FY23 Q1 Performance and Guidance Update

MARKET RELEASE

Date: 14 October 2022
NZX: GNE / ASX: GNE
FY23 Q1 Performance and Guidance Update


Favourable trading conditions in Q1 FY23, primarily due to higher hydro inflows and thermal
generation flexibility have meant that EBITDAF performance in Q1 FY23 was higher than expected.
Due to lower thermal generation, carbon emissions declined by 50% relative to Q1 FY22.

FY23 EBITDAF guidance has been updated from around $455 million to around $500 million. This
remains subject to hydrological conditions, gas availability, and any material adverse events or
unforeseeable circumstances.

Negotiations for Market Security Options remain ongoing and are not considered in guidance.

Genesis’ FY23 Q1 Performance Report is attached.



ENDS


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

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








About Genesis Energy
Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells electricity,
reticulated natural gas and LPG through its retail brands of Genesis and Frank and is one of New Zealand’s largest
energy retailers with approximately 500,000 customers. The Company generates electricity from a diverse
portfolio of thermal and renewable generation assets located in different parts of the country. Genesis also has
a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New
Zealand. Genesis had revenue of $NZ2.8 billion during the 12 months ended 30 June 2022. More information
can be found at www.genesisenergy.co.nz

---

Genesis Energy Limited FY23 Q1 Performance Report 1.
FY23 Q1
Performance Report
14October 2022

Genesis Energy Limited FY23 Q1 Performance Report 2.
Genesis performance reporting has been updated to align to the format presented at the FY22
results presentation.
Revenues and direct costs have been grouped across electricity, gas, LPG and Kupe. Income
and direct costs from active carbon trading and other revenue are not reported.
Definitions and details of metrics are available in the glossary.
The prices and volumes reported are unaudited, represent Genesis’ best view of performance
at the time of publication and are subject to change.
Reporting Note

Performance Highlights
Retail
12.5%
Net Customer Churn
WholesaleKupe
Gas Production
1.3 ppt decrease on pcp
1
477,500
Total Customers
1% increase on pcp
138,000
Multi-fuel Customers
7% increase on pcp
1,063 GWh
Renewable Generation
37% increase on pcp
51% down
Generation Emissions
Relative to pcp
Portfolio Generation Costs
$29 decrease from pcp
$126/bbl.
$30/bbl. higher than pcp
1
Pcp refers to Q1 FY22 unless otherwis e stated
Genesis Energy Limited FY23 Q1 Performance Report 3.
2.5 PJ
4.2% increase on pcp
LPG Production
10.8 kt
1.9% increase on pcp
Realised Oil price
$34/MWh

Genesis Energy Limited FY23 Q1 Performance Report 4.
Favourable weather conditions drove considerably higher hydro
generation across all Genesis catchments. Renewable generation
increased by 287 GWh on the pcp.
The Huntly Power Station flexed down generation in the quarter, with
the portfolio running short during periods of low prices. Improved gas
availability enabled lower cost and more flexible Rankine generation.
Weighted average portfolio costs declined to $34/MWh.
Genesis’ retail business continued to grow, with an increase of
~6,500 customers in the quarter. Net customer churn remained low at
12.5%.
Retail gas netback continued to improve, driven by the SME and C&I
sectors. Wholesale gas sales declined, due to the high volume trades
with industrial consumers in 2021 and the conclusion of legacy
contracts.
LPG bulk delivery costs increased, primarily due to higher diesel and
transportation costs.
Performance Highlights
HYDROLOGY (GWh)
Q1 FY23Q1 FY22
Hydro
Generation
1,060773
Hydro
Inflows
1,170819
Closing
Storage
460
(165% of ave.)
349
(125% of ave.)
Comparison of average daily generation volumes at Huntly and average daily spots prices reported at Otahuhu node.
0
50
100
150
200
250
-
2
4
6
8
10
12
14
01-Jul
01-Aug01-Sep
$/ MWh
GWh
HUNTLY GENERATION and AVERAGE SPOT PRICES
Unit 5RankineAvg Spot Price
JulAugSep

Genesis Energy Limited FY23 Q1 Performance Report 5.
Operating Performance
Q1 FY23Q1 FY22Variance
ElectricityVolumeRate per unit$m VolumeRate per unit$m VolumeRate per unit$m
Retail Sales Residential0.89 TW h$265/MW h235.3 0.92 TW h$264/MW h242.3 0.0 TW h$2/MW h(6.9)
Retail Sales SME0.25 TW h$250/MW h62.2 0.25 TW h$234/MW h57.3 0.0 TW h$16/MW h4.9
Retail Sales C&I0.45 TW h$176/MW h78.7 0.50 TW h$159/MW h80.4 -0.1 TW h$17/MW h(1.8)
Total Retail Sales1.58 TWh$238/MW h376.2 1.67 TWh$228/MW h380.0 -0.1 TWh$10/MW h(3.8)
W holesale Sales1.71 TW h$79/MW h134.8 1.88 TW h$163/MW h307.0 -0.2 TW h-$84/MW h(172.2)
Generation Costs – Thermal0.65 TW h$91/MW h58.9 1.11 TW h$108/MW h119.7 -0.5 TW h-$17/MW h(60.7)
Generation Costs – Renewable1.06 TW h--0.78 TW h--0.3 TW h--
Generation Costs – Portfolio1.71 TW h$34/MW h58.9 1.88 TW h$64/MW h119.7 -0.2 TW h-$29/MW h(60.7)
Retail Purchases
Retail Purchases1.66 TW h$75/MW h125.3 1.76 TW h$157/MW h275.5 -0.1 TW h-$81/MW h(150.2)
Transmission and Distribution Costs146.8 145.9 0.8
GasVolumeRate per unit$m VolumeRate per unit$m VolumeRate per unit$m
Retail Sales Residential1.0 PJ$33.8/GJ32.5 1.0 PJ$31.0/GJ31.6 (0.1) PJ$2.8/GJ1.0
Retail Sales SME0.4 PJ$25.7/GJ11.5 0.5 PJ$17.4/GJ9.0 (0.1) PJ$8.3/GJ2.5
Retail Sales C&I1.0 PJ$20.0/GJ20.0 1.0 PJ$11.3/GJ11.4 (0.0) PJ$8.7/GJ8.6
Total Retail Sales2.4 PJ$26.6/GJ64.0 2.5 PJ$20.4/GJ52.0 (0.1) PJ$6.2/GJ12.0
W holesale Sales0.5 PJ$9.0/GJ4.6 3.3 PJ$13.3/GJ43.8 (2.8) PJ-$4.3/GJ(39.2)
Gas Purchases2.9 PJ$8.8/GJ25.8 5.9 PJ$11.6/GJ68.1 (2.9) PJ-$2.8/GJ(42.3)
Transmission and Distribution Costs22.2 24.1 (1.9)
All prices in this report are unaudited and subject to change.
Realised oil price data for Q1 FY22 has been updated to correct prior reporting error.
LPGVolumeRate per unit$m VolumeRate per unit$m VolumeRate per unit$m
Bottled LPG Sales6.2 kt$2,574/t15.9 6.1 T$2,328/t14.2 0.1 T$246/t1.7
SME & Other Bulk LPG Sales8.0 kt$1,619/t13.0 7.3 T$1,508/t11.0 0.7 T$111/t2.0
Total Retail Sales14.2 kt$2,035/t28.8 13.4 T$1,881/t25.1 0.8 T$153/t3.7
W holesale LPG Sales0.9 kt$1,166/t1.0 3.6 T$1,077/t3.9 (2.7)T$88/t(2.9)
LPG Cost15.1 T$925/t13.9 17.0 T$802/t13.6 (1.9)T$123/t0.3
KupeVolumeRate per unit$m VolumeRate per unit$m VolumeRate per unit$m
Oil Sales75 Kbbl$125.9/bbl9.5 76 Kbbl$95.8/bbl7.3 (0.5)Kbbl$30.1/bbl2.2
Gas Sales2.5 PJ$7.2/GJ18.2 2.4 PJ$7.1/GJ17.3 0.10 PJ$0.1/GJ0.9
LPG Sales10.6 kt$450/t4.8 11.2 kt$450/t5.1 (583)T$/t(0.3)

Genesis Energy Limited FY23 Q1 Performance Report 6.
Operating Metrics
Retail segmentQ1 FY23Q1 FY22% ChangeVar.Q4 FY22% ChangeVar.
Retail
Brand Net Promoter Score252025.0% 527(7.4%)-2
Interaction Net Promoter Score48472.1% 155(12.2%)-7
Gross Customer Churn (3 month rolling average, %)19.6% 21.4% (8.4%)(1.8)ppt 19.7% (0.5%)(0.1)ppt
Net Customer Churn (3 month rolling average, %)12.5% 13.8% (9.4%)(1.3)ppt 12.2% 2.5% 0.3ppt
Electricity Netback ($/MW h)$136.66 $133.73 2.2%$2.93 $129.18 5.8%$7.48
Gas Netback ($/GJ)$16.75 $11.47 46.0%$5.28 $16.85 (0.6%)($0.10)
LPG Netback ($/t)$1,123.48 $1,138.29 (1.3%)($14.81)$977.12 15.0%$146.36
Customer Numbers
Customers > 1 Fuel137,958 129,041 6.9%8,917 133,550 3.3%4,408
Electricity Only Customers291,480 293,182 (0.6%)(1,702)288,711 1.0%2,769
Gas Only Customers13,201 15,560 (15.2%)(2,359)14,003 (5.7%)(802)
LPG Only Customers34,859 33,975 2.6%884 34,748 0.3%111
Total Customers477,498 471,758 1.2%5,740 471,012 1.4%6,486
Electricity ICPs Active-Occupied488,501 481,823 1.4%6,678 480,946 1.6%7,555
Gas ICPs Active-Occupied107,898 105,544 2.2%2,354 105,958 1.8%1,940
LPG Customer Connections87,730 81,665 7.4%6,065 85,770 2.3%1,960
Total ICPs684,129 669,032 2.3%15,097 672,674 1.7%11,455
Wholesale SegmentQ1 FY23Q1 FY22% ChangeVar.Q4 FY22% ChangeVar.
Generation
Generation Emissions (ktCO2)322 656 (50.9%)(334)704 (54.3%)(382)
Generation Carbon Intensity (tCO2/GW h)188 349 (46.1%)(161)386 (51.3%)(198)
Rankine Output (GW h)151 382 (60.5%)(231)383 (60.6%)(232)
Rankine Fuelled by Coal (%)15% 87% (82.8%)(72%)93% (83.9%)(78.0%)
Total Gas Purchases (PJ)8.4 11.7 (28.2%)(3.3)7.8 7.7%0.6
Total Coal Purchases (PJ)2.4 10.8 (77.8%)(8.4)5.5 (56.4%)(3.1)
Electricity Financial Contract Purchases - W holesale (GW h)388 650 (40.3%)(262)533 (27.2%)(145)
Electricity Financial Contract Purchase Price- W holesale ($/MW h)$119 $127 (6.3%)($8)$116 2.6% $3
Electricity Financial Contract Sales - W holesale (GW h)718 942 (23.8%)(224)957 (25.0%)(239)
Electricity Financial Contract Sale Price - W holesale ($/MW h)$144 $149 (3.4%)($5)$136 5.9% $8
Swaption Sales - W holesale (GW h)-51 (100.0%)(51)164 (100.0%)(164)
Gas Used In Internal Generation (PJ)5.4 6.0 (10.0%)(0.6)5.4 -0.0
W eighted Average Gas Burn Cost ($/GJ)$9.2 $12.7 (27.4%)($3.5)$9.5 (2.7%)($0.3)
Coal Used In Internal Generation (PJ) 0.3 3.6 (91.9%)(3.3)3.9 (92.6%)(3.6)
W eighted Average Coal Burn Cost ($/GJ)$8.0 $7.7 3.0% $0.2 $8.0 (1.1%)($0.1)
Coal Stockpile - closing balance (kt)975 508 91.9% 467 877 11.2% 98
Power Purchase Agreements
W ind (GW h)117 133 (12.0%)(16)107 9.3%10
Average Price Received for PPA - GW AP ($/MW h)$51.29 $113.18 (54.7%)($61.89)$158.80 (67.7%)($107.51)

Genesis Energy Limited FY23 Q1 Performance Report 7.
Operating Metrics
Kupe segmentQ1 FY23Q1 FY22% ChangeVar.Q4 FY22% ChangeVar.
Kupe
Oil Production (kbbl)62 70 (11.4%)(8)70 (11.4%)(8)
Average Brent Crude Oil (USD/bbl)$100.85 $75.13 (100.0%)($75.13)$113.78 (100.0%)($113.78)
LPG Production (kt)10.8 10.6 1.9%0.2 11.9 (9.2%)(1.1)
LPG Production Yield (t/TJ)4.3 4.4 (2.3%)(0.1)4.2 2.4%0.1
OtherQ1 FY23Q1 FY22% ChangeVar.Q4 FY22% ChangeVar.
Corporate
Headc ount 1,202 1,148 4.7%54 1,204 (0.2%)(2)
Total Recordable Injuries11 12 -8.3%(1)16 (21.4%)(3)

Genesis Energy Limited FY23 Q1 Performance Report 8.
Appendix: Retail Segment
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Q1
FY20
Q2Q3Q4Q1
FY21
Q2Q3Q4Q1
FY22
Q2Q3Q4Q1
FY23
GAS SALES VOLUME (PJ)
Quarterly Resi Sales VolumesQuarterly SME Sales Volumes
Quarterly C&I Sales VolumesRolling 12-month Sales Volume (RHS)
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
-
100
200
300
400
500
600
700
800
900
1,000
Q1
FY20
Q2Q3Q4Q1
FY21
Q2Q3Q4Q1
FY22
Q2Q3Q4Q1
FY23
ELECTRICITY SALES VOLUMES (GWh)
Quarterly Resi Sales VolumesQuarterly SME Sales Volumes
Quarterly C&I Sales VolumesRolling 12-month Sales Volume (RHS)
35,000
40,000
45,000
50,000
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Q1
FY20
Q2Q3Q4Q1
FY21
Q2Q3Q4Q1
FY22
Q2Q3Q4Q1
FY23
LPG SALES VOLUMES (Tonnes)
Quarterly Bottled LPG Sales Volumes
Quarterly Bulk & SME LPG Sales Volume
Rolling 12-month Sales Volume (RHS)
-
100
200
300
400
500
600
700
800
$0
$50
$100
$150
Q1
FY20
Q2Q3Q4Q1
FY21
Q2Q3Q4Q1
FY22
Q2Q3Q4Q1
FY23
ICP Counts (Thousands)
Cost to Serve ($/ICP)
ICP NUMBER
Electricty ICPs Active OccupiedGas ICPs Active Occupied
LPG Customer Connections

Genesis Energy Limited FY23 Q1 Performance Report 9.
Appendix: Wholesale Segment
0
20
40
60
80
100
120
140
160
180
OctNovDecJanFebMarAprMayJunJulAugSep
WAIKAREMOANA STORAGE Vs LONG RUN AVERAGE (GWh)
Long Run Average Storage12-month Storage
0
1,000
2,000
3,000
4,000
5,000
OctNovDecJanFebMarAprMayJunJulAugSep
NEW ZEALAND DAILY STORAGE (ALL GENERATORS, GWh)
Long Run Average Storage12-month Storage
0
200
400
600
800
1000
OctNovDecJanFebMarAprMayJunJulAugSep
TEKAPO STORAGE Vs LONG RUN AVERAGE (GWh)
Long Run Average Storage12-month Storage
0
1
2
3
4
5
6
7
8
OctNovDecJanFebMarAprMayJunJulAugSep
GWh/Day
TONGARIRO GENERATION
20 years average7 days rolling average

Appendix: Wholesale Segment
Genesis Energy Limited FY23 Q1 Performance Report 10.
0
500
1,000
1,500
2,000
2,500
Q1
FY20
Q2Q3Q4Q1
FY21
Q2Q3Q4Q1
FY22
Q2Q3Q4Q1
FY23
GENERATION BY POWER STATION (GWh)
Huntly Unit 5Huntly Units 1 to 4 GasHuntly Units 1 to 4 Coal
Huntly Unit 6North Island HydroSouth Island Hydro
0%
20%
40%
60%
80%
100%
$-
$20.00
$40.00
$60.00
$80.00
$100.00
Q1
FY20
Q2Q3Q4Q1
FY21
Q2Q3Q4Q1
FY22
Q2Q3Q4Q1
FY23
PORTFOLIO AND THERMAL FUEL COSTS
Weighted Average Fuel Cost - Thermal ($/MWh)
Weighted Average Fuel Cost - Portfolio ($/MWh)
Renewable Contribution to Total Generation (RHS, %)
0
100
200
300
400
500
600
700
800
Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22
HUNTLY RANKINE UTILISATION (GWh)
Genesis Customers/Portfolio Backup Swaption Partners
Backup Other Retailers/Spot Customers
$50
$70
$90
$110
$130
$150
$170
$190
$210
$230
2018201920202021
Calendar Year
ASX FUTURES SPOT PRICING ($/MWh)
1-Year Contract2-Year Contract3-Year Contract

Appendix: Kupe Segment
Genesis Energy Limited FY23 Q1 Performance Report 11.
9.0
9.5
10.0
10.5
11.0
11.5
12.0
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Q1
FY20
Q2Q3Q4Q1
FY21
Q2Q3Q4Q1
FY22
Q2Q3Q4Q1
FY23
KUPE GAS SALE VOLUMES (GENESIS SHARE, PJ)
Quarterly Sales VolumeRolling 12 Months Sales Volume (RHS)
-
50.
100.
150.
200.
250.
300.
350.
400.
450.
500.
-
20.
40.
60.
80.
100.
120.
Q1
FY20
Q2Q3Q4Q1
FY21
Q2Q3Q4Q1
FY22
Q2Q3Q4Q1
FY23
KUPE OIL PRODUCTION VOLUMES (GENESIS SHARE, Kbbl)
Quarterly Production VolumeRolling 12 Months Production Volume (RHS)
$0
$20
$40
$60
$80
$100
$120
$140
OctNovDecJanFebMarAprMayJunJulAugSep
BRENT CRUDE OIL SPOT PRICE (USD/bbl.)
12 mths to June 202112 mths to June 2022

Glossary – Performance
Genesis Energy Limited FY23 Q1 Performance Report 12.
Electricity
Retail Sales Residential
Sales of electricity to residential customers
Retail Sales SMESales of electricity to small business customers
Retail Sales C&ISales of electricity to commerc ial and industrial customers
W holesale SalesSale of generated electricity onto the spot market, excluding PPA settlements and ancillary revenue
Generation Costs Direct generation costs, inclusive of fuels and carbon
Retail PurchasesPurchases of electric ity on spot market for retail customers
Transmission and Distribution CostsTotal electricity transmission and distribution costs, connection charges, electricity market levies and meter leasing
Gas
Retail Sales ResidentialSales of gas to residential customers
Retail Sales SMESales of gas to small business customers
Retail Sales C&ISales of gas to commercial and industrial customers
W holesale SalesSales of gas to wholes ale customers
Gas PurchasesPurchase of gas for sale (excludes gas used in electricity generation)
Transmission and Distribution CostsTotal gas transmission and distribution costs, gas levies and meter leasing
LPG
BottledLPGSalesRepresents45kgLPGbottlesales
SME& OtherBulkLPGsalesRepresentsSMEandotherbulkandthi rdpartydistributors
W holesale LPG SalesSales of LPG to wholes ale customers
LPG CostPurchase of LPG for sale
Kupe
Oil SalesSale of crude oil
Gas SalesSale of gas
LPG SalesSale of LPG

Glossary – Operational Metrics
Genesis Energy Limited FY23 Q1 Performance Report 13.
Retail
BrandNetPromoterScoreBasedonsurveyquestion “Howlikelywouldyou betorecommend Genes is/Frank Energyto yourfriendsorfamily?”
InteractionNetPromoterScore
Based on survey question “Based on your recent interaction with Genesis/Frank, how likely would you be to recommendGenesis/Frankto your
family/friends?”
CustomersElectricityand gas customersare defined bysingle customer view,regardless of number ofconnections (ICP’s)
SingleCustomerViewRepresentsuniquecustomerswhichmayhavemultipleICPs
ICPInstallationConnectionPoint, aconnectionpoint thatis bothoccupiedand hasnotbeen disconnected(Active-Occupied)
LPGCustomerConnectionsDefinedasnumberof customers
GrossCustomerChurnDefinedascustomersinstigatinga traderswitchorhomemove
NetCustomerChurnDefinedasGrossCustomer Churnposthomemovesaves,retentionandacquisitionactivity
Resi,SME,C&IResidential,smallandmediumenterprisesandcommercial& industrialcustomers
B2BBusinesstoBusiness,includingbothSMEandC&I
Netback($/MW h,$/GJ,$/tonne)
Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units (excluding corporatealloc ation
costs andTechnology& Digital cost centre)

Glossary – Operational Metrics
Genesis Energy Limited FY23 Q1 Performance Report 14.
Wholesale
Electricity Financial Contract Purchases –W holesale
(GW h)
Settlement volumes of generation hedge purchases, including exchange traded and OTC contracts. Excludes PPAs, active trading,Financial Transmissions
Rights (FTRs) and Cap/Collar/Floor contracts
Electricity Financial Contract Purchases –W holesale
Price ($/MW h)
Average price paid for Electricity Financ ial Contract Purchases – W holesale
Electricity Financial Contract Sales –W holesale (GW h)Settlement volumes of generation hedge sales, including exchange traded, OTC contracts and Swaptions. Excludes PPAs, active trading, Financial
Transmissions Rights (FTRs) and Cap/Collar/Floor contracts
Electricity Financial Contract Sales –W holesale Price
($/MW h)
Average price paid for Electricity Financ ial Contract Sales – W holesale
Generation Emissions Carbon emissions due to electricity generation
Rankine OutputElectricity generated at the Huntly Rankine unit
Rankine’sFuelledbyCoal(%)Theproportionof coalusedin theRankineunits
Swaptions(GW h)Electricityswapoptionssalesvolume.A subsetof theElectricityFinancialContractSales
Weighted Average Gas Burn Cost ($/GJ)Totalcost ofgas burntdivided bygeneration fromgas firedgeneration, excludingemissions
CoalUsedInInternalGeneration(PJ)Resultshavebeenrevisedtoreflect changesin coalkilotonnesto PJconvers ionrateandvolume methodology
Weighted Average CoalBurn Cost ($/GJ)Totalcostof coalburntdivided bygenerationfrom coalfired generation,excludingemissions
CoalStockpile– closing balance (Kt)Thecoalstockpile closingbalanc e intonnesatHuntly Power Station
Powerpurchaseagreements
W ind(GW h)Energypurchasedthroughlongtermagreementswithgenerator
AveragePriceReceivedforGeneration- GW AP
($/MW h)
Pricereceivedatproductionnode.(E.g.W aipipi atW VY1101node)
Corporate
Total RecordableInjuries12-monthrollingTotalRecordableInjuries including LostTimeInjuries, RestrictiveW orkInjuries andMedicalTreatmentInjuries
Headcount(FTE)Based on full time equivalents
Kupe
OilProductionProduction of crude oil
OilPricerealis ed(USD/bbl.)Theunderlyingbenchmarkcrude oilpricethat is usedto setthepricefor crudeoilsales
LPG ProductionProduction of LPG

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