genesis will actively seek
new technologies that
could contribute to a more
renewable future. Genesis
supports Government
initiatives exploring advances
in energy, such as hydrogen.
We are also driving efficiencies
across our generation fleet.
As transport and industrial
heating sectors look to electrify
in the coming years, wind, solar
and geothermal projects will
meet the increased demand
with affordable, renewable
generation.
Manage the
transition
Genesis is working to mitigate
our existing emissions
through partnerships such as
Drylandcarbon, a partnership
between Genesis, Contact
Energy, Z Energy and Air New
Zealand. This partnership will
establish forests that will help
offset carbon emissions from
the partner companies.
New
technologies
Genesis’ Future-gen strategy
identifies renewable opportunities
to transition away from baseload
thermal generation, while seeking to
ensure that reliable and affordable
electricity continues to enable
electrification.
Genesis’ partnership with Tilt
Renewables for the $277 million,
133MW Waipipi Wind Farm, is
currently under construction
and scheduled to be operational
in the second half of FY21. This
demonstrates the Company’s
ongoing commitment to proactively
displace its baseload thermal
generation with new renewable
generation.
Genesis will buy Waipipi’s entire
output of zero emissions, renewable
electricity, and it is anticipated that
this will displace about 20 per cent
of the Company’s baseload thermal
generation.
The Company is also considering
other renewable opportunities,
including new solar, wind and
geothermal generation projects.
The announcement of the closure
of the Tiwai Point aluminium smelter
in Southland is an opportunity for New
Zealand to accelerate the electrification
of industrial processes. It also removes
a layer of market uncertainty and allows
for clearer long-term planning.
This surplus of renewable energy will
accelerate our Future-gen strategy,
which in the long term will lead to
thermal generation displacement. This
also falls in line with our 2030 coal
commitments (see 'Metrics and Targets'
on page 20).
1. Strategy
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2. Metrics and Targets
Ngā Whāinga
METRICS AND TARGETSSTRATEGY

22
GENESIS ANNUAL REPORT 2020
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GENESIS ANNUAL REPORT 2020
2. Metrics and Targets
Ngā Whāinga
Goal:
Create at least two
new products that
help customers make
sustainable choices
by 2020
• Genesis’ customer engagement app, EnergyIQ, allows users to forecast their energy usage
over seven days (based upon machine learning algorithms) so they can adjust their energy
use accordingly.
• EnergyIQ provides ‘Energy Saving Tips’ and home comparison functionality: snippets of
advice that help users be more energy efficient in their homes, reducing their power bills
and their carbon footprints.
• Genesis launched a new feature in EnergyIQ – EcoTracker, which allows users to view New
Zealand’s electricity generation emissions in real time. This enables customers to make
decisions on when best to perform energy intensive tasks, such as running dryers and
dishwashers. As of May it had 55,000 unique users.
• Genesis will announce new tools in FY21 to ensure suppliers that work with Genesis are
committed to operating in sustainable ways.
Goal:
To support a more
sustainable
New Zealand, we
need to inspire the
energy innovators of
tomorrow
• Genesis will also encourage low-carbon public transport use as part of its new Auckland
office in Wynyard (no staff car parking will be available), a building which has also been
designed to the highest green/sustainability standards, including its own solar power
management and battery system run by Genesis.
• Genesis has invested 40 per cent into Zilch EV car share to encourage zero emissions
electric car sharing. As part of the new Auckland office (see page 10), Zilch will be made
available to all businesses in the Wynyard Quarter. This encourages Genesis staff and
other companies in the area to make use of zero emissions transport options and leave
their fossil fuel-powered vehicles at home.
• Genesis also helps manage Emirates Team New Zealand's America’s Cup base as official
energy partner, building and managing its roof-based solar panels and battery system.
This is the first install of curved solar panels in New Zealand (see page 9).
• Genesis has a partnership with Air New Zealand, Contact Energy and Z Energy called
Drylandcarbon, to plant forests on marginal land to help offset carbon emissions. The
fund as a whole is forecast to sequester nearly 30 million tonnes of carbon by 2050. This
is Genesis’ first direct investment to meet its ETS carbon obligations. The Company is
continually evaluating new opportunities to engage the carbon market.
Goal:
Caring for water
and wildlife
• Working in partnership with iwi on projects that positively influence waterways and their
ecosystems.
• Engaging with Genesis customers to raise awareness of Whio and the importance of all
New Zealanders playing a role in predator control efforts. Whio breeding pairs have risen
by 151 per cent since the beginning of the partnership in 2011.
• Genesis and its partners oversaw the installation of the Whakapapa Intake passive elver
pass for winter 2020. So far, the 2020 tuna/eel season was the third best year since our
records began, with 2,167 elvers transferred upstream (see page 26 for more detail).
• Genesis is a member of the Climate Group’s EV100 commitment to transition its car
fleet to 100 per cent electric vehicles. The goal is to transition 100 per cent of passenger
vehicles to EV/hybrid by the end of FY21 and 50 per cent of commercial vehicles by 2025:
»Light vehicles: Genesis had originally committed to achieving this by the end of
2020 but this target will not be reached due to the lack of EV/hybrid ute options
in New Zealand. The Company currently has 42 EV/hybrids in its light fleet (18
Full EV and 24 Hybrid), yet still needs to transition eight light passenger vehicles
and aims to do this by the end of calendar year 2020.
»Heavy vehicles: Genesis currently has four hybrid LPG trucks and a further
three available shortly. Genesis will begin testing full EV trucks in 2021.
Goal:
Transition the
Company vehicle
fleet to electric
vehicles
Goal:
Report Scope 1, 2
and 3 emissions
• This is the first time as a publicly listed company that Genesis has reported its Scope 1,
2 and 3 emissions in the Annual Report. To ensure data accuracy, limited assurance has
been provided by EY (see page 93).
• Genesis also breaks out Scope 1 emissions into those attributable to supply contracts
(swaptions) with our generation partners, further enhancing transparency about the
carbon footprint of the New Zealand electricity market.
2. Metrics and Targets
Ngā Whāinga
Scope CategorytCO2e
Direct emissions (Scope 1)
Stationary combustion attributable to thermal generation2,539,863
Attributable to supply contracts (swaptions)
Subtotal Stationary scope 1
Mobile combustion
Fugitive emissions
149,491
2,689,354
579
80
Scope 1
Subtotal scope 12,690,013
Indirect emissions (Scope 2)
Electricity consumption (location based)240
Subtotal scope 2240
Indirect emissions (Scope 3)Business Travel
Use of sold products - LPG¹
Use of sold products - Gas
Office waste to landfill²
1,975
174,622
1,192,230
19
Subtotal scope 3
1,368,846
Scope 1, 2 and 3
To t a l4,059,099
66.3%
Scope 1
Scope 2
33.7%
Scope 3
62.6%
Stationary
combustion
3.7%

Swaptions
4.3%


LPG

29.4%
Gas
0.01%
Mobile combustion
0.002%
Fugitive emissions
Scope 1
0.006%
Electricity Consumption
0.05%
Business Travel
0.0005%
Office waste to landfill
Scope 3
Genesis' Scope 1, 2 and 3 emissions (FY20) (tCO2e)
METRICS AND TARGETS
2. Data incomplete, to be revised in FY21.
1. Calculated using NZ Emissions Trading Scheme (ETS) emission factors, not the Ministry for the Environment's emission factors.
METRICS AND TARGETS

24
GENESIS ANNUAL REPORT 2020
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He mana whakahaere
a) Describe the Board’s
oversight of climate-related
risks and opportunities.
b) Describe management’s
role in assessing and
managing climate-related
risks and opportunities.
Genesis’ Board is ultimately
accountable to shareholders for
the long-term stewardship of the
Company, including any long-term
risks, such as climate change. As
part of its core governance function,
the Board takes an active role in
the Company’s executive oversight
and sets the Company's overall
strategic direction. As part of its
Genesis Energy’s Shareholders
Appointment
Accountability
Board of Directors
Nominations
Committee
Audit and Risk
Committee
Human Resources and
Remuneration Committee
External and Internal Audit
Senior Executive Team
Genesis Energy People
Operations
Chief Executive
focus on long-term value creation for
shareholders, this means ensuring
the Company’s long-term resilience
in the face of climate-related risks.
All key risks and opportunities
are considered by the Board as
appropriate when reviewing and
guiding strategy and the operations
of the Company, including as part
of its Risk Management Policy and
Framework. This is additionally
managed by delegation to the Audit
and Risk Committee.
TCFD requirement
Proactively managing the risks around climate change
a) Describe the organisation’s processes for identifying and assessing climate-related risks.
b) Describe the organisation’s processes for managing climate-related risks.
c) Describe how processes for identifying, assessing, and managing climate-related risks are
integrated into the organisation’s overall risk management
Climate-related risks are a key
component of Genesis’ long-term risk
management and factor into all of its
risk-based policies and frameworks.
As New Zealand’s largest energy
retailer and owner of some of New
Zealand’s largest hydro and thermal
Acute
Physical Risks
The process of managing acute
(‘event-driven’) physical climate-
related risks aligns to other similar
event-driven risk. For example,
extreme weather events present a
physical risk of catastrophic failure
of infrastructure and generation
assets, similar to seismic or volcanic
risks.
Management is primarily through
mitigation. Although financial risks
are transferred through insurance,
the primary focus is ensuring the
highest level of safety. Assets are
proactively managed to ensure the
continued resilience of these assets
in the face of potential events, such
as the Tekapo intake gate works (see
page 12).
Genesis constantly assesses and
reviews these assets and their
management plans, leveraging
engineering best practice and
evaluating new technologies to
identify any opportunities to improve
their resilience.
Chronic
Physical Risks
A small number of ‘chronic’ risks
(gradual long-term shifts), such
as sea level rise, align to ‘acute’
event-driven risks, with the only key
difference being that this will be
gradual rather than sudden.
Many risks associated with long-term
shifts in climate patterns align to pre-
existing risk management processes.
Weather patterns, such as El Niño
and La Niña, produce high seasonal
variation and impact the seasonal
shortfalls in electricity generation.
Additionally, changed rainfall
patterns and water inflows affect
hydro generation, changes in
winds impact wind turbines and
sunlight patterns impact solar farms'
efficiencies. A number of these risks
therefore underpin the Company’s
overarching generation strategy.
These could potentially all be
exacerbated by future climate
change effects and need to be
managed accordingly.
Transition
Risks
The nature of Transition risks aligns
to other ‘strategic risks’ and as such
climate-related transition risks are
managed through existing strategic
risk management processes.
Genesis proactively manages these
risks as part of its long-term strategy.
This management includes regular
monitoring against key risk
indicators, designed to proactively
identify associated risks.
This macro-level monitoring best
positions Genesis to detect, prepare
and adapt to shifts in the wider
business landscape (such as the
introduction of a standardised
emissions trading platform, or a ban
on coal mining) while also ensuring
potential opportunities are fully
considered.
TCFD requirement
generation assets, Genesis has a
responsibility to be transparent
about climate change and the related
risks it poses to the business and
the opportunities afforded by a
decarbonised and electrified New
Zealand. This affects almost every
3. Governance
Oversight and accountability
aspect of the business and these
risks are managed in a ‘waterfall’
effect from senior leadership down
through the business.
For greater detail on the
above, please refer to TCFD
Appendix (Risk Management)
on page 92.
For greater detail on the
above, please refer to TCFD
Appendix (Governance) on
page 91.
4. Risk Management
Whakatūpato Tūraru
GOVERNANCERISK MANAGEMENT

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GENESIS ANNUAL REPORT 2020
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GENESIS ANNUAL REPORT 2020
Ko te iwi, te hapori me ngā hunga hourua
Genesis people make the greatest
developmental strides through
actively identifying role moves that
would provide their desired career
development. Genesis has now
achieved and exceeded its goal of
40 per cent of roles filled through
internal mobility.
Genesis facilitates internships
each year, with a number of interns
progressing into permanent work
at the end of their internship. As a
principal partner of TupuToa, it hosts
five to six Māori and Pasifika interns
each year.
Genesis wins HRD Employer
of Choice Award 2020
Genesis has been named a recipient
of the HRD Employer of Choice
Award 2020, which ranks employers
in terms of overall employee
experience.
HRD invited submissions from
companies across New Zealand,
People, Community and Partnerships
Genesis has passed a number of
significant milestones in 2020,
reinforcing our goal to be the
most desirable place to work in
New Zealand.
and Genesis was recognised as one
of the best places to work in New
Zealand.
Genesis Inclusion Council
In 2020 Genesis launched the
Inclusion Council, with 15 volunteers
leading our events and cultural
competencies. This group is
empowered to take ideas from
across the business and provide
opportunities to celebrate milestones
that represent our diversity and
help us navigate closer towards our
inclusive workplace goals. 
We believe that our diversity
makes us stronger, more capable and
more innovative and by striving for
an inclusive culture, we can ensure
everyone feels valued and supported,
with a sense of belonging and
contribution. 
Genesis Genies awards
In 2019 Genesis launched ‘The
Genies’, a recognition channel
and awards night for recognising
individuals and teams who live
Company values and behaviours.
More than 500 nominations were
received in the inaugural year,
with 100 award-winning finalists
celebrated at an awards night.
PEOPLE, COMMUNITY AND PARTNERSHIPS
Tuna elvers at Whakapapa
We value our iwi relationships and
acknowledge the important role
mana whenua have as kaitiaki of
the natural resource we use to
generate electricity. Despite some
COVID-19 setbacks, we continue to
proudly partner with iwi and hapū
to collectively seek to mitigate and
manage any impacts of our activities
and enhance ecological integrity.
Over the last 12 months the
partnership with Ngāti Hikairo has
seen the Whakapapa Intake passive
tuna (eel) elver pass installed and
ready for winter 2020.
• The 2020 elver season was
the third best year on record,
with 2,167 elvers transferred
upstream, above intake
structures.
• 37 tuna heke (all long fin) were
transferred from Wairehu Drum
Screen to Whanganui River
headwaters, with sizes ranging
from 0.67kg to 6.81kg.  This is
a better than average season,
based on eight years of data.
Tekapo Contestable Fund
Genesis has been supporting the
local Tekapo community since
purchasing the Tekapo Power
Scheme in 2011. In 2020 the Genesis
Tekapo Contestable Fund allocated
nearly $50,000 to the following local
groups:
• Aoraki Mackenzie International
Dark Sky Reserve
• High Country Medical Trust
• Lake Tekapo Community
Development Project
• Lake Tekapo School
• Tekapo Trails Society
• Lake Tekapo Bright Stars Early
Childhood Learning Centre
The same fund will be available in
early 2021.
Environmental and iwi partnerships
Enhancing the communities we live in.
Moawhango willow
control project
Over the past 15 years Genesis
has worked with the community
to clear 20kms of willow from
the Moawhango River and some
tributaries, one of the nation’s
most successful willow clearance
programmes.
Aoraki Bound
Genesis has been a supporter of
Aoraki Bound for nine years, and it
is a key sponsorship for the team at
Tekapo Power Scheme. The course
is a 20-day cultural and personal
journey, developed and delivered
by Outward Bound and Ngāi Tahu.
It includes the traditional physical
focus of Outward Bound, as well as
the cultural components of Te Ao
Māori and Ngāi Tahu tikanga. As part
of this sponsorship Genesis sends
one participant on the course each
year. This year's participant was
Scott Westbury, Genesis' General
Manager, Power Schemes.
Tasman River protection wins
Cawthron Institute Award
Genesis has partnered with the
Department of Conservation, local
landowners and others on Project
River Recovery, with the goal of
turning the Tasman River into a
predator-free zone. The project has
been in existence for more than 15
years and led to the resurgence in
native bird species such as the kāki/
black stilt. It won the award for best
river story at the Cawthron Institute's
New Zealand River Awards.
PEOPLE, COMMUNITY AND PARTNERSHIPS
Whio Forever programme
Genesis and the Department of
Conservation have been working
together since 2011 to secure
the future of one of our most
endangered native birds, the whio
(New Zealand blue duck).
In 2019/20 national breeding pairs
reached 748, a growth of 23 pairs
in the past year. This is an increase
of 151 per cent since 2011, when
the partnership began.

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GENESIS ANNUAL REPORT 2020
Genesis accredited as
Living Wage Employer
Genesis has been accredited as a Living Wage Employer,
the first electricity generator in New Zealand to do so.
What is the criteria for achieving Accredited Living
Wage Employer status?
• All directly employed workers are on the current
Living Wage prior to accreditation.
• All indirectly paid workers employed by
contractors, delivering a service to the business/
organisation on a regular and ongoing basis, are
either on the current Living Wage or on milestones
agreed as part of the license.
• Employers have provided workers with access to a
union.
• Employees’ terms and conditions have not been
reduced in order to meet the current Living Wage
rate. An example of this may be the reduction of
hours or other benefits in order to pay for the cost
of delivering the Living Wage.
“Genesis Energy was our first major
customer to initiate a move to the
Living Wage. We were subsequently
awarded a significant new contract
with an international firm who saw
value in this move by Matrix Security
with Genesis Energy, and who
then also incorporated the Living
Wage standard across their service
agreement.”

Scott Carter,
CEO,
Matrix Security
The Living Wage is calculated
independently each year by the
New Zealand Family Centre. It is
the hourly rate a worker needs to
pay for life’s necessities and actively
participate in the community. It
reflects the basic expenses of
workers and their families, such as
food, transportation, housing and
childcare.
Achieving Living Wage accreditation
has been an important goal for
Genesis, aimed at contributing
to stronger communities and
enhancing the wellbeing of our
people. Genesis already pays its
full-time employees well above the
current Living Wage, which is set at
$21.15 per hour. Through the Living
Wage accreditation programme
Genesis is working with several of
its contractors to ensure those that
provide regular and ongoing services
to us will also pay their employees no
less than the Living Wage.
As part of the Pou Limited
agreement, all staff and Pou Limited
contractors receive at least the Living
Wage working at Huntly Power
Station.
Another of Genesis' key contractors,
Matrix Security, now also pays their
staff the Living Wage, which has
PEOPLE, COMMUNITY AND PARTNERSHIPS
In recognition of the enduring
partnership between Waahi Paa,
Te Kauri, Kaitumutumu, Te Ohaaki,
Taupiri, Matahuru Marae, Waahi
Whaanui Trust, the Matawhaanui
Board (as a representative of the
collective marae) and Genesis,
discussions were entered into and led
to the establishment of POU Limited,
a company focused on providing
quality facilities management services
through the employment of the local
people. This activates social benefit
in a meaningful way in support of the
community of Raahui Pookeka (Huntly).
The kupu (word) POU literally means
‘a stake’. Its meaning draws from the
name Raahui Pookeka (Huntly) and
ngaa taonga (the carvings) surrounding
the Huntly Power Station site (Te
Whare Hiko).
Raahui Pookeka as the original name
of Huntly (1869) was bestowed
during times of famine and inter-
tribal disputes. Waikato chief, Te
Putu, intervened and placed a 'raahui'
(restriction) on the eel food source,
with a 'pookeka' (stake) used as an
indicator of when the 'raahui' would be
lifted.
Ngaa taonga surrounding Te Whare
Hiko (Huntly Power Station), unveiled
in 1990 and 1998 respectively,
symbolises unity with the community
and story of the people of Raahui
Pookeka and Waikato-Tainui.
The POU name was given by Huirama
Matatahi, a board member of
Matawhaanui and Chair of Waahi
Whaanui Trust and Waahi Marae. His
gift draws on the legacy of Queen Te
Ataiirangikaahu and her vision of unity
with Te Whare Hiko (the Huntly Power
Station).
This work includes grounds
maintenance, cleaning and general
labour supply, with a clear mandate
to partner together on additional
employment opportunities and
workstreams as the relationship grows
and matures. 
POU Limited: A new way of
partnering with iwi
In November 2019 Genesis announced the establishment of, and partnership with, a marae-
owned entity called POU Limited, to undertake contracted facilities maintenance activities at
Huntly Power Station.
Key aspirations were defined as:
• Acknowledging the history of
Raahui Pookeka (Huntly), the
legacy of its people and respect of
the leadership across the township
and the wider community.
• Developing a model that displayed
a long-term commitment to
leadership, partnership, that
is sustainable over time while
ensuring ongoing collaboration
across the community.
• Developing meaningful career
pathways for the people of Raahui
Pookeka (Huntly) and employing
locally as a priority.
• Supporting the building of
resilience in the local community.
• POU to develop and grow to
serve other companies and
organisations.
PEOPLE, COMMUNITY AND PARTNERSHIPS
• Partnering and operating as 'one
entity' onsite at Huntly Power
Station, based on principles
of unity of purpose, shared
aspirations and respect.
Genesis was formally accredited as a
Living Wage supplier on 1 April 2020.
All staff were being paid the Living
Wage from November 2019.
Genesis and POU Limited have
also worked together to develop a
programme of cultural induction for
all on-site staff in recognition of the
cultural significance of the area in
which we operate and out of respect
for the land and its peoples.
For Genesis, we seek that our
workforce and the way in which we
think and act as a business is deeply
respectful of, and in better alignment
with, tangata whenua.
enabled them to win other contracts.
Paying the Living Wage is the right
thing to do for our people and
our communities, and Genesis is
committed to making a positive
difference in the lives of the people
who work for and with us.