Genesis Delivers Earnings of $358 million

MARKET RELEASE
Date: 26 August 2021

NZX: GNE / ASX: GNE
Genesis Delivers Earnings of $358 million and Dividend of 17.4 cents per share


Year-ended June 2021 Change year on year
EBITDAF
1
$358 million Up $2 million on FY20 of $356 million
Net Profit $34 million Down $12 million on FY20 of $46 million
Underlying Earnings
2
$75 million Up $22 million on FY20 of $53 million
Earnings Per Share 3.22 cents Down 1.25 cents from 4.47 cents
Underlying Earnings Per Share 7.23 cents Up 2.09 cents from 5.14 cents
Final Dividend Per Share 8.80 cents Up 0.125 cents from 8.675 cents
Free Cash Flow
3
191 million Up $23 million on FY20 of $168 million

Genesis delivered a strong financial performance, led by continued growth in the Retail segment and by providing
seasonal back-up energy in a year characterised by gas supply shortages and low hydro inflows.

Genesis Energy (GNE) today announced EBITDAF of $358 million for the year ended 30 June 2021. Genesis achieved Net
Profit of $33 million and underlying earnings of $75 million. Genesis declared an increased final dividend of 8.8 cps,
resulting in total FY21 dividends of 17.4 cps. Results were impacted by Genesis’ decision to invest $27 million to utilise
the Fixed Priced Option
4
in order to meet the company’s carbon obligations as well as an unfavourable arbitration
ruling resulting in $33 million of costs relating to prior years.

The result follows a challenging FY21 for the sector with persistently low hydro inflows and declining gas supply. The
flexibility of Genesis’ assets provided support to the market during a period of prolonged energy shortages ahead of
winter.

“The value of our generation portfolio was demonstrated by our ability to temporarily reinstate a generator at Huntly
Power Station to compensate for the shortfall in renewable generation and ensure hydro levels could be conserved
ahead of winter,” Mr England said.

“And, operating at the intersection of the electricity and gas markets meant we were able to negotiate key gas supply
agreements that supported electricity generation through winter and allowed us to supply critical gas supply to
industrial customers and other market participants.”

Future-gen moving at pace

As part of our Future-gen strategy, Genesis has committed to three major power purchase agreements (PPAs) and
announced a plan to co-develop 500 MW of solar. The first PPA, Waipipi Wind Farm was completed in March and is
expected to deliver 455 GWh of renewable energy in FY22.

Genesis signed another 20-year PPA with Tilt Renewables
5
for a 75 MW wind farm in Northland that will be completed
by early 2024. The Kaiwaikawe Wind Farm will produce approximately 230 GWh of renewable energy and is estimated
to reduce carbon emissions by 180,000 tonnes annually. A further agreement was signed with Contact Energy, to
support the development of geothermal generation from the Tauhara power station. Genesis will purchase 63 MW of
energy for 15 years from 2025.


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 2021 annual report for a reconciliation from EBITDAF to Net Profit after tax.
2
Net Profit adjusted for non cash fair value adjustments and business acquisition costs.
3
Free Cash Flow represents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure. Net interest costs is interest and other
finance charges paid, less interest received.
4
The Fixed Priced Option allowed Emissions Trading Scheme Participants to pay a fixed price of $35 per tonne in lieu of surrendering units.
5
Tilt Renewables New Zealand assets have since been acquired by Mercury NZ Limited.

Genesis has also announced its plan to develop grid-scale solar as part of the Future-gen programme. The company has
shortlisted two international solar developers and is finalising the terms of a joint venture. 500MW of generation is
targeted by 2025, and some of which will generated on Genesis owned land near existing grid connections.

Collectively, these announcements put Genesis on track to displace 1,800GWh of thermal baseload generation and
remove 1.2 million tonnes of annual carbon emissions by 2025.

Genesis Retail business goes from strength to strength

Genesis has targeted growth across our Business Energy Services and LPG businesses by growing through targeted
propositions. Our Businesses Energy Services have provided energy audits and monitoring to enable customers to
understand, manage and reduce their energy consumption. LPG delivered a strong performance with nearly 8% growth.

Across all customer segments, including our residential customer base, Genesis continues to put control in our
customers’ hands. There were 11.6 million interactions with our Energy IQ platform and 275,000 households are
engaging with their energy choices.

Dividends

The Genesis Board has confirmed a final dividend of 8.8 cents per share, bringing the full year dividend to 17.4 cents
per share, an increase of 1.2%. The final dividend has a record date of 24 September 2021 and will be paid on 8 October
2021.

The Board also confirmed a new dividend policy of paying out between 70% and 90% of free cash flow. The change in
policy introduces the flexibility to retain capital to invest in our Future-gen strategy. However, the change in policy
does not represent a departure from our aim to grow dividends over time and we recognise the importance of
dividends to our investors.

Our dividend policy is located here: https://www.genesisenergy.co.nz/investors/dividends
.

FY22 guidance

EBITDAF guidance for the full year ended 30 June 2022 is $420 million to $440 million, subject to market conditions.
Capital expenditure guidance for FY22 is for capital spend 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 at nzx.com/markets/NZSX/securities/GNE and www.genesisenergy.co.nz/investors.


ENDS


For investor relations enquiries, please contact:
Tim McSweeney
GM Investor Relations & Market Risk
M: 027 200 5548


For media enquiries, please contact:
Chris Mirams
GM Communications & Media
M: 027 246 1221






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 and Energy Online and is New Zealand’s largest energy retailer
with approximately 500,000 customers. The Company generates electricity from a diverse portfolio of thermal and
renewable generation assets located in different parts of the country. Genesis also has a 46% interest in the Kupe Joint
Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand. Genesis had revenue of $NZ3.2 billion
during the 12 months ended 30 June 2021. More information can be found at www.genesisenergy.co.nz

---

Financial year
2021 results
presentation
26August 2021
Marc England –Chief Executive Officer
Chris Jewell – Chief Financial Officer

Agenda
1.
2.
3.
4.
5.
Highlights
Financial performance
Operational performance
Strategic outlook
FY22 guidance

1. Highlights

Delivered our Future-gen commitments with the successful completion of the Waipipi Wind Farm. Confirmed the Kaiwaikawewind farm as the
second project in Future-gen and partnered with Contact Energy to support the Tauharageothermal plant.
R
eturned a Rankine unit to service to provide critical back-up generation to the market during a prolonged dry period which coincided with
reduced gas availability.
A
n unfavourable arbitration ruling relating to carbon obligations resulted in $53 million of unexpected costs in FY21 and an additional 530,000
units of carbon obligations for FY22 through to FY24.
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 2021
annual report for a reconciliation from EBITDAF to Net Profit after tax.
2
Free Cash Flow represents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure. Net interest costs is interest and other finance charges paid, less interest received.
3
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).
Note: The prior comparable period (pcp) is defined as year FY20, thetwelve-month period ending June 2020, unless an alternativecomparison is stated.
Retail
Kupe
Wholesale
Group
NPAT $34m
$
m
EBITDAF
1
Capex $84m
3
Total Div. 17.4 cps
Final dividend
cps
Genesis Energy concluded a five-year strategic plan to grow earnings through optimising, innovating and investing across our business.
Supported the New Zealand electricity and gas markets through one of the most challenging periods in the last twenty years byproviding
back up electricity generation and supporting the wholesale gas market.
Refreshed our company purpose to “Empower New Zealand’s Sustainable Future” and committed to a 1.5 degree Science Based Target.
Engaged with our customers more through Energy IQ and awarding our 10 millionth free hour of power.
Optimised sales channel management by focusing growth in commercial and industrial, while maintaining high value customers inother
channels.
Continued to grow volume and value in our LPG business with sales growing to 44 kt and netback rising to over $1,000 per tonne.
The Kupe inlet compression project is progressing well and remains on schedule and within budget. First gas remains on schedule for late
FY22 Q1, with the expectation of a return to 77 TJ / day plateau production rates.
358
8.8
$
m
Free cash flow
2
191
Genesis Energy Limited FY21 Result Presentation 4.

Five year transformation programme has delivered underlying
growth
Genesis Energy Limited FY21 Result Presentation 5.
Strategy outlined in
November 2016
Optimise
Cost savings through our Retail and
Wholesale segments and additional value
from existing market share.
Innovate
Growth and synergies in our LPG
business together with a strategic focus
on SME and C&I customers.
Invest
Acquisition of an additional 15% of Kupe
and LPG distribution business.
Investment in technology and data.
1
In May 2021 Genesis elected to exercise the Fixed Price Option (Carbon FPO) to meet our obligations under the Emissions Trading Scheme for calendar year 2020.
This provided Genesis more long term carbon units and increased FY21 carbon costs. Further details can be found on the marketrelease made on 31 May 2021.
2
In August 2021 Genesis lost an arbitration with a gas supplier relating to the payment of carbon. $33m of costs relating toFY18 –FY20 were included in FY21
EBITDAF. Further details can be found in the market release dated 2 August 2021.
12

2. Financial performance

EBITDAF performance driven by Retail and Wholesale growth
356
46
53
250
308
168
89
17.2 cps
1,247
358
34
75
271
324
191
84
17.4 cps
1,276
EBITDAFNPATUnderlying EarningsControllable
Operating Expenses
Operating CashflowFree Cash FlowCapital ExpenditureDividendNet Debt
$ MILLIONS
FY20FY21
3
2
+ 1%
- 26%
+ 42%
+ 8%
- 6%
+ 14%
+ 1%
+ 2%
+ 5%
Genesis Energy Limited FY21 Result Presentation 7.
1
Additional costs have been incurred in FY21 as a result of the decision to utilise the carbon FPO ($27m) and the impact of the arbitration decision
($33m of additional carbon costs have been recorded in FY21 which relate to gas supplied during the period from 1 Jan 18 to 30 June 20). The
combined impact of these two items has lower EBITDAF by $60m, and NPAT and underlying earnings by $43m.
2
Controllable Operating Expenses refer to Employee Benefits plus Other Operating Expenses.
3
Net Debt and dividends are shown on a separate scale to other financial comparisons.
418
77
1
1
118
1

Dividends continue to grow, with FY21
dividend of 17.40 cps - a 1.2% increase over
FY20.The seventh consecutive year of dividend
growth.
Pay-out ratio of 96% or 76% when the impact of
Carbon FPO and prior year arbitration are
excluded.
Final dividend of 8.8 cps, 80% imputed, will
have a record date of 24 September 2021,
payable to shareholders on 8 October 2021.
Supplementary dividend of 1.24235 cps
payable to non-resident shareholders.
FY17TO FY21 DIVIDEND PER SHARE & PAY-OUT HISTORY
16.60
17.20
17.05
17.20
17.40
98%
96%
89%89%
106%
76%
-10%
10%
30%
50%
70%
90%
110%
130%
0.00
FY17FY18FY19FY20FY21
Dividends (CPS)% of Free Cash FlowAdjusted FY21
1
Gross yield based on closing share price as at 25 August 2021of $3.40.
2
FCF excluding Carbon FPO and Prior year arbitration impact.
Full year dividend of 17.4 cps representing a 6.8%
gross yield
1
2
Genesis Energy Limited FY21 Result Presentation 8.

In -year profitability, offset by investment in carbon and settlement
of arbitration
$ MILLIONS
$ MILLIONS
333
361
369
356
358
FY17FY18FY19FY20FY21
FavourableUnfavourable
418
356
418
358
1
Additional costs have been incurred in FY21 as a result of the decision to utilise the carbon FPO ($27m) and the impact of the arbitration decision. The
combined impact of these two items has lower EBITDAF by $60m.
1
Genesis Energy Limited FY21 Result Presentation 9.

EBITDAF performance driven by Retail and Wholesale growth
FavourableUnfavourable
•Wholesale: Declining fuel prices, increased transferprice
1
and higher electricity spot prices led to improved trading margins. The Waipipi wind farm provided additional
value with generation at below baseload thermal fuel cost. High market volatility meant market making and active trading costs were significantly higher than FY20.
•Retail:Genesis continues to grow value in our Retail segment through improving netback and targeted volume growth. Genesis’ LPG business grew market share and
optimised costs.
•Kupe: Declining production volumes offset by higher oil prices. Full production expected to return in late September 2021 followingcompletion of inlet compression
project.
Wholesale
1
FY21 Internal transfer price shifted $47m of value from Retail to Wholesale
$ MILLIONS
Genesis Energy Limited FY21 Result Presentation 10.
Retail
356
418
358

NPAT
$ MILLIONS
FavourableUnfavourable
Lower depreciation in FY21
following half year asset revaluation.
Lower interest costs, due to
declining interest rates and
introduction of commercial paper
programme.
Average interest rate down 1.0% to
4.4%.
Downward revaluation of financial
instruments primarily driven by
higher electricity prices impacting
swaption valuation.
$
MILLIONS
UNDERLYING EARNINGS
FavourableUnfavourable
75
34
Genesis Energy Limited FY21 Result Presentation 11.
NPAT and Underlying Earnings

Strategic Investment: Investing to support strategic pillars including data management, business energy services, LPG operations and Future-gen.
Core Business: Increased Software and Insurance costs, capacity to support Business Growth and Third Rankine operating costs.
Kupe strategic review, arbitration and other costs: interest and legal fees associated with the arbitration and other costs including provisions for Meremere reinstatement.
Project Opex: Cyclical increase in generation operating expense projects following a lower spend in HY20. Key projects included asbestos removal and stormwater repairs at Huntly Power
Station, Tongariro Power Scheme overhead lines maintenance and Tekapo culvert repairs. Retail includes billing system re-platform RFP.
Lower Bad Debt:Improved despite the challenging economic environment driven by COVID-19. This was due to better customer engagement, social support programmes and release of the
additional provision created in FY20 in relation to the expected impact of COVID-19.
1
Controllable operating expenses refer to Employee Benefits plus Other Operating Expenses.
2
Te TiraManaaki o Kenehi. See slide 18 for more details.
$ MILLIONS
FavourableUnfavourable
2
250
271
Genesis Energy Limited FY21 Result Presentation 12.
Strategically aligned initiatives driving increased investment costs

CAPITAL EXPENDITURE
1
FY17FY18FY19FY20FY21
WholesaleRetailLPG OperationsKupeTechnology & DigitalCorporate
$ MILLIONS
47
80
89
89
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) FY21: $0.8m
3. Stay in Business capital expenditure includes an additional $5.0m which reflects payments made during the period regarding
LTMA contract
²
84
Genesis Energy Limited FY21 Result Presentation 13.
Stay in business capital of $55m includes:
On time completion of Tekapo A intake gate to provide additional
seismic resilience.
Investing in our new head office, the six-star green, Kenehi at
Wynyard.
Completed the Huntly Unit 5 annual maintenance outage and
improved unit flexibility.
Use of data with Genesis’ Predictive Analytics platform enabled a
more targeted spend and saved an estimated $0.5m in FY21.
Growth capex includes:
New Retail products and capability including Power Shout Currency,
home move CRM and development of a centralised data platform.
Investment in our growing LPG business with investment in trucks,
cylinders and operational efficiency.
Ensuring additional gas capacity at Kupe with investment in inlet
compression to enable a return to full capacity of 77TJ/day.
Continued improvement in optimising capital spend
3

Genesis Energy Limited FY21 Result Presentation 14.
FY17 TO FY21 NET DEBT AND NET DEBT/EBITDAF RATIO
1
1,212
1,183
1,240
1,247
1,276
3.3
3.0
3.0
3.1
3.2
2.8
1.5
2.0
2.5
3.0
3.5
4.0
0
200
400
600
800
1000
1200
FY17FY18FY19FY20FY21
Net debtNet debt/EBITDAF
Adjusted for FY21Target debt ratio band (2.4 to 3.0)
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.
2
EBITDAF adjusted forCarbon FPO and Prior year arbitration impact.
3
Further details outlined in note E5 of 2021 annual report.
S&P reaffirmed BBB+ credit rating in January
2021.
Net debt elevated due to carbon FPO
investment.
With increased earnings profile from FY21
the Net Debt/EBITDAF ratio is expected to fall
beyond FY21.
A further $30 millionof liquidity headroom was
added during August 2021 and the maturity
profile of facilities was extended.
Launched a commercial paper programmeto
provide short term liquidity and reduce interest
costs, as at 30 June 2021 $260m is on issue.
This programme enabled a reduction in
revolving credit use.
3
$435 million of bank facilitieswere undrawn
at 30 June 2021.
2
Capital structure

3. Operational performance

Genesis Energy Limited FY21 Result Presentation 16.
Continuing to outperform in Retail
RESIDENTIAL NETBACK
RETAIL OPERATING METRICS
FavourableUnfavourable
$ MILLIONS
EBITDAF
Genesis continues to grow value and drive efficiencies in
our Retail segment.
Delivery of targeted growth in high value areas such as duel
fuel customers has enabled netback growth without
compromising churn.
LPG growth in market share and size has enabled lower
cost to deliver, higher sales volumes and netback growth.
FY17FY20FY21
Electricity Netback ($/MWh)$105$112$124
Gas Netback ($/GJ)$9$10$11
LPG Netback ($/t)$344$947$1,033
Cost to serve ($/ICP)$160$138$124
Cost to deliver ($/tonne)$625$739$743
Customer >1 Fuel104,529121,110128,214
Total Electricity Sales (GWh)5,6536,2446,241
Total Gas Sales (PJ)7.47.88.0
Total LPG Sales Volume (tonnes)8,28742,34743,542
$8
$9
$10
$11
$12
$13
$14
$80
$90
$100
$110
$120
$130
$140
FY18FY19FY20FY21
$/GJ
$/MWh
ElectricityGas
134
172
1. Prior to acquisition of Nova LPG business. Methodology different from present calculations.
1
1

Genesis Energy Limited FY21 Result Presentation 17.
Engaging with our Customers to provide a better, more
efficient service and grow value
Successfully migrated over 300,000 residential customers to new energy
plans, removing prompt payment discounts and unifying pricing structures,
whilst giving customers more ways to save on their energy.
Introduced Power Shout Hours giving customers choice over when and how
they save on their energy.
Partnered with Emirates Team New Zealand during the America’s Cup and
donatedover 185,000 hours of free power to Genesis-powered schools.
With strong loyalty engagement in Energy IQ we’re also seeing high levels of
engagement with our Energy Management features like Bill Insights, Usage
Breakdown and Tip Centre.
11.6 million
interactions with EIQ
features in FY21
275k
unique EIQ users in FY21
95k
Unique customer views of the new
Bill Insights feature on EIQ since
April
100,000
energy saving tip likes...and
counting
ENERGY IQ MONTHLY UNIQUE USERS
75,000
100,000
125,000
150,000
175,000
200,000
Jun-20Sep-20Dec-20Mar-21Jun-21
HOME MOVE RETENTION RATE
20%
25%
30%
35%
40%
45%
50%
55%
60%
18-34 Years35 - 64 Years65+ Years
Moving Customer Age Group
EIQNon-EIQ
15% year on
year growth

FY17FY18FY19FY20FY21
Genesis Energy Limited FY21 Result Presentation 18.
Supporting our customers through a challenging year
Te TiraManaaki o Kenehiwas established as part of our customer care
strategy to support customers identified as vulnerable due to age,
health and hardship status.
By understanding our customers better we were able to predict early
signs of debt and provide support.
A more proactive approach has helped our customers and reduced the
impact of bad debts.
DECLINE IN BAD DEBT EXPENSERETAIL DISCONNECTIONS
1,500
customers contacted per month
40%
reduction in disconnections
from FY20
1
2,000
customer referrals to support
agencies
-
1
2
3
4
5
6
7
8
9
FY17FY18FY19FY20FY21
$(m)
Bad Debt Expense excl. Provision
1. As a result of Te TiraManaaki Kenehi, outside of lockdown periods

Genesis Energy Limited FY21 Result Presentation 19.
Empowering large businesses to make sustainable choices
Genesis grew in the commercial and industrial sector by providing services
alongside energy while maintaining sales margins above wholesale electricity
prices.
Our large business energy services are now utilised by more than one in five
business customers.
Genesis partnered with dairy company Yashilifor an energy audit and
decarbonisation roadmap. Genesis installed 140 energy monitoring sensors,
completed a site wide audit and identified over 3,000 tonnes of potential
carbon reductions.
20.5%
6%
20.0%
0%
5%
10%
15%
20%
25%
Jun20Sep20Dec20Mar21Jun21
Percentage engagedTarget
BUSINESSES ENGAGED WITH ENERGY SERVICES (%)
COMMERCIAL AND INDUSTRIAL ELECTRICITY NETBACK
50
60
70
80
90
100
110
FY18FY19FY20FY21
$/MWh
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
FY18FY19FY20FY21
GWh
COMMERCIAL AND INDUSTRIAL ELECTRICITY SALES

Genesis Energy Limited FY21 Result Presentation 20.
Genesis’ LPG business grew to over 80,000 customer connectionsat the end of
FY21, up from 56,000 in FY18. Sales volumes continued to grow, despite some
impact on small businesses due to the COVID-19 lockdown.
Modernised and transformed our delivery services increasing delivery efficiency
by 12% and ensured continued declines in cost to deliver.
Launched New Zealand’s first fully electric LPG delivery truck.
1,000
11,000
21,000
31,000
41,000
51,000
FY18FY19FY20FY21
tonnes
$400
$500
$600
$700
$800
$900
$1,000
FY18FY19FY20FY21
$/tonne
$0
$200
$400
$600
$800
$1,000
$1,200
FY18FY19FY20FY21
$/tonne
TOTAL LPG SALES
LPG NETBACKLPG COST TO DELIVER
Growing and optimising our LPG business throughout New Zealand

Genesis Energy Limited FY21 Result Presentation 21.
Expanding role for thermal generation in the stressed
wholesale market
Genesis’ assets and portfolio supported the market through a period of low
hydro inflows and an energy sector wide gas shortage.
Improved trading margins were driven by an increase in internal transfer price
and greater thermal generation.
Arbitration settlement costs, relating to prior years, and Carbon FPO resulted in
$55m of additional costs this year.
HYDROLOGY (GWh)
FY20FY21Change
Hydro
Generation
2,3212,507186
Hydro
Inflows
2,7032,416-287
Closing
Storage
334243-91
WHOLESALE EBITDAF
FavourableUnfavourable
$ MILLIONS
FY17FY20FY21
Total Thermal (GWh)
3,268 4,461 5,501
Total Renewable (GWh)3,154 2,344 2,526
Forced Outage Factor (FOF)0.9% 0.5% 1.0%
Weighted Average Fuel Cost - Thermal
($/MWh)
$63.96 $78.85 $98.88
WHOLESALE OPERATING METRICS
1
¹Revised from FY21 Q4 operating report to include $49.8m additional costs related to prior and in-year
Beach arbitration settlement.
165
199
144

Genesis Energy Limited FY21 Result Presentation 22.
Lower hydro generation throughout New Zealand meant that Huntly Power
Station was needed to provide back-up generation to the market.
While generation from gas would usually increase to offset lower hydro, in
FY21 gas constraints meant it reduced and coal was required to make up for
its loss.
The Waipipi Wind Farm produced 222 GWh of renewable generation for
Genesis which mitigated the required thermal back-up.
Waipipi
MEL
MCY
GNE
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Average Coal
Generation
FY16-FY20
Lower
hydro
generation
Lower
gas
generation
Increases
from other
generation
Reduced
national
demand
Coal
Generation
FY21
GWh
COAL PROVIDED ESSENTIAL ENERGY BACK-UP IN FY21
COAL GENERATION EXPECTED TO RAPIDLY DECLINE
FROM FY22
Coal use is FY21 is forecast to rapidly decline to FY25.
Genesis’ Future-gen programme, other renewable developments and
improved gas supply will significantly reduce coal use.
0
200
400
600
800
1,000
1,200
1,400
1,600
FY20FY21FY22FY23FY24FY25
kT
ActualForecastWet ScenarioDry Scenario
CEN
Delivering Future-gen ensures that coal use has peaked

Huntly provides the backbone of New Zealand’s seasonal energy
security
Genesis Energy Limited FY21 Result Presentation 23.
The flexibility of Huntly Power Station enabled Genesis to play in critical role in allocating energy to sectors of highest demand, creating value for Genesis and wholesale
energy customers.
The Methanex gas, in part, de-risked intervention, impacts of continued dry weather and gas field concentration for Genesis. Thedeal with Methanex and other industrials
provided:
Maximum generation from the Unit 5 combined cycle gas turbine.
More efficient running of Rankines.
G
as sales to industrials at positive margins.
A
dditional gas swapping to future high demand periods.
G
enesis continues to seasonally shape our wholesale gas portfolio enabling generation during high demand months and providingthe ability to run short during periods of low
demand.
METHANEX GAS ENABLED TRADING ACROSS ENERGY MARKETSAS WELL AS SEASONAL SHAPING OF GAS PORTFOLIO
0
20
40
60
80
100
120
Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22
TJ per Day
Current PositionPre-swap position
Gas purchased
fromMethanex
and others
Wholesale fuel
book
Baseline
gas supply
Additional
Methanex gas
Coal supply
and stockpile
Baseline coal
generation
Incremental
generation
Baseline gas
generation
Existing gas
sales
Incremental gas
sales
Future gas sales
Future generation
Gas swaps to
future
Huntly
Power
Station
Coal displacement was available as
alternative to incremental sales

0%
20%
40%
60%
80%
100%
FY22FY23FY24FY25FY26FY27FY28FY29
Forecast Carbon Emissions
HedgedUnhedged
$0
$5
$10
$15
$20
$25
$30
FY22FY23FY24FY25
$/tCO2
Genesis Energy Limited FY21 Result Presentation 24.
Genesis elected to make use of the $35 per tonne Carbon FPO to meet its
calendar year 2020 carbon obligations under the New Zealand Emissions
Trading Scheme (ETS).
Electing to use the FPO allowed Genesis to retain 2.2 million NZU’s which
improved Genesis’ future carbon hedge position, with forecast emissions
hedged through to FY26.
The cumulative financial benefit of FPO is expected to be a $50-$100m
improvement of EBITDAF over the period from FY22-FY27.
Genesis hedge position at 28 July 2021, includes impact ofunfavourable arbitration, excludes units from Drylandcarbon.
CARBON HEDGE POSITION
FORECAST EMISSIONS COST
CARBON SPOT PRICE
$0
$10
$20
$30
$40
$50
$60
20172018201920202021
$/tCO2
Optimising our carbon hedge position

Genesis Energy Limited FY21 Result Presentation 25.
Reviewing Kupe’s full potential concluded further development
opportunities exist
Concluded a strategic review of our ongoing ownership of Kupe in FY21 and
concluded that maintaining ownership is in the best interest of shareholders and
the Company.
Production was down on FY20 due to natural field decline and in line with
expectations. The production station operated at 98.5% reliability.
Inlet compression project is progressing well and commissioning activities are
now underway. First gas remains on schedule for late FY22 Q1, with the
expectation of a return to 77 TJ / day plateau production rates.
Continuing to assess opportunities to extend the plateau production rate beyond
FY24. Preparation work for a potential Kupe East development well is underway
and drill timing will be confirmed during FY22.
KUPE EBITDAF
$ MILLIONS
FavourableUnfavourable
FY17FY20FY21
Gas Production (PJ)9.3 10.7 10.6
Oil Production (kbbl)476 375 325
Average Brent Crude Oil (USD/bbl)$49.7$51.2$54.2
LPG Production (kt)32.846.646.0
KUPE OPERATING METRICS

Aligning and empowering our people is enabling an adaptive and
engaged workforce
Genesis Energy Limited FY21 Result Presentation 26.
EMPLOYEE NET PROMOTOR SCORE
Genesis has continued to work to reduce the Pay Equity Gap, Leadership
Progression Gap and Total Gender Gap.We continue to drive positive shifts
across the Pay Equity Gap reducing inequity of base pay for males and females
doing ‘equal value’ work.
More than 90 leaders have completed Genesis’ Adaptive leaders programme
which strengthens ability to navigate the complexities of change while developing
high performing teams.
50
55
60
65
70
75
Jun-20Sep-20Dec-20Mar-21Jun-21
Employee net promoter
score
TREND OF OVERALL FEMALE TO MALE EQUITY GAP
0%
1%
2%
3%
4%
Jun-16Jun-17Jun-18Jun-19Jun-20Jun-21
How likely would you
be to recommend
working here?
GENDER PAY METRICS
Pay Equity Gap:
Total pay:
1.7%
Down from 1.9% last year
Total Gender Gap:
35.5%
Down from 37.2% last year
Leadership Progression Gap
1
Median male vs. median female compensation.
2
Females and males base salary
1
²

4. Strategic outlook

2
3
4
5
6
1
Create residential experiences that build customer loyalty
Grow our market share of small business customers
LPG #1 or #2 in every region
Unleash Energy Online in the tier 2 market
Design products for emerging energy management needs
Invest in technology and data to create consistent and
distinctive end to end customer experiences
Our refreshed retail strategy emphasises six key priorities,
delivering more for our core whilst building for the future
Our Future-gen strategy focuses on the opportunity to
deliver value uplift by actively managing the energy transition
Displace baseload thermal
Build development pipeline
Reshape fuels portfolio and source long term carbon offsets
Maximisethe value of back up thermal
2
1
3
4
Genesis Energy Limited FY21 Result Presentation 28.
7
Be intentional about our Ways of Working
Refreshed purpose, strategies and vision for the 2020’s

Empowering New Zealand’s Sustainable Future:
Committed to aScience Based Target aligned to 1.5⁰C
New Auckland Home –
Genesis will be moving to
new 6-Green Star building
in Wynyard Quarter
October 2019
November 2019
Target Year
1
:
Reduce direct emissions
Scope 1 & 2
Reduce indirect emissions
Scope 3
%
1.Target is based on our FY20 as the base year.
2.C
ombined scope 1, 2 & 3 emissions.
Reduce emissions
2
by at least
1.2 million tonnes
Reduction for 1.5°CGenesis ambitionRemaining emissions
%
Genesis Energy Limited FY21 Result Presentation 29.

Committing to three major PPAs and plan to build solar
FY25 savings assume a portfolio fuel cost of $8/GJ and carbon at $70/tonne
Genesis Energy Limited FY21 Result Presentation 30.
Genesis has committed to three major renewable projects to progress our
Future-gen strategy:
The Waipipi Wind Farmbecame fully operational in March 2021 and is
expected to provide 430 GWh of energy.
Kaiwaikawewill provide an additional 230 GWh of renewable energy.
The Northland location will provide generation close to demand and
with a favourable GWAP.
Tauharapartnership with Contact to support the development of 1.3
TWhof geothermal plant. Genesis has contracted 41% of the output
capacity for the first 10 years.
Future-gen will deliver Genesis renewable generation at a discount to existing
thermal and is expected to save over $50 million in costs by FY25.
FUTURE-GEN COST SAVINGS
NORTHLAND LOCATION PROVIDES BETTER GWAP
FUTURE-GEN PORTFOLIO PIPELINE
0.8
0.9
1.0
1.1
1.2
1.3
NorthlandTaranakiManawatu
Relative GWAP
Generation weighted average price is a measure of the price received for generation. A higher relative
GWAP indicates that the asset’s output is weighted towards periods of relatively higher prices.
-
250
500
750
1,000
1,250
1,500
1,750
2,000
FY21FY22FY23FY24FY25FY26
GWh per annum
WaipipiKaiwaikaweTauharaSolar Development
0
10
20
30
40
50
60
FY21FY22FY25
$m

Targeting 500 MW of solar co-development
Genesis Energy Limited FY21 Result Presentation31.
Genesis is to become co-developer of large scale solarin
New Zealandand intends to build up to 500MW of solar
capacity.
Solar is uniquely suitedto Genesis’ flexible generation
portfolio and will support generation during Huntly river
heating periods.
Genesis currently progressing term sheets with a shortlist of
international solar developers tofinalise the joint venture.
This strategic equity investmentis a key part of fulfilling our
transition of generation portfolio through Future-gen.
Genesis owns and has access to land throughout New
Zealand that provides good development prospects.

Trial Burn
Genesis Energy Limited FY21 Result Presentation 32.
The Huntly Power Station is ideally located for major electricity generation, located near to demand, with high voltage connection and an abundant local workforce.
Genesis has partnered with a number of external experts to test the viability of biomass conversion at Huntly. The project has three workstreams currently underway:
Long term (post 2030) viability of Rankine units.
Plant modifications required to burn a biomass.
Biomass supply, transport and storage options.
A trial burn of biomasses is planned in Q3 FY22. Commercial assessment will follow subject to successful outcomes..
North Island hydro storage options have also been outlined to the NZ Battery Project.
Assessment of biofuels
viability at Huntly
Lifecycle study of
Rankine Units
Biofuels resource
assessment
Ongoing input into the
NZ Battery Project
Commercial
assessment
Contributing alternatives to the Lake Onslow project

Retail Digital Transformation
Genesis Energy Limited FY21 Result Presentation 33.
Digital Transformation delivery is progressing
Mahi Tahi; new platform is live with Data Mart build underway,
three Data Marts live by end of 2021.
Rubiks; due diligence to select Rubiksvendor has started,
expecting to commence implementation early 2022.

5. FY22 guidance

Genesis Energy Limited FY21 Result Presentation 35.
FY22 EBITDAF guidance is $420 million to $440 million subject to normal hydrological conditions, any material one-off
expenses or other unforeseen circumstances; Key drivers are;
I
ncreased renewable generation delivered through a full year of Waipipiwind farm in operation and return to
normal hydrology.
P
ortfolio optimisation delivered through re-contracting activity and growth in LPG.
A
review of Software-as-a-Service (SaaS) expenditure is underway to understand the impact of the recent IFRS
Interpretations Committee ('IFRIC') agenda decision regarding accounting for SaaS configuration and customisation
costs. The outcome of this review may see some capital costs associated with re-platforming our core systems moved
to operating expenditure.
F
Y22 capital expenditure guidance of up to $95 million.
Long
-run outlook for stay in business capital expenditure is $50 million to $70 million.
K
ey capital expenditure projects include; TuaiGenerator Refurbishment, Piripauaturbine overhaul, Rangipo
switchgear replacement and sluice armouring restoration. Capital to support LPG growth and deliver technology
solutions to improve customer experience, including re-platforming our sales, service and billing capabilities.
Outlook and guidance

Genesis Energy Limited FY21 Result Presentation 36.
Genesis has revised its Dividend Policy:
Genesis’ Dividend Policy has been revised to a range of 70% to 90% of Free Cash Flow from one based on
maintaining dividends in real terms.
The change in policy ensures our dividends are more able to reflect underlying business performance over time, and
in addition introduces the flexibility to make funds available to invest in delivering on a lower carbon future for Genesis
through our Future-gen strategy.
However, recognising the importance of dividends to our investors, the change in policy does not represent a departure from
our aim to grow dividends over time:
The FY21 full year dividend represents a pay-out ratio of 96% of FCF or 76% when the impact of Carbon FPO and
prior year arbitration are excluded; and
The FY21 full year dividend was the 7th consecutive year of dividend growth.
Our dividend policy can be found at https://www.genesisenergy.co.nz/investors/dividends
Dividend Policy Update

6. Appendices

Financial statements
Genesis Energy Limited FY21 Result Presentation38.
1
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 ($5.0m) relating to this has been recorded as Stay in Business capex for the purposes of the Free Cash Flow Calculation.
Income Statement
FY21FY20
Variance
($m)($m)
Revenue3,221.22,591.524.3%
Total Operating Expenses(2,863.3)(2,235.9)28.1%
EBITDAF357.9355.60.6%
Depreciation, Depletion & Amortisation(196.9)(209.8)
Impairment of Non-Current Assets-(3.0)
Fair Value Change(86.8)(0.6)
Revaluation of generation assets27.9-
Other Gains (Losses)3.3(8.8)
Share in associates and joint ventures1.3(1.2)
Earnings Before Interest & Tax106.7132.2(19.3)%
Interest(59.5)(70.6)
Tax(13.7)(15.6)
Net Profit After Tax33.546.0(27.2)%
Earnings Per Share (cps)3.224.47(28.0)%
Stay in Business Capital Expenditure55.368.8(20.1)%
Free Cash Flow
1
190.6167.713.7%
Dividends Per Share (cps)17.417.21.2%
Dividends Declared as a % of FCF96%106%
Balance Sheet
FY21FY20
Variance
($m)($m)
Cash and Cash Equivalents104.332.5
Other Current Assets823.2407.0
Non-Current Assets4,314.44,142.8
Total Assets5,241.94,582.314.4%
Total Borrowings1,427.81,367.4
Other Liabilities1,762.41,145.1
Total Equity2,051.72,069.8(0.9)%
Adjusted Net Debt1,2761,2472.3%
Gearing34.2%32.8%
EBITDAF Interest Cover8.3x6.7x
Net Debt/EBITDAF3.2x3.1x
Cash Flow Summary
FY21FY20Variance
($m)($m)($m)
Net Operating Cash Flow323.8307.5
Net Investing Cash Flow(105.5)(103.2)
Net Financing Cash Flow(146.5)(233.7)
Net Increase (Decrease) in Cash71.8(29.4)101.2

Debt InformationFY21
($m)
FY20
($m)
Variance
Total Debt$1,4281,367
Cash and Cash Equivalents$10432
Headline Net Debt$1,3241,335-0.9%
USPPFX and FV Adjustments$4888
AdjustedNet Debt
1
$1,2761,247+2.3%
Headline Gearing41.0%39.8%+1.2 ppts
Adjusted Gearing40.2%38.2%+2.6 ppts
Covenant Gearing34.2%32.8%+1.4 ppts
Net Debt/EBITDAF
2
3.2x3.1x
Interest Cover8.3x6.7x
Average InterestRate4.4%5.4%
Average Debt Tenure10.3 yrs11.5 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 AT 13 AUGUST 2021
Genesis Energy Limited FY21 Result Presentation39.
$435million of bank facilities were undrawn and $260 million of Commercial Paper was on
issue at 30 June 2021. The Commercial Paper matures within 90 days.
The bank facilities were restructured in August 2021. $30 million of facilities were added and
the maturity profile was extended.
The chart shows the maturity profile after the restructure.
$0
$50
$100
$150
$200
$250
$300
$350
$400
FY22FY23FY24FY25FY26FY27FY47FY49
$m
Commercial PaperWholesale DomesticDrawn Bank
Undrawn BankCapital BondsRetailable Bonds
USPP
Debt information

Genesis Energy Limited FY21 Result Presentation40.
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.
Retail Key InformationFY21FY20Variance
EBITDAF ($ millions)172.3134.028.6%
Customers with > 1 Fuel128,214121,1105.9%
Electricity Only Customers296,018314,120-5.8%
Gas Only Customers16,08615,8881.2%
LPG Only Customers34,00733,5691.3%
Total Customers474,325484,687-2.1%
Total Electricity, Gas and LPG ICP’s670,718671,519-0.1%
Volume Weighted Average Electricity
Selling Price – Resi ($/MWh)
$265.83$263.171.0%
Volume Weighted Average Electricity
Selling Price – SME ($/MWh)
$220.18$217.621.2%
Volume Weighted Average Electricity
Selling Price – C&I ($/MWh)
$141.46$138.022.5%
Volume Weighted Average Gas Selling
Price ($/GJ)
$20.49$19.674.2%
Volume Weighted Average LPG Selling
Price ($/tonne)
$1,905.00$1,827.004.3%
Retail Cost to Serve per ICP$123.82$138.02-10.3%
Retail Key InformationFY21FY20Variance
Retail Electricity Sales (GWh)6,2416,2440.0%
Retail Gas Sales (PJ)8.07.82.6%
Retail LPG Sales (tonnes)43,54242,3472.8%
Electricity Netback ($/MWh)$124.4$111.911.2%
Gas Netback ($/GJ)$10.8$10.08.0%
LPG Netback ($/t)$1,032.5$947.39.0%
Retail Netback
1
by Segment & FuelFY21FY20FY19
Residential - Electricity ($/MWh)$142.9$128.1$116.3
Residential - Gas ($/GJ)$14.8$13.5$11.4
Bottled - LPG ($/tonne)$1,318.5$1,253.4$1,009.5
SME - Electricity ($/MWh)$113.9$98.2$105.9
SME - Gas ($/GJ)$9.8$10.2$9.6
C&I - Electricity ($/MWh)$105.7$96.0$87.3
C&I - Gas ($/GJ)$8.5$7.3$7.2
SME & Bulk - LPG ($/tonne)$828.7$735.8$762.0
Operational metrics

Operational metrics
Genesis Energy Limited FY21 Result Presentation41.
Wholesale Key InformationFY21FY20Variance
EBITDAF ($ millions)144.1164.9-12.6%
Renewable Generation (GWh)2,5262,3447.8%
Thermal Generation (GWh)5,5014,46123.3%
Total Generation (GWh)8,0276,80518.0%
Power Purchase Agreements
Wind (GWh)2220
Average Price Received for PPA - GWAP
($/MWh)
$192.11$0.00
GWAP ($/MWh)$191.30 $113.88 68.0%
Electricity Purchases – Retail (GWh)6,5756,602-0.4%
LWAP ($/MWh)$187.00 $109.46 70.8%
LWAP/GWAP Ratio98%96%(2 ppts)
Electricity CFD Purchases (GWh)2,0021,65321.1%
Electricity CFD Sales (GWh)3,6272,00880.6%
Coal/Gas Mix (Rankines only)96/482/18
Gas Used in Internal Generation (PJ)19.724.6-19.9%
Coal Used in Internal Generation (PJ)33.215.2118.2%
Weighted Average Gas Burn Cost ($/GJ)$9.55 $9.04 5.6%
Weighted Average Coal Burn Cost ($/GJ)$6.24 $6.77 -7.8%
Weighted Average Thermal Fuel Cost ($/MWh)$98.88 $78.85 25.4%
Weighted Average Portfolio Fuel Cost ($/MWh)$67.76 $51.69 31.1%
Kupe Key InformationFY21FY20Variance
EBITDAF ($m)87.593.8-6.8%
Field Production - Gas (PJ)23.023.2-0.9%
Genesis Gas Sales (PJ)10.610.7-0.9%
Genesis Oil Sales (kbbl)305.8365.5-16.3%
Genesis LPG Sales (kt)45.846.8-2.1%
Oil Production Yield (bbl/TJ)3135-11.4%
LPG Production Yield (t/TJ)4.34.4-2.3%
Remaining Kupe Reserves (2P, PJe)308.8340.5-31.7PJe
Average Brent Crude Oil (USD/bbl)$54.24 $51.16 6.0%
Realised Oil Price (NZD/bbl)$75.46 $76.06-0.8%

Genesis Energy Limited 1H FY20 Result Presentation 42.
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
POWER PURCHASE AGREEMENTS
Wind (GWh)Energy purchased through long term agreements with generator
Average Price Received for Generation - GWAP ($/MWh) Price received at production node. (E.g. Waipipi at WVY1101 node)
WHOLESALE
Average Retail Electricity Purchase Price - LWAP ($/MWh)Priced paid to purchase electricity for Genesis customers on the spot market. Excludes settlements from electricity derivatives
Electricity Financial Contract Purchases - Wholesale (GWh)
Settlement volumes of generation hedge purchases, including exchange traded and OTC contracts. Excludes PPAs, active trading,
Financial Transmissions Rights (FTRs) and Cap/Collar/Floor contracts.
Electricity Financial Contract Sales - Wholesale (GWh)
Settlement volumes of generation hedge sales, including exchange traded, OTC contracts and Swaptions. Excludes PPAs, active trading,
Financial Transmissions Rights (FTRs) and Cap/Collar/Floor contracts
Electricity Financial Contract Purchases - Wholesale Price ($/MWh) Average price paid for Electricity Financial Contract Purchases - Wholesale.
Electricity Financial Contract Sales – Wholesale Price ($/GWh) Average price received for Electricity Financial Contract Sales- Wholesale.
Swaptions (GWh)Electricity swap options sales volume. A subset of the Electricity Financial Contract Sales.
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 on site at Huntly 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

This presentation hasbeenprepared by Genesis EnergyLimited(‘Genesis Energy’)forinformation purposes only. The information
in thispresentationis of ageneralnature and does notpurporttobe complete nordoesit contain alltheinformation requiredforan
investortoevaluateaninvestment. This presentationmaycontain projections orforward-looking statementsregardinga variety of
items. Suchforward-looking statements are based upon current expectations and involve risks and uncertainties. Actualresults may
differ materiallyfromthose statedin anyforward-looking statement based on a number of important factors and risks.
Althoughmanagementmayindicate andbelieve thattheassumptions underlying theforward-looking statements are reasonable,
any oftheassumptions couldproveinaccurate or incorrect and, therefore,therecanbeno assurancethat theresults contemplated
in theforward-looking statementswillberealised.EBITDAF,underlying profit andfreecashfloware non-GAAP(generally accepted
accounting practice) measures.Whileall reasonable care has been takenincompilingthispresentation,to themaximum extent
permittedby law Genesis Energy accepts no responsibilityforanyerrorsor omissions and no representationismadeasto the
accuracy, completenessorreliabilityoftheinformation. This presentationdoesnot constitute investment advice.Allreferenceto$
areNew Zealand dollars, unless specifically stated.
Genesis Energy Limited FY21 Result Presentation43.
Disclaimer

Investor relations enquiries
Tim McSweeney
GM Investor Relations & Market Risk
+64 27 200 5548

---

GENESIS ENERGY LIMITED
Annual Report 2021 / te pūrongo ā-tau 2021
low
carbon
future
Moving to a
↓

We are optimistic
about Aotearoa
New Zealand’s
energy future and
our role in the
transition to the
low carbon future
we all want.
WAIPIPI WIND FARM
SOUTH TARANAKI
CONTENTS
8 Chair and Chief Executive’s
joint letter
10 Results at a glance
14 Led by science
15 Future-gen strategy
16 Our purpose
18 The sum of our parts –
playing our part as individuals
22 Leading a sustainable business in NZ
28 Enabling a low carbon future
for all New Zealanders
34 Our people are our strength
38 Task Force on Climate-related
Financial Disclosures (TCFD)
42 Your Board of Directors and
Executive team
46 Consolidated Financial Statements
80 Independent Auditor’s Report
83 Corporate governance
85 Executive remuneration
88 Director remuneration
89 Statutory disclosure

We are an energy generator and
retailer supplying electricity and
gas to more than 470,000 customers.
The geographic spread and diverse
range of our generation assets provides
vital support to the backbone of the
country’s energy sector. This means our
business is resilient to supply shocks
and generates consistent earnings.
Our vertically integrated gas
portfolio, from wellhead to our
industrial and residential customers,
is a vital part of the country’s energy
system providing flexibility, security
and price stability.
23
GENESIS ANNUAL REPORT 2021 / MOVING TO A LOW CARBON FUTURE

We choose to participate in markets
for the long term to create value for
shareholders in a sustainable w a y.
In doing this, we are guided by our
purpose, to empower New Zealand’s
sustainable future. We act on this in
three ways – enabling a low carbon
future for all New Zealanders, leading
a sustainable business and playing our
part as individuals.
We understand that the climate
challenge means we need to change
some of the things we do and are led
by science in doing this. We have set
ambitious science-based targets to
remove 1.2m tonnes of carbon by 2025
tied to the international benchmark of
limiting global warming to below 1.5°C.
TOKAANU POWER STATION
TONGARIRO POWER SCHEME
45
GENESIS ANNUAL REPORT 2021 / MOVING TO A LOW CARBON FUTURE

We remain focused on evolving
our business model away from pure
energy supply to energy management.
This is being achieved by
continuing to develop the digital
and virtual channels customers can
use to interact with us alongside a
suite of market leading products and
services that provide knowledge and
insights that our customers can act
on to manage their usage and reduce
their carbon footprint.
This is all anchored by our
people who are future focused and
adaptive and always seeking new
and innovative ways of engaging
our customers, operating our assets
and working smarter.
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
67
GENESIS ANNUAL REPORT 2021 / MOVING TO A LOW CARBON FUTURE

Digital transformation
We are embarking on another stage
of our digital transformation that will
deliver a significant step-change in the
way we connect and provide services to
customers. We have already undertaken
work towards being a more data driven
organisation that over time will enable
us to make better decisions, and unlock
new insights into our operations,
markets and customers.
Customers continue to engage with
Energy IQ in greater numbers. This
year there were more than 11.6 million
interactions and over 275,000 unique
users while we focused on making
things easier for customers across a
raft of services from moving home, to
paying bills and ordering LPG deliveries.
We also had excellent engagement
with customers, non-customers
and staff through an innovative,
marketing campaign that supported
our partnership with Emirates Team
New Zealand during their successful
America’s Cup campaign. Using
sophisticated technology in custom
made shirts, we measured the amount
of energy used by supporters watching
the races and converted that into
power. As a result, 185,141 hours of free
power was given to over 600 Genesis
powered schools. More than three
million Kiwis saw the campaign on TV,
and, at its peak, our social media posts
reached 1.1 million.
Looking ahead
FY22 is shaping up as another busy
year of important milestones for
Genesis. The business is well placed
to continue successfully executing
our strategy and deliver value to our
stakeholders. We remain optimistic
for the future of our business, and the
opportunity for Genesis to continue
empowering New Zealand’s sustainable
future.
Barbara Chapman CNZM
CHAIR
Marc England
CHIEF EXECUTIVE
Barbara Chapman CNZM
CHAIR
Chair and Chief Executive’s joint letter
He tuhinga nā te Tiamana māua ko te Manahautū
Marc England
CHIEF EXECUTIVE
Kia ora shareholders
On many levels, this
has been a milestone
year for the country,
the sector and
Genesis. Low hydro
inflows and
constrained gas
supplies punctuated
the market.
We took bold steps this year,
committing to removing 1.2 million
tonnes of carbon emissions before
2025 tied to the internationally
recognised benchmark of limiting
global warming to below 1.5°C of pre-
industrial temperatures. This supports
New Zealand’s commitments under the
2015 Paris Agreement. The targets have
been verified by the Science Based
Targets initiative (SBT) and Genesis
was the first New Zealand generator-
retailer to commit to 1.5°C with them.
This will mean a 36% reduction in
carbon emissions from generation.
Despite the market challenges
experienced in FY21, we remain
steadfast in our commitment to meet
these ambitious targets.
Our Future-gen strategy is how we
will meet the targets. The objective
is to economically displace baseload
thermal generation with 2,650 GWh of
new renewable generation, sufficient to
power 380,000 households a year. The
first part of that came in March with the
completion of the Waipipi wind farm in
South Taranaki where we have signed
a 20-year power purchase agreement
with Tilt Renewables for all of the
electricity generated. We also signed a
similar agreement with Tilt Renewables
for the Kaiwaikawe wind farm to be built
in Northland by early 2024. This is the
first agreement from an RFP process we
ran as part of the Future-gen strategy.
Combined with the agreement to buy
up to 62.5 MW of baseload geothermal
generation from Contact Energy, and
our intention to develop utility scale
solar announced in August, we are well
on our way to delivering on those goals.
The Emissions Trading Scheme (ETS)
and cost of carbon is working to its
intended effect. With the price of
carbon increasing the marginal cost
of thermal generation, building or
procuring new renewable generation
has become economically viable.
Waipipi wind farm and our recently
announced agreements for the
Kaiwaikawe wind farm and Tauhara
geothermal projects are all clear
examples of the impact of the ETS
driving the build of new renewables.
In this year’s report, we continue
to increase transparency of how
we operate. We are once again
reporting in line with the Taskforce on
Climate-related Financial Disclosures
recommendations, and also reporting
our Scope 1, 2 and 3 emissions.
Security of supply
The role Genesis has to play in the
transition was highlighted by the
difficult market conditions through the
latter part of 2020 and into the winter
of 2021. Extremely low hydro levels
and tight supply of gas combined to
put considerable stress on the market.
Huntly Power Station was built to
support the country’s highly renewable
system.
Underlining how critical Huntly is to
the national electricity system was
the supply provided to other major
generators and smaller retailers during
this period. This was reflected in our
supply contracts with generators,
known as swaptions, to meet the
shortfall from their renewable sources.
In FY20 we supplied 154,075 MWh
under swaptions, while this year
819,950 MWh was supplied.
The value of Huntly’s fuel flexibility was
also evident during this time when we
were able to reach supply agreements
for gas with Methanex and Ballance
Agri-Nutrients. These agreements
helped support energy security through
winter and ensure steady electricity
and gas supply to our customers and
other market participants.
The diversity of our generation assets
and the fact that we operate at the
intersection of the electricity and gas
markets positioned Genesis as the
market participant best placed to
broker these types of deals. The on-
going supply issue with gas looks likely
to remain for some time and poses
a challenge for the sector over the
foreseeable future. Coal will need to
be used to fill the shortfall from time to
time however our view is the electricity
sector has reached peak coal. With new
renewable generation being enabled by
Genesis and our competitors we expect
much less back up generation over the
next few years.
The North Island blackouts in early
August were a reminder that short term
demand spikes may need different
solutions going forward.
In July, we concluded the strategic
review of our interest in Kupe. After
a thorough review process, the Board
concluded that ongoing ownership
of Kupe was in the best interests of
shareholders and the company. Kupe
remains a high-quality gas asset and
will continue to play a key role in
New Zealand’s transition to a lower
carbon future.
The Climate Challenge
The dominant presence throughout
was the work of the Climate Change
Commission (CCC) and the release of its
first set of recommendations to support
the country’s ambition to be carbon
neutral by 2050. The recommendations
and subsequent policy settings will have
far reaching implications and provide
the framework that will transform New
Zealand society and our economy. As
part of the backbone of the national
energy system, Genesis has an
important role to play in the transition
and is already putting plans into action,
as you will read in this report.
Our diverse portfolio of assets
performed a critical role in ensuring
energy security for the market, and
the business navigated the challenging
market conditions to deliver a sound
result. With an eye to the future, we
have accelerated the transformation
of the business as we play our role in
leading New Zealand’s transition to a
low carbon future.
Despite a disappointing arbitration
outcome with Beach Energy over
who pays for carbon that affected our
reported EBITDAF¹, the underlying
business performed well. We continue
sharpening our focus on the customer,
actively leaning into the climate
challenge, and creating a workplace
culture that is innovative and inclusive
with a can-do attitude. These are key
elements to building on our momentum
as the country and company start
the transition.
We supported the work of the CCC,
and our submissions were concise and
focused on the best outcomes for the
country. One of the most important
things we advocated for is a 30-year
national energy strategy that takes
into account the interconnectedness
of the system and enables the right
sequencing and prioritisation of actions
to avoid unintended consequences.
If we get it right as a country, we can
mobilise investment and markets
to accelerate our transition and
deliver a dependable, low cost and
low emissions energy system that
underpins the country’s transformation.
1. 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 47 for
reconciliation to net profit after tax.
89
GENESIS ANNUAL REPORT 2021 / CHAIR AND CE LETTER
GENESIS ANNUAL REPORT 2021 / CHAIR AND CE LETTER

Results at a glance
Ngā tīpakotanga
$
34m
Net Profit After Tax (NPAT)
FY20 $46m
474,325
Customers
FY20 484,687
$
358m
EBITDAF
2
FY20 $356m
$
124
Cost to serve
FY20 $138
17.4cps
Total Dividend relating to FY21 result
FY20 17.2 cps
1,149
Full time employees (FTE)
FY20 1,076
$
3.2b
Revenue
FY20 $2.6b
2.6
Recordable injuries
FY20 1.4
$
75m
Underlying earnings
1
FY20 $53m
47
Customer interaction NPS⁶
FY20 39
$
191m
Free Cash Flow⁷
FY20 $168m
275,000
Energy IQ unique users

$
1,276m
Net debt
4
FY20 $1,247m
6 7. 5
Employee NPS⁶
FY20 59.3
$
271m
Operating expenses
5
FY20 $250m
42,741
Shareholders
FY20 43,719
1. Refer to note A1 on page 53 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 47 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
A3 on page 56.
6. Net Promoter Score (NPS).
7. Free cash flow is calculated by taking EBITDAF, less tax
paid, interest and other finance charges received and
paid and stay in business capital expenditure of $55.3
million (FY20: $68.8 million). Refer to the consolidated
cash flow statement on page 50 for tax, interest and
other finance charges paid and interest received.
3
1011
GENESIS ANNUAL REPORT 2021 / RESULTS AT A GLANCE
GENESIS ANNUAL REPORT 2021 / RESULTS AT A GLANCE

Aotearoa
New Zealand’s
transition to a low
carbon future has
begun. We know
the responsibility
we have in helping
the country
achieve that.
MOAWHANGO DAM
TONGARIRO POWER SCHEME

1.2million
Our target is to remove more
than 1.2m tonnes of carbon by
2025 from a 2020 base year.
We aim to reduce generation
emissions by 36% by 2025.
↓
Led by science
The climate challenge is going to
dominate New Zealand and global
decisions on how we live and work
for the next 30 years and beyond.
The scale of change is going to be
significant and Genesis will be a key
enabler in achieving the successful
transition we all want.
We are committed to taking action
to reduce emissions while balancing
climate change considerations,
increasing energy demand and
ensuring our customers have a reliable
and cost-effective energy supply.
We are aligned to five of the United
Nations Sustainable Development
Goals (SDGs), identified as the areas
that we feel we can make the most
positive impact in for Aotearoa - SDG
7 affordable and clean energy, SDG 8
decent work and economic growth,
SDG 10 reduced inequalities, SDG 13
climate action and SDG 17 partnerships
for the goals.
Underpinning that, we also set
ambitious emissions reduction
targets tied to 1.5°C to support the
country's commitments under the Paris
Agreement. These have been verified by
the internationally recognised Science
Based Targets initiative (SBTi), the first
generator-retailer in New Zealand to
do so. Our target is to remove more
than 1.2m tonnes of carbon over the
next five years. We aim to reduce
generation emissions by 36% by 2025.
This comes on top of having reduced
carbon emissions by 1.8m tonnes over
the 10 years leading into 2020. Few, if
any other, New Zealand companies have
reduced emissions at that scale in that
timeframe. However, we know we must
do more and plan to do so.
Our board and management team
chose the 1.5°C target because we want
to make a difference, knowing it will be
difficult but is achievable, with the right
pathway. We also know getting there is
not going to be a straight line, but we
accept the accountability and have a
plan to do so.
Future-gen strategy
A refreshed Future-gen strategy is how
we intend to get there.
Through Future-gen, we are aiming
to secure 2,650 GWh a year of
renewable electricity generation by
2030, with the majority before 2025.
The first step toward that happened in
March when the Waipipi wind farm in
South Taranaki came online with the
expectation it will deliver 433 GWh of
zero emissions electricity annually. It
was the first wind farm built here since
2014. And we recently confirmed a
power purchase agreement with Tilt
Renewables, operator of Waipipi, for
a further 230 GWh of clean electricity
from a new wind farm to be built in
Northland that will be operational
in early 2024. Further renewable
opportunities in wind, solar and
geothermal are being assessed.
While the future is focused on
renewable generation, the country
continues the search for clean storage
possibilities to offset dry year risk.
We have engaged with Ministry of
Business, Innovation and Employment
(MBIE) as it assesses whether Lake
Onslow is an effective and affordable
option and have suggested several
North Island alternatives as we look for,
and offer, solutions. New Zealand faces
the challenge of needing about 7,000
GWh of deep energy storage to deal
with seasonal shifts in demand. Existing
hydro lakes provide about 4,000 GWh
of that. Huntly fills the gap of 3,000
GWh, the job it was built to do. This
seasonal risk is unique to New Zealand
and requires longer-term technology
and clean fuel solutions that are
currently uneconomic, particularly
if we want to keep power prices low
enough to encourage other sectors to
decarbonise through electrification.
This year, the impact of a La Niña
weather pattern for several months saw
hydro levels fall to near historical lows.
This was compounded by the tight
supply of gas due mainly to issues with
the Pohokura field. With these very
difficult conditions, it was prudent to
make available a third Rankine unit.
Operating at the crossroads of the gas
and electricity markets also allowed us
to drive value through leveraging our
fuel diversity. This enabled us to broker
short term gas supply arrangements
with Methanex and Ballance Agri
Nutrients to further support security
of supply and market price stability.
These gas supply arrangements would
not have been possible without Huntly
Power Station and underlined the
critical importance of fuel flexibility
and the back-up role that Huntly
plays in ensuring security of supply
in New Zealand’s highly renewable
electricity market. The supply of gas
looks tight for the foreseeable future
and similar conditions could be likely
in 2022 meaning the country will again
rely on Huntly to ensure the supply
of electricity.
While the government, sector and
Genesis continues to look for an
alternative back-up for the system,
we will do more to remove emissions
from baseload thermal generation.
Biomass is one option being thoroughly
reviewed with regard to the Huntly
Rankine units. Future applicability
of clean fuels such as biodiesel
and green hydrogen are also being
closely monitored. Our skilled team of
engineers also continue to innovate and
improve efficiency at Huntly and across
all our hydro generation sites.
United Nations
Sustainable Development Goals (SDGs)
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
1415

Our purpose
is to empower
New Zealand’s
sustainable
future.
It shapes what we do and how
we do it in three ways – leading
a sustainable business, enabling
a low carbon future for all
New Zealanders and playing
our part as individuals.
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
1617

1.
The sum of our
parts – playing our
part as individuals

Building on this, we are working
towards a position where our people
set themselves a tangible personal
sustainability commitment. That might
be changing what they eat, being a
more conscious consumer, changing
out of their ICE vehicle for public
transport or an EV or, volunteering
in their community with a sense
of purpose.
Many are already connecting into
their communities with more than
200 volunteering this year, a 25%
increase on FY20. We are also looking
to move from a transactional model of
volunteering that many organisations
run to a transformative approach to
support the culture we are developing.
The transactional model is where the
reward for a volunteer is from providing
their skill or time and there is limited
personal impact or growth beyond
that. The transformative approach is
about the experience and the impact
that has on the volunteer and the
self-reflection that it creates. Research
shows volunteers who participate like
this are more empathic and resilient
and bring these characteristics into
the workplace.
This has led to our people being
involved in a wide range of community
work from driving cancer patients to
their treatment, working in community
kitchens to ocean conservation
projects. To help embed the approach,
we’ve also introduced the concept of
Volunteer Activators to enable our
people to volunteer where their passion
is, identify how they want to help and
then find and organise volunteers to
help support their cause.
25%
Increase on
volunteering
this year
Our people are connected to our
purpose, supported by our culture and
empowered by our trust. They
understand the challenge the country
faces and the role our company has in
transitioning to a new energy future
and are motivated to play their
role as individuals.
There is a strong commitment to
sustainability and climate change
across the business. We support that
with a culture that encourages our
people to be active participants in
the transition at work, and beyond.
Nearly three-quarters of staff told
us in a survey this year that it was
very important for them to work for a
company that values sustainability and
a similar number wanted to know more
about what they can do at home to be
more sustainable.
Our Safety and Wellness maxim of
‘What’s your 50%?’ helps guide
individuals in deciding what their
contribution can be to a more
sustainable future. The question is
designed to prompt self-reflection on
the level of responsibility you’re
prepared to take. It helps ensure
our people are aligned, empowered
and accountable.
↓
Ria, a Retail Strategy Analyst, is
passionate about working with young
children after teaching swimming
and drama to youngsters when she
was at uni. She was keen to join her
colleagues in a homework club through
the charity connection organisation,
Who Did You Help Today? The charity
put Genesis in touch with Glenavon
School in Blockhouse Bay, Auckland,
where four staff volunteers help
10-15 students aged 7-9 for an hour
each week.
“Being able to spend quality time with
children is special,” says Ria. “They
really appreciate and benefit from one
on one attention.”
The trio are among the first of our
Volunteer Activators, a concept we
introduced this year to enable our
people to volunteer where their passion
is, identify how they want to help and
then find and organise volunteers
to help support their cause. Ria says
everyone who has been involved has
loved the experience, and it’s also
become a team-building exercise.
Helping young students through
a homework club at a low-decile
school is a cause close to the heart
of Ria Peters, Bhargavi Kotte and
Tanisha Singh-Shah.
Getting
homework
done
“We share stories about how we might
have helped a girl comprehend the
words she was reading or explained
times-tables to a boy, so he understood
the mechanics behind them.”
Bhargavi, a Delivery Coach, says staff
really appreciate being able to give
back, and have their workplace support
them in doing so.
“If we make it easy for staff, all they
have to do is give up a little of their
work time. They get to contribute to
their community in a way that has
an immediate, tangible benefit, and
form a sense of community with their
colleagues at the same time.”
They are now hoping to scale up the
initiative, so that Genesis staff in other
parts of the country can help children
at their local schools.
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
2021

2.
Genesis has been one of the largest contributors
to carbon reduction in New Zealand over the
last decade and we will continue on that path.
While climate action is imperative, sustainability
stretches across a business. It includes earning the
loyalty of customers as a key to reliable returns,
becoming an employer of choice and contributing
to the communities in which it operates. We are
making good progress on each of these fronts
while knowing there is more to do in an evolving
social and economic landscape.
2.
Leading a sustainable
business in New Zealand

Te Tira Manaaki o Kenehi –
caring for our vulnerable customers
Looking after customers is one of our top
priorities. Over the past year we’ve developed
a new approach with a dedicated team to
support the elderly and those with medical or
financial circumstances who need extra care.
Te Tira Maanaki o Kenehi, the Genesis
Caring Team, was started with the
ethos of supporting customers through
good times and bad.
Taking time to understand their
circumstances and finding the
right solution for these customers
differentiates our service. This includes
partnering with various social agencies
with specialist skills to provide
extra help if needed. Our proactive
engagement approach with customers
showing early signs of financial stress
reduces the risk of debt accumulating
in a way that becomes damaging. This
has been a major contributor to a more
than 40% reduction in residential credit
disconnections over the past year.
We want to create personal
connections and treat our customers
like they are part of our whānau.
Desiree is 80-years-old and, like
many, lives from pension to pension.
She was worried about paying her
power bill in winter when the cold
bites. Te Tira Manaaki o Kenehi is there
to help with patience, empathy and
practical assistance.
“It’s hard for older people to adjust, you
get set in your ways, but Genesis has
been very good to me over the years
being patient and understanding,”
Desiree said.
We have more than 70,000 customers
who are over 70 years old, with
many living off their superannuation.
Being patient and taking time to
understand their concerns is the
starting point, before making the effort
to find solutions.
Team member Fuatai Yardley summed
it up like this, “I always remind myself
to be kind, because we don’t know the
situation a customer might be facing.
Whoever you’re speaking with is
someone’s mum, someone’s nan.”
Rewarding our
customers
We also focus on rewarding our
customers with magic moments to
show how much we value them.
The Power Shout initiative is one way
of doing this and continues to gain
traction. In June, 23% of customers
joining Genesis said Power Shout was
their reason for doing so. The free
electricity we give back to customers
is more than a way of saying thank
you. We also give them information
about how to reduce their power
cost and carbon emissions by using
energy at certain times of day or night,
empowering them to take an active role
in their energy management and run
their household in a more sustainable
way. For example, customers can
aggregate hours to use in winter
when heaters and driers are in heavy
use. Tuesday, 29 June was one of the
coldest days this year, and more than
18,000 customers used their Power
Shout hours - four times the number
that used them in the previous four
Tuesdays combined.
We offered three Power Shouts this
year giving away 2,513,308 hours of
power and also passed the milestone of
giving away 10 million hours since the
programme was introduced in 2018.
Giving value back to customers
through a new discount structure and
migrating our residential customers
to new plans was one of the biggest
projects we have undertaken this year.
This followed a review of the electricity
industry in which the government
recommended changes to the plans
retailers offer through the removal of
prompt payment discounts.
The new plans create options for
customers on how they want to be
rewarded such as e-bill or Dual Fuel
discounts. These discounts make things
fairer for all customers while rewarding
customer behaviour.
During this year we migrated 320,000
customers to the new plans with no
material increase in customer churn,
despite the appeal prompt payment
discounts had with customers. This was
achieved by segmenting our customers
and tailoring our communication to each
of the 360 different customer groups.
Our brand continues to resonate with
consumers, finishing the year as the
most considered and preferred energy
brand in the market.
Among customers, 62% see us as being
first to market with new technology to
help people manage their energy use,
up 19% on the previous year. Regarding
sustainability, 42% know we are
committed to reducing our emissions
and impact on the environment, a
10% lift year-on-year. Both of these
reflect our key strategies of being
our customers’ first choice for energy
management and executing our Future-
gen plan. They’re also a result of our
support of Emirates Team New Zealand
with an innovative multi-channel
campaign that resulted in 185,141 hours
of free energy being provided to more
than 600 Genesis powered schools
across the country.
It’s hard for older people to
adjust, you get set in your ways,
but Genesis has been very good
to me over the years being
patient and understanding.
DESIREE, CUSTOMER
“
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
2425

Change of office, change of ways
Our new offices in Auckland
are in a 6 Green Star rated
building, one of only nine in the
country. It is more than a physical
representation of our commitment
to being a sustainable business.
The move provided the catalyst to
introduce initiatives that would reduce
emissions, traffic congestion and
enable active and shared travel. As part
of the move we no longer provided
staff carparks, removed company cars
from salary packages and replaced
our corporate car fleet with EV car
sharing start-up, Zilch. In their place
we provided a 25% subsidy for public
transport, car-pool hubs in South and
West Auckland, a free shuttle service
from the eastern suburbs and with top
end changing facilities to encourage
staff to ride, run or walk to work.
Our people loved it.
Compared to the travel routines in
our previous offices which had 205
carparks, we’ve seen a 50% increase in
people taking public transport or using
EVs, 102% increase in biking, running,
walking or e-scootering to work, 81%
of staff have signed up to the public
transport subsidy and there are 984 less
carbon contributing trips each week
(petrol, diesel, motorbike), a reduction
of 71%. Staff have collectively reduced
carbon emissions by 158t per annum,
so far.
Proudly, we are also the first company
in the southern hemisphere to add the
new, fully electric, Fuso eCanter truck
to our commercial fleet. We will learn
a lot of valuable information about the
technology, charging, maintenance and
the cost to run it as we work toward
converting more of the fleet over time.
There’s a really good
cycle lane from my
house to the office,
and the bike has
saddlebags on the
side, so I just pop my
laptop and gym gear
in there and I’m ready
to go – door to door.
JACKIE MULLAN, GROUP MANAGER LEGAL
– COMMITTED CYCLE COMMUTER
Genesis-Pūhoro
partnership unlocking
potential of Māori
rangatahi in STEM
Genesis is privileged to operate
generation sites in some of the most
special locations across Aotearoa. This
year we launched the ambitious Ngā
Ara Creating Pathways programme
to create transformational education,
training and pathways to prepare
young people in our local generation
site communities for the future of work.
A cornerstone initiative of the
programme is a three-year partnership
with Pūhoro Charitable Trust,
supporting Māori students in these
communities to choose school
subjects and career pathways in
science, technology, engineering
and maths (STEM).
Many of the highly skilled roles in the
energy sector are linked to STEM.
Inspiring and developing the energy
innovators of the future through
partnerships like this and our long-
running School-gen programme are
integral in building a pipeline of talent
to support New Zealand’s progress
towards a lower-carbon future.
Pūhoro assists Māori secondary school
students to participate and achieve
in STEM subjects to enable them into
these careers. Students receive weekly
mentoring in their STEM subjects,
attend wānanga at tertiary campuses
each term, and are offered internship
and work experience opportunities to
support their learning.
“
The first three programmes through
our Pūhoro partnership launched this
year at secondary schools close to our
Tongariro and Waikaremoana Power
Schemes – Ruapehu College, Wairoa
College and Te Kura Kaupapa Māori o
Ngāti Kahungunu ki Wairoa.
One of the people who has made a
big switch in how they get to work
since we moved office is Jackie
Mullan, Group Manager Legal. Jackie
previously commuted to our old
offices by car, five days a week. With
the move to Wynyard Quarter, she
weighed up her options. Driving would
mean paying for parking and walking
the rest of the way in all weather,
laden down with her laptop and gym
bag. The train and bus both landed
her at Britomart, which meant another
15-minute walk to complete her trip.
Cycling was a clear winner and she
made the conscious investment in
an e-bike.
“It seemed logical. There’s a really
good cycle lane from my house to the
office, and the bike has saddlebags
on the side, so I just pop my laptop
and gym gear in there and I’m ready
to go – door to door,” says Jackie. The
extra health benefits of the 22km daily
commute haven’t gone unnoticed,
either. Adding in Pilates three times a
week means Jackie is definitely doing
more exercise than she was before
switching office locations.
“There are some really obvious
benefits of the new commute and
fitness is a key one for me,” she
says. “There’s also the benefit of
feeling good about the exercise, and
being out in the fresh air, getting the
blood pumping before work – feeling
more energised.”
3
programmes in
our local schools
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3.
Enabling a
low carbon future
for all New Zealanders

We sit at the intersection of supply and
demand for several energy sources
as well as being the generator of last
resort and this places us in a unique
position to see the opportunities and
risks that lie ahead for the country, our
customers and Genesis.
It allows us to understand the
interdependencies of the energy
sector, how to transition from
fuels without creating unintended
consequences across the economy
and to make the case for reliable
and affordable electricity that can
help decarbonise other sectors.
Importantly, it also means we can help
our customers move towards a more
sustainable future by giving them the
knowledge and advice they need to
take action.
We have a simple maxim for our
approach: knowledge, advice, action
- providing useful information to
customers, tailoring recommendations
based on that information and then
helping put that into action.
Over the last year we have focused
on working with our commercial and
industrial customers to help them
better understand their energy use
and, for some, develop decarbonisation
road maps. By year’s end we grew the
number of customers we engaged with
from 6% to more than 20%. We have
partnered with Christchurch based
carbon and engineering consultants
DETA on more than 20 energy audits
for medium to large companies across
agriculture, manufacturing, tourism
and local government.
Over this time, we have noticed a
difference between how international
companies that operate here and local
businesses tackle emissions. Many
offshore based companies already
have targets, measuring and reporting
in place while many local businesses
are yet to start. It is not a resistance
to change, but an information and
education gap with businesses not
knowing where to start.
We feel a responsibility to help fill
those gaps and enable businesses
to develop and accelerate carbon
reduction plans to support the
country’s goal of a low carbon future.
Building on the work we have done
with large customers we are piloting
a new digital platform that will help
small-medium businesses measure
their energy use plus the costs and
emissions from the electricity they use.
This allows them to understand their
emissions profile and identify ways to
reduce it.
The Yashili factory produces more
than 50,000 tonnes of infant formula
for the global marketplace each year,
so it uses a considerable amount of
electricity and gas. Its vision is to be an
energy efficiency leader in its industry,
ultimately becoming a net zero dairy
processing plant.
Yashili has been working with Genesis
for several years, not only supplying
energy but also helping measure
energy use and find ways to drive
efficiency. In 2019, we installed 140
energy monitoring sensors on site
as part of an Energy Insights trial.
That was our first look into the way
energy was used at the Pokeno factory.
In November 2020, Genesis and
Yashili began working together on a
decarbonisation road map which sets
out a strategic, technical, and financial
path to carbon neutrality, which will
allow Yashili to apply for Government
funding for fuel-switching and
decarbonising technology. In January
this year, we completed a site-wide
energy audit (in partnership with DETA
Consulting), which will help Yashili
reach its goal of reducing carbon
emissions by 20% over the next five
years from its 2020 baseline.
As New Zealand charts a path to a
low carbon future, Genesis has an
important role to play in not only
reducing our own emissions but
helping high emitting sectors and
our customers do the same.
Yashili: a roadmap to
net zero emissions
The future is low carbon
for dairy giant Yashili,
after the team at their
Pokeno factory has
worked with Genesis on
a comprehensive energy
audit and decarbonisation
roadmap.
Reduced emissions
over the next 5yrs
The energy audit produced suggestions
for changes which could reduce
power use by 13,845,200 MWh, an
18.8% overall reduction. That’s the
equivalent of removing 3,000 tonnes
of CO
2
and would save the company
around $650,000 each year. Some of
the recommendations have already
been implemented, and Yashili is now
saving $50,000 a year and reducing
its use of natural gas, water and
concentrated chemicals.
“We’ve recently had a report on
our progress, which is a very good
piece of work, because it gives us
an exhaustive list of opportunities
we could implement to achieve our
decarbonisation roadmap,” says
Remy Charbonnel, Yashili Operations
Director. “The next steps are not easy
– it’s extremely complicated and capex
demanding. But we now have a very
good picture of what is feasible, as well
as market trends and environmentally
friendly new technologies. This is
a massive challenge, and we are
only at the beginning.”
20%
↓
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Research has identified three main
barriers to EV uptake as cost, driving
range and charging infrastructure.
The government has started the push
to get more New Zealanders into EVs
with a rebate scheme on new and
used EVs. At Genesis we’ve focused on
overcoming the other two barriers.
Research we did this year with the
UMR research company showed 68%
of New Zealanders expect climate
change to have a lot or reasonable
impact on the way they live and work
over the next 10 years. But underlining
the challenge ahead, 41% said they
don’t have the information they need to
reduce their personal or household
carbon footprint and 17% not only don’t
have the information, they don’t know
where to find it.
Energy retailers have a crucial role
to play in filling that information gap.
Developing the tools and information
that our customers can use to manage
their usage and reduce their footprint
is an established part of our operating
rhythm. Our Energy IQ platform
continues to evolve in providing
household customers insights and tools
to help better manage their energy
use, control their costs and lower their
environmental impact.
We’re also providing data that enables
customers to make decisions via smart
meters. In recent years, our smart
meter electricity customers have had
access to a wealth of features that
allow them to manage their use hourly,
forecast their consumption, provide
usage spike alerts and a breakdown of
their consumption at an
appliance level.
One feature recently introduced allows
customers to understand what times
during the day have high or low carbon
generation nationwide allowing them
to plan their use to reduce carbon
emissions. By using smart meter data,
we are able to let customers know
at an hourly level how much of their
consumption was high or low carbon
giving them the insights to plan and
optimise their usage.
In a New Zealand first, we also stated
rolling out smart meters for reticulated
gas customers in May, after two
trials earlier in the year. Nearly 600
customers now have them installed
with a further 6,000 expected to be in
place by the end of this year. The goal
is to have 90,000 more rolled out by
mid-2024. The meters mean there are
no longer any estimates in billing and
manual meter readings are no longer
required. Customers are able to see
their daily usage and we are working
to fully integrate EIQ features so
they have full visibility across all their
energy use.

Reducing Transport
Emissions
Energy IQ keeps
driving change
With transport accounting for
approximately 20% of the country’s
emissions we see a key role for
electricity to help decarbonise the
sector, particularly private vehicles.
Smart metering allows
smart choices
Over the last year we conducted a
trial with a select group of customers
to understand their needs, behaviour
and usage. The trial involved overnight
recharging at home, which is not
only the most affordable time, but
it also has the least emissions. We
saw behavioural changes with
many customers shifting the use of
appliances such as dishwasher and
washing machines to the same off-peak
times. As a result, we have developed
a plan providing EV owners 50% off the
cost of electricity between the hours
of 9pm – 7am. We’ve seen a 6% shift in
consumption from on-peak to off-peak
so far.
We’ve built on this by piloting a New
Zealand first ‘charge anywhere’ option.
This allows Genesis customers to
recharge their car at any public
recharging station and have it billed to
their Genesis account. It is designed to
solve range anxiety and the cost of
public charging that some EV owners
are concerned about. It has proven to
be a clear differentiator with 95% of
customers saying they would stay with
Genesis due to this product and
44% saying they would recommend
it to others.
Customers can compare their energy
usage with others, see what areas of
their home consume the most power,
and monitor emissions when they use
their electricity. This year, we have also
given customers more tools to better
forecast and understand their
upcoming electricity bills. Over the
financial year there were more than
11.6 million interactions with Energy IQ
features, 275,000 unique users,
585,000 views of the new billing
insights feature (since April) and more
than 100,000 energy saving
tips provided.
In addition to the insights it provides,
Energy IQ (EIQ) continues to take more
pain points away from customers and
streamline services across the board
from moving home, to paying bills and
ordering deliveries. Energy IQ is
playing a key role in providing
customers with the insights they need
to make informed decisions and that
will only grow as more New Zealanders
understand they have a role to play as
individuals and households in a
successful transition to a low
carbon future.
100K+
energy saving
tips provided
11.6 million
interactions with Energy IQ features
585,000
views of the new billing insights feature
(since April)
275,000
unique users
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Our people
are our strength

Product innovation, operational
excellence and constantly finding new
ways to do things better are core to
who we are. As we grow and evolve as
an organisation, we want our people to
do so too.
We believe diverse teams bring diverse
thinking and deliver better results.
Work continues in closing the gender
pay and leadership gaps. There was
slight improvement this year with the
total gender pay gap closing by 1.7% to
35.5% and the pay equity gap dropped
from 1.9% to 1.7%. The leadership
progression gap widened slightly to
55% male, 45% female
(see graph).
Data like this is available on
dashboards that anyone in the
business can access, an initiative put in
place by our 14-person Diversity and
Inclusion Council.
Refreshed benefits
We also transitioned to a new suite of
benefits for our permanent employees.
We worked hard to design a refreshed
package that ensured our people
were getting the best value from our
comprehensive benefits portfolio. In
this review we considered the survey
feedback from nearly two-thirds
of staff. The improvements, across
insurance, medical support and
wellbeing, KiwiSaver contributions and
our employee energy discount, ensure
our benefits remain meaningful and
provide peace of mind to the Genesis
team and their families.

Flexing as a team
Our flexible way of working is a
strategic enabler of our diverse
and high performing teams. Many
organisations talk about leadership
from the top down. At Genesis we lead
from the inside out. No person in the
business has an office. Look around
and you’ll find our senior leaders
sharing workspace as part of our open
plan culture. This supports integrity
and inclusivity and enables them to
lead by example and be among the first
to hear and share breakthrough ideas,
successes and failures.
Flexible working is well established and
is based on four principles – team first,
manaaki (care) for yourself and others,
be adaptive and take responsibility for
your outcomes. Now, 41% of staff are
working out of the office between two
and four days a week.
It’s not just in Auckland that this
happens. For 18 months, half of
our customer service reps (CSR)
have worked from home in various
locations across the North Island,
around 40 CSRs and 2 team leaders.
Last October we introduced flexible
hours that enabled our CSRs to work a
schedule so they could attend personal
and family events such as school
assemblies and sports days. This may
sound straight forward but in a contact
centre where everything is rostered
and structured it was quite a change
to implement and is working for our
people and our business.
Adaptive leadership
Having the right type of leaders across
the business is an important part of our
future success. We operate in a rapidly
evolving environment where, more
than ever, we need leaders at different
levels who are capable of adapting and
have a growth mindset.
Our challenge is to continually balance
the need to transform our business for
the long term with the need to perform
and deliver on multiple fronts in the
short term. To help us achieve that
we launched the Adaptive Leaders
Programme. This is strengthening
our ability to navigate and handle the
complexities of change and develop
high performing teams that are aligned,
empowered and accountable.
The course is held over four months
and runs in cohorts of 15 people
from across the business. They are
encouraged to get out of their comfort
zone, be honest with themselves and
apply what they learnt to help their
teams grow also. So far, more than 90
leaders have successfully completed
the course and we are already seeing
the results ripple across the business.
Innovation in action
Innovation thrives across the business.
Our people are always seeking new
and innovative ways of engaging our
customers, operating our assets and
working smarter to be able to create
value from uncertainty.
This year, our Predictive Analytics team
won the Innovation category at the
national Energy Excellence Awards for
a project that saw two key people from
different teams identify an opportunity
to improve the operation of our sites.
Lin-Yi Chou is a data scientist, Michael
Eschenbruch an engineer. The pair
came together at a company hackathon
proposing the concept of creating a
predictive analytics model to help with
maintenance at different plants. Lin-Yi
has developed a front-end software
programme that site staff and others
with no specialist data or programming
skills can select and prepare sensor
data points and then build them into
predictive models. The parts of a site
to be monitored were identified by
Michael and he translated years of data
for Lin-Yi to use.
Initially they thought they might need
20 or 30 models. Now, there are over
1200 examining historical and current
data from thousands of sensors across
Genesis’ hydro generation sites. The
models identify plant anomalies,
reducing downtime and maintenance
costs and allowing more time to plan
safe and effective remedial work.
Using data analytics like this is market
leading internationally and within the
New Zealand energy sector. The next
step is moving it to the cloud.
Across Genesis, every team member,
whatever their role, carries our
reputation with them each day in
advocating for the business and
providing value to our customers
and communities. Across every site
and office, our success depends on
building a business where people feel
proud to work for us and genuinely
care about each other. We look forward
to continuing to meet and exceed
the expectations of our shareholders,
customers, partners and other
stakeholders.
The council has had a busy 12 months.
They have updated our diversity and
inclusion policy and started delivery
of their strategy which has made its
presence felt. The aims are to promote
and raise awareness of our diversity,
grow our cultural capability, strengthen
our connection with the Rainbow
community and develop a sense of
belonging to a Genesis family. We’ve
started the process toward earning
the Rainbow Tick, developed a Te Reo
resource for staff and we celebrate
cultural dates of significance.
Our industry is constantly
changing – driven by market
dynamics, technology shifts and
evolving consumer needs.
1200+
historical and
current data
models
35.5
%
FY20 37.2%
1.7
%
FY20 1.9%
Total Gender Gap
Leadership Progression Gap
Pay Equity Gap
55
%
45
%
Senior leadership roles
Males

Females
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An overview of our highest-rated climate-related risks and opportunities
are included in the table below. Each category has been assessed according
to the most relevant timeframe and level of potential impact.
Risk categoryRisk/Opportunity Type of riskTimeframeImpact rating*
Regulatory changes that impact
thermal generation
Risk & some
opportunity
TransitionalShort term
(1-10 years)
Moderate
Environmental and physical
changes that impact thermal
generation
RiskPhysicalShort term
(1-10 years)
Moderate
Consumer and investor
preference, and perception of
other stakeholders, impacting
our operating landscape
Risk & some
opportunity
TransitionalShort to Medium term
(1-20 years)
Moderate – High
Technological disruptionRisk & opportunity TransitionalShort to Medium term
(1-20 years)
High
Long-term climate changes
that impact hydro generation
Risk & opportunityPhysicalLong term (gradual
increase in likelihood over
next 20-30 years)
High
Acute climate events causing
damage to critical infrastructure
and assets
RiskRiskLong term (gradual
increase in likelihood over
next 20-30 years)
High
1.a. Describe the climate-related risks
and opportunities the organisation has
identified over the short, medium, and
long term
1.b. Describe the impact of climate-
related risks and opportunities on the
organisation’s businesses, strategy,
and financial planning.
Genesis’ strategy is centred around the
role that Genesis plays in the energy
markets today and in New Zealand’s
transition to a low carbon future,
encapsulated by our new company
purpose of “Empowering New Zealand’s
Sustainable Future”. This includes:
• the Future-gen programme
to displace baseload thermal
generation with renewable energy
and increase portfolio flexibility;
• providing essential back up to
New Zealand’s renewable electricity
system; and
• giving insights to our customers
to help them make well informed
energy choices.
• The outcome of the arbitration
with Beach Energy has no impact
on our climate related risks and
opportunities.
Our assessment of climate risks
highlights some of the key risks and
opportunities faced by Genesis over
the short-, medium-, and longer-term.
Our strategy and plans are intended
to minimise the risks and maximise
the opportunities.
1.c. Describe the resilience of the
organisation’s strategy, taking into
consideration different climate-
related scenarios, including a 2°C
or lower scenario.
Scenario planning is an integral part of
Genesis’ strategic planning process.
Our scenarios consider a range of
different possible futures, including
different climate transition pathways
covering 1.5°C, 2°C, and 4°C scenarios.
These scenarios are used when
reviewing the overall strategy and
when making major investments to
ensure the resilience of the business
across a range of different climate and
market outcomes.
The timeframes used when considering
climate risks are significantly longer
than the normal planning horizon:
• Short Term: one to 10 years
• Medium Term: 10 to 20 years
• Long Term: 20+ years
Regulatory changes that impact
thermal generation: Changes to
market mechanism or other regulatory
interventions could have an adverse
impact on the value of thermal
generation assets. Mitigating this risk
is our diverse range of generation
assets and the Future-gen programme
to actively transition the role of
thermal generation in our portfolio.
Also, regulatory changes that drive
electrification increase demand in our
main core market.
Environmental and physical changes
that impact thermal generation:
Operation of the Huntly Power
Station could be impacted by physical
changes in the environment both acute
and chronic. An example of this is a
potential reduction in cooling capacity
due to heating events in the Waikato
River. The shorter term rating of this risk
recognises the changing role of thermal
generation in our portfolio and the
impact of the Future-gen programme.
Consumer and investor preference,
and perception of other stakeholders,
impacting our operating landscape:
Potential shifts in investor, customer
and stakeholder sentiment around
carbon emissions could create
brand and reputation risks with
consumers and other stakeholders.
The introduction of our science based
target consistent with a 1.50C climate
outcome by 2025, supported by the
delivery of the Future-gen programme,
provides mitigation with a clear target,
although failure to meet the target also
represents risk to Genesis.
Technological disruption: The global
energy transition is driving innovation
and rapid changes in technology. The
effects could potentially disrupt the
energy industry, existing assets, and
incumbent participants. Conversely,
many of the key trends of the energy
transition, in particular electrification
as a means of decarbonisation, are
potential opportunities to existing
energy businesses.
Long-term climate changes that
impact hydro generation: Long-
term changes in the climate could
alter the inflows or operations of
hydroelectric generation assets,
which are dependent on weather
patterns and environmental factors
for successful operation.
The Task Force on Climate-related
Financial Disclosures (TCFD)
Strategy
He rautaki
Strategy
He rautaki
An extensive disclosure was made in the annual report for FY20 much of which remains valid for this financial year. This
disclosure focuses on the elements of our climate risk assessment or framework that have changed since the previous
disclosure.
*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.
Acute climate events causing damage
to critical infrastructure and assets:
Infrastructure assets and physical
sites across the country are subject
to potential impact from severe
weather events, which may increase in
frequency and intensity with climate
change. Genesis maintains a thorough
risk review and maintenance plan
across all sites and facilities, however,
this risk is noted as in the longer term
the extremity of events may exceed
current design limits.
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4.a. Describe the organisation’s
processes for identifying and
assessing climate-related risks.
Climate-related risks are a subset of
the Genesis’ overall risk management
process. Risks are identified and
assessed by the Risk and Strategy
teams, under the supervision of the
Group Manager Strategy and Risk. The
Group Manager Strategy and Risk
reports to the Chief Financial Officer.
Risk specialists are tasked with
constant research and market analysis
to monitor the Company’s risk
landscape to identify new, emerging
or developing risks.
Using defined climate scenarios, the
Risk and Strategy teams work with key
experts from across the business to
identify a wide range of climate-related
risks and opportunities. These are then
categorised and assessed using a form
of the Risk Matrix adapted for use with
longer-term climate risks. The results
of the risk assessment are reviewed
and approved by the Executive Team
and incorporated into corporate risk
management systems.
4.b. Describe the organisation’s
processes for managing climate-
related risks.
The management of physical
climate-related risks is similar to
other event-driven risks, for example
weather, seismic and 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.
The nature of transitional climate-risks
is similar to other ‘strategic risks’ and
as such 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
and scenarios, designed to proactively
identify associated risks.
4.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 incorporated
into Genesis’ comprehensive risk
identification and assessment
framework and process as defined by
the Risk Management Policy. These
processes result in a comprehensive
register of risks that are actively
managed. Risks that are rated as
“extreme” or “high” are reviewed
six-monthly by the Audit and Risk
Committee of the Board.
The Task Force on Climate-related Financial Disclosures (TCFD)
Risk Management
Whakatūpato Tūraru
3.a. Describe the Board’s oversight
of 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, including
climate risk. 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.
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. This year as part
of the regular review of policies,
“climate risk” was explicitly added
as a category of risk in the Genesis Risk
Management Policy.
3.b. Describe management’s role in
assessing and managing climate-
related risks and opportunities.
Climate-related risks are a key
component of Genesis’ long-term risk
management and factor into all
risk-based policies and frameworks. As
New Zealand’s largest energy retailer
and owner of some of New Zealand’s
largest hydro and thermal 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 aspect of the business
and these risks are managed from
senior leadership down through
the business.
Governance
He mana whakahaere
Metrics and Targets
Ngā Whāinga
Genesis' Scope 1, 2 and 3
emissions (FY21) (tCO2e)
75.62%
Scope 1
Scope 2
24.38%
Scope 3
6 0.1 3 %
Stationary
combustion
15.46%

Swaptions
21.0%
Gas
3.37%
LPG
0.031%
Mobile combustion
0.003%
Fugitive emissions
Scope 1
0.005%
Electricity Consumption
2.a. Disclose the metrics used by
the organisation to assess climate-
related risks and opportunities in
line with its strategy and risk
management process.
Genesis breaks out Scope 1 emissions
into those attributable to supply
contracts (swaptions) with other
generators, further enhancing
transparency about the carbon
footprint of the New Zealand
electricity market.
2.b. Disclose Scope 1, Scope 2, and if
appropriate, Scope 3 greenhouse gas
(GHG) emissions, and the related risks.
This is the second year 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 94).
2.c. Disclose the targets used by
the organisation to manage climate-
related risks and opportunities and
performance against targets.
Genesis uses targets verified by the
Science Based Targets initiative (SBTi)
and tied to the international benchmark
of 1.5°C. Our target is to remove more
than 1.2m tonnes of carbon over the
next five years, we aim to reduce
Scope 1 and 2 emissions by 36% and
reduce absolute Scope 3 emissions
from use of sold products 21% by 2025.
These are explained on page 14 of the
annual report.
We note that the unfavourable
outcome of the Beach arbitration
process in August 2021 does not impact
the Company’s carbon reduction
targets or our ability to deliver against
these targets. This is because the
emissions under the gas supply
agreement that was the subject of the
dispute have always been included in
our TCFD reporting.
Scope 1, 2 and 3 emissions (tCO2e)
ScopeCategoryFY21 tCO
2
e
Direct emissions
(Scope 1)
Stationary combustion attributable to
thermal generation
3,132,879
Attributable to supply contracts (swaptions) 805,398
Subtotal Stationary Scope 1 3,938,277
Mobile combustion 1,624
Fugitive emissions 162
Scope 1Subtotal Scope 1 3,940,063
Indirect emissions
(Scope 2)
Electricity consumption (location based) 262
Subtotal Scope 2 262
Scope 1 & 2Subtotal Scope 1 & 2 3,940,325
Indirect emissionsWaste generated in operations 26
(Scope 3)Business travel 215
Use of sold products - LPG Retail
1
128,665
Use of sold products - LPG Wholesale
1
46,838
Use of sold products - Gas Retail 441,033
Use of sold products - Gas Wholesale 653,421
Subtotal Scope 3 1,270,198
Scope 1, 2 & 3Total 5,210,523
1. Calculated using NZ Emissions Trading Scheme (ETS) emission factors, not the Ministry for the Environment's
emission factors.
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
4041

Your Board of Directors
Ko tō tātou poari
CONTACT THE BOARD
If you have a comment
or question, please email
the Board on: board@genesisenergy.co.nz
Barbara Chapman joined the Genesis Board in
May 2018 and assumed the role of Chairman in
October 2018.
Barbara is also the Chair of NZME and a director
of Fletcher Building, and is the deputy-Chair of
The New Zealand Initiative. Barbara is the Chair
of the APEC CEO Summit Committee and co-Chair
of the APEC Business Leadership Group.
Barbara served as Chief Executive and Managing
Director of ASB Bank for seven years and has
worked in a variety of financial services executive
roles in New Zealand and Australia. She is a
former Chair of Oxfam New Zealand, a former
director of IAG New Zealand, has served on the
Board of Supervisors for Oxfam International, and
was a previous Chair of the New Zealand Equal
Opportunities Trust.
Barbara was named New Zealand Herald’s Business
Leader of the Year in 2017 and was named the
inaugural INFINZ Diversity and Inclusion Leader
in 2018.
Barbara was awarded a Companion of the
New Zealand Order of Merit (CNZM) for services
to business in the 2019 New Year Honours List.
Catherine Drayton
BCom, LLB, FCA
Doug McKay
ONZM, BA, AMP (Harvard)
CHAIRMAN
Barbara Chapman
CNZM, BCom, CMInstD
Catherine Drayton joined the
Genesis Board in March 2019.
She is the Chairman of the
Company's Audit and Risk
Committee.
She is currently the Chair of
Christchurch International
Airport Limited, Guardians
of NZ Superannuation and
Mint Innovation Limited. She
is also a Director of a number
of other entities including
Southern Cross Medical Care
Society and Southern Cross
Healthcare Limited.
Her former directorships
include Ngai Tahu Holdings
Corporation, Powerbyproxi
Limited, Beca Group Limited
and Meridian Energy Limited.
Catherine's executive
career culminated in
leading the Assurance
and Advisory practice for
PricewaterhouseCoopers for
Central and Eastern Europe
(excluding Russia). Catherine
is a Fellow of Chartered
Accountants New Zealand
and Australia.
Doug McKay joined the
Genesis Board in 2014 and is
Chairman of the Company’s
Human Resources and
Remuneration Committee.
He is also a member of the
Company’s Nominations
Committee.
Doug is Chairman of the Bank
of New Zealand and the Eden
Park Trust Board and has
directorships with National
Australia Bank (NAB), IAG
New Zealand Limited and
Fletcher Building Limited.
Doug began his career with
Procter & Gamble, working
in a number of roles both in
New Zealand and overseas.
He subsequently worked
in Managing Director and
Chief Executive roles for Lion
Nathan, Carter Holt Harvey,
Goodman Fielder, Sealord and
Independent Liquor, where he
was also Chairman.
Doug was the inaugural Chief
Executive of the amalgamated
Auckland Council until the
end of 2013.
Tim Miles
BA
James Moulder
BA, BCA
Maury Leyland Penno
BE (Hons), FEng, CMInstD
Paul Zealand
MBA, BSc Mech. Eng (Hons)
Tim Miles joined the Genesis
Board in November 2016 and
is a member of the Company's
Human Resources and
Remuneration Committee and
the Nominations Committee.
Tim began his career with
IBM and later joined Data
General Corporation, rising
to Director of Marketing –
Asia Pacific. He then joined
Unisys Corporation in various
senior executive roles before
taking up roles as the Chief
Executive Officer of Vodafone
New Zealand, the Chief
Executive Officer of Vodafone
UK and the Vodafone Group
Chief Technology Officer.
Upon returning to New
Zealand, Tim was Managing
Director of listed agricultural
group PGG Wrightson before
taking up a role as Chief
Executive Officer of Spark
Digital, playing a key role in
Spark's transition to becoming
New Zealand's leading digital
services provider.
Tim is a Director of UDC
Finance, Nyriad Limited,
Chairman of Gut Cancer
Foundation and ASX listed
company oOh!media Limited.
Tim has also served as a
Director of Goodman Property
and Chair on the Advisory
Boards of Revera Ltd and the
CCL Group.
James Moulder joined the
Genesis Board in October
2018 and is a member of the
Company's Audit and Risk
Committee.
James has strong governance
experience having held a
number of non-executive
Board and Advisory Board
positions.
He was Chairman of the
Electricity Authority’s Market
Development Wholesale
Advisory Group, and
previously chaired the
NZ Electricity Commission:
Market Development Advisory
Group.
James’ previous directorships
include CO2 New Zealand
Limited, Rodney Properties
Limited and Bosco Connect.
He has held executive
leadership positions with
Mighty River Power including
leading its Mercury Energy
business.
More recently James
has been involved in the
commercialisation of large
data sets in New Zealand,
Europe and the US, coupled
with the development of a
carbon asset management
business in Australia.
Maury Leyland Penno joined
the Genesis Board in 2016. She
is a member of the Company's
Audit and Risk Committee,
and the Human Resources and
Remuneration Committee.
Maury is Chair of The
Education Hub, a non-profit
organization and Trust
Codes. She is a director and
shareholder of a number of
privately held companies
across the food industry. She
has been a Director of Spark
New Zealand and Transpower
New Zealand. She is a Fellow
of Engineering New Zealand
and a Chartered Member
of the Institute of Directors.
Maury worked at Fonterra
from 2005 until 2016, most
recently as a member of the
executive team in the role
of Managing Director for
People, Culture and Strategy.
Earlier in her career, Maury
worked as a consultant with
the Boston Consulting Group
and as an engineer for Team
New Zealand.
Paul Zealand joined the
Genesis Board in October
2016 and is a member of the
Company's Human Resources
and Remuneration Committee
and the Nominations
Committee.
Paul is a professional director,
currently sitting on the Boards
of New Zealand Refining
Company Limited, Lochard
Energy and Port Nelson
Limited.
Paul has over 40 years'
international experience
in the oil and gas sector.
His executive roles have
included Country Chairman
of Shell New Zealand and
Chief Executive Officer of the
upstream oil and gas business
of Origin Energy in Australia.
Through these roles Paul
developed skills in strategic
business management,
health, safety of
environmental management,
operational risk, and the
commercial management
of complex assets.
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
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4243

Chris Jewell
Chief Financial Officer
BE (Hons), MEM, CIMA
James Magill
Chief Digital Officer
BSc (Hons), Dip Corp Finance,
MBA (Melbourne/Madrid)
Matthew Osborne
Chief Corporate Affairs Officer
BCom, LLB
Your Executive team
Ko tō tātou tira ārahi
Chris Jewell joined the
Genesis Executive Team in
2013 as General Manager
Portfolio Management and
was appointed Chief Financial
Officer in 2016. In 2019 his role
was expanded to Executive
General Manager of Strategy.
Chris is responsible for leading
the Company’s strategy
formulation and overseeing
all finance functions, treasury,
tax, risk, corporate finance,
mergers and acquisitions, and
investor relations.
Chris brings significant
senior leadership experience
in the energy sector across
the disciplines of markets,
infrastructure investment and
asset operations. Chris sat on
the Electricity Governance
Board and remains a Director
of Kupe Ventures Limited.
He previously worked in the
telecommunications and
infrastructure sectors in the
United Kingdom.
In 2020 Chris was appointed
to Co-chair the 2050 Low-
Carbon Energy Strategy
commisioned by the
Aotearoa Circle.
James Magill joined Genesis
in October 2016 as Executive
General Manager, Customer
and Innovation. In 2019, his
role expanded to Executive
General Manager, Retail
Markets.
On 1 September, 2020, James
took up the role of Chief
Digital Officer. James is
accountable for technology
and data transformation
across the business. In
addition, he leads the Energy
Online brand and Genesis'
Commercial and Industrial
customers, as well as the
development of energy
management products
and services.
James brings broad
experience in strategy, M&A,
retail and technology to
Genesis. He has international
experience having worked in
North America, the UK and
Australia prior to joining NZ.
Matthew Osborne joined
Genesis in May 2018 as
General Counsel and
Company Secretary and was
appointed Chief Corporate
Affairs Officer in October
that year.
Matthew is responsible for
legal, regulatory, government
relations, sustainability,
corporate relations,
compliance and company
secretarial functions.
Having worked in a number
of international markets, he
brings significant experience
in executing business strategy
and in providing specialist risk
management, commercial,
legal and regulatory advice.
Prior to joining Genesis,
Matthew held senior legal
and governance roles with the
Vodafone Group in the Middle
East and Ireland.
Nigel Clark
Chief Operations Officer
BBus (Acc), Dip Treasury Mgmt.,
FCPA, FAICD, CFTP (Snr)
Tracey Hickman
Chief Customer Officer
MA (Hons)
Nicola Richardson
Chief People Officer
BA (Hons)
Nicola Richardson joined the
Executive team in 2016. She
is responsible for the people
and culture focus of Genesis,
including recruitment,
talent development, cultural
change, Agile, property and
procurement.
Nicola’s leadership focuses
on creating a high performing
and adaptive culture that
embraces empowerment,
inclusion and wellbeing.
She has strong international
experience through prior
senior people leadership roles
in the financial services, real
estate, manufacturing and
human resource consulting
sectors in the United
Kingdom, Asia and New
Zealand.
Nigel Clark joined Genesis in
October 2016 as Executive
General Manager Customer
and Service Operations. In
2019, Nigel took on a new
portfolio as Executive General
Manager Wholesale
Operations and Kupe
Joint Venture.
In this role Nigel is responsible
for driving value creation from
our electricity generation
assets, environmental
management, community
relations, our Kupe Joint
Venture investment and
leading safety and wellness
across Genesis.
Nigel brings deep executive-
level energy sector experience
to Genesis. He has held
Managing Director and Chief
Financial Officer roles within
Australia’s energy sector.
Nigel is motivated to lead
transformational change that
delivers real sustainability
improvements through
direct, transparent and brave
leadership.
He served on the Snowy
Hydro Board as a Director
from 2015 to 2019.
Tracey Hickman joined
the Genesis Executive
Team in 2012. In 2019, she
took on a new portfolio as
Executive General Manager
Retail Operations. Prior
to moving into the Retail
business, Tracey led Genesis’
Generation, Wholesale and
Fuels portfolio businesses as
Executive General Manager.
In her current role, Tracey is
accountable for the Genesis
Retail brand (mass market
end to end), as well as LPG
and Customer Operations in
support of both retail brands.
She brings over 25 years of
energy sector experience to
the Executive team, having
worked in senior leadership
roles across multiple areas
including environmental
management; stakeholder/
Iwi relations; generation
maintenance and operations;
asset, safety and risk
management; and information
technology operations.
Marc England joined Genesis in May 2016. He is
responsible for the leadership, strategic direction
and management of all its business interests.
Prior to joining Genesis, Marc was Executive General
Manager New Energy at AGL Energy in Australia
and also previously held the role of Group Head
of Strategy.
Marc has 13 years’ experience in the energy
sector across three markets, having also worked
at British Gas, a subsidiary of Centrica Plc, in the
UK from 2007.
Earlier in his career Marc held a number of corporate
finance roles at Ford Motor Company and prior to
that was a Petroleum Engineer for Halliburton Energy
Services in the Middle East and United States.
Marc has a Master of Engineering in Mechanical
Engineering and European Studies and an MBA.
CHIEF EXECUTIVE
Marc England
MBA, MEng
GENESIS ANNUAL REPORT 2021 / WHO WE ARE
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4445

4647
GENESIS ANNUAL REPORT 2021 / CONSOLIDATED FINANCIAL STATEMENTS
GENESIS ANNUAL REPORT 2021 / CONSOLIDATED FINANCIAL STATEMENTS
Consolidated financial statements
For the year ended 30 June 2021
Consolidated
financial statements
Consolidated comprehensive
income statement
47
Consolidated statement of
changes in equity
48
Consolidated balance sheet49
Consolidated cash flow statement50
Notes to the consolidated financial
statements
General information and significant matters51
A. Financial performance
A1. Underlying EBITDAF and underlying earnings53
A2. Arbitration decision in respect of a carbon liability dispute53
A3. Segment reporting53
A4. Revenue56
A5. Depreciation, depletion and amortisation57
A6. Income tax57
B. Operating assets
B1. Property, plant and equipment58
B2. Oil and gas assets60
B3. Intangible assets61
C. Working capital and provisions
C1. Receivables and prepayments64
C2. Inventories64
C3. Payables and accruals64
C4. Provisions65
D. Group structure
D1. Subsidiaries and controlled entities66
D2. Joint operations66
D3. Share in associates and joint ventures66
E. Funding
E1. Capital management 67
E2. Share capital67
E3. Earnings per share67
E4. Dividends 67
E5. Borrowings68
E6. Finance expense69
F. Risk management
F1. Derivatives72
F2. Price risk73
F3. Interest rate risk73
F4. Foreign exchange risk74
F5. Impact of derivatives on the income statement and equity74
F6. Sensitivity analysis for each type of market risk75
F 7. Liquidity risk75
F8. Fair value measurement76
G. Other
G1. Share-based payments78
G2. Related party transactions78
G3. Auditor's remuneration79
G4. Capital commitments79
G5. Contingent assets and liabilities79
G6. Subsequent events79
Ngā Tauākī Pūtea Tōpū
Consolidated comprehensive income statement
For the year ended 30 June 2021
Note
2021
$ million
2020
$ million
RevenueA3, A43,221.22,591.5
ExpensesA3(2,810.4)(2,235.9)
Arbitration decision in respect of a carbon liability dispute
2021 emission costsA2, A3(16.6)-
2020 emission costsA2, A3(15.2)-
2018 and 2019 emission costsA2. A3(18.0)-
Reimbursement of other associated costsA2. A3( 3.1 )-
Earnings before net finance expense, income tax, depreciation, depletion,
amortisation, impairment, fair value changes and other gains and losses
(EBITDAF)
3 5 7. 9355.6
Depreciation, depletion and amortisationA5(196.9)(209.8)
Impairment of non-current assetsB1, B3-(3.0)
Revaluation of generation assetsB12 7. 9-
Change in fair value of financial instrumentsF5(86.8)(0.6)
Share of associates and joint ventures1.3(1.2)
Other gains (losses)3.3(8.8)
Profit before net finance expense and income tax 106.7132.2
Finance revenue0.40.2
Finance expenseE6(59.9)( 70.8)
Profit before income tax4 7. 261.6
Income tax expenseA6(13.7)(15.6)
Net profit for the year33.546.0
Other comprehensive income
Change in cash flow hedge reserveF5(6 .1 )24.1
Income tax (expense) credit relating to items above1.7(6.7)
Total items that may be reclassified to profit or loss(4.4)1 7.4
Change in asset revaluation reserveB1163.6-
Income tax expense relating to items above(45.8)-
Total items that will not be reclassified to profit or loss1 1 7. 8-
Total other comprehensive income for the year113.41 7.4
Total comprehensive income for the year146.963.4

Earnings per share (EPS) from operations attributable to shareholders Cents Cents
Basic and diluted EPSE33.22 4.47
The above statement should be read in conjunction with the accompanying notes.

4849
GENESIS ANNUAL REPORT 2021 / CONSOLIDATED FINANCIAL STATEMENTS
GENESIS ANNUAL REPORT 2021 / CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of changes in equity
For the year ended 30 June 2021
Note
Share
capital
$ million
Share-
based
payments
reserve
$ million
Asset
revaluation
reserve
$ million
Cash flow
hedge
reserve
$ million
Retained
earnings
$ million
Total
$ million
Balance as at 1 July 2019597.6 1.7 1,398.2 (59.7)207.22,145.0
Net profit for the year - - - - 46.046.0
Other comprehensive income
Change in cash flow hedge reserveF5 - - - 24.1 - 24.1
Income tax expense relating to other
comprehensive income
- - -(6.7) - (6.7)
Total comprehensive income for the year - - -1 7. 446.063.4
Revaluation reserve reclassified to retained
earnings on disposal of assets
- - (0.2) - 0.2 -
Hedging gains and losses transferred to the
cost of assets
F5 - - - (0.5) - (0.5)
Income tax on hedging gains and losses
transferred to the cost of assets
- - - 0.1- 0.1
Changes associated with share-based
payments
0.10.1 - - - 0.2
Shares issued under dividend
reinvestment plan
E237.3 - - - - 37.3
DividendsE4 - - - - (175.7)(175.7)
Balance as at 30 June 2020635.0 1.8 1,398.0 (42.7)7 7. 7 2,069.8
Net profit for the year----33.533.5
Other comprehensive income
Change in cash flow hedge reserveF5---(6.1)-(6.1)
Change in asset revaluation reserveB1--163.6--163.6
Income tax (expense) credit relating to other
comprehensive income
--(45.8)1.7-(44.1)
Total comprehensive income (expense) for
the year
--1 1 7. 8(4.4)33.5146.9
Revaluation reserve reclassified to retained
earnings on disposal of assets
--(7.3)-7. 3-
Hedging gains and losses transferred to the
cost of assets
F5---(4.4)-(4.4)
Income tax on hedging gains and losses
transferred to the cost of assets
---1.2-1.2
Changes associated with share-based
payments
(0.1)0.4--0.20.5
Shares issued under dividend
reinvestment plan
E21 7. 3----1 7. 3
DividendsE4----(179.6)(179.6)
Balance as at 30 June 2021 652.2 2.2 1,508.5 (50.3) (60.9) 2,051.7
The above statement should be read in conjunction with the accompanying notes.
Consolidated balance sheet
As at 30 June 2021
Note
2021
$ million
2020
$ million
Cash and cash equivalents104.332.5
Receivables and prepaymentsC1339.4235.0
InventoriesC293.298.0
Intangible assetsB355.44.9
Tax receivable1 5.125.0
DerivativesF13 2 0.144.1
Total current assets927.5439.5
Receivables and prepaymentsC14 .13.1
Property, plant and equipmentB13,485.43,367.7
Oil and gas assetsB2293.9307.4
Intangible assetsB3349.5353.4
Investments in associates and joint venturesD321.06.7
DerivativesF1160.5104.5
Total non-current assets4,314.44,142.8
Total assets5,241.94,582.3
Payables and accrualsC3390.5233.6
BorrowingsE5379.719.9
ProvisionsC47.18.9
DerivativesF1404.338.9
Total current liabilities1,181.6301.3
Payables and accrualsC34.38.1
BorrowingsE51,048.11,347.5
ProvisionsC41 5 9.1151.6
Deferred taxA6621.5631.6
DerivativesF1175.672.4
Total non-current liabilities2,008.62,211.2
Total liabilities3,1 9 0. 22,512.5
Share capitalE2652.2635.0
Reserves1,399.51,434.8
Total equity2,051.72,069.8
Total equity and liabilities5,241.94,582.3
The above statement should be read in conjunction with the accompanying notes.
The Directors of Genesis Energy Limited authorise these financial statements for issue on behalf of the Board.
Barbara Chapman
Chairman of the Board
Date 25 August 2021
Catherine Drayton
Chairman of the Audit and Risk Committee
Date 25 August 2021