Genesis delivers EBITDAF of $440m with 44% lower emissions

MARKET RELEASE
Date: 19 AUGUST 2022
NZX: GNE / ASX: GNE
Genesis delivers higher EBITDAF of $440m with 44% lower emissions


Year-ended
June 2022
Year-ended
June 2021
1

Variance
EBITDAF
2
$440.3m $354.6m $85.7m
Net Profit $221.9m $31.7m $190.2m
Earnings Per Share 21.24 cps 3.04 cps 18.20 cps
Full Year Dividend Per Share 17.6 cps 17.4 cps 0.20 cps
Free Cash Flow
3
$263.9m $189.5m $74.4m
Carbon Emissions
5
2.2m t 3.9m t 1.7m t
Customer Net Promoter Score 51 pts 47 pts 4 pts

Genesis Energy (GNE) had a strong year in FY22, demonstrating growing profitability, its highest ever
customer satisfaction score and declining carbon emissions.

The company delivered EBITDAF of $440 million for the year ended 30 June, up 24% from $355 million in FY21,
or 6% up on an adjusted basis
4
. The revaluation of derivative contracts supported an increase in Net Profit to
$222 million.

Genesis declared a final dividend of 8.9 cps, making total FY22 dividends of 17.6 cps. This represents continued
value for shareholders while retaining capability for future investment.

Chief Executive, Marc England, said Genesis demonstrated its role in delivering energy security for New
Zealand as COVID-induced supply chain issues and the conflict in Ukraine created energy crises elsewhere.

“Our fixed price gas supply contracts and coal purchased well in advance of global supply issues have
cushioned New Zealand’s electricity system from price shocks seen elsewhere in the world. More recent
rainfall has also added to a healthy level of hydro energy for the rest of 2022,” says England.

The company remains on track to meet its Science Based Target of sustainably reducing 1.2m tonnes of annual
carbon by FY25 compared to FY20, however, annual emissions will fluctuate depending on weather conditions
and demand-driven use of thermal generation. FY21 saw relatively high emissions, however, FY22 emissions
declined by 1.7m tonnes to 2.2m

5
.

England said that as New Zealand transitions to an even higher level of renewable electricity, thermal back-up
will remain essential to maintain security of supply through the transition, even though it will be used less
often.

1
Due to the implementation of IFRIC agenda decision on configuration and customisation costs incurred in implementing
Software-as-a-Service, FY21 comparable financials have been restated. As a result, prior comparable period (pcp) metrics
may also have changed.
2
Earnings before net finance expenses, income tax, depreciation, depletion, amortisation, impairment, fair value changes
and other gains and losses. Refer to consolidated comprehensive income statement in the 2022 Annual Report for a
reconciliation from EBITDAF to Net Profit after tax.
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
FY21 adjusted for impact of arbitration and carbon Fixed Priced Offer.
5
Scope 1 and 2 GHG emissions.

“Our forecasts show New Zealand’s electricity generation will be 96-98% renewable by 2030, but there will still
be times when it doesn’t rain, the wind doesn’t blow, and the sun doesn’t shine. Huntly can continue to
provide security to the renewable electricity system day to day for the country’s energy consumers to
decarbonise over the long term. However, the security Huntly provides needs to be supported by appropriate
commercial agreements and market settings.

“Market reforms are being implemented overseas to secure back-up generation through the renewable
transition. We have the opportunity now to discuss reforms to ensure an orderly transition.”

Highest ever customer satisfaction

England said it was testament to the commitment of the company’s customer care teams that during a year
made difficult by COVID Genesis received its highest ever interaction Net Promoter Score (iNPS) of 51 pts.
Customer churn also reduced from 16% in FY21 to 13%.

Te Tira Manaaki o Kenehi was established in 2020 to take care of Genesis’ most vulnerable customers. In 2022
over 110,000 were flagged as vulnerable due to age, health, and financial hardship. Using data analytics to
help identify customers who may be experiencing early signs of financial hardship, the team offers a range of
personalised support and referral to specialist agencies.

“Manaaki Kenehi is an example of how customers can be treated with empathy and flexibility to keep their
lights on and homes warm, while also reducing debt,” said England.

Future-gen gains momentum

Genesis’ joint venture with FRV Australia to build up to 500 MW of solar capacity saw teams begin assessing
sites throughout the country. Four high priority sites have been identified and along with FRV we plan to
announce the first construction site by the end of 2022.

A refreshed executive team to lead the transition

Genesis completed a refresh of its executive team with the appointment of James Spence as Chief Financial
Officer and three internal promotions. Rebecca Larking became Chief Operations Officer, Pauline Martin was
appointed Chief Trading Officer, and Peter Kennedy was made Chief Digital Officer.

In June, England announced his resignation after six years with the company. He is moving to Australia to lead
New South Wales electricity distributor, Ausgrid. England’s last day with Genesis will be 14 October 2022.

Chief Customer Officer Tracey Hickman will be interim CEO, until a new CEO is appointed. The Board is well
underway with a formal process to appoint a successor.

FY23 Guidance

FY23 EBITDAF is expected to be around $455 million, subject to hydrological conditions, gas availability, and any
material adverse events or unforeseeable circumstances.

The current Swaption contracts will end in December 2022. Depending on the outcome of negotiations and
market conditions across the second half, there is potential for more variability in current year results than in
previous years.

Guidance also includes an allowance in operating costs relating to the implementation of the new sales, service,
and billing platform. This is subject to final vendor selection and implementation timeframes.

FY23 capex guidance is around $80 million. Long-run outlook for stay in business capital expenditure is $50
million to $70 million.

Key capital expenditure projects include Huntly Unit 4 cold survey, Tuai generator refurbishment and Huntly
Unit 6 refurbishment, capital to support LPG growth and enhance customer experience, and capex for the
digital transformation programme.

No investment decision has been taken on a new Kupe well. Any significant expenditure associated with a new
well would be incurred in FY24.


ENDS



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

For media enquiries:
Estelle Sarney
External Communications Manager
M: 027 269 6383



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 Frank Energy and is one of New Zealand’s
largest energy retailers with more than 470,000 customers. The Company generates electricity from a diverse
portfolio of thermal and renewable generation assets located in different parts of the country. Genesis also has
a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New
Zealand. Genesis had revenue of $NZ2.8 billion during the 12 months ended 30 June 2022. More information
can be found at www.genesisenergy.co.nz

---

New Zealand’s sustainable future
GENESIS ENERGY LIMITED
ANNUAL REPORT 2022

The
has started.
2
GENESIS ANNUAL REPORT 2022 CONTENTS
RUNNING HEADER CONTENT

We are clear on our role and confident in
meeting the challenges ahead for the country,
our customers and ourselves. We know our
success will be New Zealand’s success.
3
GENESIS ANNUAL REPORT 2022 CONTENTS
RUNNING HEADER CONTENT

All
and
businesses
have a role
to play for a
successful
transition.
Kiwis
4
GENESIS ANNUAL REPORT 2022 CONTENTS
RUNNING HEADER CONTENT

We support our customers by
innovating and delivering tools that
enable them to manage their energy
and carbon footprint. This helps
create relationships built on trust,
not a transaction, fundamental to
delivering long term value.
5
GENESIS ANNUAL REPORT 2022 CONTENTS
RUNNING HEADER CONTENT

Build
for the future.
Robotics equipment donated by the School-gen Trust in action at Te Wharekura o Mauao in Tauranga.
6
GENESIS ANNUAL REPORT 2022 CONTENTS
RUNNING HEADER CONTENT

We support our people and the
communities that we are part of during
this time of change. We are working to
create a more equal society so everyone
has the opportunity to help empower
New Zealand’s sustainable future.
7
GENESIS ANNUAL REPORT 2022 CONTENTS
RUNNING HEADER CONTENT

This year, we have made some changes to
the way we report. We know that, as the
country transitions to a low carbon future,
we have an important role to play and want
to be transparent about our strategy, targets,
and our progress towards achieving them.
We know our people, customers, shareholders,
business partners and the wider community want
to understand our challenges and opportunities
and how we create value over the short, medium,
and long term.
To ensure rigour, we have used some guidelines
from the Global Reporting Initiative (GRI) and
the Integrated Reporting Framework (<IR>) to
report on our material environmental, social and
governance activities and to provide a balanced
view of our performance and the direction we
are moving in. This is in addition to reporting on
our climate change risks using the Taskforce for
Climate-related Financial Disclosures (TCFD)
framework, for the third year.
As a result, this report is one of a number of
documents related to FY22 that you can find in
our investor hub on the Genesis Energy website
which include the full TCFD disclosure, Modern
Slavery Disclosure and a report laying out our
approach to sustainability.
With the country now having an Emissions
Reduction Plan that sets the direction for climate
action for the next 15 years, this report lays out our
role and priorities in helping the country achieve
its targets. Key sections are set out to reflect our
purpose to empower New Zealand’s sustainable
future and highlight the key work, challenges, and
results we have achieved in FY22.
We welcome your feedback on this report and any
suggestions to media@genesisenergy.co.nz.
Welcome to our
2022 Annual Report
Who we are
and what we do
13
Results at
a glance
Chair /
CEO letter
14
Consolidated
financial
statements 49
Independent
auditor’s
report 88
Corporate
governance 91
Executive
remuneration 93
Director
remuneration 95
Statutory
disclosures 96
Navigating
the transition
44

Leadership
28
A more equal
society
39
Materiality
Assessment
35
Building a
sustainable
business
23
38
More for
our customers
Sustainability
Framework
Contents
47
Key
sustainability
data
9
11
8
GENESIS ANNUAL REPORT 2022 CONTENTS
RUNNING HEADER CONTENT

29.94%
Natural gas market share
FY21 30.63%
23.2%
LPG market share
FY21 22.6%
1 1 .1 PJ
Gas from Kupe
FY21 10.6 PJ
Waipipi
133
Peak Capacity/MW
Kupe
46
% Share
Huntly
1,204
Peak Capacity/MW
Tongariro
362
Peak Capacity/MW
Waikaremoana
138
Peak Capacity/MW
Hau Nui
9
Peak Capacity/MW
Tekapo
190
Peak Capacity/MW
Who we are and what we do
Genesis is an energy generator
and retailer supplying electricity
and gas to more than 470,000
customers. The geographic
spread and diverse range of
generation assets provide vital
support to the country’s highly
renewable 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.
We choose to participate in markets for the
long term to create value for shareholders in
a sustainable way, and 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.
We understand that the challenge of climate
change creates the need to change some of
the things we do, and we are led by science in
doing so. We have set Science Based Targets
to remove 1.2 million tonnes of carbon by
FY25 tied to the international benchmark of
limiting global warming to below 1.5C. While
we decarbonise ourselves, we are also
focused on helping our customers do the
same by providing market leading products
and services that provide knowledge and
insights so customers can act to manage, and
reduce their carbon footprint.
WHO WE ARE AND WHAT WE DO
471,012
Customers
FY21 474,325
42,513
Shareholders
FY21 42,741
6,481 GWh
Electricity generated
FY21 8,027 GWh
1,204
Full time employees (FTE)
FY21 1,149
9
GENESIS ANNUAL REPORT 2022WHO WE ARE AND WHAT WE DOCONTENTS

How Genesis creates value for all stakeholders
EXTERNAL ENVIRONMENT
We operate in a complex environment of
increased competition, evolving regulation
and an uncertain wholesale market.
Regulation
Evolving regulation as the
country’s path to net zero
2050 becomes clearer and the
demand for electricity rises.
Covid-19
Managing on-going
uncertainty caused
by the pandemic.
Climate Change
Impacts from climate
change and identifying
ways to combat it.
Reporting transparency
Increasing focus on ESG.
Technology advances
Advances in technology
to improve efficiency
and productivity.
Supply chain
Delays in global
supply chains.
OUR OUTPUTSACTIVELY ENABLINGOUR INPUTSOUR BUSINESS ACTIVITIES TO CREATE VALUE
New Zealand’s
goal of a low
carbon future
Our Financial Capital
•

Profit, debt, equity.
Our Assets
•
Hydro, wind, thermal
generation assets and
Kupe gas field helps make
us resilient to supply
shocks and delivers
consistent earnings.
Our People
•
Inclusive workplace,
driven by our purpose.
Our Communities
and Relationships
•
Maintaining our reputation
with a broad range of
stakeholders is critical to
our operations.
The Environment
•
Caring for and managing
environmental assets
including water, air quality,
carbon and biodiversity.
Our Commitment
•
Reduce carbon emissions
with verified Science
Based Targets.
Navigate the transition
Committed to decarbonising
ourselves and helping our
customers do the same. Grow
renewable and create value from
flexibility and reliability.
Deliver more from the core
Improve customer experiences,
make sustainable choices
compelling, leverage our multi brand
platform, super-charge our people.
Build for the future
Provide meaningful support for our
people and the communities in which
we operate so they can thrive and
contribute to a low carbon future.
•

Generate electricity from a
diverse range of assets.
•

Provide back-up generation and
security of supply for the country
through Huntly Power Station.
•

Vertically integrated gas portfolio
from wellhead to customer.
•

Displace thermal baseload
generation with renewables.
•

Develop tools that help
residential and commercial
customers manage their energy
use and emissions.
•

Participation in the
wholesale market.
OUR STRATEGY
OUR BUSINESS
ACTIVITIES
Energy supply for New Zealand
•

Including surety of supply.
New renewable generation
•
PPA’s and investing in
grid-scale solar.
Knowledge provided
•
Data and insights to customers
to manage energy use and
emissions.
Engaged and empowered team
•
Adaptable, resourceful,
future focused.
Reduced carbon emissions
•
Remove 1.2m tonnes of carbon
by FY25.
Supporting career pathways
in STEM
•
Through School-gen Trust and
community partnerships.
Market share
•
Generation 17%
Shareholder Returns
•
10.3% TSR last six years
Empowering New Zealand’s sustainable future
OUR PURPOSE
ACTIVE GOVERNANCE AND RISK MANAGEMENT
10
GENESIS ANNUAL REPORT 2022CONTENTS
RUNNING HEADER CONTENT
HOW WE CREATE VALUE

CHAIR / CEO LETTER
Chair and Chief Executive’s joint letter
This year’s financial result underlines what
Genesis represents today – a business with
momentum that is focused, disciplined, and
delivers on commitments. We have come a
long way over the last few years, sharpening
our attention on the customer, executing our
Future-gen strategy, and creating a culture that
is innovative and inclusive with a can-do
attitude. We are most proud of our people who
understand the need for change, are highly
engaged with our purpose to empower New
Zealand’s sustainable future and have not been
deterred by the challenges of the pandemic.
For context, in 2016 when Marc became CEO,
we had an EBITDAF of $335 million. We’ve
lifted that to $440 million in FY22, an increase
of more than 30% on 2016 while delivering an
annualised total shareholder return over the
period of 10.3%. This year, our customer and
staff satisfaction scores have reached new
highs, we’ve signed agreements for new
renewable electricity and we are expanding
into solar while we continue to evolve and
develop digital tools for our customers to
manage their energy use and emissions. This
year, we’ve also welcomed new members to a
refreshed executive team that has the right
mix of skills and experience to lead the next
phase of our growth. The team is gender
balanced and we are particularly pleased that
most of the new appointments are internal
which shows our succession planning is
working well. As you no doubt know, Marc
leaves us in October and Chief Customer
Officer Tracey Hickman has been appointed
Interim CE while the board conducts a search,
here and abroad, to find a successor. The
board welcomed a new member in March,
Hinerangi Raumati-Tu’ua. She replaced Maury
Leyland who had been a director since 2016.
Changing regulatory
environment
It was also a big year for the country and our
sector with the Government’s release of the
Emissions Reduction Plan (ERP). It sets the
direction for the next 15 years with targets
and actions that impact every sector of
the economy.
The ERP reflected the sector’s call to abandon
the target of 100% renewable electricity by
2030 and instead focus on a 50% renewable
energy target. This may sound less, but a 50%
renewable energy system represents much
less carbon than a 100% renewable electricity
system on its own. Significant funding for
decarbonisation of transport and industry
accompanied the plan, both of which create
opportunities for Genesis. The Government
also actioned the development of a National
Energy Strategy which we have consistently
raised as crucial to avoid unintended
consequences through the transition to a low
carbon future. A transition plan for gas is also
under development to ensure its supply for
industry and electricity generation is
maintained as the economy decarbonises.
This is in line with our belief that gas has an
important role to play during the transition.
There is still a lot to unfold in the regulatory
area and ensuring New Zealand has the right
regulatory settings and a competitive market,
with government intervention only where
appropriate, are critical for a successful
transition. We will continue to work
constructively with the sector, government
and other stakeholders for what we see will
deliver the best outcomes for the country
and our customers.
For Genesis, this work includes the role of
Huntly Power Station through the transition.
It was built as a back-up to the country’s
highly renewable generation, and we believe
it can still do that and is a more effective and
economic option for the country than
the proposed Lake Onslow pumped
hydro scheme. More so if we can
find a reliable source of a more
11
GENESIS ANNUAL REPORT 2022CHAIR / CEO LETTERCONTENTS

sustainable fuel to replace coal. Supply chain
issues have prevented us running a biomass
trial so far this year with the specific type of
wood pellets that we need not available locally.
We continue to work hard to make the trial
happen as soon as possible.
Security of supply
The 9 August 2021 outage resulted in
multiple investigations and significant
political and regulatory scrutiny of the sector
and Genesis. Ministerial and Electricity
Authority reviews found Genesis acted
appropriately. Our approach was to be
proactive and constructive throughout the
investigations and reviews, providing data
and access to senior management to explain
the company’s position.
Changes have been made by Transpower as
a consequence and the sector can now focus
on its important work as vital enablers of
a successful transition.
Future-gen
After signing power purchase agreements for
new wind and geothermal generation early in
this financial year, we have focused on setting
up our push into grid-scale solar. Since
announcing our intentions last March, we
conducted a process to find the right joint
venture partner. We selected FRV, a globally
recognised solar developer, and are now
identifying and conducting due diligence on
potential sites. While it’s a competitive
environment with a number of new
participants, we are looking forward to
confirming sites during FY23.
Brand refresh
By now, we hope most of you will have seen
our new marketing campaign featuring the
sassy and endearing George. She is the face
of our new brand which is aligned with our
purpose. The refresh involved three major
workstreams - internal brand pride, a new
external brand, and a new website. George
observes her family’s energy use and is quick
to get onto family members who always leave
the lights on, have too many long hot showers
and are not as efficient as they could be. It’s a
fun, effective way to bring to life our new
retail vision of ‘Together, inspiring millions of
sustainable choices.’
At the same time, we also updated the
technology behind our website along with the
design and approach to content so as to
engage a wider range of stakeholders outside
retail customers. This was a significant
programme of work in how we present
ourselves to the market.
In line with our strategy of focusing on
improving customer experiences and
providing tools to manage their energy use,
Energy IQ (EIQ) was also given a new look and
functionality. The objective is to present
useful, relevant data for each customer that is
easy to access and understand. The platform
continues to resonate strongly with customers
with just under 22 million customer
interactions with EIQ features over the year.
We also made changes to our internal
operating model, the blueprint for how our
people and resources organise and work to
get things done. The objective is to streamline
and improve processes and the development
of new products and sets us up well for
future growth.
Dealing with the pandemic
The dominant feature of life and business
continues to be the Covid-19 pandemic.
The backbone of our response was a
comprehensive PCR and RAT testing
programme and the development and rollout
of a simple and effective Safe Workplace Plan
designed with and for our people. We
provided tools to help themselves and their
families navigate this challenging period,
supported them when they had to work from
home, avoided any recordable workplace
transmission, and as a result saw limited
business interruption.
In August we were among the first companies
to initiate PCR saliva testing, and in October
joined 25 other companies in successfully
calling on the Government to allow us to
import RAT tests. We were at the forefront of
trialling staff RAT testing in liaison with the
Ministry of Health and helped pave the way
for RAT testing to be rolled out by other
businesses. Our contact centres and LPG
drivers were the most impacted by Covid-19,
but the flexibility and commitment of our
teams shone through and their efforts were
reflected in our record interactive NPS score.
Looking ahead
While we are proud of our FY22 performance
and results and the foundations we have built
for continued growth, we are mindful there is
much more to do.
The retail market is very competitive, we see
continued volatility in the wholesale market
and with the level of announced investment in
new renewable generation our analysis shows
the country will have 96% - 98% renewable
generated electricity by 2030 without any
potentially counter-productive intervention
from Government.
As an active enabler of the country’s energy
transition, we will continue to decarbonise
our portfolio, focus on supporting our
customers to reduce their emissions and
super-charge our people.
Barbara Chapman CNZM
CHAIR
Marc England
CHIEF EXECUTIVE
Chief Executive’s farewell
Earlier this year, I announced my decision to
step down as Chief Executive. It’s been a
privilege to lead Genesis over the last six
years and I am very proud of what we have
achieved. We are a different company now
with sustainability at the core of what we do,
our people are highly engaged, and our
growing customer numbers show our
approach is resonating with New Zealanders.
Throughout my time, I have been impressed
by the way our people have accepted the
challenges that Genesis faces and the
attitude, commitment and innovation shown
on a daily basis in finding solutions that work
for the country, our customers, and the
company. The progress we have made and
the path the business is on is a result of that.
It has been a collective effort and I am
sincerely grateful for the support of our
people, Board members, shareholders,
business partners and fellow executive team
members throughout my time.
Leading an organisation through lockdowns and
the chaos of Covid was very challenging but
because of our teams approach, attitude, and
willingness to adapt, it was also very rewarding.
It’s an exciting period to be involved in the
energy sector which lies at the heart of the
country’s successful transition. I look
forward to watching Genesis continue on its
progressive path of empowering
New Zealand’s sustainable future.
12
GENESIS ANNUAL REPORT 2022CHAIR / CEO LETTERCONTENTS
CHAIR / CEO LETTER

RESULTS AT A GLANCE
Results at a glance
843,953
t/CO₂e Emissions reduced
4

$
222m
Net Profit After Tax (NPAT)
FY21: $32m (restated)
$
440m
EBITDAF
1
FY21: $355m (restated)
21
Apprenticeships, internships and
work experience opportunities
8
FY21: 32
$
200k
School-gen Trust STEM/Solar equipment
FY20
6
: $180k
17.6cps
2
Final dividend relating to FY22 result
FY21: 17.4cps
130k
Power Shout hours gifted
5
FY21: n/a
$
2.8b
Revenue
FY21: $3.2b
1,074
Households given recycled curtains
through curtain banks
7
FY21: 1,172
51
Customer interaction NPS
3
FY21: 47
42%
Women in leadership roles
FY21: 45%
45
Recordable injuries
FY21: 31
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 comprehensive income statement on page 50 for reconciliation from EBITDAF to net profit
after tax. 2. CPS: Cents per share. 3. iNPS: interactive Net Promoter Score. 4. FY20 base of 4,495,002 t/CO₂e 5. See page 26. 6. There was no funding round in FY21. 7. Lower number in FY22 due to customer discomfort with visits during Covid. 8. Created through Ngā Ara
Creating Pathways. Lower number in FY22 due to Covid restrictions.
13
GENESIS ANNUAL REPORT 2022RESULTS AT A GLANCECONTENTS

NAVIGATING THE TRANSITION
the
Navigating
Waipipi windfarm, Taranaki.
14
GENESIS ANNUAL REPORT 2022NAVIGATING THE TRANSITIONCONTENTS
RUNNING HEADER CONTENT

Genesis has a key role to play in the
country’s successful transition to a
low carbon future by decarbonising
ourselves and helping our customers
to do the same.
15
GENESIS ANNUAL REPORT 2022NAVIGATING THE TRANSITIONCONTENTS
RUNNING HEADER CONTENT

A low carbon future
for all
Genesis has a key role to play
in the country’s successful
transition to a low carbon future
by decarbonising ourselves and
helping our customers to do the
same. We are committed to this,
balancing climate change
considerations, increasing
energy demand and ensuring
our customers have a reliable,
low carbon and cost effective
energy supply. We believe
this will help create a better
New Zealand.
We are led by science and have set ambitious
emissions reduction targets tied to our
country’s commitment to the Paris Agreement
to limit global warming to 1.5°C.
Future-gen strategy update
Our Future-gen strategy is how we plan to
reduce emissions from generation through
displacement of thermal baseload generation
with new renewable generation.
Through Future-gen, we aim to deliver 2,650
GWh a year of renewable electricity
generation by 2030, with the majority before
the end of 2025. To date, we have signed
agreements for 1,940 GWh of new renewable
generation, including our push into solar.
Our level of renewable generation is targeted
to move to 68% by 2025 and 81% by 2030.
The first step was realised when the Waipipi
wind farm in South Taranaki was activated
in March 2021 and forecast to deliver
450 GWh pa.
Our targets have been verified by the
internationally recognised Science Based
Targets initiative (SBTi) and will see us remove
more than 1.2 million tonnes of annual carbon
emissions by FY25 (from a FY20 base),
including reducing generation emissions
by 36%.
This follows our reduction of carbon
emissions by 1.8m tonnes over 10 years
leading up to 2020. We believe few, if any
New Zealand companies have reduced
emissions on that scale in that timeframe.
Our board and management team chose
the 1.5°C target, knowing it would be
difficult but achievable, with the right
pathway. We accept the accountability
and transparency that comes with the
targets set and know achieving them is
not going to be a straight line.
Our progress towards these targets during
FY22 saw a reduction in emissions of 843,953
tonnes of CO₂e (FY20 base). Broken down,
Scope 1 and 2 emissions in FY22 were 17%
lower than FY20 which equates to a reduction
of 466,910 tonnes of CO₂e. Scope 3 emissions
from use of sold products were 27% lower
than FY20 which equates to a reduction of
372,166 tonnes of CO₂e.
Last year we signed power purchase
agreements for all the electricity from a 230
GWh pa windfarm due to be built at
Kaiwaikawe in Northland, and 520 GWh pa
from Contact Energy’s geothermal plant being
built near Taupo, expected to be on stream in
2025.
We are looking into the possibility of a
consent extension for a windfarm at Castle
Hill in Wairarapa. There is also a strategic
review underway of our Hau Nui windfarm in
the Wairarapa to consider options for
repowering and refurbishing given the
advances in technology since the farm was
built in two stages in 1996 and 2004.
We are led by science and have set
ambitious emissions reduction targets tied
to our country’s commitment to the Paris
Agreement to limit global warming to 1.5°C
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Solar power
Another key element of Future-gen is our
decision to develop up to 500 MW of solar
capacity over the next five years. The first
step was achieved last November when we
selected FRV as our joint venture partners
and proceeded to finalise the joint venture
arrangements in February 2022. They are
recognised as a leading global developer of
utility scale solar farms, and Genesis is seeing
the benefit of partnering with a proven
developer that has access to global supply
chain networks and is a good cultural and
strategic fit. Genesis holds a 60% stake in the
joint venture and will provide offtake
agreements for the projects.
Considerable work continues in building a
pipeline of development opportunities
including land identification and feasibility
study assessments for sites across the
country. Feasibility assessments look at a
range of factors, including assessment of
transmission connection points and capacity,
resource consent assessments and
engineering requirements of land for risks
such as flood or erosion. The joint venture
expects to make public its first projects
in FY23.
Genesis holds a 60% stake in
the joint venture and will
provide offtake agreements
for the projects.
Mar 2021
Solar
announcement
Jun – Sep 2021
Develop
JV model
Sep – Nov 2021
JV selection
process
Nov 2021
FRV selected
as partner
Feb 2022
JV signed
From Mar 2022
Development
pipeline
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The future of Huntly
Huntly currently delivers value in many ways
to both Genesis and the broader market,
including supporting a low cost, reliable
electricity supply. Significant work is being
done on the future role of Huntly during the
transition, which includes alternative fuel
options to coal. The work involves the role of
Huntly in the wholesale market and which
energy market frameworks would best
support reliable, affordable energy. Huntly
was commissioned in the early 1980s to
ensure electricity supply for the country when
our highly renewable generation is unable to
meet demand. We believe that role remains
for Huntly through the transition, given
New Zealand’s electricity generation capacity
needs to increase by around 170% to meet the
country’s net zero carbon goals.
As we stated during FY22, we believe that we
have reached the peak of coal use and it will
continue to rapidly decline as new renewable
generation comes online.
An independent life assessment of the
Rankines in 2021 determined that the current
operational performance can be maintained
to 2030 and could be extended to at least
2040. We intend to trial biomass as an
alternative fuel to coal and have identified
black pellets as a good option due to their
high energy density which flows through to
cost benefits in transport, storage, and
handling. It also appears that little
modification to existing infrastructure and
equipment would be needed.
We remain optimistic a trial will be held in
FY23. Should the trial be successful, we
believe there is an opportunity to develop a
national biomass sector to support large scale
Coal consumption forecast to steeply decline
0
200
FY21
ActualMeanWet ScenarioDry Scenario
FY22FY23FY24FY25FY26
400
600
800
1,00
1,200
1,400
1,600
Kilo tonnes
Biomass
carbon cycle
CO
2
SUSTAINABLY
MANAGED
FOREST
BIOMASS
ELECTRICITY
GENERATION
WOOD PELLETS
thermal energy users to transition. We were
encouraged to see the Government’s
Emissions Reduction Plan signal an intent to
support the development of a local market.
Among the wider benefits in establishing a
bioeconomy is putting to good use marginal
land not suitable for horticulture or dairy,
while there are employment and growth
opportunities in the related supply chain.
Large amounts of biomass will be required,
and security of supply is crucial. The energy
demand of all coal boilers for heat in New
Zealand is approximately 24 PJ. The current
coal demand for electricity and co-generation
represents another 26 PJ. Approximately
225,000 ha of forestry would be required to
provide the 50 PJ per year of energy required
to convert all New Zealand’s coal fired plant
to biomass. This represents approximately
1.7% of the total grassland in New Zealand.
Huntly again supported the market earlier in
the year when hydro levels were very low but
not to the extent that was required in FY21.
As such, emissions from thermal generation
remain significantly down on FY21. We
publicly report our emissions in our Quarterly
Reports on our website.
Genesis recognises the need for a
conversation about which wholesale market
settings / mechanisms best support market
security of supply as the level of renewable
generation steadily increases.
While looking to the future, we are also
focused on investing to maximise
performance across our sites to improve
efficiency and output.
The bioeconomy has
great potential but needs
government and industry
support to create an
affordable and reliable
local supply chain.
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Improving performance and efficiency
Three of our biggest projects this year
involved upgrades at Tekapo B, Tuai at Lake
Waikaremoana and Kupe.
A $15m+ upgrade at Tekapo B power station
delivered substantial efficiency gains and
future proofing after installing new turbine
runners and refurbishing generators,
headgates, and transformers. The work
involved five years of planning, design and
manufacturing and will improve operational
flexibility and annual maintenance costs.
It follows the completion of a two-year
$26.5m project to install a new intake gate
at Tekapo A.
Supply chain delays provided challenges in
fitting a new generator stator at Tuai. The
generator was manufactured in Spain and
was expected to take six weeks to get here by
sea but instead took three-and-a-half-months.
Once it arrived on-site, it was successfully
installed and work on commissioning started.
This was the first of Tuai’s three 90-year-old
generators to be replaced over three years –
a $32 million project that will potentially boost
Tuai’s capacity by 6MW. Nearby, Piripaua is
part way through its own $7.7 million overhaul
of its two generators, which were first
commissioned in 1943. The work will increase
their efficiency by up to 3.3%.
Along with our Kupe joint venture partners
Beach Energy and NZ Oil and Gas, a $72m
project was completed to increase
production. The Kupe field delivers the
equivalent of approximately 15% of New
Zealand’s daily natural gas demand. Since
commissioning, well deliverability has
declined faster than expected and has
impacted the ability to reach daily capacity
rates. Despite this, due to strong demand, the
total FY22 production target was achieved.
Opportunities to increase well productivity
and production rates are being assessed and
include in-wellbore intervention activities and
development well drilling.
Kupe remains a high-quality gas asset and will
continue to play a key role in New Zealand’s
energy transition. Consistent with the Kupe
field development plan, the joint venture
partners are now investigating the potential
for drilling another development well to
further increase recovery from the field.
Beach Energy is leading the regulatory
approvals and stakeholder engagement
process on behalf of the joint venture
partners. The well is not an exploration well,
but a development well for production,
targeting hydrocarbon reserves within the
existing reservoir and, if successful, will
extend Kupe’s production to help back up an
increasingly renewable electricity system.
A $15m+ upgrade at Tekapo
B Power Station delivered
substantial efficiency gains
and future proofing after
installing new turbine runners
and refurbishing generators,
headgates and transformers.
Managing our carbon
obligations
This year we entered a second limited
liability partnership to invest in a
geographically diversified forest portfolio
to sequester carbon.
It follows a 2019 partnership with
Air New Zealand, Contact Energy and
Z Energy to form Drylandcarbon One Limited
Partnership. It targets the purchase and
licensing of marginal land suited to
afforestation to establish a forest portfolio
that produces a stable supply of forestry
generated New Zealand emission unit carbon
credits while expanding New Zealand’s
national forest estate. The credits support the
partners to meet their annual requirements
under the New Zealand Emissions Trading
Scheme. Genesis has just over 25% stake
in Drylandcarbon.
We are joined in the newly formed Forest
Partners Limited Partnership by Contact
Energy, Z Energy and Todd. Genesis has a
28% stake in the venture which will invest in
27,000 ha of new afforestation.
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Helping our customers reduce
emissions
We are well positioned to help our customers
with knowledge, advice, and tools so they can
take action to reduce their own footprint and
move towards a more sustainable future.
We do this for our commercial and
industrial customers, as well as our SME
and residential customers.
The starting point for any customer is to
understand how they are using energy and to
then look for how that can be managed more
efficiently. For FY22 we increased the number
of large business customers utilising an
energy management service to 29%, up from
20% in FY21. One of the new features we
developed and piloted is a version of our
successful Energy IQ app for commercial
customers that provides insights and
information on consumption, costs, and
associated emissions. We can then work with
customers on the actions they want to take to
reduce emissions.
A good example of this is the work we have
done with Ruapehu Alpine Lifts (RAL) which
operates the ski fields on Mt Ruapehu.
Operating New Zealand’s largest ski areas
requires an enormous amount of energy for
the team at RAL. The Tūroa and Whakapapa
ski areas attract hundreds of thousands of
visitors each year, and it takes a phenomenal
amount of power to keep the chairlifts
moving, provide warm buildings and cafes,
and generate extra snow – all in freezing
weather at high altitude.
“Power represents around 10% of our
business costs, and it’s all in July and
August during the time of day when the
load on the grid is the heaviest,” says
Travis Donoghue, RAL’s Chief Operating
Officer. “The chairlifts and the snow guns
drink the most juice.”
Managing energy use on the mountain
is an ongoing effort for the RAL team,
so when their last power contract expired,
they went to the market to choose the
best provider.
“We picked Genesis because their
response was really positive, and because
they were able to collaborate on our
energy efficiency work.”
The RAL and Genesis teams held
a workshop to come up with new ways
to save power. It resulted in tweaks like
installing energy monitoring in their
buildings, putting timers and thermostats
on the boot warming racks, optimising the
snow-making water pumps, and setting
capacity alerts. Together, these measures
reduce RAL’s annual power costs by just
under 9.5% and its carbon emissions by
1.3 tonnes each year.
“When your power
costs are as large as
ours, every little step
in the right direction is
positive. Energy
monitoring now
provides us
with a clear, digestible
snapshot of where
power is being used
and allows us to track
and predict our use.”
Supporting Government
agencies to decarbonise
Government agencies are playing an
important part in the country decarbonising.
As the sole gas supplier for the agencies that
participate in the All-of-Government (AoG)
collaborative contract, Genesis also has a role
to play in supporting national-level efforts to
reduce emissions.
One of the ways we deliver extra value to
AoG is with free decarbonisation workshops
for agencies. Our 2021 workshop was hosted
online due to pandemic restrictions, with a
panel of experts including Minister for
Climate Change, James Shaw, Chair of the
Climate Change Commission, Dr Rod Carr,
CEO of Toitu Envirocare, Becky Lloyd, and
our CEO, Marc England.
We spoke to regional and district councils,
agencies focused on commercial buildings,
and district health boards, giving them both
big-picture inspiration and practical tips on
switching away from fossil fuels. Topics
included supply chain decarbonisation,
remote work, green buildings, and high-
temperature heat pumps. We also heard
about some success stories, like the DHB
‘super clinic’, which managed to cut its energy
use by around 30%, resulting in a saving of
$200,000 within 12 months.
“It’s fantastic to get all these agencies
together to talk about decarbonisation,” says
Matt Perkins, Director Delivery Services for
the Ministry of Business, Innovation and
Employment (MBIE), which is responsible for
the AoG gas contract. “It’s a valuable initiative
from Genesis and tapping into their expertise
gives agencies ideas and strategies that will
help keep New Zealand on track to achieve its
emissions targets.”
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Energy IQ evolves
We believe energy retailers have a crucial role
to play in providing information, insights, and
tools to customers so they can make informed
decisions about how to reduce their
emissions. We do this for our residential
customers through the Energy IQ platform
which we continue to evolve and develop.
Through Energy IQ customers can see which
areas of their home consume the most power,
monitor emissions when they use their
electricity, and they are able to better forecast
and understand their electricity bill.
In FY22, there were more than 21.8 million
interactions with Energy IQ features, 273,216
unique users, 206,661 views of the billing
insights tool and more than 301,000 energy
saving tips were provided. We achieved
our target for the year of having 18% of
our residential customer base engage
with energy management tools or features
through the platform.
A big focus for the year has been on the
refresh of the platform, giving it a facelift
and new functionality. The project was led
by Darren Tsang who heads our Digital
Platforms team.
“The refresh is about presenting useful,
relevant data for each customer that is easy
to access and understand. We want
customers to open the app and straight away
understand what’s happening and to then
click through for more details. It’s like when
you log into a banking app, you get a view of
all of your accounts and then click into each
one for the details.”
That meant rebuilding quite a few features
from the ground up again so the data could
be served in a simple, easy to understand
way. We also made improvements to features
customers were wanting. “For example, some
of our residential customers and small and
medium size business customers have
multiple properties and the app, as it was,
could be a bit confusing for them. Now,
there’s a view for each property that gives
a summary and then they can deep dive into
each property.”
Customers can personalise the app to their
situation. The new 3D design allows
customers to choose icons that best illustrate
their home or properties, building a real
connection to their home. “LPG bottles will
automatically show outside if that’s what they
have, put an EV in the garage, carport or
driveway, solar panels on the roof with a
storage battery on the side and so on. If you
want to check out how the EV plan is
tracking, you just click on the EV and if you
want to see where your LPG bottle tracker is,
you just click on the LPG bottle.”
Climate Change Hub
We provide information, insights,
research, and developments on the role
of energy in combating climate change
more widely.
Aligned to our purpose of empowering
New Zealand’s sustainable future and off
the back of research, we launched the
Climate Change Hub on our website in
late 2021.
We believe demand for this content will
grow. We started a monthly newsletter
that you can subscribe to; our focus now
is on getting the Hub’s content in front of
our customers on a regular basis.
Through the Hub we provide insights,
developments, research, dissect issues,
share opinions from subject matter
experts and explore the challenges and
opportunities for New Zealand,
businesses, and our fellow Kiwis.
In early 2021 we commissioned an
independent survey of 1,000 people online
about how much they expected climate
change to impact their lives over the next
decade and if they had the information
needed to change their personal footprint.
Just under 70% said they expect climate
change to impact their lives a lot or a
reasonable amount over the next decade,
with 37% saying they didn’t have the
information they need to change their
footprint, 41% said they didn’t have the
information but thought they knew where
to get it while 17% said they didn’t have the
information and didn’t know where to get
it. The Hub is our response to that - a resource
of independently sourced information,
insights, and guides covering three pillars
– Your Country, Your Business and Yourself.
From launch in November 2021 to May 2022,
the Hub had nearly 21,000 pageviews from
17,787 unique visits. The average time on page
was an extraordinary seven minutes and
39 seconds versus an average of 64 seconds
for the rest of our website. This was against
targets of 45 seconds time on page and
5,000 unique visits for a full year. More than
30 articles have registered more than four
minutes time on page.
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Tackling transport
Transport makes up approximately 20% of
the country’s emissions and we see a key
role for electricity to decarbonise the sector.
This includes focusing on reducing our own
transport emissions as well as our customers’.
In July 2021, we were the first business in
the southern hemisphere to add one of the
new Fuso eCanter fully electric trucks to our
fleet for LPG deliveries. After using it for
several months there were a number of
learnings around range and performance,
low speed manoeuvring on steeper terrain
such as customer driveways, and asset
ownership structure.
Mapping that data against our distribution
routes we determined the EV truck was
better suited to another location and it was
transferred to the Christchurch metro area.
New trucks will be deployed to Hamilton and
Palmerston North and an additional one sent
to Christchurch. Charging stations will be
installed at each of those depots. Every diesel
truck we replace with an electric one removes
26.5 tonnes of carbon emissions per year.
Throughout FY22 we have shared what we
are learning with other organisations looking
to introduce EV trucks and we are directly
engaged with the parent company of our
vehicle supplier regarding operating data and
customer feedback, which will be used to
develop future models. We have also ordered
two fully electric utes and an electric van for
use around Huntly Power Station. This is
another learning opportunity for us before
deciding future steps across other locations.
Transport makes up approximately 20% of the
country’s emissions and we see a key role for
electricity to decarbonise the sector.
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MORE FOR OUR CUSTOMERS
More for our
cust mers.
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It is testament to the commitment
of our customer care teams that
Genesis received our highest ever
interaction Net Promoter Score
(iNPS) during a year made difficult
by Covid.
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Caring through Covid
It is testament to the
commitment of our customer
care teams that Genesis
received our highest ever
interaction Net Promoter Score
(iNPS) of 51 during a year made
difficult by Covid. The score
measures customers willingness
to recommend Genesis based
on an interaction with a member
of our team or through one of
our digital channels.
Our customer churn also reduced from 15.9%
in FY21 to 12.8% this year, well below our
target of 15.3%.
We gave customers extensions to pay their
bills due to financial hardship, instituted a
policy of no disconnections for late payments
during lockdowns, and gifted Power Shout
hours to those who needed them most – a
customer who had just had a baby, a mother
struggling to buy school stationery, and
others we identified in need.
Our Auckland SME customers, who were
particularly hard hit by lockdowns, could send
in photos of their meter readings rather than
receive estimated bills. This helped during
times of tight cashflow.
We rolled out a new professional ethics
programme for our frontline sales and
service teams, empowering and enabling
them to do the right thing by our customers
and our business.
As our customer care teams worked
through waves of absences, particularly
during the Omicron outbreak, we
provided full transparency to our customers
to explain delays.
And we looked after the people looking after
our customers, sending care and wellness
packs to all customer-facing team members.
Genesis customer interaction Net Promoter Score July 2019 – June 2022
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NPS
The number of customer complaints
increased from 1,130 in FY21 to 1,252. While
this seems to conflict with our record iNPS,
it’s a reflection of heightened promotion of
services provided by Utility Disputes Limited
and an increase in billing complaints and
unexpected power outages. We welcome
complaints as a way of seeing where issues
are affecting customers, and how we can
improve our products and service.
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Te Tira Manaaki o Kenehi
Our Genesis Caring Team came into its own
during this difficult year. Te Tira Manaaki o
Kenehi was established in 2020 to take care
of our most vulnerable customers, and this
year was a finalist in the Outcomes category
of the NZ Energy Excellence Awards.
Manaaki Kenehi uses data analytics to help
identify customers who may be experiencing
early signs of financial hardship and aims to
speak to about 1,000 customers each month.
Personalised support includes offering a
range of payment plans, ensuring customers
are on the right price plan, deferring
disconnections and referring customers to
other agencies, including Money Talks, WINZ
and EnergyMate.
This proactive approach reduces the risk of
debt accumulating in a way that becomes
damaging to customers and to our business.
Since the programme’s launch, we’ve seen an
overall improvement in customer debt,
reduced our residential disconnections for
non-payment by more than 50%, and referred
more than 1,600 customers to budgeting and
energy advice agencies.
At the end of December 2020, we had
104,255 customers flagged as vulnerable due
to age, health, and financial hardship. In 2022
that number has grown to 110,241. Manaaki
Kenehi has permanently shaped the way
Genesis serves its customers - it is an example
of how they can be treated with empathy and
flexibility to keep their lights on and homes
warm, while also reducing debt.
Power Shout Gifting campaign
Knowing times are tough for many
New Zealanders, we ran our first Power Shout
Gifting campaign where customers could
choose to either keep four free hours, or gift
them to a Kiwi in financial hardship. The
response was overwhelming, with 15,533
customers gifting 62,132 Power Shout hours.
Genesis contributed an additional 67,868
hours – providing a total of 130,000 hours.
Te Tira Manaaki o Kenehi then worked with
budgeting services to identify Genesis
customers who were struggling financially
as we approached winter. They included
those whose income was reduced due to
health reasons or who lost their livelihoods
due to Covid. These customers received
bundles of free hours of power as the colder
months began.
This year we gave away
more than 3.8 million
hours of power, valued at
$2.32m, via campaigns
and rewards.
The Power Shout programme continued
to be extremely popular among existing and
new customers overall with 22% of new
customers gained during the year saying
Power Shout was one of their reasons for
choosing Genesis.
This year we gave away more than 3.8 million
hours of power, valued at $2.32m, via
campaigns and rewards for joining, taking out
fixed terms and moving home with us. We
also passed the milestone of giving away
14 million hours since the programme was
introduced in 2018.
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Brand updates
Genesis refresh
In June 2022 our Genesis brand was
refreshed and aligned with our purpose of
empowering New Zealand’s sustainable
future. Our customers believe Genesis is a
brand that cares; newer advocates see us as
progressive, future focused and innovative. In
the past year our approach to sustainability
has emerged as a strength. Our competitive
advantage is the unique combination of
innovation and care; head and heart which
our consumer research tells us makes our
brand more compelling.
As a result, our strategic pillars remain
unchanged and align with our refreshed retail
vision – Together, inspiring millions of
sustainable choices.
Our refreshed brand comprised three major
workstreams - internal brand pride, a new
external brand, and a new website. Our
external brand is fronted by an endearing girl
called George, who observes a family’s
energy use through a child’s eyes, building an
emotional connection with New Zealanders
around their energy usage. This showcases
how Genesis is leading our industry with
digital tools and innovation, designed to
empower better choices for our customers
and drive brand growth.
Frank*Energy launched
In November 2021 Frank*Energy was
launched as an affordable, no-contract
offering for customers who want an energy
provider that “sells it to you straight”.
Frank’s entry to the market with a series of
tongue-in-cheek ads was well received. Its
customer relationship Net Promoter Score
(NPS) improved by nine points to 43 between
September 2021 and May 2022, and customer
churn improved from 24.6% in FY21 to
20.2% in FY22.
Continuous improvement in the digital
sign-up journey saw the proportion of digital
sales increase from 38% in June 2021 to 55%
by June 2022.
Cyber security
Keeping our customers’ data and
technology systems safe
Managing cyber risk and security has become
an even greater priority for Genesis as Covid
presents new challenges – supporting our
customers while working flexibly, and
increased threat from cyber attackers taking
advantage of the pandemic disruption.
Our people are our first and last line of
defence. We have developed a training and
awareness plan, including phishing
simulations and regular newsletters. We’ve
implemented controls that enable our staff to
serve our customers and maintain our sites
under widely varying work conditions.
We’ve improved our risk management
approach, policies and procedures,
continuous threat monitoring and
management, and event detection
technologies. We continue to invest in
information and cyber security capabilities
and controls, evolve our “zero trust”
architecture and controls, and migrate our
business systems to new architectures to
address the evolving cyber risk landscape.
Our security maturity is a continual focus, and
we’ve adopted the ISO 27001 Information
Security Management standard as the
measure for ongoing maturity improvements.
We’re a contributing member of several
forums, working with government, business
partners and industry peers to understand
relevant and emerging threats.
Continuous improvement in the digital
sign-up journey saw the proportion of
digital sales increase from 38% in
June 2021 to 55% by June 2022
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A MORE EQUAL SOCIETY
more equal
A
Genesis wānanga with students of Pūhoro STEM Academy.
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We help our communities thrive
and support the next generation
in their career aspirations.
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Supporting our
communities
We acknowledge our
generation activities have a
range of environmental and
cultural impacts and we seek
to ensure that a duty of care
towards people, communities
and the environment is
exercised at and around our
assets. We invest time and
resources in the communities
near our sites to help them
thrive and support the next
generation in their career
aspirations. Most of our
community work is targeted at
young people through support
of learning and careers in
STEM (science, technology,
engineering and maths).
This year our Community and Brand teams
worked with our people at Huntly Power
Station and representatives of the local
community to produce two videos which
will support the re-opening of the station to
public tours. One of the videos sums up our
community initiatives and the other, titled
Te Puutake: Raahui Pookeka & Genesis,
tells the story of the whenua on which the
station was built, the difficulties its
construction posed to local iwi, and the
efforts Genesis and iwi have made in
building a mutually supportive relationship
of shared values.
The videos will be shown as part of the tour
experience when Huntly reopens to the
public in FY23. They will also be
incorporated into our onboarding process
for new staff to give them an understanding
of the importance of our community
relationships, and how they’ve developed
over time.
Creating a future through STEM
Inspiring young people to become the energy
innovators of the future is an integral part of
New Zealand’s pathway to a lower carbon
future. Genesis has a particular focus on
supporting the study of STEM subjects
(Science, Technology, Engineering and Maths)
by young New Zealanders to help lead them
into high value career pathways.
School-gen
For 16 years School-gen has been inspiring
young New Zealanders through STEM
learning opportunities. Through a dedicated
website, Genesis provides free resources,
games and activities for teachers, students
and parents. This year there were more than
5,700 downloads of resources.
In late 2021 we joined forces with Nanogirl
Labs, founded by nanotechnologist and
engineer Dr Michelle Dickinson (MNZM), to
further boost STEM engagement among
primary school students. Our first project
together is STEMSTARS – bringing STEM
to life through storytelling, hands-on
experiments and group activities on topics
such as electricity, wind, flotation and flight.
STEMSTARS operates a ‘buy one, give one’
social enterprise to enable schools that need
extra support to also access this impressive
resource. Since its launch in March 2022,
42 kits have been purchased, and 73 schools
have been gifted one. Through the gifting
programme STEM learning has been
supported for 8,346 students in Years 3 and 4;
35% identifying as Māori and a further 33%
identifying as Pasifika.
Watch a video of STEMSTARS in action here
Another highlight was our support of Rotorua
Primary School to attend the World Aquabot
Championships in Maryland, USA, in June
2022. In addition to a donation to the team’s
fundraising efforts, our Engineering Manager
in charge of Civil and Dam Safety, Andrew
Balme, visited the students and their teachers
to pass on some tips and tricks on operating a
submersible Remote Operated Vehicle (ROV)
similar to their aquabot. We also gifted the
school a robotics kit to benefit future cohorts.
The team came 21st out of 68 teams from
around the world.
Watch a video of Genesis’ visit to the
school here
The School-gen Trust
The independent, charitable School-gen
Trust complements the School-gen
programme by providing STEM equipment to
schools. The Trust’s annual funding round saw
267 applications received from schools all
over the country. Trustees selected 33 schools
to receive $200,000 worth of STEM and solar
equipment. Since the Trust’s inception in 2019
it has donated more than $400,000 worth of
STEM and solar equipment to 55 schools,
reaching nearly 18,000 students.
Customers and staff can donate to the Trust
through their energy bill. A donation drive this
year grew donors to the Trust by 27%,
increasing the value of donations from
about $60,000 to about $80,000pa.
Watch a video of Tauranga school
Te Wharekura o Mauao putting their
robotics equipment into action
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Ngā Ara Creating Pathways
Our Ngā Ara Creating Pathways programme
was developed for rangatahi in our power
schemes’ local communities. Underpinned by
best-practice research in developing a
pipeline of talent, the programme focuses on
attracting and nurturing diverse rangatahi in
STEM education and career pathways. It
includes apprenticeships and internships,
work experience, hosting young people at our
sites, and partnership programmes with
community organisations.
One of those is Pūhoro STEMM Academy,
which supports rangatahi to make the
connection between mātauranga Māori
and STEM. Students receive weekly
mentoring in their STEM subjects, attend
wānanga at tertiary campuses supported by
Genesis staff, and are offered internships and
work experience. Genesis has supported the
launch of Pūhoro programmes in secondary
schools close to our Tongariro and
Waikaremoana Power Schemes.
During Covid, Genesis provided further
sponsorship and technical support to
Pūhoro for its Vax Chats video series
campaign, which brought rangatahi and
Māori medical experts together to answer
questions about vaccination.
Genesis also donated Ngā Ara STEM
Scholarship packs to 57 students from
nine high schools near our generation
sites, tailored to include technology
equipment such as laptops; or tools to
assist a trade apprenticeship.
Ngā Ara Creating Pathways is considered
so impactful that it was included as a
Future of Work target in a $100 million
sustainability-linked loan with Westpac,
announced in November.
Supporting warm and
healthy homes
Trying to heat a poorly insulated house is both
wasteful and costly, and for people living on a
tight budget it can have serious consequences
for the health and wellbeing of families.
Genesis helps to alleviate this by supporting
curtain banks, which provide families with
free, insulated curtains for their homes.
In FY22, 700 homes in Wellington were
supplied with 3,000 pairs of curtains through
the Sustainability Trust. In Christchurch,
374 homes were fitted with curtains through
Community Energy Action. More than
10,000 m
2
of curtain fabric was recycled and
1,074 households benefited from Genesis
subsidised curtains. These numbers have
decreased this past year, as some customers
were not comfortable with visitors due to
Covid-19.
Inspiring the STEM leaders of tomorrow
During a 2021 visit to Hamilton Girls High
School, our Community Liaison Manager
Michaela Latimer met maths prefect
Hannah Xiao and got talking about
Hannah’s love of engineering and
chemistry. Michaela invited her to try
a week of work experience in the
laboratory at Huntly Power Station.
“I worked with the chemistry team making
chemical solutions, and helping the team
in the lab,” Hannah says. “I mixed solvents
for testing silicon dioxide levels in water
cycling through the turbines.”
Hannah said her Genesis experience
helped cement her determination to study
engineering. She is now pursuing a degree
in mechatronics engineering at the
University of Waikato, which focuses
on integrated engineering to create
smart systems.
“Mechatronics is a new discipline and
it’s a field on the rise,” she says.
Karen Sky, Genesis GM Environment and
Community, says communities want their
young people to be exposed to new
experiences, knowledge, and
opportunities.
“Ngā Ara Creating Pathways is inspiring
young people to become energy
innovators – they will be integral
to the country’s transition to a
low carbon future.”
For other young women thinking about
their future, Hannah has a word of advice:
“Stay open minded – you don’t need to
follow everybody else. Maths and science
are quite fascinating, so be open to
learning new things and make the most
of opportunities.”
More than 10,000 m
2

of curtain fabric was
recycled and 1,074
households benefited
from Genesis
subsidised curtains
Hannah Xiao, right, with Genesis’
Chemistry Lead at Huntly, Joy Ramos.
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Supporting our people
Our business is only as strong as
our people. This year that meant
caring for them through the
pandemic so they could
continue to serve our
customers, operate our
generation sites, and fulfil our
purpose of empowering
New Zealand’s sustainable
future.
Safety and wellbeing
Supporting our staff through Covid
Our Covid response involved four
key elements:
• Our comprehensive PCR and RAT testing
programme was the backbone of our
response and enabled the business to
continue to function while minimising the
likelihood of workplace transmission. In
August we were among the first companies
to initiate PCR saliva testing, and in
October joined 25 other companies in
successfully calling on the Government to
allow us to import RAT tests. We were at
the forefront of trialling staff RAT testing in
liaison with the Ministry of Health and
helped pave the way for RAT testing to be
rolled out by other businesses. Over the
remainder of the financial year our staff
completed more than 73,000 tests (more
than 20,000 PCR tests and more than
53,000 RAT tests);
• Effective business continuity and tactical
response plans. Lockdowns saw us put in
place additional controls at our generation
sites and LPG depots to ensure we could
maintain essential services;
Engineering out safety risk
In FY22 we redesigned our LPG trolleys,
improving their stability, ergonomics,
control, and reducing the weight loading on
the user by approximately 40%. The trolley
design is in production and will be rolled out
in early FY23.
At our Tongariro Power Scheme, we
successfully completed our first tunnel
inspection using a submersible remote
operated vehicle. The ROV travelled
underwater through a 4.5m wide, 3km tunnel,
taking photos and 3D sonar recordings to
map the tunnel’s interior and gather detailed
data. The intention is to roll out this
technology through our 70km tunnel network,
reducing the frequency that people need to
enter our tunnels, reducing risk of tunnel
damage through draining, and significantly
reducing plant outage times.
Artificial intelligence (AI) was deployed via
cameras to monitor remote water intake
structures, checking whether they were
becoming blocked and required maintenance.
This AI avoids the need for a 100km round trip
by a lone worker.
• The development and rollout of a simple
and effective Safe Workplace Plan
designed with and for our people;
• Clear and timely communications from the
Executive, People Leaders and company-
wide “Ask Me Anything” sessions.
• From early 2022 we welcomed our office
staff back to their workplaces with a
‘#wemissedyou’ campaign that included
small gift packs, coffee vouchers and
morning teas to complement safe
workplace training sessions, an information
hub on the intranet and the provision of
masks and RAT testing kits.
Injury prevention
We’ve seen an increase in recordable injuries
this year – 45 compared to 31 in FY21, 31 of
which were in our LPG business. Most injuries
were preventable sprains and strains
associated with the manual handling of LPG
bottles. Early intervention to avoid potential
injuries has seen a decrease in overall injury
severity, however, with the total number of lost
or restricted workdays 26% lower than in FY21.
A comprehensive programme is underway to
reduce the number of injuries we are having in
LPG, including: improved early injury
detection and intervention processes,
strengthened access standards for delivering
to customer sites, increasing our LPG
workforce to manage demand and Covid
challenges, developing a more sophisticated
approach to workforce planning to reduce the
physical loading on delivery drivers and driver
fatigue, and introducing new tools to reduce
manual handling requirements. We are also in
the process of upgrading our safety systems
and processes across our LPG depots.
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Diversity and inclusion
A diverse and inclusive workplace where
everyone feels valued makes it stronger, more
capable, and more innovative. It leads to
enhanced ability to recruit and retain good
people, increased employee engagement,
boosted productivity, better connection with
our customers and communities, and
enhanced brand reputation.
Gaining the Rainbow Tick
We were delighted to attain Rainbow
Tick certification this year, displaying our
acceptance and value of all staff members
whatever their sexual or gender identity.
The certification followed a two-year process,
during which we set up an Inclusion Council,
refreshed our Diversity and Inclusion Policy,
and completed a rigorous evaluation with the
Rainbow Tick organisation.
It shows our employees, customers, and the
community that Genesis is a progressive,
inclusive, and dynamic organisation that
reflects the people of New Zealand.
In celebration, our Tokaanu Power Station in
the central North Island was lit up in rainbow
lights for a week (pictured).
Addressing the gender gap
In 2017 Genesis launched ‘Minding the Gap’,
a programme to create transparency about
gender pay and to drive change. We have also
reported our Pay Equity Gap since 2018 and
published a Gender Gap Statement in 2020.
There are three factors that make up our
Gender Gap Statement - the Pay Equity Gap,
Leadership Progression Gap, and the Total
Gender Gap.
In FY22 our ongoing attention to the Pay
Equity Gap, reducing inequity of pay for men
and women doing ‘equal value’ work, saw it
reduce from 1.7% in FY21 to 1.3% in FY22.
We were also pleased to achieve a gender-
balanced Executive team following the
internal promotions of Rebecca Larking to
Chief Operations Officer, and Pauline Martin
to Chief Trading Officer. Their appointments
will support our ongoing efforts to close the
leadership progression gap.
Supporting development
The Adaptive Leaders Programme is designed
to strengthen our leaders’ ability to navigate
and handle the complexities of continual
change and pressure, and to develop high
performance teams that are aligned,
empowered and accountable. It has been
rolled out through 10 cohorts over the past 18
months, including to our Executive team and
their direct reports. Of its graduates to date,
136 are men and 92 (40%) are women.
Recruitment and retention
Our employee Net Promoter Score (NPS)
increased from 67.5 in FY21 to 69 this year,
reflective of the work we did in keeping our
people safe through Covid, supporting them
working from home and welcoming them
back to the office, and our focus on
embedding Genesis’ Purpose on a personal
level (see following page).
Over the past year we have filled more than
39% of roles through internal movement and
promotion – not only retaining talent but also
proving to our staff that we value them and
will create career pathways for them.
A survey to assess our culture asked
employees about their alignment,
empowerment and accountability. Scores
ranged from 8.5 to 9 out of 10. Our culture has
matured, reflecting the focus and effort of the
past five years, though we know there is still
more to be done.
3 7. 4 %
Gender pay gap
FY21 35.5%
1.3%
Pay equity gap
FY21 1.7%
Leadership progression gap
FY21
45% 55%
Senior leadership roles
Females

Males

50:50
Executive gender diversity
FY21 30:70
58
%
42
%
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Living our Purpose
Purpose Week 2022
The return of our office staff to workplaces in
early 2022 presented the opportunity to
galvanise our purpose internally. A challenge
for everyone to commit to a personal
sustainability goal became an anchor of
Purpose Week, as a series of talks and
activities provided ideas and inspiration for
our staff to make our purpose meaningful for
them individually in their day to day lives.
Aotearoa Bike Challenge
Around 20% of our people put our purpose
into action through the national Aotearoa
Bike Challenge run through February.
We collectively rode 36,128km, and saved
1,855kg of CO₂, coming first among
competing companies with staff numbering
up to 1,999.
Purpose week: the numbers
12
Events across
the week on offer
4.7/5
Average
ratings
595
Attendees
across live
events
1,558
Attendees
across
streamed
events
378
Questions
asked
226
People filled in the
pre-event survey
5,247
Purpose points accrued by staff for
participation in events
“Empowering
New Zealand’s
sustainable
future”
645
People
participated
across

the week
295
People
committed
to a personal
sustainability goal
1 Purpose
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Building a
business.
Tuai Power Station near Lake Waikaremoana.
BUILDING A SUSTAINABLE BUSINESS
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We are committed to living our purpose of
empowering New Zealand’s sustainable future in
all aspects of our business from the way we generate
and supply energy, care for the environments in
which we operate and interact with our customers,
our people and wider communities.
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BUILDING A SUSTAINABLE BUSINESS
We are committed to living our purpose of
empowering New Zealand’s sustainable
future in all aspects of our business, from the
way we generate and supply energy, care for
the environments in which we operate and
the way we interact with our customers, our
people, and wider communities. It guides our
vision of the future and the way we build it.
We understand the importance of our role in
New Zealand’s transition to a low carbon
future and that decarbonising ourselves,
helping our customers do the same and the
individual actions of our people will
contribute to achieving the country’s goal.
This means meeting the needs of the present,
without compromising future generations.
Our purpose is underpinned by ambitious
Science Based Targets with the goal to
remove 1.2m tonnes of carbon by FY25
from a FY20 base (4,495,002 t/CO₂e), tied to
the international benchmark of limiting global
warming to 1.5°C. These targets ensure we
can measure our progress and hold ourselves
accountable. Progress through the current
financial year can be tracked through our
quarterly reports posted to the NZX and in
our Climate Risk Report for FY22.
Genesis seeks to identify social, economic,
and environmental risks and benefits as part
of our strategic decision-making processes.
Through our comprehensive and evolving
Sustainability Framework, Genesis has made
significant progress in the areas that we
believe matter the most to, and have the
greatest impact on, our stakeholders. These
include reducing emissions from generation,
Genesis owns and
operates a diverse
portfolio of generation
assets in New Zealand,
including hydropower,
wind and thermal
generation.
providing a supportive and inclusive
workplace, collaboration, and partnership
within the communities we work with a
particular focus on education relating to
energy. We also understand that a ‘just
transition’ is vital and that for the communities
connected to our assets, community support
with investment in new energy, new industries
and new jobs is important.
We have embedded further accountability
and transparency with a new Sustainable
Finance Framework. This includes $250
million of sustainability linked loans to
support our commitment to invest in
sustainable assets and outcomes. Through
the Sustainable Finance Framework, Genesis
aims to lead the industry’s response to helping
New Zealand achieve its net zero emissions
goals, address social challenges, and provide
a mechanism for investors to contribute
capital towards a more sustainable future.
Grow
renewables
Improve customer
experiences
Value from flexibility
and reliability
Make sustainable
choices compelling
Transition
Huntly
Leverage our
multi-brand platform
Build future-proof
foundations
Supercharge
our people
Our purpose, visions and strategies
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Empowering
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Our refreshed retail strategy emphasises
five key priorities, delivering more from our
core whilst building for the future
Our Future-gen strategy focuses on
the opportunity to deliver value uplift
navigating the energy transition
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Sustainability Framework
We work hard to manage our impact
on the environment, and the communities
we are part of. Working with stakeholders
such as investors, customers, iwi, community
groups, and our people is key to creating
shared success.
Our sustainability goals are focussed on two
key themes: creating a low carbon future
powered by renewable energy and creating a
more equal society. Our framework is aligned
with five of the United Nations Sustainable
Development Goals (SDGs). The goals we
have chosen are identified as areas where
we can make the most positive impact for
New Zealand.
FOCUS AREAGOALSACTIVITY
A low carbon future
for all
TARGET:
Reduce emissions in line with a
1.5ºC trajectory (achievement of
a Science Based Target):
1. reduce absolute scope 1 and 2
GHG emissions by 36%; and
2. reduce absolute scope 3 GHG
emissions from use of sold
products by 21%.
• Empower NZ’s energy
transition.
• Future-gen strategy target
to reduce CO
2
emissions by
1.2 million tonnes by FY25.
Total emissions (all scopes) have reduced 843,953 t/CO₂e compared
with FY20.
Target to secure 2,650 GWh per annum of renewable electricity by 2030.
To date, we have power purchase agreements for 1,940 GWh pa including
our commitment to solar.
• Support customers &
communities to transition to
a low carbon future.
In FY22, there were 21.8 million interactions with our Energy IQ app,
273,216 unique users and more than 301,000 energy saving tips provided.
Launched the Climate Change Hub to educate and inform customers,
shareholders and the wider public on the role of energy in combating climate
change. There have been 17,787 unique visits to the hub since it launched in
November 2021.
• Protect and restore
biodiversity.
Supporting the restoration of Aotearoa’s biodiversity through our 10-year
partnership with DOC on Whio Forever Recovery Programme. Number of
protected breeding pairs grew from 298 in 2011 to 694 in FY22.
A more equal society
TARGETS:
21 annual apprenticeships,
internships and work
experience opportunities
with a focus on Māori students,
through our Ngā Ara Creating
Pathways programme.
40:40:20 gender split (40% male,
40% female and 20% either
gender) across the entire
workforce.
• Create pathways for the
future of work.
Through School-gen, we provide free online resources, games and activities
on STEM for teachers, students, and parents. In FY22 there were more than
5,700 downloads of these resources.
• Support energy wellbeing.Our Genesis Caring Team, Te Tira Manaaki o Kenehi, aims to contact around
1,000 customers each month that data shows may be experiencing early
signs of financial hardship.
Helping Kiwis keep their homes warmer and healthier through our support of
curtain banks. More than 10,000m
2
of curtain fabric was recycled and 1,074
households benefited from Genesis subsidised curtains.
• Enable a diverse & inclusive
workforce.
Gained Rainbow Tick certification in FY22. YWCA GenderTick for excellence
in gender equality.
Our eight-member Executive team became gender-balanced this year
following two internal promotions.
A sustainable business
• Link our finance with
sustainable outcomes.
• Support and grow our
people.
• Good governance,
transparent reporting, and
open conversations with
everyone we engage with.
Signed $250m of Sustainability Linked Loans to financially incentivise
us to meet sustainability targets, including reductions across all scopes
of emissions, developing renewable energy generation, and a future
of work programme.
Our Adaptive Leaders Programme is designed to strengthen our
leaders’ ability to navigate the complexities of continual change.
Almost 230 people have completed the course, including all our executive
and their direct reports.
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What matters most
Issues that matter to Genesis
and our stakeholders in FY22
We are committed to creating shared value
– for our customers, our shareholders, our
people, and our communities. We do this
through our core business, which is focused
on providing reliable energy to our customers,
and more widely by generating positive
economic, social, and environmental
outcomes for New Zealand. We manage our
approach to sustainable business through a
suite of principles, policies, and statements.
Identifying material sustainability issues
We have identified the most important
current and emerging risks and opportunities.
As part of the Sustainability Report
materiality process, we interviewed Genesis
executives, senior leaders, and external
stakeholders to gain insights into material
risks and opportunities.
This feedback, together with an assessment
of industry trends, internal reports, and
research feeds into Genesis’ assessment of
material topics, informing our strategic
approach and guiding our reporting in line
with the internationally recognised
sustainability standards and principles of the
Global Reporting Initiative.
This graph shows the material topics mapped
by importance to our stakeholders and to
Genesis in FY22.
FY22 Materiality Assessment
Importance to Genesis
Importance to stakeholders
Cyber security & customer data
Regulation
Energy wellbeing
Environmental footprint
Reliable energy
Customer satisfaction
Safety & wellbeing
Resilient supply chains
Diversity & inclusion
Energy
transition
A well-
managed
business
Climate
change
Recruitment & retention
Community & mana whenua
High
High
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Genesis FY22 Material Sustainability Issues (in alphabetical order)
The table below maps our response to the material topics arising from our analysis. For each,
references are provided to further information on each topic.
TOPIC DESCRIPTION OF ISSUEHOW WE’RE RESPONDING
A well-managed business Clear governance practices, active
management of risk, commitment
to compliance, and fair remuneration
in our operations, supplier, and
partner relationships.
Maintaining a healthy financial
performance and strong balance sheet.
Focusing on improving corporate
culture and outcomes for customers
and employees.
Open and transparent reporting and
investor communications.
Genesis’ Corporate Governance Statement is publicly available and updated annually. The Risk Management
Framework is part of the induction process for all employees and is overseen by the Board.
A key strategic pillar, ‘Deliver More from our Core,’ focusses on driving financial performance by leveraging
stability from diverse revenue streams and opportunities for market growth.
We are transparent about strategy and performance through disclosures including our Annual Report, Investor
Presentations, Climate Risk Report and Modern Slavery Statement.
Climate change Managing the risks and opportunities of
climate change, reducing carbon
emissions across our value chain, and
supporting collaborative efforts to limit
global warming.
Verified Science Based Target to remove 1.2m tonnes of carbon by FY25 (from a FY20 base) aligned to 1.5C.
Committed to the Climate Leaders Coalition’s 2022 Statement, to develop science-based emissions reduction
targets. Reporting, and managing our climate-related financial risks in line with the Taskforce on Climate
Related Financial Disclosures (TCFD).
Working with supply chain partners to reduce carbon during upgrade projects at our generation sites.
Community and mana whenuaBuilding strong and enduring relationships
with mana whenua, being a good
neighbour and playing an active part in
creating value for the whole community.
We regularly and proactively engage with local communities regarding our operations. Genesis continues to
participate in the Whanganui catchment strategy group Te Kōpuka nā Te Awa Tupua that works to enhance
the environmental, social, cultural, and economic health and wellbeing of the Whanganui River.
Preparing for the reconsenting of the Tekapo Power Scheme, engaging with mana whenua and stakeholders
within the Waitaki Catchment to understand the ongoing effects of our operations to ensure these can be
appropriately managed into the future.
Supporting and developing programmes to provide career opportunities, with a focus on Māori students,
(Ngā Ara Creating Pathways).
Customer satisfaction Meeting the needs of our customers.Developing digital tools so customers better understand their energy use and emissions.
In FY22, Energy IQ app was refreshed and a new digital platform for small and medium businesses was piloted.
Cyber security and customer data Processes and controls to protect
systems, networks, programmes,
devices, and data from cyber-attacks,
which can compromise customer and
business information.
Cyber security is a key priority for us. Controls and processes are regularly assessed and include training and
updates of policies and procedures.
Genesis has a robust set of protections for customer data in place.
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TOPIC DESCRIPTION OF ISSUEHOW WE’RE RESPONDING
Diversity and inclusion Providing a safe, welcoming, and
supportive environment for our people to
succeed, regardless of their background.
Rainbow Tick accreditation in FY22.
YWCA Gender Tick for excellence in gender equality.
Energy transitionEmpowering the transition to a low
carbon future for ourselves, our
customers and NZ Inc.
Through the Future-gen strategy we are investing in new renewables to reduce use of thermal fuels. Intention
is to trial biomass as an alternative to coal at Huntly.
Providing tools and insights to customers so they can manage their usage and reduce their carbon footprint.
Green star rated offices, leased EVs for company carpool, employee subsidy for public transport.
Energy wellbeingSupporting our customers in times of
energy hardship and supporting our
wider communities.
Established Te Tira Manaaki o Kenehi care team to help vulnerable customers and support households to
better manage their energy use.
Support curtain banks to help families have warmer homes and save money on energy bills.
Provide ‘Power Shout’ hours for residential customers to save on energy costs.
Environmental footprint Reducing the impact our operations
have on the surrounding environment
through best practice environmental
controls and ongoing monitoring of our
environmental performance.
Strict controls and processes in place at all sites to adhere to resource consents and to prevent harm
to natural environments.
Monitor a range of environmental indicators and have tailored management of generation assets to minimise
impacts on surrounding ecosystems.
Our ten-year partnership with the Department of Conservation to protect and enhance the environments
in which Whio thrive.
Resilient supply chainsEnsuring robust supply chains for
business operations.
While there have been some disruptions, our supply chains have largely operated well through FY22.
Regulation Regulatory interventions that impact on
the energy sector.
We engage in formal consultation processes on many regulatory proposals and changes that are material to
our business. Among our submissions this year were the Emissions Reduction Plan; Transitioning to a Low
Emissions and Climate Resilient Future; Defining Energy Hardship; Security of Supply Forecasting and
Information Policy, and Emergency Management Policy.
We also input our views into collective advocacy through the Climate Leaders Coalition and Sustainable
Business Council.
Reliable energy (security of supply)Energy is available when you need it.Up to date asset management plans to ensure assets are well maintained, and outages are organised to
minimise disruptions.
Ensuring sufficient capacity to provide dry year cover.
Advocating for appropriate regulatory settings to ensure a sustainable and reliable energy sector.
Recruitment and retention Recruiting and retaining the best
employees with relevant industry skills.
Positioning ourselves as an inclusive workplace that empowers employees.
Delivering initiatives on pay equity, wellbeing, learning and development, social events, and volunteer days to
help our people feel valued and supported.
We are a Living Wage Accredited Employer which means all our people are paid a fair and decent wage.
Safety and wellbeing Helping our employees and the
community take care of their overall
wellbeing and resilience.
We have supported New Zealanders to live in warmer, healthier homes through curtain bank programmes
since 2010. We provide our people with learning programmes on various topics including health and safety
and mental wellbeing. Each staff member can access $100 a year for medical or wellbeing support.
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External environment
Genesis’ planning and operations are
influenced by the external environment in
which we operate. During FY22, that included
landmark policy decisions regarding the
country’s pathway to a low carbon future
along with the on-going global impacts of
Covid-19 and the war in Ukraine.
Regulation
New Zealand’s regulatory environment sets
the framework within which we operate. We
take an active role in contributing to public
policy, regulatory and legislative proposals.
We share our perspective in a constructive,
evidence-based way to ensure regulators
have a well-rounded and informed view so
decisions can be made that are in the best
interests of our customers, stakeholders, and
all New Zealanders. This year we provided
submissions to a range of organisations
including Ministry of Business, Innovation and
Employment (MBIE), Ministry for the
Environment, the Electricity Authority (EA),
Transpower, and Civil Defence and
Emergency on issues such as energy
sustainability, affordable energy, the
wholesale market, Emissions Reduction Plan,
and the outages of 9 August, 2021. We work
hard on building relationships across all
political parties and contribute to business
and industry groups in a transparent and
open-minded way.
Energy affordability
Genesis supports the Government’s focus on
energy affordability for residential users and
we have been working to implement the
recommendations of the 2019 Electricity Price
Review in ways that work for our customers.
This includes carefully implementing the
phase out of Low User Fixed charges, which
will see fixed and variable pricing phased out
over five years to ensure a single line charge.
We are taking care to ensure most customers
see benefits, while those who experience cost
increases are supported.
Advocating for customers, Genesis engaged
with MBIE in defining energy hardship, the
establishment of the energy hardship expert
panel and the consumer advocacy council.
As a company that recognises the importance
of energy during the transition, Genesis has
played a leading role to ensure all Kiwis have
access to power as New Zealand becomes
increasingly electrified. We are working with
Government and NGOs on pilot projects that
aim to understand how, for example, solar
and energy monitoring technologies could
be used to support energy wellbeing
for the vulnerable.
Energy sustainability
Genesis is actively engaging with the
Government as it creates the framework for
the country’s energy transition. From
decarbonising electricity and gas through to
the role of domestic pine forests in offsetting
carbon emissions, Genesis has a clear and
consistent voice on the importance of
balancing the needs of the energy trilemma.
The Government delivered the Emissions
Reduction Plan in May, setting out the policies
and settings for meeting New Zealand’s
emissions budgets. This was the culmination
of over two years’ analysis and consultation
across Government. Genesis’ involvement in
this process has included formal and informal
engagement with agencies including the
Climate Change Commission (CCC), Ministry
for the Environment, MBIE, the EA and Gas
Industry Company.
The ERP reflected key points we have
emphasised including the development of
a National Energy Strategy, a gas transition
plan to ensure gas supply for industry and
electricity generation is maintained as the
economy decarbonises and moving away
from a goal of 100% renewable electricity
by 2030 to a 50% renewable energy
target by 2035.
We are taking care to ensure
most customers see benefits,
while those who experience
cost increases are supported.
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Sustainable procurement
We introduced a Supplier Code of Conduct
which is included in all new contracts and
contract renewals. This sets a minimum
expectation and encourages improvements
in ethical business practice, safety and
wellness, people and community, and
environment practises.
We have also introduced sustainability
questions in our request for proposal
documents for potential vendors and ask
specifically how they might be implemented
if they become a supplier. These are then
considered in our vendor selection process.
We have also started bespoke discussions
with high value, and values-aligned suppliers,
to explore further sustainable initiatives, such
as measuring and then mitigating carbon
emissions on select projects to try to make
them zero carbon.
Supply Chain
Supply chain delays
While we have experienced delays in the IT
area and in the supply of electric vehicles, the
most significant delay in FY22 was in the
transporting of a new generator for Tuai
Power Station. Manufactured in Europe, it
was shipped from Spain and expected to take
one month to arrive here but instead took a
little over three months.
We had some minor disruption to the coal
supply chain due to Covid-19. This involved
delays in loading while waiting for health
inspectors to board, do testing and then issue
clearance. These delays would take a couple
of days to complete, compared to it
previously being a formality. We had one
major disruption when the Indonesian
Government banned coal exports in January
2022. It meant that Genesis, at short notice,
had to cancel or re-route ships, as well as
re-negotiate future ship arrival dates.
In February 2022, exports resumed as normal
although it took suppliers until May to get
back on schedule.
The other delay has been in securing access
to biomass to trial as an alternative fuel to
coal at Huntly. We had originally hoped to be
able to hold the trial in February, then pushed
that out to June. Demand for biomass is
soaring across the world and securing a
supply to conduct the trial has not been easy.
We continue to review our supplier options
and are hopeful of being able to run the
trial in FY23.
We have extended our relationship with Pou,
a locally owned and iwi-backed company in
Huntly that started initially to support
operations at the power station. Pou has now
been engaged to provide cleaning services at
our Hamilton office, helping Pou diversify and
grow as a company.
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Photo credit: George EmpsonLake Pukaki, part of the Tekapo Power Scheme.
LEADERSHIP
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Our Board of Directors
Genesis Energy’s Board of Directors bring
varied experience and a broad set of skills
to their governance of our company. They
set Genesis’ strategic direction, creating
long-term value for shareholders while
balancing the needs of our customers,
stakeholders and the environments in
which we operate.
In the Corporate Governance section of
this report we include a matrix setting
out the Board’s expertise across a range
of strategic skills. You can also find full
profiles of the Directors on our website.
CHAIR
Barbara Chapman
CNZM, BCom, CMInstD
Barbara joined the Genesis
Board in May 2018 and
assumed the role of Chair in
October 2018.
Catherine Drayton
BCom, LLB, FCA
Catherine joined the
Genesis Board in March
2019. She is Chair of the
Company’s Audit and Risk
Committee.
James Moulder
BA, BCA
James joined the Genesis
Board in October 2018. He
is a member of the Audit
and Risk Committee.
Hinerangi Raumati-Tu’ua
BMS, MMS, FCA, MNZM
Hinerangi joined the
Genesis Board in March
2022. She is a member of
the Audit and Risk
Committee.
Paul Zealand
BSc Mech. Eng (Hons), MBA
Paul joined the Genesis Board
in October 2016. He is a
member of the company’s
Human Resources and
Remuneration Committee, and
the Nominations Committee.
Doug McKay
ONZM, BA, AMP (Harvard)
Doug joined the Genesis
Board in 2014 and is a
member of the Company’s
Human Resources and
Remuneration Committee,
and the Nominations
Committee.
Tim Miles
BA
Tim joined the Genesis Board
in November 2016 and is
Chairman of the Company’s
Human Resources and
Remuneration Committee,
and the Nominations
Committee.
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A refreshed leadership team to navigate the transition
Marc England
CHIEF EXECUTIVE
MBA, MENG
Joined Genesis in May 2016,
previous executive experience
at AGL Energy and British
Gas. Departs Genesis in
October 2022 to join Ausgrid.
Tracey Hickman
CHIEF CUSTOMER
OFFICER/ INTERIM CE
MA (Hons), AMP (Harvard)
Over 28 years energy sector
experience, including 10 years
in executive roles in generation,
trading, fuels and retail. Interim
CE from October 2022.
Matthew Osborne
CHIEF CORPORATE
AFFAIRS OFFICER
BCom, LLB
Corporate counsel and
executive with over 20 years’
experience across legal,
regulatory, sustainability,
communications and
governance.
James Spence
CHIEF FINANCIAL
OFFICER
BSc, CA
Experience as CFO at three
integrated energy
companies in Australia and
North America.
Peter Kennedy
CHIEF DIGITAL OFFICER
BFor.Sc (Hons), ACMA
15 years of digital marketing
and customer experience in
the UK and New Zealand.
Pauline Martin
CHIEF TRADING OFFICER
B.E (Electrical and Electronic)
15 years’ experience in
wholesale markets,
transmission, generation
development and retail
markets.
Rebecca Larking
CHIEF OPERATING
OFFICER
MSc, Dip Business Admin
18 years energy sector
experience across
environmental, generation,
business sales and retail
operations.
Nicola Richardson
CHIEF PEOPLE OFFICER
BA (Hons)
Experience in financial
services, real estate and
human resources consulting.
Departs Genesis for ASB in
September 2022.
Our leadership team execute strategy
approved by the board and provide directors
with accurate and timely information on
company operations, performance, legal
obligations and reputation.
They lead the operations of the company, our
people and our resources. Full profiles of our
leadership team can be found here.
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KEY SUSTAINABILITY DATA
Key sustainability data
A SUSTAINABLE BUSINESS
FY22FY21FY20
FinancialEBITDAF ($m)
$440$355
1
$356
NPAT ($m)
$222$32
1
$46
Sustainable financeSustainability linked loan facilities ($m)
$250
2
--
Green bonds ($m)
$410
3
--
Sustainable finance as a percentage of total borrowings
4

excluding lease liabilities
29%--
Customer Number of retail customers
471,012474,325484,687
Change in customer complaints from prior year (%)
+11%+13%-53%
Net Promoter Score (NPS)
514739
Supply chain Total supply chain spend ($m)
$2,646N/A
5
N/A
5
EmployeesEmployees (headcount)
6
1,2311,1 751,1 08
Employees (FTE)
1,2041,1491,076
Total recordable injuries
4531
7
22
7
Injury severity (lost/restricted days)
1,4811,770671
Women as a % of workforce
44%44%43%
Gender pay ratio
3 7.4 %35.5% 37.2%
Pay equity gap
1.3%1.7%1.9%
Exec gender diversity (% Female)
50%30%25%
Women in leadership roles
8
42%45%50%
1. FY21 EBITDAF and NPAT have been restated to reflect
the revision of the accounting policy for intangible
assets (refer to the general information and significant
matters section of the consolidated financial
statements). Refer to the consolidated comprehensive
income statement on page 50 for reconciliation from
EBITDAF to net profit after tax.
2. Sustainability linked revolving credit facilities available
to be drawn down of which nil was drawn down at 30
June 2022.
3. Excludes fair value interest rate risk adjustments,
capitalised issue costs and accrued interest.
4. The calculation is based on drawn debt at year end
and excludes fair value interest rate risk adjustments,
capitalised issue costs and accrued interest.
5. Total supply chain expenditure was not available prior
to FY22.
6. Permanent, fixed term and casual.
7. Injury reporting changed from TRIFR to total
recordable injuries in FY22, FY21 and FY20 have been
restated for comparability purposes.
8. Measures the progress we are making in advancing
females into senior leadership roles. Leaders are
classified as Tier 1, Tier 2, and Tier 3 employees. Refer
to our Gender Gap Statement on our website for more
information.

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A LOW CARBON FUTURE FOR ALL
FY22FY21FY20
Empowering NZ's energy
transition
Total Scope 1 emissions (tCO₂e)
2,223,1263,940,063 2,690,013
Total Scope 2 emissions (tCO₂e)
217262240
Total Scope 3 emissions (tCO₂e)
1,427,7061,732,4801,804,749
Carbon intensity – thermal generation (tCO₂e/GWh)
595716603
Carbon intensity – total generation (tCO₂e/GWh)
342491395
Carbon intensity – retail customers (kgCO₂e/$ retail revenue)
0.740.750.76
Thermal generation as a % of total generation
58%69%66%
Supporting customers to
transition to a low carbon
economy
Customers engaging with tools (Energy IQ) to reduce energy use (residential
and small to medium business customers)
273,216274,727N/A
Protecting and restoring natureNumber of Whio breeding pairs (showing improvement to quality of water
and pest reduction in targeted areas)
694863748
A MORE EQUAL SOCIETY
FY22FY21FY20
Supporting local communitiesVolunteering (value of hours in $)
$31,530$61,248$41,484
Supporting energy wellbeingHouseholds helped to improve warmth (through curtain banks)
9
1,0741,1 72932
‘Power Shout’ hours gifted by customers to those in financial need
(hours of power)
62,132
10
N/AN/A
Creating pathways for the future
of work
Apprenticeships, internships and work experience opportunities through Ngā
Ara Creating Pathways
2132
N/A
11
Schools receiving STEM equipment via the School-gen Trust
33N/A
12
16
Numbers of people employed by Pou in the Waikato region
13
45 4640
Key sustainability data
(continued)
KEY SUSTAINABILITY DATA
9. Data is based on the financial year of each curtain
bank (Sustainability Trust Wellington and Community
Energy Action Christchurch).
10. In FY22, 15,533 customers gifted 62,132 Power Shout
hours. Genesis contributed 67,868 hours giving a total
of 130,000 hours.
11. Genesis has supported internships and
apprenticeships for a number of years, however
the programme was formalised under the Ngā Ara
Creating Pathways programme in FY21.
12. FY21 funding was not completed until July 2021
(FY22), so no equipment was gifted in FY21.
13. Pou is a marae-owned entity that provides facilities
management services through the employment of
local people. It was established in partnership with
Genesis and Waahi Paa, Te Kauri, Kaitumutumu, Te
Ohaaki, Taupiri, Matahuru Marae, Waahi Whaanui
Trust, Matawhaanui Board (as a representative of the
collective marae). Pou is aiming to grow its business in
the Waikato.

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F. Risk management
F1. Derivatives
80
F2. Price risk
81
F3. Interest rate risk
81
F4. Foreign exchange risk
82
F5. Impact of derivatives on the income statement and equity
82
F6. Sensitivity analysis for each type of market risk
83
F7. Liquidity risk
83
F8. Fair value measurement
84
G. Other
G1. Share-based payments
85
G2. Related party transactions
85
G3. Auditor's remuneration
87
G4. Capital commitments
87
G5. Contingent assets and liabilities
87
G6. Subsequent events
87
Consolidated financial
statements
For the year ended 30 June 2022
Consolidated financial
statements
Consolidated comprehensive
income statement
50
Consolidated statement of changes
in equity
51
Consolidated balance sheet52
Consolidated cash flow statement53
Notes to the consolidated financial statements
General information and significant matters
54
A. Financial performance
A1. Underlying EBITDAF and underlying earnings
56
A2. Arbitration decision in respect of a carbon liability dispute
56
A3. Segment reporting
57
A4. Revenue
60
A5. Depreciation, depletion and amortisation
60
A6. Income tax
61
B. Operating assets
B1. Property, plant and equipment
62
B2. Oil and gas assets
65
B3. Intangible assets
67
C. Working capital and provisions
C1. Receivables and prepayments
69
C2. Inventories
70
C3. Payables and accruals
70
C4. Provisions
71
D. Group structure
D1. Subsidiaries and controlled entities
72
D2. Joint operations
72
D3. Investments in associates and joint ventures
73
E. Funding
E1. Capital management
74
E2. Share capital
74
E3. Earnings per share
74
E4. Dividends
74
E5. Borrowings
75
E6. Finance expense
77
Ngā Tauākī Pūtea Tōpū
CONSOLIDATED FINANCIAL STATEMENTS

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Consolidated comprehensive income statement
For the year ended 30 June 2022
Note
2022
$ million
Restated*
2021
$ million
RevenueA3, A42,834.1 3,221.2
ExpensesA3(2,393.8)(2,813.7)
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)
440.3 354.6
Depreciation, depletion and amortisationA5(215.8)(196.0)
Impairment of non-current assetsB1, B3(4.3) -
Revaluation of generation assetsB19.6 27.9
Change in fair value of financial instrumentsF5139.2 (86.8)
Share of associates and joint ventures(3.9)1.3
Other gains (losses)8.7 3.3
Profit before net finance expense and income tax 373.8 104.3
Finance revenue0.8 0.4
Finance expenseE6(64.4)(59.9)
Profit before income tax310.2 44.8
Income tax expenseA6(88.3)(13.1)
Net profit for the year221.9 31.7
Earnings per share (EPS) from operations
attributable to shareholdersCentsCents
Basic and diluted EPSE321.24 3.04
Note
2022
$ million
Restated*
2021
$ million
Other comprehensive income
Change in cash flow hedge reserveF539.8 (6.1)
Income tax (expense) credit relating to items above(1 1 .1 )1.7
Total items that may be reclassified to profit or loss28.7 (4.4)
Change in asset revaluation reserveB1344.1 163.6
Income tax expense relating to items above(96.3)(45.8)
Total items that will not be reclassified to profit or loss2 4 7. 8 117.8
Total other comprehensive income for the year276.5 113.4
Total comprehensive income for the year498.4 145.1
* The comparative information has been restated to reflect the revision of the accounting policy for
intangible assets. Refer to the 'general information and significant matters' section in the notes for a
reconciliation to the previously reported information.
The above statement should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS

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Consolidated statement of changes in equity
For the year ended 30 June 2022
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 2020635.01.8 1,398.0 (42.7)7 7. 7 2,069.8
Restatement for adoption of revised accounting policy*- - - (3.4)(3.4)
Restated balance as at 1 July 2020635.01.8 1,398.0 (42.7)74.3 2,066.4
Restated net profit for the year - - - - 31.7 31.7
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)
Restated total comprehensive income (expense) for the year - - 117.8 (4.4)31.7 145.1
Revaluation reserve reclassified to retained earnings on disposal of assets - - (7.3) - 7.3 -
Hedging gains and losses transferred to the cost of assetsF5 - - - (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 - - 0.2 0.5
Shares issued under dividend reinvestment planE217.3 - - - - 17.3
DividendsE4 - - - - (179.6)(179.6)
Restated balance as at 30 June 2021652.2 2.2 1,508.5 (50.3)(6 6 .1 )2,046.5
Net profit for the year - - - - 221.9 221.9
Other comprehensive income
Change in cash flow hedge reserveF5 - - - 39.8 - 39.8
Change in asset revaluation reserveB1 - - 344.1 - - 344.1
Income tax expense relating to other comprehensive income - - (96.3)(11.1) - (107.4)
Total comprehensive income for the year - - 2 4 7. 8 28.7 221.9 498.4
Hedging gains and losses transferred to the cost of assetsF5 - - - (1.9) - (1.9)
Income tax on hedging gains and losses transferred to the cost of assets - - - 0.5 - 0.5
Changes associated with share-based payments0.6 - - - 0.2 0.8
Shares issued under dividend reinvestment planE21 7. 7 - - - - 1 7. 7
DividendsE4 - - - - (182.5)(182.5)
Balance as at 30 June 2022670.5 2.2 1,756.3 (23.0)(26.5)2,379.5
* The accounting policy for intangible assets has been revised during the period. Refer to the 'general information and significant matters' section in the notes for a reconciliation to the previously reported information.
The above statement should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS

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Consolidated balance sheet
As at 30 June 2022
Note
2022
$ million
Restated*
2021
$ million
Cash and cash equivalents105.6 104.3
Receivables and prepaymentsC1243.1 341.3
InventoriesC2202.9 93.2
Intangible assetsB349.3 55.4
Tax receivable8.0 15.1
DerivativesF1122.7 320.1
Total current assets731.6 929.4
Receivables and prepaymentsC13.6 4.1
Property, plant and equipmentB13,738.7 3,485.4
Oil and gas assetsB2286.9293.9
Intangible assetsB3327.3 340.4
Investments in associates and joint venturesD335.8 21.0
DerivativesF1148.5 160.5
Total non-current assets4,540.8 4,305.3
Total assets5,272.4 5,234.7
Note
2022
$ million
Restated*
2021
$ million
Payables and accrualsC3248.3 390.5
BorrowingsE5292.0 379.7
ProvisionsC410.3 7.1
DerivativesF1144.1 404.3
Total current liabilities694.7 1,181.6
Payables and accrualsC33.8 4.3
BorrowingsE51,201.3 1,048.1
ProvisionsC4176.9 159.1
Deferred taxA6750.9 619.5
DerivativesF165.3 175.6
Total non-current liabilities2,198.2 2,006.6
Total liabilities2,892.93,188.2
Share capitalE2670.5 652.2
Reserves1,709.0 1,394.3
Total equity2,379.5 2,046.5
Total equity and liabilities5,272.4 5,234.7
* The comparative information has been restated to reflect the revision of the accounting policy for
intangible assets. Refer to the 'general information and significant matters' section in the notes for a
reconciliation to the previously reported information.
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: 18 August 2022
Catherine Drayton
Chairman of the Audit and Risk Committee
Date: 18 August 2022
CONSOLIDATED FINANCIAL STATEMENTS

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GENESIS ANNUAL REPORT 2022
RUNNING HEADER CONTENT
CONTENTS
Note
2022
$ million
Restated*
2021
$ million
Receipts from customers2,878.4 3,083.7
Interest received0.8 0.4
Payments to suppliers and related parties(2,430.3)(2,594.8)
Payments to employees(130.9)(113.6)
Tax paid(56.3)(56.2)
Operating cash flows261.7 319.5
Proceeds from disposal of property,
plant and equipment
0.4 0.1
Proceeds from assets under finance lease0.8 -
Payments to associates and joint ventures(18.5)(15.2)
Purchase of assets under finance lease( 9.1 ) -
Purchase of property, plant and equipment(58.2)(47.6)
Purchase of oil and gas assets(11.9)(20.1)
Purchase of intangibles (excluding emission units and
deferred customer acquisition costs)
(14.1)(18.4)
Investing cash flows(110.6)(101.2)
Proceeds from lease incentivesE5 - 11.1
Proceeds from sale of treasury sharesE21.2 -
Proceeds from borrowingsE5510.0 309.8
Repayment of borrowingsE5(431.9)(248.5)
Interest paid and other finance charges(63.3)(56.2)
DividendsE4(164.8)(162.3)
Acquisition of treasury sharesE2(1.0)(0.4)
Financing cash flows(149.8)(146.5)
Net increase (decrease) in cash and cash
equivalents
1.3 71.8
Cash and cash equivalents at 1 July104.3 32.5
Cash and cash equivalents at 30 June105.6 104.3
Consolidated cash flow statement
For the year ended 30 June 2022
Reconciliation of net profit to operating cash flowsNote
2022
$ million
Restated*
2021
$ million
Net profit for the year221.9 31.7
Net loss (gain) on disposal of property, plant and
equipment
2.0 (0.2)
Net loss on disposal of intangible assets0.1 -
Finance expense excluding time value of money
adjustments on provisions
60.0 55.8
Change in advances to associates and joint ventures
receivable and change in lease receivable
5.9 2.2
Change in rehabilitation and contractual
arrangement provisions
(18.6)1.2
Items classified as investing/financing activities49.4 59.0
Depreciation, depletion and amortisation expenseA5215.8 196.0
Revaluation of generation assetsB1(9.6)(27.9)
Impairment of non-current assets B1, B34.3 -
Change in fair value of financial instrumentsF5(139.2)86.8
Deferred tax expenseA624.5 (53.6)
Change in capital expenditure accruals1.4 3.6
Share of associates and joint ventures3.9 (1.3)
Other non-cash items7. 8 7. 8
Total non-cash items108.9 211.4
Change in receivables and prepayments98.7 (106.4)
Change in inventories(109.7)4.8
Change in emission units on hand6 .1 (50.5)
Change in deferred customer acquisition costs1.0 0.8
Change in payables and accruals(142.7)153.1
Change in tax receivable/payable7.1 9.9
Change in provisions21.0 5.7
Movements in working capital(118.5)1 7.4
Net cash inflow from operating activities261.7 319.5
* The comparative information has been restated to reflect the revision of the accounting policy for
intangible assets. Refer to the 'general information and significant matters' section in the notes for a
reconciliation to the previously reported information.
The above statement should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS

54
GENESIS ANNUAL REPORT 2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTENTS
Notes to the consolidated financial statements
For the year ended 30 June 2022
General information and significant matters
General information
These consolidated financial statements comprise Genesis Energy Limited ('Genesis'), its subsidiaries,
controlled entities and the Group's interests in associates and joint arrangements (together, the
'Group'). Refer to section D for more information on the Group structure.
Genesis is registered under the Companies Act 1993. It is a mixed ownership model company, majority
owned by the 'Crown', bound by the requirements of the Public Finance Act 1989. Genesis is listed
on the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX) and has
bonds listed on the NZX debt market. Genesis is an FMC reporting entity under the Financial Markets
Conduct Act 2013.
The core business of the Group and activities carried out by each segment is disclosed in note A3.
Basis of preparation
These financial statements have been prepared:
Estimates and judgements
In the process of preparing the financial statements Management makes a number of estimates and
judgements based on historical experience and various other factors that are reasonable under the
circumstances. The table below lists the key estimates and judgements.
Key estimates and judgementsNotePage
Fair value of generation assetsB163
Depletion of oil and gas producing assetsB266
Valuation of rehabilitation and restoration provisionsC471
Valuation of electricity derivativesF884
• In accordance with New Zealand generally
accepted accounting practice ('GAAP') and
comply with International Financial Reporting
Standards ('IFRS') and New Zealand equivalents
('NZ IFRS'), as appropriate for profit-oriented
entities;
• In accordance with the Financial Markets
Conduct Act 2013, the Financial Reporting Act
2013 and the Companies Act 1993;
• Using the historical cost convention, modified
by the revaluation of derivatives, emission units
held for trading and generation assets;
• In New Zealand dollars rounded to the nearest
100,000;
• On a Goods and Services Tax ('GST') exclusive
basis with the exception of receivables and
payables, which include GST where GST has
been invoiced;
• Using the accounting policies set out in the
notes to the financial statements. The impact
of adopting new and revised accounting
standards, interpretations and amendments is
disclosed below.
Estimates are also used in determining other items such as the expected credit loss provision (note
C1), the useful lives of property, plant and equipment and software (notes B1 and B3), and whether
assets with indefinite useful lives are impaired (note B3). Judgements are further used in determining
whether an event gives rise to a provision or a contingent liability (note G5).
Impairment of assets
Assets that have indefinite useful lives are tested annually for impairment. Assets that are subject to
depletion, depreciation or amortisation are reviewed for impairment annually or whenever events
or changes in circumstances indicate that the carrying amount may not be recoverable. If an asset’s
carrying value exceeds its recoverable amount, the difference is recognised as an impairment loss in
the income statement, except where the asset is carried at a revalued amount then it is treated as a
revaluation decrease up to the amount previously recognised in the revaluation reserve.
Adoption of new and revised accounting standards, interpretations and amendments
Implementation of IFRS Interpretations Committee ('IFRIC') agenda decision on Configuration and
Customisation costs incurred in implementing Software-as-a-Service ('SaaS')
As noted in the 2021 Annual Report the IFRIC released an agenda decision in April 2021 in relation to
accounting for configuration and customisation costs incurred in implementing SaaS arrangements.
SaaS arrangements are service contracts providing the Group with the right to access the cloud
provider’s application software over the contract period. The agenda decision clarifies how current
accounting standards should be applied to these types of arrangements.
The Group's accounting policy has historically been to capitalise costs directly attributable to the
configuration and customisation of SaaS arrangements as intangible assets in the Balance Sheet,
aligned to the underlying subscription contract. Following the adoption of the above IFRIC agenda
decision, current SaaS arrangements were identified and assessed to determine if the Group has
control of the software. For those arrangements where the Group does not have control of the
developed software, the configuration and customisation costs previously capitalised have been
derecognised and prospectively these costs are now recognised as operating expenses when the
services are received; the ongoing fees to obtain access to the cloud provider's application software
continue to be an operating expense. Amounts paid to the supplier in advance of the commencement
of the service period, including for configuration or customisation that are not distinct from the
underlying SaaS, are treated as a prepayment.
Costs may be incurred for the integration of the SaaS or the development of software code that
enhances or modifies existing on-premise systems. This spend continues to meet the definition of,
and recognition criteria for, an intangible asset. These costs are recognised as software assets and
amortised over the useful life of the software on a straight line basis.
The change in accounting policy has been applied retrospectively and as a result the comparative
information has been restated. The impact of the accounting policy change is disclosed on the
following page.

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GENESIS ANNUAL REPORT 2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTENTS
Comprehensive income statement
For the year ended 30 June 2021
As originally
presented
$ million
SaaS agenda
decision
$ million
Restated
$ million
EBITDAF357.9 (3.3)354.6
Depreciation, depletion and amortisation(196.9)0.9 (196.0)
Profit before income tax47.2 (2.4)44.8
Income tax expense(13.7)0.6 (13.1)
Net profit for the year33.5 (1.8)31.7
The restatement impacts the Retail segment ($(3.1) million EBITDAF, $0.8 million amortisation) and the
Corporate segment ($(0.2) million EBITDAF, $0.1 million amortisation).
Earnings per share decreased from 3.22 cents per share to 3.04 cents per share as a result of applying
the IFRIC agenda decision.
Consolidated balance sheet
As at 30 June 2021
As originally
presented
$ million
SaaS agenda
decision
$ million
Restated
$ million
Receivables and prepayments343.5 1.9 345.4
Intangible assets404.9 (9.1)395.8
Deferred tax(621.5)2.0 (619.5)
Retained earnings60.9 5.2 66.1
Consolidated balance sheet
As at 1 July 2020
As originally
presented
$ million
SaaS agenda
decision
$ million
Restated
$ million
Receivables and prepayments238.1 0.9 239.0
Intangible assets358.3 (5.7)352.6
Deferred tax(631.6)1.4 (630.2)
Retained earnings( 7 7. 7 )3.4 (74.3)
Consolidated cash flow statement
For the year ended 30 June 2021
As originally
presented
$ million
SaaS agenda
decision
$ million
Restated
$ million
Operating cash flows323.8 (4.3)319.5
Investing cash flows(105.5)4.3 (101.2)
Amendment to NZ IFRS 9, NZ IAS 39 and NZ IFRS 7 - Interest rate benchmark reform
IBOR Reform
A fundamental reform of major interest rate benchmarks is being undertaken globally, including the
replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to
as ‘IBOR reform’). In the case of USD LIBOR, certain tenors will no longer be published after 30 June
2023. There is still uncertainty around transition to alternative rates, for example when existing rates
will no longer be representative and the need for a liquid market.
The International Accounting Standards Board launched a project split in two phases. Phase 1 deals
with issues affecting financial reporting before the replacement of the existing benchmark rates and
Phase 2 deals with issues affecting financial reporting after the replacement of the benchmark rate.
Approach to IBOR Reform
The Group adopted the Phase 1 amendments of the Interest Rate Benchmark Reform in the prior
year and continues to apply the relief provisions meaning there is no need to de-designate the hedge
relationship during this period of uncertainty.
Phase 2 amendments of the Interest Rate Benchmark Reform apply when these uncertainties are no
longer present and is effective now, with the practical implementation date being when the alternative
rates are identified. One of the key reliefs is allowing hedge relationships affected by IBOR reform to
continue without the need for de-designation.
Risks and accounting impacts arising from IBOR Reform
The Group has reviewed their exposures to the above IBORs and does not have any direct exposures to
any of the IBOR rates. The Group does have financial instruments denominated in USD, but these are
at a fixed rate so they do not have a direct exposure to LIBOR.
While the Group does not have a direct exposure to USD LIBOR, it does have an indirect exposure as it
has hedge relationships for its cross currency interest rate swaps (CCIRS) (fair value notional USD150m
and cash flow notional NZD$193.2m) that reference USD LIBOR. The Group uses CCIRS to manage
interest rate risk on the fixed rate United States Private Placement (‘USPP’) notes by swapping back to
floating rates, maturing in 2026 and 2027 (refer to note F4 for further information on the CCIRS). As
at 30 June 2022, no hedging instruments or related hedged items have transitioned to alternative risk
free rates.
The Group does not expect the transition to alternative benchmark rates to change the overall
economics of the hedging transactions as there is no direct exposure to LIBOR, however, the
benchmark rate changes will effect the underlying hedge relationships. The Group does not expect
this to lead to discontinuation of hedge accounting relationships and continues to work through the
transition plan including actions required to update processes, systems and documentation.
General information and significant matters (continued)

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTENTS
Accounting standards, interpretations and amendments not yet effective
The External Reporting Board (‘XRB’) of New Zealand is currently developing reporting standards to
support mandatory reporting on climate risks. The XRB intends to issue a climate-related disclosure
framework: Aotearoa New Zealand Climate Standards with three Climate Standards being issued that
set requirements for: Climate-related Disclosures; First-time adoption; and General Requirements
for Disclosures. The disclosure areas are expected to be in line with the International Task Force on
Climate-related Disclosures (‘TCFD’), being Governance, Strategy, Risk Management and Metrics &
Targets.
The XRB anticipates issuing the standards by December 2022 and so the first climate statement
required under these new standards would be as at 30 June 2024, with mandatory assurance required
on the Greenhouse Gas emissions included in the climate statements for the 2025 Annual Report.
The Group has prepared separate voluntary Climate-related Financial Disclosures that follow the
principles outlined in the TCFD. This does not form part of the consolidated financial statements.
Climate change and environmental policies established by the New Zealand Government have an
impact throughout the New Zealand energy sector and impacts the strategy of the business and
therefore is reflected in the financial statements through:
• The Generation assets and energy derivatives are revalued to fair value at each period-end, with
the wholesale electricity price path being the key driver of changes in the valuations. The wholesale
electricity price path reflects the impact of the New Zealand Government’s climate change policy
which could have an impact on future prices. Refer to note B1.
• The useful lives of the Group’s thermal assets are estimated to be up to 10 years. The useful
lives of all assets are reviewed annually to determine whether there have been any changes
due to operational or external factors, including climate change considerations, and updated as
appropriate. Refer to note B1.
• The Group has provided for its share of the costs of the Kupe production facility at the end of life of
this asset. Note the provision assumes the subsea pipeline will be left in situ. Refer to note C4.
• The investment and participation in renewable generation schemes including: a new joint venture
agreement for the development of solar generation (refer to note D2); and new long-term power
purchase agreements from the Kaiwaikawe wind farm and the Tauhara geothermal field (refer to
note F8).
• The Group launched its Sustainable Finance Programme during the year that includes the issue of
green bonds to fund green activities and the establishment of sustainability linked facilities that
have variable payments linked to performance against the Group’s sustainability targets. Refer to
note E5.
General information and significant matters (continued)
A. Financial performance
A1. Underlying EBITDAF and underlying earnings
Underlying EBITDAF and underlying earnings are performance measures used internally to provide
insight into the operating performance of the Group by adjusting for items that are outside
Management's control or items that relate to strategic rather than operational decisions. Items are
excluded from underlying EBITDAF and underlying earnings when they meet the criteria outlined
in the Group's non-GAAP financial information policy (refer to www.genesisenergy.co.nz/investors/
governance/documents for a copy of the policy). These measures are considered to be non-GAAP
performance measures. They should not be viewed in isolation nor considered a substitute for
measures reported in accordance with New Zealand Equivalents to International Financial Reporting
Standards ('NZ IFRS'). Underlying EBITDAF and underlying earnings are used by many companies;
however, because these measures are not defined by NZ IFRS they may not be uniformly defined or
calculated by all companies. Accordingly, these measures may not be comparable.
Reconciliation of reported net profit to underlying earningsNote
2022
$ million
Restated
2021
$ million
Net profit for the year221.9 31.7
Change in fair value of financial instrumentsF5(139.2)86.8
Revaluation of generation assetsB1(9.6)(27.9)
Impairment of non-current assetsB1, B34.3 -
Unrealised loss (gain) on revaluation of carbon units
held for trading
1.2 (0.9)
Adjustments before tax expense(143.3)58.0
Tax expense on adjustments40.1 (16.2)
Adjustments after tax expense(103.2)41.8
Underlying earnings 118.7 73.5
CentsCents
Underlying EPS11.36 7. 0 6
There were no differences between reported EBITDAF and underlying EBITDAF.
A2. Arbitration decision in respect of a carbon liability dispute
In July 2021, following an arbitration process, Genesis settled a contractual dispute relating to the
carbon terms of one of its long term gas supply agreements. The arbitrator's decision determined that
Genesis was required to meet the carbon liability for gas supplied since 1 January 2018 up to the date the
contract expires. The arbitrator's decision was final and binding. As a result an accrual for $52.9 million
was recognised at 30 June 2021, comprised of $45.9 million in trade payables and accruals and $7.0
million in emission obligations. The trade payable was settled during the year, reflected in operating cash
flows, whilst the emission obligations were settled as part of the normal settlement process.