Genesis delivers solid earnings and emissions reduction

CONSTANT.
CHANGE.
Securing a future of
renewable energy

GENESIS ENERGY LIMITED
INTEGRATED REPORT 2023

CONSTANT.
CHANGE.
New Zealanders expect
uninterrupted access to energy.
As the country develops new
renewable sources of electricity,
Huntly Power Station ensures
power is available when there’s
not enough sun, wind or water
to meet demand.
We’re advancing our
investment in solar, wind
and geothermal generation
to bolster New Zealand’s
renewable energy portfolio.
And we’re exploring
renewable fuel options
such as biomass for
Huntly Power Station.
SEE PAGE 21 >
SEE PAGE 20 >

Biomass used in our trial at Huntly Power Station.

LOW
CARBON.
FUTURE.
We’re excited to lead by
example, creating new sources
of electricity to reduce our
emissions over time. We also
acknowledge our generation
has impacts, and partner to
help protect and restore nature.
We recognise that change
at our end is not enough.
If we’re all to benefit from a
low carbon future, we need to
help our customers use energy
more efficiently. EVerywhere
is an example of how we’re
supporting the uptake of
electric vehicles.
SEE PAGE 26 >
SEE PAGE 28 >

S U S TA IN A B L E .
BUSINESS.
Positive relationships are
crucial to ensure perspectives
are considered and needs
balanced as we move forward.
Through our engagement with
shareholders, customers, iwi
and stakeholders, we have open
conversations that build trust
and enable progress.
A well-managed business
provides the foundation on
which we deliver security of
supply, be that of electricity,
LPG or gas from the Kupe
gas field to fuel Huntly Power
Station. We continue to improve
our plant’s performance and
efficiency, and maintain our
assets for maximum reliability.
SEE PAGE 37 >
SEE PAGE 32 >

MORE
EQUAL.
S O C I E T Y.
We cannot help New Zealand
become more sustainable without
our people. To maximise their
potential we must be fair. We’re
working to achieve greater equality
of opportunity, and improve their
health, safety and wellbeing while
being a diverse and inclusive place
to work. We encourage new people
to enter the energy sector through
apprenticeships, and support
STEM learning to inspire the
next generation.
Energy wellbeing continues
to be a crucial measure of
the sector’s ability to serve
all New Zealanders. We offer
assistance to customers who
find themselves in vulnerable
circumstances, and support
community organisations
helping families improve the
warmth of their homes.
SEE PAGE 45 >
SEE PAGE 48 >

Electrical apprentices Manukura Heta and Jasmine Lowe at Huntly Power Station.

Welcome to our 2023 Integrated Report
Genesis has a unique role in New
Zealand’s transition to a low carbon
future. Not only are we playing our
part in creating new renewable
sources of electricity, but we can also
provide the security of supply that
gives others confidence to invest, be
they other generators, joint venture
partners or the government.
With this responsibility comes the need to
be transparent – about our opportunities,
targets, strategy and progress, and also
about our challenges, the impacts we have
and how we’re addressing those. This report
strives to present a balanced view of how we
create value over the short, medium and long
term. Our Value Creation Model (VCM) on
page 16 provides a plan-on-a-page overview.
To ensure rigour in this form of reporting, we
have used guidelines from the Global
Reporting Initiative (GRI) and the Integrated
Reporting Framework (<IR>) to report on
our material environmental, social and
governance activities. This is in addition to
reporting on our climate-related risks and
opportunities using the Taskforce on
Climate-related Financial Disclosures
(TCFD) framework.
In FY23 we established our Sustainability
Framework to guide us to 2025 targets.
This report is structured to align with the
Framework’s three pillars – a low carbon
future, a sustainable business, and a more
equal society – and the goals set under
each pillar.
Our Sustainability Framework is in turn
aligned to six of the United Nations’
Sustainable Development Goals (SDGs). In
the Governance section you will find tables
noting our contribution to these SDGs, our
progress toward our Framework’s goals,
and our Materiality Assessment – what
matters most to us and our stakeholders.
You will find comment on all these matters
throughout this report.
The other reports which complete our
Environmental, Social and Governance (ESG)
reporting suite can be found on our website:
FY23 Climate-related Disclosures
FY23 Modern Slavery Statement
FY23 Sustainable Finance Report
FY23 ESG datasheet and GRI Index
We welcome your feedback
on this report. Please contact us at
media@genesisenergy.co.nz
8

Leadership56
External environment58
Sustainability Framework progress
and SDG contribution
60
What matters most62
Key sustainability data66
10121617
Who we are
and what we do
Chair/
CE letter
Value Creation
Model (VCM)
Results at
a glance
Contents
Consolidated financial statements 68
Independent auditor’s report104
Corporate governance107
Executive remuneration109
Director remuneration117
Statutory disclosures118
A LOW
CARBON
FUTURE.
A
SUSTAINABLE
BUSINESS.
A MORE

EQUAL
SOCIETY.
42
1830
99

Who we are and what we do
Genesis is an energy generator
and retailer supplying electricity,
natural gas and LPG to more
than 480,000 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 has historically
generated 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 remain focused
on evolving our business model away from
pure energy supply to energy management.
We achieve this through development of
digital and virtual channels customers use
to interact with us alongside a suite of market
leading products and services providing
insights our customers can act on to use
energy more efficiently. This work is anchored
by our people who are future focused and
adaptive, seeking new and innovative ways
of engaging our customers, operating our
assets, and working smarter.
We understand we need to change some
of the things we do to address climate
change and are led by science in doing so.
We’ve 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. We acknowledge
the impact our business has on the
environment and communities around
our generation sites, and strive for greater
sustainability in the broadest sense of the
word – for the environment, for people
and for New Zealand.
30.71%
Natural gas market share
FY22 29.94%
22.3%
LPG market share
FY22 23.2%
8.4 PJ
Gas from Kupe
FY22 11.1 PJ
Waipipi¹
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
Lauriston
52
Peak Capacity/MW²
483,721
Customers
FY22 471,012
41,751
Shareholders
FY22 42,513
5,858 GWh
Electricity generated
FY22 6,481 GWh
1,268
Full time employees (FTE)
FY22 1,204
1. Genesis has an electricity offtake agreement for the energy
from Waipipi.
2. Subject to final investment decision. Construction due to start
late 2023 and be operational by late 2024.
Thermal
Hydro
Wind
Solar
Gas
Key
10

WHO WE ARE AND WHAT WE DO
Waipipi wind farm, Taranaki
Part of the Tekapo Power Scheme.
1111

CHAIR / CE LETTER
Letter from the Chair and CE
The past year has been marked by record rainfall in many
regions, including our hydro catchments. When we released
our interim results in February we updated our full year
EBITDAF guidance to $515 million, subject to hydrological
conditions, gas availability and the impacts of unforeseeable
circumstances. As many of us experienced, the impact of
those hydrological conditions and unforeseeable
circumstances were considerable.
NIWA reported record rainfall of more than
149% above seasonal norms. While the
Genesis team worked tirelessly to responsibly
manage hydro lakes within their consented
range, we acknowledge that for many
communities the excessive rainfall brought
challenges and in some places devastation.
We are proud of our people at our
Waikaremoana Power Scheme, who, with
communications and road access cut for
several days following Cyclone Gabrielle,
worked around the clock with partners such
as Transpower to generate electricity for
Wairoa, the East Coast and Hawke’s Bay when
those areas were disconnected from the
national grid. With our partners we were able
evacuate contractors and get water, food, and
other essential supplies into isolated Tuai
village for the community and our team.
Our half year EBITDAF of $298 million was a
42% increase on H1FY22. Rainfall in our hydro
schemes’ catchments enabled us to generate
record highs from hydro, and conversely turn
down thermal generation to record lows,
saving both fuel costs and emissions.
With a wet autumn across most of
New Zealand, we continued to make the
most of our hydrogeneration assets to meet
demand, while continuing our fuel and
emissions savings at Huntly Power Station.
As a result, our FY23 EBITDAF of $524 million
is 19% higher than FY22.
The Board has declared a full-year dividend of
17.6 cents per share (cps). This represents a
total distribution of $186.6 million to
shareholders, with $95.7 million going to the
Government as our 51% majority shareholder.
$524m
EBITDAF
1
FY22: $440m
Malcolm Johns
CHIEF EXECUTIVE
Barbara Chapman CNZM
CHAIR
17.6cps
Total dividend relating to FY23 result
FY22: 17.6cps
$196m
Net Profit After Tax (NPAT)
FY22: $222m
1. EBITDAF: Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value
changes, and other gains and losses. Refer to note A1 in the consolidated financial statements on page 77 for reconciliation from
EBITDAF to net profit before tax.
12

Supporting our customers and
communities
Our financial performance was complemented
by our ability to maintain high customer
loyalty and support. The launch of a
New Zealand first energy roaming product
for EV drivers, EVerywhere, exceeded its
targets and has been key in differentiating us
in the market and acquiring new customers.
Overall, customer numbers increased, churn
reduced, and we had a fantastic response to
our Power Shout gifting campaign, in which
customers donated their free hours of power
to other customers in need.
This generosity was appreciated given the
rising cost of living, and the fact that after two
years of holding back price changes during
Covid, we passed on a portion of our rising
costs to customers. Prices were also affected
as we began to phase out the low user fixed
charge tariff as required by regulation.
Our Te Tira Manaaki o Kenehi team,
established in 2020 to look after our most
vulnerable customers, ensured those in real
hardship received personalised support and
payment options. This year we also
introduced Fresh Start, a programme to
support an increasing number of customers
experiencing some atypical bill payment
difficulties due to rising household costs.
Fresh Start provides breathing space and
practical support including complimentary
Power Shout hours, payment plans and more
time to get on top of their power bills, helping
to support and retain these customers for the
long term.
Our new partnership with Habitat for
Humanity’s Healthy Homes programme
in Auckland and Northland, as well as
our ongoing support of curtain banks
in Wellington and Christchurch, saw
us supporting warm homes in more of
our communities.
Building a talent pipeline
We remain steadfast in our commitment
to encourage young Kiwis to engage with
science, technology, engineering and maths
(STEM). In addition to our School-gen
programme of free resources for schools,
the independent Genesis School-gen Trust
gave $156,000 worth of STEM equipment to
36 schools across New Zealand, the highest
number of recipients to date. This work is
enabled by donations from our customers
and our people.
Our Ngā Ara Creating Pathways programme,
which works with young people in
communities near our generation sites,
continued to deliver apprenticeships,
internships, work experience, scholarships
and partnership programmes with
community organisations to encourage the
next generation to consider a career in the
energy sector.
Future-gen progress
The weather events of 2023 underlined the
need to move as quickly as we can to a low
carbon future while retaining energy security
for peaks and dry years. Our Future-gen
strategy is our current roadmap to reduce
emissions from generation through the
displacement of non-renewable baseload
generation with new renewable sources.
We were proud to announce our first solar
development with our joint venture partner,
FRV Australia, at Lauriston in Canterbury.
With a capacity of approximately 52 MW we
expect this site to begin generating in late
2024. We’re on target to build up to 500 MW
of grid scale solar, having secured other North
Island development sites that will produce
around 400 MW collectively.
In addition to our solar progress this year we
also applied for a consent extension for a
wind farm at Castle Hill in the Wairarapa. We
continue to engage with Mercury Energy on
their commitment to Genesis to construct the
230 GWh Kaiwaikawe windfarm in Northland,
a contract in place when Mercury purchased
Tilt Renewables. We also have an offtake
agreement for up to 520 GWh annually from
Contact Energy’s Tauhara geothermal plant
near Taupō and look forward to the plant
coming on stream in early 2025. Overall,
Genesis’ proportion of renewable generation
is targeted to move to not less than 68% by
2025 and to not less than 81% by 2030.
We were proud to
announce our first solar
development with our
joint venture partner, FRV
Australia, at Lauriston in
Canterbury. With a
capacity of approximately
52 MW we expect this
site to begin generating in
late 2024. We’re on target
to build up to 500 MW of
grid scale solar, having
secured other North
Island development sites
that will produce around
400 MW collectively.
1313

Lower carbon fuels at
Huntly Power Station
Huntly Power Station celebrated its 40th
anniversary this year. Originally built to use
the nearby coal supply, today most of the
station’s electricity is generated from gas,
around 66% over the past five years and 95%
during FY23. Coal is now used only during
New Zealand’s dry hydro years and very high
winter peaks.
As it enters its fifth decade, Huntly Power
Station has a new and critical role to play –
backing up the expansion of New Zealand’s
renewable generation system to meet
increasing demand as the economy
electrifies. Wind and solar farms will form the
backbone of the system required to power
electric vehicles and industries which are
switching from fossil fuels to electricity, but
renewable generation is intermittent. Huntly
Power Station will continue to play its
important role in providing the extra
generation needed to hold the electricity
system secure and steady as New Zealand
moves through our energy transition.
We’re working to provide New Zealand’s
electricity back up using more renewable
fuel. In February we successfully trialled
running a Rankine on biomass, and are now
assessing the viability of a local supply chain
which is both sustainable and economic.
It takes 1.5 million tonnes of biomass to
generate around 3 TWh of electricity, about
the level Huntly Power Station is called on to
produce in a normal dry hydro year. We
estimate that New Zealand’s current dry year
energy gap could be economically met with
biomass if the right market settings are
provided, and believe this is worth some
focus by Government.
During the year we also had initial discussions
on the possibility of using hydrogen to power
Unit 5, the 400 MW combined cycle gas
turbine at Huntly Power Station. Unit 5 has
the potential to operate on blended natural
gas and hydrogen, and to ultimately be
configured to run fully on hydrogen in the
future. An economic supply of hydrogen at
the volume we would require would be a key
aspect of any such conversion. We’ll continue
to explore these possibilities as they
potentially become more viable over the
coming years.
The financial impact of the forced outage of
Unit 5 on 30 June was mitigated by high
hydro storage, alternative plant availability
and wholesale electricity market conditions.
The unit is expected to return to service in
late May 2024 once components have been
obtained from overseas manufacturers.
We are pursuing options to return the unit
to service earlier, and have material damage
and business interruption insurance cover
in place.
These initiatives support our science-based
targets tied to the country’s commitment to
limit global warming to 1.5
0
C. Verified by the
internationally recognised Science Based
Targets initiative (SBTi), our targets will see
us remove not less than 1.2 million tonnes
of annual carbon emissions by FY25 (from a
FY20 base), including reducing generation
emissions by 36%.
Our progress toward these targets during
FY23 saw a reduction in carbon emissions of
2.5 million tonnes from the FY20 base. While
it appears we have exceeded our target, our
emissions reduction will not be a straight
line but a trend over time. New Zealand’s
electricity grid is driven by weather and
weather has cycles.
We also know that the most impactful thing
Kiwis can do to mitigate climate change
is electrify more of their lives. Confidence
in the availability of electricity is critical to
businesses and households doing exactly that.
New Zealand will continue to need thermal
generation to step in from time to time when
the wind doesn’t blow, the sun doesn’t shine
or hydro lake levels are low. Because of this
our contribution to grid security means our
emissions reduction may fluctuate from year
to year, but overall our emissions trend is
heading in the right direction.
We also know that the
most impactful thing
Kiwis can do to mitigate
climate change is
electrify more of their
lives. Confidence in the
availability of electricity
is critical to businesses
and households doing
exactly that.
14

Refreshing our strategy
Our claim that ‘Genesis is helping to create a
low-carbon future, powered by renewable
energy’ has 80% of customers saying this
makes them feel good about being with us.
Also gratifying was an extensive staff survey
which found 85% of our people felt positive
about the culture at Genesis. Our people care
about each other, our customers and our
communities, which supports our
commitment to deliver for our shareholders.
Central to our culture is respect for our
people’s knowledge and expertise, seen as
essential to running our generation portfolio,
building and accessing new renewable
sources of electricity, helping our customers
manage their energy use, and ultimately
contribute to New Zealand’s journey to net
zero by 2050.
We’re proud that our customers and our
people have trust in us and that makes us
even more determined to live up to our
purpose of securing a future of renewable
energy for New Zealand.
With the support of the Board, our new Chief
Executive Malcolm Johns and his executive
team are clear that the most impactful
thing New Zealand can do around climate
change is to electrify how we live and do
business. We’re working with the electricity
sector in how it can facilitate this over the
next 10 to 30 years, and are updating our
long-term strategy to cement the role of
Genesis while delivering enhanced value for
our shareholders. We’ll be discussing this
with shareholders and other stakeholders in
Q2 FY24.
The timing is appropriate, with Malcolm now
thoroughly immersed in the business and the
sector, while retaining a fresh perspective,
supported by our experienced Board and
talented executive team.
This year we welcomed Warwick Hunt to the
Board, and our executive team saw Claire
Walker join as Chief People Officer and
Stephen England-Hall come on board as Chief
Customer Officer. In July 2023 we announced
Ed Hyde would take on the role of Chief
Transformation & Technology Officer. We’re
excited to see how Genesis will benefit from
their experience, skills and energy.
The Board would also like to recognise and
thank Tracey Hickman who stepped up to
act as interim Chief Executive until Malcolm
arrived in March.
The coming decade will be one of the most
dynamic in the history of New Zealand’s
energy sector. We will continue to engage
constructively with regulators to help
ensure a workable pathway for new
renewable generation, while ensuring
security of electricity supply and affordability
for households.
Viewing our progress through a triple lens of
people, profit and planet, we will maximise
the opportunities for Genesis to create
additional value for shareholders, build the
capability of our people to deliver for our
customers and support the communities
in which we operate, while continuing to
explore and invest in new renewable options
to help New Zealand decarbonise.
Our thanks to our investors, our people, our
customers, the communities around our sites
and all our stakeholders for your support
this year.
Barbara Chapman CNZM
CHAIR
Malcolm Johns
CHIEF EXECUTIVE
The coming decade will
be one of the most
dynamic in the history
of New Zealand’s
energy sector. We will
continue to engage
constructively with
regulators to help
ensure a workable
pathway for new
renewable generation,
while ensuring security
of electricity supply
and affordability for
households.
1515

HOW GENESIS CREATES VALUE WHILE KEEPING LIGHTS ON
How Genesis creates value
while keeping the lights on
A Value Creation Model
(VCM) is a tool recommended
by the Integrated Reporting
Framework <IR>. It’s a
plan-on-a-page of how a
business creates or diminishes
value not only for itself but
also for its stakeholders and
those its operations affect.
The Inputs column notes the
human, financial and natural
resources that go into our
business. The pie diagram in
the centre notes our business
activities, inside the external
environment in which we
operate. The External
Environment circle notes
factors over which we have
little if any control, but which
we must react to or work
within to be successful. The
Outputs column lists what we
produce, and the Outcomes
column summarises the
effects we have. Outcomes
are listed under the same
headings as Inputs, and they
are linked in circular fashion,
because we need be aware of
our effect on those resources
if we are to continue to
operate and be successful.
Page numbers guide you
to more information about
each area, and commentary
on factors in our External
Environment can be found
on page 58.
Our purpose: Empowering NZ’s sustainable future
Innovation for
our customers
and our business
E
x
t
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r
n
a
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E
n
v
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o
n
m
e
n
t
W
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t
h
e
r
E
n
e
r
g
y
t
r
a
n
s
i
t
i
o
n
T
e
c
h
n
o
l
o
g
y
Inputs
Finance
A healthy balance
sheet supports our
operations and
investment in NZ’s
sustainable future
People
Our team’s skills,
diversity and
commitment
Assets
Our power schemes,
LPG networks,
customers and share
in the Kupe gas  eld
Intelligence
Technology
innovations and
technical expertise
for our customers
and our business
Nature
Resources we use
and environments in
which we generate
electricity
Relationships
With iwi, our
customers, suppliers,
communities and
stakeholders.
Outputs
Financial growth
and shareholder
returns
+
See page 68
Energy for our
customers and the
wholesale market
+
See page 32
Transition of thermal
generation
+
See page 20
Technology for
customers and our
business
+
See page 26 and 34
Care of our
customers and
employees
+
See page 42
Support of STEM
careers and warm
homes
+
See page 42
Support of
waterways and
biodiversity
+
See page 28
Outcomes
Finance
Improved value for shareholders
+
See page 68
Growing and supporting NZ’s
electricity system
+
See page 20
People
A safe, healthy and diverse
workforce
+
See page 49
Assets
Sustainable, reliable and
economically-run energy supply,
and growing customer numbers
+
See page 32 and 37
Intelligence
Helping customers reduce their
carbon footprint and our business
thrive
+
See page 26 and 34
Nature
Reduced emissions, healthy
waterways and improved
biodiversity
+
See page 28
Relationships
Support of energy wellbeing, more
young people inspired by STEM,
and constructive relationships with
iwi, communities and stakeholders
+
See pages 37, 44 and 47
What we do
How we
do it
Relationships
for nature
Relationships
with iwi, communities,
stakeholders and
employees
Sale of energy
to customers
Electricity generation
- baseload, … rming and
peaking
46% interest in
Kupe gas … eld
Wholesale market
participation
Development of
new renewable
generation
C
o
m
p
e
t
i
t
i
o
n
S
u
p
p
l
y
C
h
a
i
n
R
e
g
u
l
a
t
i
o
n
16

Results at a glance
2,468,855
t/CO₂e Emissions reduced
2
FY22: 843,953 t/CO₂e
$196m
Net Profit After Tax (NPAT)
FY22: $222m
$524m
EBITDAF
1
FY22: $440m
$2.4b
Revenue
FY22: $2.8b
32
Apprenticeships, internships and
work experience opportunities
7
FY22: 21
17.6cps
3
Total dividend relating to FY23 result
FY22: 17.6cps
$
156,000
School-gen Trust STEM/
Solar equipment
FY22: $197k
42:58
Senior leader gender diversity
4
FY22: 42:58
300,000
Power Shout hours gifted
8
FY22: 130k
48
Recordable injuries
5
FY22: 46
439
Households given curtains
through curtain banks
9
FY22: 237
46
Customer interaction NPS
6
FY22: 51
1. EBITDAF: Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment, unrealised
fair value changes, and other gains and net profit before tax.
Refer to note A1 in the consolidated financial statements
on page 77 for reconciliation from EBITDAF to net profit
before tax.
2. In comparison to the FY20 base year of 4,495,002 tCO₂e.
Excludes CO₂ from combustion of biomass.
3. CPS: Cents per share.
4. 42% women, 58% men. Senior leaders are classified as
Tier 1 (CE), Tier 2, and Tier 3 employees.
5. As at 13 July 2023.
6. Net Promoter Score for Genesis brand.
7. Created through Ngā Ara Creating Pathways.
8. See page 48.
9. Households supplied through Genesis funding.
1717

A LOW
CARBON
FUTURE.
We have a unique role in helping
New Zealand reach net zero by 2050,
offering security of supply to provide
confidence to invest in renewable
generation while also building new
sources of electricity. We’re helping our
customers use energy more efficiently,
and doing our best to protect and restore
the natural resources on which we rely.
.1
18

Waipipi wind farm, Taranaki
1919

Sun rising on solar
Lauriston is a small centre on the Canterbury
Plains, an hour’s drive south of Christchurch,
nestled between Methven and Ashburton.
It’s here, on a 93 ha site, that Genesis and
our solar joint venture partner, FRV Australia,
are building our first grid-scale solar farm.
When complete, it will hold approximately
80,000 solar panels and generate around
80 GWh of renewable electricity annually,
enough to power around 11,400 houses.
The $85 million project is expected to create
more than 50 jobs during construction and
be operational by late 2024.
Underlining our increasing focus on solar,
we're negotiating rights to three other sites
in the North Island which could deliver
approximately 400 MW of solar power.
Subject to consenting and grid connection
processes, we’re aiming for these locations
to be generating electricity from 2026/27.
And we’re not stopping there.
One of the largest solar developers across
the Tasman, FRV Australia brings global
development expertise and a proven track
record, while Genesis brings deep knowledge
of the New Zealand energy sector and
navigation of processes such as consenting
and offtake agreements. We see this as
a long-term partnership that benefits not
only Genesis, but also New Zealand’s efforts
to decarbonise its economy through more
renewable electricity generation.
Solar will provide diversity and flexibility to
our and the country’s generation portfolio.
Its appeal is increasing worldwide due to
development costs falling and, compared
to wind farms, having easier installation
and fewer supply chain constraints. Solar
can be installed in different locations to
hydro, geothermal and wind generation,
and can be more easily integrated
into landscapes.
80,000
Goal:
Empower New Zealand’s
energy transition
Lauriston Solar Farm
When complete, it
will hold approximately
80,000 solar panels
and generate around
80 GWh of renewable
electricity annually,
enough to power around
11,400 houses.
As more solar comes on-stream, the sector
faces the challenge of adding flexibility to
the additional generation capacity – how
power generated in the middle of the day
can be stored and then used at times of
higher demand. FRV Australia has global
experience in addressing this challenge
and we look forward to working with
them to adapt a solution to the
New Zealand environment.
That said, there are still challenges.
Finding land in proximity to the national
grid is competitive, and landowners require
confidence from developers that the
relationship will be long term. In addition,
the huge growth in solar has led to industry
skills shortages, competition for investment
capital, and a queue for new connections
to the national grid.
solar panels – Operational: 2024
Our first grid-scale solar farm
bit.ly/3NIz1ab
20

As it enters its fifth decade, Huntly has a
new and critical role to play – facilitating
the growth of New Zealand’s renewable
generation system to meet increasing
demand as the economy electrifies.
A proliferation of wind and solar farms is
coming to help power electric vehicles and
industries which are switching from fossil
fuels to electricity as New Zealand
decarbonises. But the wind doesn’t always
blow, the sun doesn’t always shine, and
inflows to hydro lakes can vary widely from
month to month and year to year. Huntly
could continue to provide the extra
generation needed to hold the system steady
and meet demand spikes.
Future-gen strategy update
Our Future-gen strategy is our roadmap
to reduce emissions from generation
through the displacement of thermal
baseload fuelled by coal with new
renewable generation.
In addition to our solar progress this
year we also applied for a consent
extension for a wind farm at Castle Hill
in the Wairarapa. We await a financial
close decision from Mercury Energy
on the construction of the 230 GWh
Kaiwaikawe windfarm in Northland, and
we look forward to Contact Energy’s
Tauhara geothermal plant near Taupō
coming on stream in early 2025, for which
we have an offtake agreement for up to
520 GWh pa. Overall, Genesis’ proportion
of renewable generation is targeted to
move to 68% by FY25 and to 81% by FY30.
These initiatives support our Science
Based Targets tied to the country’s
commitment to limit global warming
to 1.5°C. Verified by the internationally
recognised Science Based Targets
initiative (SBTi), our targets 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% and
emissions from use of sold products
by 21%.
The future of
Huntly Power Station
The next decade is critical for the country’s
transition to a low carbon future, and the
need for firming, peaking and time-shifting
supply to the market will be vital to cover
the intermittent nature of renewables.
It will be essential for the economy and
New Zealanders’ confidence in the electricity
system that power flows uninterrupted to
homes and businesses while new renewable
generation is built.
Part of ensuring that security rests with
Government to implement the right policies,
regulation and market settings to provide
generators and other market participants
with 
the certainty and confidence to make
large-scale and long-term investments.
Huntly Power Station could also continue
to play a critical role in providing back-up
to the electricity system if it is valued
and enabled.
Huntly marked its 40th anniversary in 2023.
It was built by the government to provide
back-up to the country’s renewable hydro
system. Even then the risk of low rainfall was
seen as a threat to New Zealand’s energy
security. Huntly, through reliable thermal
generation from gas and coal, would provide
the extra capacity needed to serve the
growing population.
68%
81%
Renewable generation targets
by FY25
by FY30
Our progress toward these targets
during FY23 saw a reduction in
emissions of 2,288,751 tonnes of CO₂e.
Broken down, Scope 1 and 2 emissions
in FY23 were 60% lower than FY20
which equates to a reduction of
1,614,103 tonnes of CO₂e. Scope 3
emissions from use of sold products
were 49% lower than FY20 which
equates to a reduction of 674,648
tonnes of CO₂e. You can read more
detail on this in our Climate related
Disclosures Report.
Huntly marked its 40th
anniversary in 2023.
It was built by the
government to provide
back-up to the country’s
renewable hydro system.
Even then the risk of low
rainfall was seen as a
threat to New Zealand’s
energy security.
2121

CHAPTER 1: A LOW CARBON FUTURE
Electricity is one of those utilities that we
take for granted and don’t appreciate how
central it is to our lives until it’s not there.
The Auckland floods and the devastation
left by Cyclone Gabrielle reinforced that
without electricity, many elements of our
daily lives and the way we do business
come to an abrupt halt.
Since 2017, Genesis has run an annual
national survey tapping into the views of
Kiwis about the use of coal, gas and
renewable generation. This year’s survey was
done after the Auckland floods but before
Cyclone Gabrielle and included this question:
Huntly Power Station uses coal and gas to
provide back-up generation to ensure there
is sufficient power available for homes and
industries when the wind doesn’t blow and
our waterways are low. Do you support or
oppose Huntly Power Station being used
for back-up generation?
Seventy four percent of the 1,000+ people
polled strongly or somewhat supported
Huntly providing essential back-up generation
knowing it uses gas and coal. Just 14%
strongly/somewhat opposed. Furthermore,
57% of respondents supported the use of gas
and coal generation to ensure price stability
and security of supply, up 6% on 2022 and
12% on 2021. This is the highest level of
support since the survey started.
Huntly runs primarily on gas, and only burns
coal when New Zealand demand requires it.
Over the past five years, gas, which produces
half the emissions of coal, has been the
primary fuel used 66% of the time and coal
34%. The bulk of that coal use was in the
dry years of FY19 and FY21 when hydro lakes
were low and gas supply constrained.
While it’s reassuring to see a wide
understanding and acceptance of the need
for Huntly to burn fossil fuels to keep the
lights on, we are focused on the need for
the plant to generate from a more
sustainable fuel.
The Auckland floods
and the devastation left
by Cyclone Gabrielle
reinforced that without
electricity, many
elements of our daily
lives and the way we
do business come to
an abrupt halt.
Over the past five years
gas, which produces
half the emissions of
coal, has been the
primary fuel used
66% of the time at
Huntly Power Station,
and coal 34%.
22

In FY23 we did a lot of work exploring
alternative fuel options. This has included
signing a collaboration agreement with
Fonterra to look at the viability of a local
supply chain for the type of biomass both
companies need to move from coal. We
completed a successful burn trial of biomass
to prove its compatibility with the Rankine
units at Huntly, we’re examining forms of
carbon capture, and noting trials in power
plants offshore using hydrogen.
Huntly’s location, in the ‘golden triangle’
between the population centres of
Auckland, Hamilton and Tauranga, with
direct connection to the national grid and
a skilled local workforce, reinforces its
strategic importance. It’s North Island
location provides resilience to the national
grid in the event of South Island disruption
from an alpine fault or outage of the
inter-island HVDC cable. We’re excited
about the site’s potential to transition to
a renewable energy centre, perhaps with
the addition of emerging technologies and
biomass fuel conversion, while continuing
to offer security of supply through baseload
generation, firming and peaking.
When sourced
sustainably, biomass
is seen as a lower
emission alternative
to fossil fuels. It is
essentially wood
compressed into
energy-dense pellets.
READ MORE PG.22
2323

1. Comparing the tCO₂e produced from generating 1.5GWh of electricity using biomass instead of coal as the fuel source.
Unloading biomass at Huntly Power Station.
Our biomass trial
When sourced sustainably, biomass is seen
as a lower emission alternative to fossil fuels.
It is essentially wood compressed into
energy-dense pellets. In February 2023,
after significant research and supply chain
challenges, we successfully conducted
a week-long trial at Huntly Power Station
using biomass to power a Rankine unit,
proving it is technically feasible.
The emission factors issued by the Ministry
for the Environment enabled us to estimate
that the resulting reduction in emissions from
the combustion process was 895 tonnes
of CO₂e¹, which equates to 51% less
emissions than would have been
produced from burning coal.
We received support and input for the
trial from international experts who have
transitioned thermal plants to biomass.
Our findings from the trial were shared
with government officials and other
large commercial businesses also
working on decarbonisation.
We’re now focused on exploring a
sustainable local supply chain. In addition
to the collaboration agreement with Fonterra
we established a similar arrangement with
NZ Bio Forestry to assess their biofuel
products. We're liaising with a number
of other operators in the biomass sector
and companies also exploring conversion,
as well as government.
We believe biomass is worth some focus
by government and business to see if
a sustainable local supply chain can be
developed. Compared to some other
decarbonisation solutions, biomass
conversion could be implemented much
sooner to the benefit of the country in
terms of reducing emissions, security
of supply and cost.
Our biomass trial
bit.ly/3CYaysu
24

Tackling our transport emissions
Transport makes up approximately 17%¹
of the country’s emissions so electricity,
in the form of electric vehicles (EVs) and
charging infrastructure, will play a key role
in decarbonisation.
We’re playing our part. In FY22 Genesis was
the first company in the southern hemisphere
to add the new, fully electric, Fuso eCanter
truck to our commercial fleet to deliver LPG
bottles. In FY23 we added three more electric
trucks to our LPG depots in Christchurch,
Feilding and Hamilton.
This year we finalised an EV rollout plan
to transition our fleet to 100% electric
between FY24 and FY26. That starts
with the replacement of 14 petrol vehicles
in FY24. We’ll also trial a converted 4WD ute
and if successful, will replace our diesel utes
with EVs.
To support this programme, we’ll install
rapid EV chargers at all generation sites
and selected LPG depots over the next
three financial years. This has required the
design of an EV infrastructure roadmap to
communicate our charging needs to local
network supply companies, and commission
charging suppliers and electrical contractors.
This will ensure we have chargers waiting
for our EVs as they are rolled out to sites
across the country.
Managing our carbon obligations
We have a policy to manage the price risk
associated with carbon over the short to
medium term. Prices are managed using
forward swaps and options. We are also
involved in two forestry partnerships, Dryland
Carbon and Forest Partners, that help remove
carbon from the atmosphere and provide
emission units (NZUs) that enable us to
meet our obligations under the New Zealand
Emissions Trading Scheme (ETS). These units
help manage the future costs of thermal
generation or can be sold to other emitters.
Dryland Carbon was formed in 2019 and
now has 10,300 hectares planted or with
planting in progress. In FY23 the fund
distributed 16,109 NZUs to Genesis.
Forest Partners was founded in early 2022
and is the process of identifying and
purchasing land and preparing to plant.
Genesis is one of four founding partners
in both funds. We understand there is
increasing concern about the impact of pine
forests on local communities and on national
biodiversity. These factors are considered
when sites are chosen and planting plans
made. We contribute capital to marginal
farmland, often within existing farms, for
long-term afforestation and upkeep. We are
committed to rotation forestry and ensure
trees are maintained so that high-quality
timber is harvested. Responsible rotation
forestry, supported by professional pest
management, can provide significant,
reliable, intergenerational income streams
to support farming families.
This year we finalised
an EV rollout plan to
transition our fleet to
100% electric between
FY24 and FY26.
1. https://environment.govt.nz/publications/new-zealands-
greenhouse-gas-inventory-1990-2020-snapshot/#figure-3-
breakdown-of-new-zealands-emissions-in-million-tonnes-of-
carbon-dioxide-equivalent-mt-co2-e-by-sector-in-2020
2525

Working towards a low-carbon
future includes helping
households and businesses
make smart decisions about
how they use energy. We’re
proud to be empowering
customers with the innovative
tools and knowledge.
Our discounted EV plan and EVerywhere
product support transport decarbonisation
and encourage shifting load on the
national grid away from peak times,
while the Energy IQ app helps households
understand and manage their energy use.
Our commercial team helps Kiwi businesses
use energy more efficiently.
EVerywhere launch
for EV drivers
In FY23 we launched EVerywhere, a way
for our EV-owning customers to take their
at-home electricity rates with them and not
worry about charging on the road. A first in
the New Zealand market, EVerywhere allows
Genesis customers to spend less when using
any of ChargeNet’s 280 public chargers
throughout New Zealand.
Accessed through our Energy IQ app,
customers link their Genesis and ChargeNet
accounts. When they charge at a ChargeNet
station they pay their Genesis Energy EV rate,
providing an average cost saving of 70% on
public ChargeNet rates.
We launched EVerywhere in September 2022
with a goal of 750 customers subscribed in
the first three months. We exceeded this
target by nearly 10%.
Importantly, EVerywhere has been a major
success in differentiating us in market and
acquiring new customers. We saw a 100%
increase in EV customers joining Genesis in
the month after launch – more than any prior
month and reflecting the proposition’s appeal
to EV drivers.
52%
Of EV plan customers signed
up to EVerywhere, exceeding
our target of 50%
2 ,1 7 3
Customers using EVerywhere.
Customer feedback
Goal:
Help customers
to transition
“ It’s the best product in the
market today. Others are
doing day/night rates too,
but this takes Genesis way
ahead in the competition”.

“ EVerywhere was the
light-bulb moment.”
EVerywhere
bit.ly/3pB1bfg
26

286,887
Residential and SME customers use
Energy IQ. 50% of Genesis residential
customers engage with energy
management tools through Energy IQ.
Helping households take
control of their energy use
The Energy IQ app continues to be a popular
tool for our residential customers. Once
installed on your phone, it shows your
household’s energy use breakdown and
compares your power use to similar homes.
The Eco Tracker shows when generation is
high or low carbon at different times of day,
encouraging consumers to use electricity
at low-carbon times.
In FY23 we introduced Energy IQ 2.0, a fresh
new look and structure for the app. We first
released the new design for single-property
customers, then rolled it out for multi-
property customers later in the year.
We also released an extended version of our
LPG order tracker. It now provides LPG
customers with more information about their
order patterns and history, to help them stay
on top of their bottle gas orders.
Heat pump trial advances
smart home technology
In the first half of FY23 Genesis
conducted a demand side management
trial by taking remote control of
customers’ heat pumps.
We gave 48 customers a wifi-enabled
device which allowed us to take control
of their heat pump, enabling us to test
two scenarios for managing load:
• Turning down the heat pump by
one degree for an hour during a
morning or evening peak
• Switching off the heat pump for
20 minutes at peak times
The customer group was split in to two
cohorts: one group were prompted to act
during an event; the other had Genesis
control their heat pump on their behalf
with a ‘set and forget’ model.
At the end of the trial the set-and-forget
approach was by far the best performing
option with customers saying they either
hadn’t noticed the temperature decrease
or weren’t bothered by it. There was
also small cost saving to be realised
for each event.
“ We see it as part of a
bigger ecosystem for the
future in terms of demand
side management for the
benefit of customers and
the national grid."
The trial proved that by taking remote
control of a customer’s heat pump we
could help them reduce cost, reduce
load on the grid and ultimately make
running their heat pump a whole lot
more convenient.
Head of Energy Services Gareth Coffey
says Genesis will look into combining
heat pump management with electric
vehicle charging and hot water control
to≈create an ecosystem of devices
where usage could be made flexible.
“We see it as part of a bigger ecosystem
for the future in terms of demand side
management for the benefit of
customers and the national grid."
Supporting energy efficiency
in Kiwi business
Our business customers are also working
hard to decarbonise their operations –
and we’re here to help. We provide energy
management services, including Energy
Insights monitoring to identify ways to
reduce usage, and work with them to design
comprehensive Decarbonisation Roadmaps.
In many cases, this involves assessing
the conversion of fossil fuelled consumption
to renewable sources, as well as options for
making their operations more energy efficient.
32%
Of our large business customers use
an energy management service.
20%
The typical energy cost reduction
identified after a Genesis energy audit.
2727

Our commitment to nature
Our Nature Position Statement sets out
Genesis’ commitment to the natural world. In
New Zealand, 36% of GDP is dependent on
biodiversity and ecosystem services – and our
generation activities have a range of
environmental and cultural impacts in relation
to biodiversity.
Genesis supports the 2050 vision of
the United Nation’s Kunming-Montreal
Global Biodiversity Framework and the
implementation of the Aotearoa New Zealand
Biodiversity Strategy | Te Mana o te Taiao for
the protection, restoration and sustainable
use of biodiversity. Genesis will play our
part and our approach aims to:
Have a positive impact in the
key locations in which we operate
Create opportunities to
connect and engage
Develop authentic and effective
approaches for how we value
and support nature
Read our full Nature Position Statement here.
Our commitment to water
Water is central to Genesis’ role as one of
the largest generators of electricity for
New Zealand, and our Water Position
Statement details our commitment to healthy
waterways. Hydro electricity generation has
a range of environmental effects, stemming
from the damming and diversion of flows
from their natural water courses.
Examples of our work include jointly
funding Project River Recovery in the
Upper Waitaki Basin, and partnering with the
Department of Conservation (DOC) on the
national Whio Forever programme since 2011.
Genesis will maintain strong relationships
to address adverse effects of our power
schemes, while meeting the renewable
electricity needs of New Zealand as we
progress toward a low carbon future.
Read our full Water Position Statement here. 
Supporting habitat restoration
along the Waikato River
Our Huntly generation site is an iconic sight
along the Waikato River, so it’s important we
help look after the surrounding environment
and communities.
After extreme weather events battered the
Waikato region in early 2023, we provided
funding to the Waikato RiverCare catchment
group to support the post-cyclone clean-up.
With help from staff from the Waikato
Regional Council, our donation allowed
Waikato RiverCare to quickly engage
contractors and whānau to remove flood
debris from fences, erect temporary fencing
around planting projects and start the work
to establish new permanent fencing around
slips and flood-damaged fences at projects.
We have also supported Waikato RiverCare
in its habitat restoration efforts throughout
the year.
Project River Recovery expands
Since 2010, we’ve been working with DOC
and Meridian Energy to support a landscape-
scale ecosystem restoration programme in
the Upper Waitaki Basin, the location of our
Tekapo Power Scheme and Meridian’s
Waitaki Power Scheme. The Waitaki River
Catchment is a nationally important braided
river ecosystem that’s home to a range of
threatened or at-risk native birds, insects
and fish.
This year we have committed to renewing
the partnership, which will see a boost in
funding and an extension of existing work
programmes in the Tekapo, Pūkaki, Ōhau and
Lower Waitaki catchments. The agreement
will see Genesis contribute $287,500 each
year, for an anticipated 35 years, to be
invested in workstreams including weed
and predator control, braided river habitat
restoration, island creation for birds and
other species and wetland enhancement.
The programme comes into effect in 2025.
23k ha
Of natural braided river habitat currently
maintained by targeted weed removal
thanks to Project River Recovery
Goal:
Protect and
restore nature
28

97%
Increase in breeding pairs since 2011,
when the Whio Forever project launched
587
Breeding pairs of whio
measured in FY23
15%
Decrease in the number of breeding pairs
compared to the previous year
1,631km
Riverbank managed with predator
traps in FY23
A tough year for whio
Since 2011, Genesis has partnered with
DOC on Whio Forever, a joint conservation
programme to secure the future of native blue
ducks in the wild. Our goal is a year-on-year
increase in the number of breeding pairs,
however, this is a huge challenge with climate
change, extreme weather, and cost increases
all making it tough to achieve strong results.
The decrease in whio numbers this year
can be linked to flood damage to predator
trapping lines which has made it difficult for
people to get access to clear and reset traps.
Bad weather has also limited surveying work
to count whio pairs.
Whio Awareness Month in March brought
attention to whio, attracting volunteers and
donations for the cause.
The breed and release programme included
the release of 13 juvenile whio in Arthur’s Pass
National Park. They were helicoptered to their
new home in January 2023; eight ducks are
now living in the Edwards River and five in
the Poulter River.
Moawhango willow control
As we worked on renewing consents
for the Tongariro Power Scheme, we and
the Moawhango community identified
reduced water flows in the Moawhango
River may have exacerbated the growth
of willows. Willow encroachment was
restricting water flow and leading to log
jams, causing water quality issues as
willow debris decomposed.
Resource consents granted in 2004
committed Genesis to undertaking
7km of willow control in the Moawhango
by 2039. We have already exceeded that
requirement, with 18km now controlled
under the Moawhango Willow
Management Plan, developed in
consultation with the Moawhango
community. Most of the main river stem is
now clear of willows and the project is in
maintenance phase to control reinvasion.
The work has resulted in noticeably
improved river health, and log jams
have become a rarity.
Whio in the wild
bit.ly/3CYSCxM
2929

A
SUSTAINABLE
BUSINESS.
.2
For a business to be sustainable it must
maintain and future-proof its assets, and
observe a duty of care for the people
essential to its operation. In our case that’s our
employees, customers, iwi and communities
around our generation sites, and stakeholders
in government and the energy sector.
30

Penstocks taking water to Tekapo B Power Station in Lake Pukaki.
3131

CHAPTER 2: A SUSTAINABLE BUSINESS
Our hydro schemes ran hard this year,
together achieving a record 3,669 GWh
of generation. This was 936 GWh more
than FY22, providing enough extra
renewable power for approximately
134,000 households.
In turn, Huntly Power Station's output
was reduced to a record low of 2,177 GWh,
saving fuel costs and significantly reducing
scope 1 carbon emissions by 1.1 million tonnes
compared to FY22, a 52% reduction.
Hydro conditions won't always be as
favourable as this year, but these results
highlight the value of our fuel diversity
and thermal plant flexibility.
Improving performance
and efficiency
Each of our generation sites underwent
maintenance and upgrades this financial year.
Our team at Waikaremoana Power Scheme
also had to deal with the impact of Cyclone
Gabrielle. Communications and road access
were cut for several days, but our people
worked around the clock to generate
electricity for Wairoa, the East Coast and
Hawke’s Bay despite these constraints. In
partnership with MB Century we were able to
evacuate some contractors and get water,
food, and other essential supplies into the
isolated Tuai village for the community and
our team.
As things returned to normal work
continued on two big projects. The second
of three new generators arrived from Spain
and was trucked to Tuai station, installed
and commissioned in June 2023. The third
90-year-old generator is due for
replacement in FY24, completing a
seven-year, $33.7 million project that will
potentially boost Tuai’s capacity by 6 MW
1
,
enough to power an extra 1000 homes.
Nearby, Piripaua station completed its own
$8.2 million overhaul of its two generators,
which were first commissioned in 1943.
The work will increase their efficiency by
up to 3.2% and increase their output by
an extra 4.2 GWh per year, enough to
power 600 households.
At Huntly Power Station, Unit 4 Rankine
underwent its eight-yearly ‘cold survey’,
a huge project involving stripping the
turbine, undertaking repairs and
improvements and putting it back
together again.
The job took 174 days, 59,620 working
hours, involved 30 different contacting
companies and cost $8.8 million. It will
improve efficiency of the unit by
between 0.6% to 1.1%, and decrease
auxiliary power requirements by up to
0.9 MW. This will have significant
commercial and sustainability benefits,
including fuel cost savings and a
reduction of 2,900 to 13,100 tonnes of
CO₂ emissions between FY23 and FY26.
Goal:
A well-managed
business
Huntly
1. Due to station constraints the full impact
of the efficiency gain is only achievable
when the station is operating below the
maximum output of 60 MW.
Waikaremoana
Waikaremoana
bit.ly/3OG98rY
Huntly Power Station
bit.ly/3NYSg0p
32

At the Tongariro Power Scheme, the Poutu
Intake on the Tongariro River underwent its
first major refurbishment since the intake
was commissioned more than 50 years ago.
A vital structure in the scheme, the Poutu
Intake feeds water from the Tongariro River
to Tokaanu Power Station. Its refurbishment
included civil and structural repairs, involved
multiple contracting companies and cost
$4.4 million. It required comprehensive
safety oversight in an outdoor environment
subject to rapidly changing weather and
river conditions.
Following the successful trial of an
underwater Remotely Operated Vehicle
(ROV) to complete a 3km tunnel inspection
in FY22, an ROV was again deployed to
inspect a 6.1km tunnel in the Tongariro Power
Scheme. The 500kg machine attached to a
The future-proofing of the Tekapo Power
Scheme continued in FY23 with a further
$1.3 million worth of upgrades. Other
significant works costing more than
$42 million took place during the previous
three years, including a new intake gate at
Lake Tekapo to safeguard against the risk
of seismic activity.
The FY23 works included new circuit breakers
and switch gear at the sub-station next to
the Tekapo B power station on the shore of
Lake Pūkaki, to make the switchyard more
automated, reliable and safer. This will be
completed in FY24
Tongariro
Tekapo
tether travelled the length of the 6.3m wide
tunnel taking photos and 3D sonar recordings,
mapping the tunnel’s interior and gathering
detailed data. The use of ROVs is a step
change in safety and operations: tunnels
do not have to be drained before inspection
and our people do not have to travel through
them, resulting in reduced inspection time
and plant resuming generation of electricity
for New Zealanders sooner.
Rangipo Power Station, located 63m
underground near Turangi, benefitted from
an upgrade of its original 40-year-old gas
insulated switchgear equipment. The
equipment ensures electricity safely flows
from the power station to the national grid.
The installation of the equipment took 12
weeks, costing $4.2 million, and required
complex planning with multiple companies
to retrofit the new equipment into the existing
power station and national grid components.
The new equipment is expected to have an
asset life of over 30 years and remove leakage
of historic SF
6
gas, a greenhouse gas.
Tongariro Power Scheme
bit.ly/3Dv0APp
Tekapo Power Scheme
bit.ly/3Q3lInF
3333

CHAPTER 2: A SUSTAINABLE BUSINESS
Digital transformation
Customer technology is developing rapidly,
and this year we completed the process to
identify technology and vendor options to
modernise our customer platforms, including
billing, sales, service and pricing. We expect
to be able to confirm our vendor and solution
decisions by the end of 2023 and move
toward implementation and full business
and customer service transformation.
This will enable us to lower our cost base,
improve internal efficiencies and employee
and customer experience, and increase
the speed at which we can bring to market
new value-add products and propositions.
We expect to start seeing the benefits of
our digital transformation in 2025.
LPG delivery goes the extra mile
In a year of extraordinary challenges it was
enormously satisfying to pick up the 2023
Canstar Blue award for most satisfied
customers for natural gas and bottled gas.
We were the only energy company to earn
a 5-Star rating.
Cyclone Gabrielle and weather events in
Auckland and Northland saw our teams
go above and beyond in delivering gas to
customers, liaising with Civil Defence to
access properties along damaged roads.
We proactively contacted customers and
worked with them until they could get
back in their homes, and have their bottles
removed or replaced safely.
Driver recruitment was a challenge in FY22
due to labour market demands, and at the
beginning of FY23 team members from
other parts of the country commuted to
Auckland to undertake weekend deliveries.
As we end the year, a remuneraton review,
repositioning of job advertisements and
fine-tuning our selection processes see our
depots almost fully staffed.
Communications with customers have
improved thanks to the Energy IQ app
enabling them to see their order history,
order replacement bottles and see expected
delivery dates.
We improved safety compliance at our
depots, and stepped up driver education
regarding site safety. Customers receive
clear communication if their site requires
improvement to enable the safe delivery
of bottles.
In FY22 we used in-house expertise to
redesign our LPG trollies, improving their
stability, ergonomics, control, and reducing
the weight-loading on the user by
approximately 40%. The trollies went into
production in FY23 and are now being rolled
out to depots.
We’ve armed our drivers with lone worker
devices, which activate, or can be activated if
there’s an emergency when they’re alone at a
depot or on the road.
And our LPG fleet is doing its bit for the
environment too. In FY22 we were the first
company in the southern hemisphere to add
the new, fully electric, Fuso eCanter truck to
our commercial fleet to deliver LPG bottles.
In FY23 we added three more electric trucks
to our LPG depots in Christchurch, Feilding
and Hamilton.
LPG trollies
bit.ly/3ORh62A
34

replace image with
video image bigger
Maximising Kupe
Genesis owns 46% of the Kupe gas
operation off Taranaki as a joint venture
with NZ Oil & Gas and field operator Beach
Energy. The gas and LPG we receive from
Kupe is used by Huntly Power Station
and sold to our customers. To maximise
production from this asset, the joint
venture applied for and was granted
approval by the Environmental Protection
Authority to drill a new development well
within the existing permit area.
We are acutely conscious of the concerns
some will have in further development
of gas fields, but have to balance that
against the need to provide fuel for back-
up electricity supply while New Zealand
transitions to a higher level of renewable
energy. Further, we expect the additional
gas from KS-9 will enable Huntly Power
Station to run less on coal and therefore
lead to a net reduction in carbon emissions
as New Zealand moves through the
energy transition.
Our investment in Kupe follows the
successful inlet compression project at
the production station near New Plymouth
in FY22. Gas from the new well, KS-9, is
expected early in 2024.
We are acutely conscious
of the concerns some
will have in further
development of gas
fields, but have to balance
that against the need to
provide fuel for back-up
electricity supply while
New Zealand transitions
to a higher level of
renewable energy.
3535

A sustainable solution for ash
When Huntly Power Station generates
power from coal, it produces large
quantities of ash as a byproduct.
This year we teamed up with Fletcher
Building to prevent pond ash going into
landfill. Instead, it is used by Golden Bay
as a raw material in its cement – creating
a lower-carbon cement product and
contributing to a circular economy.
This initiative builds on our earlier work,
which sends the fly ash from Huntly to
Golden Bay to be used in concrete. The
arrangement with Golden Bay includes
the recycling of all available fly ash and
up to 20,000 tonnes of pond ash annually.
“Contributing to waste reduction at a large
scale for the benefit of all New Zealanders
is incredibly exciting,” says Gian Raffainer,
General Manager at Golden Bay. “It is a
win-win for the environment and for Kiwis
who want to use more environmentally
friendly products.”
Genesis’ Chief Operations Officer
Rebecca Larking said it was rewarding to
see a by-product from creating energy
become a raw material in the construction
sector. “Finding circular solutions with
companies like Golden Bay is a vital part
of Genesis’ focus on sustainability.”
Waste management
We are working hard to reduce our Auckland
and Hamilton office waste with a goal to
significantly minimise waste going to landfill
and single-use products that fall under
co-mingle recycling.
For a number of years, we have used the
well-recognised Method Bin system at
our four corporate offices to separate our
waste going to landfill: glass, cans and
plastics; cardboard and paper; and organic
waste. This year we improved our waste-
sorting communications to help educate
team members on how to use the bins more
effectively and further reduce our waste.
We can now measure and monitor
our waste in each category, providing
a baseline against which we can measure
our reduction interventions.
Rising costs
Like all businesses, we have seen cost
increases in a number of areas during FY23,
largely in line with inflation. The main areas
were in insurance, software and Kupe
operating costs. Staff numbers rose,
particularly in customer facing roles,
and contributed to an increase in
operating expenditure.
Transport cost increases were largely
driven by fuel, and service costs were driven
by scarcity and competition for resource.
To address these, we engaged in detailed
conversations with suppliers to minimise
increases, and in many cases have been able
to rely on existing contractual positions such
as limitations on price increases linked to the
Consumer Price Index, and most favoured
nations clauses.
One area in which cost declined was in coal
imports. Our last shipment of imported coal
arrived in July 2022 and we have no plans
for further purchases.

16,652
tonnes of ash
Diverted from landfill to create lower-carbon
cement and concrete products in FY23
We can now measure and
monitor our waste in each
category, providing a baseline
against which we can measure
our reduction interventions.

36

Our sustainability framework acknowledges
that working with iwi and stakeholders such
as customers, community groups, investors,
the Government, NGO’s and our people is
key to creating shared success.
This year we’ve refreshed the Genesis brand
and attracted attention and market share
with our no- frills Frank offer. We’ve engaged
with our local communities, creating job
opportunities as well as learning experiences.
We have also brought our views, knowledge
and experience to the Government’s
efforts around New Zealand’s goal to
reduce emissions and transition to a
low carbon economy.
Relevant and relatable
What’s in a name? Quite a lot, when your
brand has been around since 1999, so it’s
important to stay relevant for new
generations of consumers.
Our new brand platform, based around a
family and fronted by its youngest member,
George, is helping Kiwis engage with how
we’re empowering New Zealand’s sustainable
energy future. It’s a family big on technology,
but also in character, able to connect
with consumers.
Already George’s personality has seen
Genesis placed in New Zealand’s top 10 TV
ads and feature on Best Ads, a global listing
of international ads with universal appeal.
George has introduced Genesis’ unique
offering of EVerywhere energy roaming,
which enables EV owners to fast charge
on the road and pay like they’re at home.
We are now considered market leaders
in meeting the needs of EV owners.
Awareness of our support for EV uptake
has shifted from 4% in October 2022, to 18%.
We also doubled awareness levels of our
Energy IQ app in a campaign aimed at
non-customers. Our Power Shout customer
reward is now the most well-known and
flexible offer in the market.
This year 28% of consumers agreed Genesis
is helping move New Zealand towards
a more sustainable future, up by 6%.
Awareness that we offer advice to make
better choices and to keep energy costs
down has also risen by 10% to 29%.
Our claim that ‘Genesis is helping to create
a low-carbon future, powered by renewable
energy’, has tested strongly with the market
and customers, with 80% of customers saying
the campaign makes them feel good about
being a Genesis customer.
Results like these have contributed to further
improvement in our churn rate this year
which at 12.1% is lower than 12.8% in FY22
and well below our target rate of 15.8%.
In a competitive market we're proud to have
increased our customer numbers by 2.7%
to 483,721 by the end of FY23.
Goal:
Positive relationships
and open conversations
George
and family
3737

An important learning is to treat customers
as we want to be treated ourselves. If LPG
deliveries are running behind, we let those
affected know why. Our team leaders stay
on alert for incidences when smart meters
fail to transmit real time consumption data.
Because a subsequent bill will reflect the
difference between estimated and actual
consumption, we aim to advise customers
in advance to prevent bill shock and to offer
payment solutions including discounts.
Problems with meters are also monitored and
the smart meter team advised when older
technology needs upgrades or connections
to transmission networks are unreliable.
While we encourage all customers to
monitor their consumption through our
digital tools, not all do and if we see it rising
more than 20% above usual, we’ll attempt
to contact them.
Complaints are a gift, but we attempt to
minimise them by ensuring the customer’s
voice is heard and considered, right through
our operations.
Privacy
Our approach to Privacy has been reset
through the last year. We anticipate
that this is an area where customers will
become increasingly conscious of how
their information is used and have high
expectations that we not only protect their
data but utilise it appropriately.
Our new Privacy Officer has established
a Privacy Office to lift our maturity and
deal directly with customer requests and
concerns. A full audit has been undertaken
to provide assurance of our approach and
inform future roadmaps. Our capability build
is being measured against the ISO27701
(Privacy) standard.
Our Privacy Office is also actively involved in
development of our data ethics framework in
anticipation of customer expectations.
Something to shout about
Power Shout, launched in 2018, enabled
customers to book pre-selected hours
during specific weeks chosen by us, then
call us to redeem their booked hours.
Today they have full control of their free hours
through our Energy IQ app and can redeem
them any time, on any day.
This flexibility is unmatched in the market and
handy if relatives are visiting, a renovation job
is scheduled, or a new baby is due. We now
also offer Power Shouts through a range of
customer interactions including joining
Genesis, moving house, or re-contracting
their supply.
We've shouted 20.5 million hours since 2018,
awarding 5.7 million hours in FY23 alone.
A gift wrapped in a complaint
Complaints mean unhappy customers but
to Genesis, they also represent the gift of
an opportunity to dig deep, find the root
cause and prevent a recurrence.
Our investigate and resolve framework
ensures a consistent approach - investigate
and resolve, rank and prioritise, act to fix
the root cause. What we learn supports
us in resolving future problems. This year
we escalated some 1,200 complaints from
Genesis customers – around the same as
in FY22.
In a typical day, our customer care
representatives take part in 2,000-3,000
interactions through phone calls, emails,
online chat and social media messages.
They resolve around 86% immediately.
To support their performance, we continually
invest in our skills programme where new
team members receive four weeks of training.
What we teach draws on what we learn
through treating complaints as a gift.
20.5m
hours shouted since
launch in 2018. This
year we've shouted
5.7m hours of power.
38

Close together,
staying connected
There’s a whakatauki (proverb) which
best describes Genesis’ approach to our
relationships with mana whenua and
communities closest to our power
schemes; waiho i te toipoto, kaua i te
toiroa – let us keep close together,
not wide apart.
In March we established our new
Customer Hub at our Tokaanu Power
Station, providing 12 full-time jobs for
Tūrangi locals. We saw the new hub
as an ideal opportunity to engage the
local community around one of our
key sites, while also providing new
employment options.
The Hub’s establishment illustrates
how we interpret our purpose
of empowering New Zealand’s
sustainable future. This is not just
about environmental sustainability
and reducing our carbon footprint,
but also about the empowerment and
sustainability of people and
communities.
The new team of 12 are part of Genesis’
wider Customer Operations team based
in Hamilton; they joined 40 generation
staff already working at the station.
Ngāti Tūwharetoa kaumātua Te Ngaehe
Wanikau said at the opening ceremony,
“As Tūrangi whānau we give our full
support to the Team of 12; as Tūrangi
community we congratulate and thank
Genesis Energy for this very meaningful
act of corporate-community reciprocity.”
waiho i
te toipoto,
kaua i
te toiroa
Perfectly Frank
Our straight-talking energy retailer has
won over energy consumers. Frank Energy,
launched in 2022, earned a Consumer
NZ People’s Choice Award after gaining
a 94% satisfaction rating in the consumer
watchdog’s survey.
Achieving the award just 18 months after
launch tells us the market was ready for
a no-contract, no-frills and no gimmicks
approach and strong sales growth to date
confirms our instincts were right. Customers
now number around 95,000 and churn
reduced from 20.2% in FY22 to 17.9% in FY23.
The People’s Choice award is given to
companies that rate highly for customer
satisfaction and meet other performance
criteria in surveys Consumer sends to
members or a representative sample of
the New Zealand population.
Customers also ranked Frank highly on
competitive pricing, problem resolution,
customer support and value for money.
Frank’s approach reinforces that while
the energy sector can be complex,
keeping  things simple and well-priced
is a winning combination.
Tokaanu Customer Hub
bit.ly/3E6TCAt
Frank Energy's success
bit.ly/3KE8Nor
3939

Investing in causes and
opening our doors
As pandemic pressures eased, FY23 saw
us able to open our doors again to our
local communities, welcoming them
as guests as well as working alongside
them in local initiatives.
We engage with local iwi and communities
regularly and proactively within the areas
in which we operate. We acknowledge the
impacts of electricity generation and the
associated cultural, social and environmental
effects. We work hard to mitigate and
compensate for these, striving for strong and
meaningful relationships with mana whenua,
communities and other stakeholders affected
by our power schemes.
At Tekapo, our community open day saw
83 locals join bus tours to the Tekapo A
Power Station, and along the Tekapo Canal
to Tekapo B Station. Dozens of others
engaged with us at our Genesis base in
Tekapo’s town square, browsing through
photos of the scheme’s construction and
learning from Fish and Game about their
activities in the region.
Further north at the Tongariro Power
Scheme, our 14 -year Kiwi Forever partnership
with Ngāti Rangi saw the return of the
week-long leadership in conservation
programme centered around Mātauranga
Māori after a Covid-induced hiatus. Based
at Tirorangi Marae, 16 rangatahi from local
secondary schools are engaged in hands-on
conservation activities including exploring
pest control, plant monitoring and the
protection of kiwi and whio.
This year our Community Investment Fund
also supported a range of worthwhile causes
in communities local to our power schemes.
Highlights included:
• Donations to flood relief funds in Auckland
and Wairoa
• Donations to the Huntly Volunteer Fire
Brigade to support the preparation of
resources to allow faster response times
in serious weather-related events
• Support for an acknowledgement dinner
for the volunteers of St John and Fire and
Emergency Tekapo
• The installation of heat pumps in the
wharenui of Te Kuha Tārewa marae
in Waikaremoana, and Te Kohanga
Reo o Waikaremoana
• Continued support of Genesis' 23-year
community partnership with Duffy Books
in Homes
At Tekapo, our
community open day
saw 83 locals join bus
tours to the Tekapo
A Power Station, and
along the Tekapo Canal
to Tekapo B Station.
40

Constructive engagement
with Government
With our diverse portfolio of generation
assets and our purpose of empowering
New Zealand’s sustainable future, we
understand the importance of New Zealand’s
transition to net zero carbon. We are
committed to working collaboratively and
positively with the Government, so they
have a better appreciation of generator
and customer concerns and perspectives
as they develop and implement policy
and regulations.
This year we contributed to several
Government work programmes including
its first Emissions Reduction Plan. We
encouraged it to move away from the target
of 100% renewable electricity by 2030 in
favour of an overall renewable energy target
recognising the ongoing important role of
natural gas through the transition. This was
reflected in the final plan.
Our submissions also advocated the benefits
of replacing fossil fuels with biomass, drawing
on our successful trial of the fuel at Huntly
Power Station. Our advocacy is supported by
insights gained through our collaboration with
NZ Bio Forestry, and agreement with Fonterra
to explore the viability of a local biomass
supply chain.
1. These include power purchase agreements and derivative
contracts which exceed than 150MW.
We also encouraged the Government to
address barriers to renewable energy builds
in the reform of the Resource Management
Act. The reform has not concluded but
Government recognises the need for any
new regime to be permissive of renewable
electricity development.
We provided feedback to the Electricity
Authority on inefficient price discrimination
in large contracts¹. Amendments made to the
Electricity Industry Participation Code 2010
post consultation were in line with our
feedback. These included that the materially
large contracts regime does not hinder or
delay legitimate commercial transactions or
investment in new renewable generation and
that the information disclosure obligations
imposed are limited, specific and consistent
with the intent of the regime.
We contributed to EECA’s planning for
developing regulations for electric vehicle
charging with feedback on opportunities
and potential barriers.
We also responded to the Electricity
Authority’s work on driving efficient solutions
to promote consumer interests through
winter 2023.
Powering Change
To support New Zealand’s transition to a low
carbon future, Genesis is part of the Powering
Change initiative, a collective of New Zealand
companies dedicated to driving impactful
change for a more sustainable tomorrow.
Members include a broad cross-section of
electricity and gas companies, as well as
industry bodies, who have pledged to help
reduce emissions and help achieve New
Zealand’s goal of net zero carbon by 2050.
Through the Powering Change platform, we
are working collectively to find better ways to
generate, store and use energy, and unlock
the potential of technology to get more out of
our infrastructure. Powering Change is guided
by six key principles – choice, innovation,
affordability, reliability, collaboration and care
for the environment.
The poweringchange.nz platform provides
consumers with accessible, easy-to-
understand information about the energy
sector’s contribution to New Zealand’s
progress toward net zero.
Provides consumers
with accessible,
easy-to-understand
information about
the energy sector’s
contribution to New
Zealand’s progress
toward net zero.
Huntly biomass trial
poweringchange.nz
4141

A MORE
EQUAL
SOCIETY.
.3
What’s important to you? That’s a question
we regularly ask our stakeholders. In our regular
materiality assessments – the formal term for
asking, ‘what’s important?’ – our stakeholders
consistently place community and mana
whenua high on the priorities list. It’s about
building strong, authentic and enduring
relationships with mana whenua, being a
good neighbour and playing an active part
in creating value for the whole community.
42

Students at Te Waka Unua School in Christchurch learning with equipment donated by the Genesis School-gen Trust.
4343

CHAPTER 3: A MORE EQUAL SOCIETY
Our commitment to community
and mana whenua not only
extends to what we can do
today, but also to the value
we can create in the future.
We have a special focus on the
future of work for rangatahi
and nurturing the interests,
skills and capabilities which will
open so many doors for them.
Science, technology, engineering and maths
are the anchor points for many diverse and
enriching careers and touch all aspects of life,
from the health of the environment and
people to our goals for a more equitable
future. It makes sense to support them.
But we’re also mindful of community needs
today. In employment, our community
partnerships are providing worthwhile
opportunities and the chance to learn new
skills. In these tighter times, we are also
supporting community efforts to help families
achieve warmer homes, and we’re providing
support to those in vulnerable circumstances.
Powering up learning and
the teachers who deliver it
You’re never too young to get excited
by science and we’re inspiring the next
generation through learning opportunities
in STEM (science, technology, engineering
and maths).
For 17 years our School-gen initiative has
provided free energy-related STEM resources
for teachers and tamariki to support STEM
learning. Downloadable resources, activities
and online games engage and inspire kids,
helping them develop their critical thinking
and problem-solving skills during the
important years of early childhood.
Teachers provide the true inspiration, but
primary teachers have expressed low levels of
confidence in teaching STEM. In 2021 Genesis
partnered with Nanogirl Labs founded by
nanotechnologist and engineer Dr Michelle
Dickinson (MNZM) to bring STEMSTARS to
schools across Aotearoa. This resource offers
STEM lessons that combine storytelling,
practical experiments and clear learning
outcomes. Under the partnership model,
schools with stretched resources can still
access the benefits by applying for a gifted
set through a buy-one, gift-one model.
We’re refreshing our School-gen resources to
ensure they’re aligned with the New Zealand
curriculum and also developing materials
integrating Mātauranga Māori and te reo
Māori to overcome the lack of culturally
inclusive teaching resources.
FY23 saw 2,595 downloads of School-gen
resources by schools and the uptake of
63 STEMSTARS kits through the buy
one-gift one model, plus 26 kits gifted
to schools by Genesis. This brings total
School-gen downloads to 7,830 since FY21,
with 149 STEMSTARS kits now in use.
Goal:
Pathways for the
future of work
“ STEMSTARS is super
easy to use. You can do it
yourself, no matter what
your teaching experience
or background.”
Sam, Teacher
Wesley Primary School
“STEMSTARS is super
easy to use. You can
do it yourself, no
matter what your
teaching experience
or background.”
Sam, Teacher, Wesley Primary School
44

Crucial support for
critical thinking
Scientists, mathematicians and engineers
are recognised problem-solvers. The Genesis
School-gen Trust provides crucial support
for schools to grow the next generation.
The independent, charitable Trust provides
STEM equipment to grow students’
understanding in science, technology,
engineering and maths, as well as renewable
energy. STEM is an approach to learning that
integrates areas of these subjects to develop
students’ critical thinking and problem-solving
skills. The equipment provided fosters
hands-on experience in coding, robotics,
design and engineering, and when solar
equipment is also involved, it enhances their
understanding of renewable energy and how
it can contribute to a low carbon future.
Talent pipeline supports
a sustainable future
When your purpose is empowering
New Zealand’s sustainable future,
ensuring a sustainable talent
pipeline is vital.
Hence our encouragement of young
Kiwis to engage with science, technology,
engineering and maths (STEM).
Our Ngā Ara Creating Pathways
programme engages rangatahi in
the communities closest to our power
schemes in STEM learning and its diverse
career pathways. Since 2020, Ngā Ara has
delivered apprenticeships, internships,
work experience, scholarships and
partnership programmes with community
organisations.
Underpinned by best-practice research and
evidence for developing this pipeline, Ngā Ara
initiatives have involved close collaboration,
co-design and partnership with our multi-
faceted stakeholder communities, including
students, their whānau, teachers and leaders
from secondary schools and local iwi and hapū.
By 2025 we’re aiming to provide 96 Ngā Ara
opportunities for work experience, internships
and apprenticeships. In FY23, we had eight
apprentices, nine interns and 15 students
gaining work experience for up to 10 days
beside our power scheme teams.
Ngā Ara scholarships worth nearly $44,000
were awarded to 76 students who were
nominated by teachers in partnering schools.
Recipients selected bundles of technology
equipment, such as laptops and headphones,
to enable their continued STEM learning.
“ Receiving this gift will
allow me to pursue my
academic aspirations
at university with the
help of Genesis and
its community.”
Arihia Kihi
Ngā Ara Scholarship Recipient,
Te Wharekura o Rakaumanga.
In FY23 the Trust gifted STEM equipment to
36 schools, the highest number of recipients
to date. The resources were worth $156,000.
Since its inception in 2019, it has donated
more than $530,000 worth of equipment
to 93 schools.
The Trust enables our customers and
our people to join us by donating $2, $5,
or $10 through their monthly energy bill.
In the coming year we hope to encourage
large Genesis business customers to
become sponsors.
Genesis apprenticeships
bit.ly/453gzzS
Genesis School-gen Trust
bit.ly/3O2802D
4545

The stake in the ground
spreads its roots
A pou is a physical and metaphorical stake in
the ground, a symbol of support, especially
for an important cause or place such as
Raahui Pookeka Huntly.
It’s the inspiration behind POU Limited and
its kaupapa of increasing local employment.
Since 2019 it has begun spreading its roots
from Raahui Pookeka Huntly through the
Waikato while bringing more diversity to
our Genesis workforce.
POU Limited is a partnership between
Genesis, the five Waikato marae forming
the Raahui Pookeka collective and the
Waahi Whanui Trust.
The first year saw 40 locals employed in
providing facilities management services
at Huntly Power Station. From there, worker
numbers have grown to 47 by FY23. POU
also expanded into providing cleaning
services at our Hamilton office.
POU and Genesis encourage workers into
apprenticeships. In late 2022 the first,
Ngatoko Sowerby, completed his electrical
apprenticeship with POU and has now joined
POU permanently as an electrician on site at
Huntly. Two mechanical apprentices are due
to complete their training in two years.
Tyriqk Heta-Te Tomo is a young person
proving you can overcome any obstacle
and forge the future you want. The Huntly
College student was in an alternative
education class, having become
disengaged from ‘normal school’.
Tyriqk was encouraged by his teacher
Matua Hiki West to apply for a Genesis
work experience opportunity at Huntly
Power Station. Tyriqk displayed a strong
work ethic and willingness to learn during
his 10 days on site.
A new scaffolding training pathway through
a partnership between Genesis, Oho Mauri
and POU begins next year. This will provide
broader opportunities to recruit, train and
retain young, local people in skilled and
in-demand work.
POU has also generated opportunities
and work experience by providing
temporary staff for Genesis. An example
is the 10 Waikato engineering students and
10 locally sourced staff provided to support
the Unit 4 Cold Survey, a six-month planned
maintenance outage of the #4 Rankine unit
at Huntly Power Station.
Donelle Hughes POU Operations Manager
Case Study
Encouragement, attitude
and a new career pathway
At the school’s end-of-year prizegiving
Tyriqk was awarded a Ngā Ara Creating
Pathways scholarship for outstanding
engagement in learning. This included
a laptop and headphones to support his
learning, and he said, “At the moment
I have no device to get in contact with
family or to do work from home so
a laptop will really come in handy.”
Our Genesis team were impressed by
Tyriqk’s commitment and wanted to
support his progress. In the summer
holidays, Tyriqk was offered a paid
opportunity in a maintenance outage
programme at Huntly Power Station.
Again, his work ethic shone and secured
him a boiler maker apprenticeship with
a Genesis contractor.
Matua Hiki West said he was very
proud of his former student.
“Doing well at work experience led to
a full time position and secured Tyriqk
a bright future.”
46

It is important to Genesis that access to
energy is available and affordable for all
New Zealanders.
After two years of absorbing costs, our
pricing changes effective in March 2023 and
the phase out of the low user fixed charge
meant our customer care teams were
supporting customers more than usual
as New Zealanders experienced higher
overall living costs.
There are always customers in vulnerable
circumstances, but this year those numbers
rose to include some customers who have
previously paid on time but have for the first
time experienced financial hardship. That
challenged us to come up with solutions best
suited to help them. We also supported an
industry pilot looking at providing a lifeline
to customers who cannot get connected due
to an adverse credit rating.
Our customers share our concerns about
those who need more support and this year
they’ve used our free Power Shout rewards
programme to gift a record number of hours
to others.
We also expanded our support for
community organisations helping families
improve the warmth of their homes and
manage energy costs (see page 48).
Empowering customers in
vulnerable circumstances
Energy is a daily necessity, but for some
customers it sadly also represents a source
of worry and even shame. That’s why Te
Tira Manaaki o Kenehi (our Genesis caring
team) offers a lifeline, and this year
attempted to reach 4,760 customers
to offer personalised support when
there were signs of financial hardship.
Invariably customers are relieved to be
contacted proactively by someone who
can sympathetically talk through different
payment options, discuss the right price
plans and provide free Power Shout hours
or referrals for support from agencies such
as EnergyMate and WINZ if needed. The
former visits family homes to advise on
power use management and budgeting.
This year we helped 2,314 customers
access these services.
This year signs of hardship among usually
good paying customers led to the launch
of Fresh Start. The programme looks at root
causes and practical solutions to prevent the
customer’s debt from mounting. The causes
and solutions were as individual as the
customers, but were often connected to
one-off events, like reduced working hours,
lost jobs, family illness or a relationship
breakdown. Each event meant tough
decisions such as paying for power or
buying food. These customers were also
embarrassed at the potential for being
disconnected but worried about asking
for help.
Goal:
Supporting
energy wellbeing
Fresh Start provides valuable breathing space
and practical support including free Power
Shouts hours, payments plans and more time
to pay. A referral option was also piloted with
St Vincent de Paul, where people using the
foodbank and identified as Genesis customers
were offered an opportunity to talk about
whether they needed support from us.
We joined with other major retailers in
the Energy Retailers Association pilot
ConnectMe trial with 102 new Genesis
customers who would normally be unable
to open an account due to a poor credit
score. This tested the theory that a poor
score in the past does not necessarily
indicate you cannot become a good paying
customer, given the right support.
Genesis also worked with Mercury to
research hidden hardship in New Zealand
and the reluctance of people in need to trust
or engage with “big business.” We spent the
year working to understand the depth and
cause of this problem and its impact on the
most vulnerable. Through three hui, we’ve
co-designed potential solutions with
community providers. The initial phase was
completed in July 2023, and we continue
to work collaboratively with the industry
to address this challenging area.
STEM + M
Genesis supports adding a second M
to STEMM, recognising mātauranga Māori
as a rich knowledge system, strengthened
by kaupapa and tikanga Māori.
In developing Ngā Ara we recognised the
need and opportunity to increase the diversity
of students engaging in STEM subjects and
careers – this is one of the reasons we partner
with Pūhoro STEMM Academy.
Pūhoro provides rangatahi Māori with weekly
mentoring in STEM subjects, students attend
wānanga at tertiary campuses supported by
Genesis staff and are also offered internships
and work experience.
In FY23, Genesis supported the programme’s
launch in Huntly College and Te Kura
Kaupapa Māori o Ngāti Kahungunu o
Te Wairoa. Programmes continued into
their third year at Wairoa College and
Ruapehu College. Almost 100 students
are directly supported.
Supporting the supporters
Ngā Ara also helps those who support
students taking STEM subjects. We offer
teachers, careers advisors and senior school
leaders the opportunity to visit our sites to
better progress their understanding of the
pathways open to students.
We also support our partner schools as they
cope with disruptions to learning caused by
COVID and weather-related events. This year
we gifted $10,000 of STEM equipment to
Te Kura Kaupapa Māori o Ngāti Kahungunu
o Te Wairoa in the wake of Cyclone Gabrielle.
Fresh Start programme
bit.ly/43UgxJM
4747

Keeping in precious heat
In an insulated home, up to 45% of your
heat can escape through windows. It’s small
comfort to know this reduces to 30% in an
uninsulated home – but only because the
warm air also escapes through the ceiling,
walls and floor.
Energy wellbeing is important to us and
through our partnerships with three curtain
banks, we’re helping Kiwis in need keep their
homes warmer and healthier.
Since 2010 we have supported Wellington’s
Sustainability Trust and Christchurch’s
Community Energy Action curtain banks and
in December 2022, partnered with Habitat for
Humanity Northern to expand the coverage.
“I had a couple of
months off work, then
lost my job due to
heart problems. Being
in and out of hospital,
and unable to hang out
washing, it was great to
come home to a warm
home knowing I could
turn on the dryer.”
Stan, Power Shout gift recipient
A shout out to
generous customers
Is it better to give than receive? A generous
28,847 Genesis customers said ‘give’ in FY23,
passing on a whopping 144,235 Power Shout
hours to help others in need.
Our customers’ generosity more than doubled
the 62,132 of free power hours gifted in FY22.
With our own contribution of 155,765, a total
of 300,000 hours of power were gifted to
Genesis customers in financial hardship
in FY23. In addition, the percentage of
customers eligible to receive Power Shout
hours who then chose to gift them rose
from 22.8% in FY22 to 25.2%
Customers who received the gifted Power
Shout hours were identified by our Manaaki
Kenehi team using vulnerability criteria
including a low credit rating or a balance in
arrears. Around 3,060 customers either had
120 hours deposited into their EnergyIQ
account or, for those not digitally engaged,
had evening hours allocated as free Power
Shout hours for a month.
This year we hoped to increase the number
of residential customers contributing to social
sustainability causes, such as Power Shout
gifting and our School-gen programme.
We set a 10% target – ambitious given 4.9%
of customers contributed last year – and
achieved 8.6%, a great result and a reflection
of the generosity of our customers given the
rising cost of living.
Curtain banks take donated second-hand
curtains from a variety of sources, from hotels
refurbishing their décor to families who have
redecorated. The banks also take fabrics which
can be used to make curtains and replace
linings. All donations are cleaned, repaired and
relined if needed and customised to ensure the
best fit to retain heat in a recipient’s home.
Curtain banks are a valuable source of advice
on achieving warmer homes. The three curtain
banks also offer home assessments as part of
their healthy homes programmes.
Our aim is to increase the number of
households supported. Over the past four
financial years we have supported the fitting
of insulated curtains into 1,295 households.
Habitat for Humanity Northern
bit.ly/3PMDefB
48

A culture of caring – about each
other and the environment
When you work at Genesis, you’re part of
a culture of caring – and one that values
knowledge and expertise.
Those were two of the main findings from
a research project we undertook this year
to help us understand our workplace culture.
With help from independent agency Jenner &
Co, we ran surveys and focus groups, seeking
feedback from around 1,000 participants.
Taking pride in the work we do
“My purpose is the legacy we leave here,”
one respondent told us. “I want to be able to
look back and know that I made a difference
to decarbonisation in New Zealand.”
Across all our different sites and types of
projects, and across employee demographics,
the feedback was overwhelmingly positive.
Respondents used phrases like ‘inspiring’,
‘adding value’ and ‘exciting’ to describe how
they felt about their work at Genesis.
Embracing expertise
A second major strength of the Genesis
culture is appreciation for our in-house
knowledge and expertise. Respondents
were proud to be working with so many
smart people who were applying their
intelligence to resolve complex problems.
“There are very clever people working here,”
said one respondent. “At its best, we see
people achieving great outcomes and
being recognised.”
Ready for a clear unifying strategy
Our research also identified challenges.
The primary challenge came from ongoing
changes: executive personnel changes,
scattered working from home, and interim
leadership. Constant change can be stressful,
so participants told us they were keen to see
a unifying strategy and a clear, common
purpose across the business.
Because Genesis is a portfolio organisation,
silos can form between sites or teams. Staff
shortages have also been a challenge.
Creating a bold vision for the future
Knowing the challenges faced by our
workforce, and which strengths we can lean
on, the leadership team is now working on a
company-wide vision. We will be addressing
areas for improvement, streamlining systems
and processes, and aiming to clarify our
values and mission.
“We’re creating the foundations for the
future,” as one participant said. “We get
to lean into the tricky stuff – it’s hard, it’s
challenging, but if you get it right it’s really
an achievement.”
Of respondents felt positive
about the culture at Genesis
10
%
Felt
neutral
5
%
Felt
negative
Goal:
A safe, healthy and
diverse workforce
Huntly Power Station team members Te Toka Edwards (left) and Manukura Heta.
85%
85%
4949

Our Tokaanu Customer Hub (see page 39) is
an example of thinking outside the box to
recruit people for our customer service team.
A custom-built hub at Tokaanu Power Station
provided jobs for 12 locals from Tūrangi and
enabled us to hire capable people to bring a
customer focus to the site’s generation team.
Genesis is a Living Wage Accredited
Employer, we received the Rainbow Tick
in FY22, and received reaccreditation for
the YWCA GenderTick in FY23.
Safety and wellness
Genesis has a focus on both physical
and mental wellbeing. During Mental
Health Awareness Week in 2022, Genesis
launched the next evolution of our wellbeing
programme: Me We Us – Ahau Mātou Tātou.
The programme takes a layered approach to
mental and physical wellbeing and has been
designed with the help of external experts to
drive a sustained capability across Genesis.
External agency Glia ran wellbeing focus
groups and an anonymous survey to
understand Genesis’ psychosocial risk.
Reports with recommendations were
prepared for the organisation and individual
business units. Leadership teams reviewed
these and agreed actions to support our
people’s mental wellbeing. Each business
unit will next develop a Wellbeing Plan.
Physical and mental wellbeing is supported
through access to resources in the new
Me We Us – Ahau Mātou Tātou Wellbeing
Hub on the internal Connect site. In FY23
we also updated our drug and alcohol
programme, safety inductions, health
monitoring, and injury management.
Across Genesis, most of our safety and
wellbeing metrics are showing positive
trends, and our performance in reducing the
number and severity of injuries is something
we’re particularly proud of. This decrease is
likely due to a combination of:
• increased hazard awareness
• continued focus on rejecting unsafe
LPG delivery locations
• safety leadership training
• early injury notification and intervention
• preventative physio and massage
programmes
By continuing this work, we are hoping to
see injury rates fall even further over time.
57%
Decrease in lost time or restricted work
days due to injuries
Recruiting and retaining
the best employees
Like many employers across many sectors,
we’re experiencing a tight talent market
that makes the attraction and retention of
employees challenging. We’re addressing this
with a range of initiatives, including formal
career development and remuneration
progression for several areas of the business
to provide visibility of career pathways,
improving our succession documentation
and talent planning conversations to protect
critical, core and scarce roles, and supporting
LPG truck drivers to become certified in the
required class.
34%
Internal recruitment in FY23
50

50
Team members completed the
Safety Leadership programme in FY23
277
Team members completed the Adaptive
Leaders Programme (ALP) since inception
45%
Of those who completed the
ALP were women
Leadership development
Our Adaptive Leaders Programme builds
leaders who are adaptive, empowered, and
accountable, who in turn can empower,
nurture, and inspire those around them. In
FY23 we further developed this programme
to ensure our people are equipped with the
relevant skills for the future.
Our Safety Leadership programme has
continued through 2023. This is a safety-
forward programme designed for leaders
working in areas where field- or generation
site-related health and safety risks are
present, principally in the wholesale
operations and LPG areas of our business.
We also ran a series of online workshops
called Empowering Leaders designed to
inspire our leaders with relevant content.
We launched a new Leadership Development
site, providing on-demand content aligned to
our leadership programmes and available for
all leaders.
In FY24 we plan to launch a new leaders’
programme designed to support first time
or new leaders to Genesis.
Participants in our Adaptive Leaders Programme
appreciate meeting people from across the business.
5151

Women in leadership
Genesis has been committed to eliminating
the gender pay gap since 2017, and our
Gender Gap Statement sets out our
intentions and actions to help achieve
this target. Three factors make up our
Gender Gap Statement:
• Pay Equity Gap
• Senior Leader Gender Diversity
• Gender Pay Gap
Our Pay Equity Gap, which measures equity
of pay for men and women doing equal
value work, increased this year from 1.3%
to 1.7%. We'll continue to focus on this
important area to close the gap over time.
Increasing our Senior Leader Gender
Diversity has been a challenge in FY23.
Although our Executive team has a 50:50
gender split, our Senior Leader Gender
Diversity remained static this year at 42:58.
Our target across the business is to maintain
a 40:40:20 gender balance; it is currently
44:56 in favour of men, partly due to the
predominance of male candidates for roles
in wholesale operations. Our recruitment
policy requires hiring managers of Tier 2, 3
and 4 roles to include at least one woman
candidate on their shortlist.
We continued our existing internal
initiatives such as a Women’s Leadership
series and Women and Finance. We
maintained focus on gender equity through
our YWCA GenderTick Accreditation and
Mind the Gap programme.
36.2%
Gender Pay Gap
FY22 37.4%
1.7%
Pay Equity Gap
FY22 1.3%
50:50
Executive Gender Diversity
FY22 50:50
Senior Leader Gender Diversity*
FY22
42% 58%
Senior leader roles
Female

Male

58
%
42
%
* Senior leaders are classified as Tier 1 (CE), Tier 2, and Tier
3 employees.
We continued our
existing internal
initiatives such as a
Women’s Leadership
series and Women
and Finance. We
maintained focus on
gender equity through
our YWCA Gender
Tick Accreditation
and Mind the Gap
programme
52

Diversity and inclusion
Everyone shares responsibility to continuously
improve the inclusivity of our culture and
contribute to a working environment that is
free from all forms of discrimination and
harassment, where all team members are
treated with respect and empathy. We are
proud of attaining Rainbow Tick accreditation
in FY22, and in FY23 held a Pride celebration.
We also hosted events to mark Matariki,
Diwali, Chinese New Year and International
Women’s Day.
Volunteering
One of the most valuable ways we can give
back to the communities in which we work is
by giving our time. That’s why we support
everyone at Genesis to volunteer for a cause
they’re passionate about, or through
organised activities. Our new partnership
with Habitat for Humanity Northern (see
page 48) enabled our people to volunteer by
preparing Winter Warmer packs and
delivering them to households in need.
Other activities included volunteering at the
Christmas Joy Store, providing Christmas
presents to families to need in Auckland,
helping maintain Waahi Marae in Huntly, and
helping at a school library.
71%
Of our people identify with
at least one ethnicity
1,145
Volunteer hours donated in FY23
Celebrating Diwali
Auckland
5353

GOVERNANCE.
Our leadership sets and implements our
strategic direction within the external
environment in which we operate, noting
what matters most to our stakeholders
and providing robust reporting.
54

Tekapo B Power Station in Lake Pukaki.
5555

CHAPTER 4: GOVERNANCE
Leadership
Our Board
Genesis' Board of Directors set the
company’s strategic direction, creating
long-term value for shareholders while
balancing the needs of our customers,
stakeholders and the environments in
which we operate.
Full profiles of our Directors can be
found here
CHAIR
Barbara Chapman
CNZM, BCom, CMInstD
Catherine Drayton
BCom, LLB, FCA, CFInstD
James Moulder
BA, BCA
Hinerangi Raumati-Tu’ua
BMS, MMS, FCA, MNZM
Paul Zealand
BSc Mech. Eng (Hons), MBA
Warwick Hunt
MNZM, BAcc (Hons), FCA, FKCL
Tim Miles
BA
56

Our Executive Team
Our Executive Team executes strategy
approved by the Board and provides directors
with accurate and timely information on
company operations, performance, legal
obligations and reputation.
Full profiles of our Executive team can be
found here
Malcolm Johns
CHIEF EXECUTIVE
BMS
Tracey Hickman
CHIEF COMMERCIAL OFFICER
MA (Hons), AMP (Harvard)
Matthew Osborne
CHIEF CORPORATE AFFAIRS
OFFICER
BCom, LLB
James Spence
CHIEF FINANCIAL OFFICER
BSc, CA
Claire Walker
CHIEF PEOPLE OFFICER
BA, Dip Business Admin
Pauline Martin
CHIEF TRADING OFFICER
Bachelor of Electrical and Electronic
Engineering (University College
Cork, Ireland)
Rebecca Larking
CHIEF OPERATIONS OFFICER
MSc, Dip Business Admin
Ed Hyde
CHIEF TRANSFORMATION &
TECHNOLOGY OFFICER
BSc
Stephen England-Hall
CHIEF CUSTOMER OFFICER
MBA
5757

Weather
Like farmers, electricity generators watch
the weather closely, with generation from
water, wind and sun all dependent, to some
extent, on weather conditions. Our diverse
portfolio of generation assets enables us to
flexibly manage weather trends to ensure
we maximise market conditions and are
available to provide the security of supply
New Zealand expects.
The year saw near-record rainfall and
higher than normal temperatures
nationwide. This meant higher hydro lakes
in our Waikaremoana, Tongariro and Tekapo
schemes, enabling us to generate a record
3,669 GWh. In turn, this meant we could
turn down Huntly Power Station to
generate a record low of 2,177 GWh, saving
fuel costs and significantly reducing Scope
1 carbon emissions by 1.1 million tonnes
compared to FY22, a 52% reduction.
Weather also played a more destructive role
this year. Cyclone Gabrielle caused
significant damage to parts of the North
Island, in particular Hawke’s Bay and
Tairāwhiti/East Coast. Our Waikaremoana
team worked around the clock to help
restore electricity to the stricken region,
and our LPG teams went above and beyond
to replace or remove bottles from impacted
households (read more on page 34).
External environment
Our planning and operations
are influenced by the external
environment in which we
operate. During FY23,
that environment included
extreme weather events
which impacted supply-chains,
associated high rainfall
which elevated levels in
hydro lakes, and heightened
competition for resources
and capital to develop more
renewable generation.
Energy transition
While Genesis has a key role in enabling the
electrification of the economy by providing
security of supply, we’re just one member of
an eco-system comprised of industry,
Government, sources of capital, consumers
and other parties that will help drive the
energy transition.
The transition is gathering pace which, while
positive in reflecting a will to move to a low
carbon future, has also thrown up challenges.
We’re seeing increased scarcity of some
critical resources needed to deliver more
renewable energy, such as suitable land for
wind or solar development, skilled labour and
expertise to build new renewable capacity,
and reliable supply chains. In addition,
gaining consents for new development
remains more difficult than it could be,
and the queue for getting new capacity
connected to the national grid is growing.
We’re committed to helping address these
challenges through liaison with other energy
sector participants, Government and
consumers, as well as innovating our
own business.
58

Competition
New Zealand has a relatively small, dispersed
population living upon spectacular but
challenging topography, blessed with plenty
of rivers, lakes, and thermal activity. This
unique set of characteristics has shaped
the structure of our energy market.
There is some competition at retail level,
as seen in the success of new and innovative
energy brands like Frank Energy alongside
the larger generator-retailers. However, we
believe the most competitive aspect of the
energy market is access to sufficient
investment capital to grow new renewable
generation. As demand intensifies among
those wanting to build wind and solar
capacity, we’re seeing access to investment
capital become more challenging.
Competition is also being experienced in
areas where resources are scarce. Suitable
land for developing new wind and solar
energy is sought after by a number of
developers. In a low unemployment market,
the competition for talent is intensifying,
particularly where rapid growth in demand,
for example in solar, has led to industry
skills shortages.
Regulation
New Zealand’s regulatory and policy
environment sets the framework within
which we operate. The sector is currently
undergoing a significant renewable transition,
which has led to key policy decisions
resulting in new or amended regulatory
settings or proposed changes to those
settings. These changes range from positive
impacts, including a growing renewable
energy system and improvement in energy
equity measures for consumers, to negative
impacts, such as uncertainty relating to the
New Zealand Emissions Trading Scheme,
which affects confidence to invest in the
renewable transition.
We foresee greater clarity over the next year
when key policies and regulatory settings
regarding the strategic direction of the sector,
such as a National Energy Strategy and a Gas
Transition Plan, will be deliberated or released
for consultation.
Supply Chain
Since the pandemic we’ve worked hard to
‘Covid-proof’ our supply chains. This has
meant planning for longer lead times and
developing a more diverse and resilient
supplier base.
While that work has been successful, this
year our supply chain was influenced more by
local factors such as extreme weather events
and the increased scarcity of skilled labour,
local supplier availability or critical resources.
This has meant some instances when it's
been hard to get contractors out to difficult-
to-access sites, and supply-chain disruption
when communications or roading
infrastructure has been cut-off by flooding
or landslides. We worked with authorities
and our partners to find solutions, and built
longer timeframes into our schedules.
As we move ahead with our new renewable
energy projects such as our first solar build,
we’re carefully managing our supply chain to
ensure reliable and sustainable supply of the
people, materials and resources we need.
Examples of building sustainability into those
supply chains include considering suppliers
close to delivery points to avoid distance
travel, and sourcing as many different
products as possible from each supplier.
Technology
A significant third-party data centre outage
impacted Genesis in November 2022. As a
result, we strengthened our approach to
system resilience across our critical
applications and systems.
We reinforced our security posture by lifting
our capability against the globally recognised
ISO27001 standard and the Generation
specific VCSS-CSO standard. An internal
cyber awareness programme saw excellent
engagement, providing best in class results
across our monthly cyber awareness metrics.
We are accelerating execution of our cloud
strategy moving to our new modern cloud
environment, enabling our business to
innovate at pace while inheriting the benefits
of a secure architecture.
Customer technology is developing rapidly,
and this year we have completed the process
to identify technology and vendor options to
modernise our customer platforms, including
billing, sales, service and pricing. We expect
to confirm our vendor and solution decisions
by the end of 2023 and move toward
implementation and full business and
customer service transformation.
We believe the most competitive
aspect of the energy market is access
to sufficient investment capital to grow
new renewable generation.
5959

Sustainability Framework progress and SDG contribution
Progress toward targets and our contribution to UN Sustainable Development Goals (SDGs). For more on our Sustainability Framework,
visit https://www.genesisenergy.co.nz/about/sustainability
SUSTAINABILITY PILLAR2025 TARGETSFY23 PROGRESSPROGRESS AGAINST 2025 TARGET
A low carbon future
See page 18
GOALS
• Empower NZ’s energy transition
• Help customers & communities to transition
• Protect & restore nature
SUSTAINABLE DEVELOPMENT GOALS:

SDG Targets:
1

13.1, 13.3, 15.1, 15.5
Achieve 1.5°C-aligned Science Based Targets
by reducing our annual emissions by more
than 1.2 million tonnes of CO₂e by FY25
(from a FY20 baseline)
FY23 total tCO₂e was 2,026,147 (excluding CO₂ from
biomass, 1,624,902 lower than FY22)
Record levels of hydro generation through a wet year
Successful Biomass trial at Huntly
Scope 1, 2 and scope 3 emissions from
use of sold products in FY23 were
2,288,751 lower than FY20
Empower our customers to reduce their
carbon footprint
Introduced Energy IQ for business
In FY23 there were 14.5 million interactions with
Energy IQ features
Launched EVerywhere initiative
36 million interactions with Energy IQ
features since the start of FY21
Positive outcomes for nature through
partnering on conservation and restoration
Continued Whio Forever Programme (partnership
with DOC) and our 14-year Kiwi Forever partnership
with Ngāti Rangi
Project River Recovery in upper Waitaki Basin
Produced first water position statement, first nature
position statement, and increased disclosure on our
water use
Whio numbers have increased 97%
since the 2011 launch of the Whio
Forever project, from 298 pairs to
587 pairs
A more equal society
See page 42
GOALS
• Pathways for the future of work
• Support energy wellbeing
• A safe, healthy and diverse workforce
SUSTAINABLE DEVELOPMENT GOALS:

SDG Targets:
1

7.1, 8.3, 8.6, 17.18
15,000 educators use STEM learning
resources or equipment offered by the
School-gen programme (FY21-FY25
inclusive)
In FY23, 36 schools were gifted STEM equipment
packages by the School-gen Trust. In total, 2,724
educators used STEM learning resources or equipment
offered by the School-gen programme
8,052 educators have used STEM
learning resources or equipment
offered by the School-gen programme
since the start of FY21
Provide a total of 96 apprenticeship,
internship and work experience
opportunities through Ngā Ara Creating
Pathways (FY22-FY25)
In FY23 32 apprenticeships, internships and work
experience opportunities were provided through
Ngā Ara Creating Pathways
Ngā Ara scholarships awarded to 76 students
nominated by teachers in partnering schools
53 apprenticeships, internships, and
work experience opportunities were
provided through Ngā Ara Creating
Pathways since the start of FY22
Support community organisations to help
families improve the warmth of their homes
and partner with others to enable fair access
to energy for New Zealanders in need
Extended our support of curtain bank services
for families in need through a new partnership
with Habitat for Humanity Northern
Helped 1,295 households keep warm
and dry through the fitting of well
insulated curtains since the start
of FY20
Support our customers in vulnerable
circumstances by working with others
Customers gifted a record number of Power
Shout hours to others in need
Launched Fresh Start programme to help customers
in financial difficulty
430,000 Power Shout hours gifted
to customers in need since the start
of FY22
60

SUSTAINABILITY PILLAR2025 TARGETSFY23 PROGRESSPROGRESS AGAINST 2025 TARGET
A more equal society
(continued)
Integrate Te Ao Māori worldview into
Genesis’ culture and the way we do business
and improve cultural capability of Genesis
In FY23 commenced a staged approach to our
Te Ao Māori journey, approving a Rangatira ki
Rangatira relationship model between the Board,
Executive team and Iwi
In FY23 we engaged with our Māori
kaimahi through our ‘Hearing from
Genesis’ research to better understand
how we might integrate Te Ao Māori
into our culture and business
Improve the health and wellbeing of our
people, through our Me We Us – Ahau
Mātou Tātou wellbeing programme
Physical and mental wellbeing supported via resources in
the new Me We Us – Ahau Mātou Tātou Wellbeing Hub
Updated drug and alcohol programme, safety inductions,
health monitoring, and injury management
57% decrease in lost time or restricted
work days due to injuries in FY23
50 Team members completed the
Safety Leadership programme in FY23
40:40:20 workforce gender split (40% male,
40% female, 20% any gender identity), 50%
female senior leaders
Undertook research to understand our workplace culture
Maintained focus on gender equity through YWCA
Gender Tick Accreditation and Mind the Gap programme
Received Rainbow Tick accreditation in FY22
In FY23 our workforce comprised
56% men, 44% women
Women in leadership roles: 42%
A sustainable business
See page 30
GOALS
• A well-managed business
• Robust governance & transparent reporting
• Positive relationships & open conversations
SUSTAINABLE DEVELOPMENT GOALS:

SDG Targets:
1

8.1, 8.2, 8.6, 8.7, 10.2, 10.3
A well-managed businessEach of our generation sites underwent maintenance
and upgrades in FY23
Process underway to modernise customer platforms
(billing, sales, service, pricing). Managing price increases
Refreshed Genesis brand and no- frills Frank offer
See page 30 for more on a sustainable
business.
Robust governance & transparent reporting
Continued to develop our reporting, using the Integrated
Reporting Framework (<IR>) and released our first ESG
Datasheet for improved transparency in FY23
For full reporting suite, visit https://
www.genesisenergy.co.nz/investor/
results-and-reports
Positive relationships & open conversationsEngaged with our local communities, creating jobs,
and learning experiences
Shared views, knowledge and experience to contribute
to New Zealand’s goal to reduce emissions and transition
to a low carbon economy
For more detail see page 37
1. SDG targets - 7: https://sdgs.un.org/goals/goal7, 8: https://sdgs.un.org/goals/goal8, 10: https://sdgs.un.org/goals/goal10, 13: https://sdgs.un.org/goals/goal13, 15: https://sdgs.un.org/goals/goal15, 17: https://sdgs.un.org/goals/goal17
6161

Issues that matter to Genesis
and our stakeholders in FY23
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 Aotearoa New Zealand.
We manage our approach to sustainable
business through a suite of principles,
policies, and statements.
Our stakeholders inform our approach to
sustainability, and we regularly engage
with them to understand what’s important
to them in the short, medium and long-term.
Identifying material sustainability issues
We have identified a range of current and
emerging risks and opportunities that may
impact our stakeholders and business.
As part of our annual reporting materiality
process, we interviewed Genesis executives
and senior leaders to gain insights into
material risks and opportunities.
This feedback, together with an assessment
of industry trends, internal reports, external
research and conversations with stakeholders
feeds into Genesis’ assessment of material
topics, informing our strategic approach
and guiding our reporting in line with
internationally recognised sustainability
standards and principles, including the
Global Reporting Initiative.
STAKEHOLDER (ALPHABETICAL) TOPICS OF IMPORTANCE
Communities
Long-term collaborative relationships to support and empower local communities and
demonstrate a duty of care towards the environment.
Customers
Access to reliable, affordable, sustainable energy. Positive, personal engagement with our
services and tools. Rising costs.
Employees
To be part of a diverse, inclusive workforce that cares for its people and other stakeholders. To 
be compensated fairly, feel safe and empowered and have opportunities to grow capability.
Conscious of energy reliability, rising costs and energy wellbeing.
Government
Participation in formal submissions and advocacy on issues such as energy affordability,
security of supply and renewable energy uptake.
Investors
Confidence in governance and leadership. Robust policies and processes to manage business
opportunities and risks, including climate-related risks. Efficient capital management now and
for the future.
Iwi
A partner that listens and engages proactively and demonstrates a duty of care towards people
and the environment.
Media
Reliable energy to provide security for households and business, from both a consumer and
economic perspective. Energy wellbeing for consumers mainly in terms of affordability. The
sector’s role in addressing climate change through decarbonisation of itself and other sectors,
and the construction of new renewable generation.
Partners and suppliers
Long-term relationships with clearly stated shared objectives. Partners that can provide
resources to deliver outcomes and engagement. Proactive management of rising costs.
Regulator
Delivery of reliable, affordable, sustainable energy. Compliance with regulation.
What matters most
62

Importance to Genesis
Importance to stakeholders
HIGHER
HIGHER
Regulation
Energy wellbeing
Environmental footprint
A well-managed business
Reliable energy
(security of supply)
Rising costs
Climate change &
the energy transition
Mana whenua & community
Technology
A healthy, diverse workforce
FY23 Materiality Assessment
This graph shows FY23
material topics mapped
by importance to all our
stakeholders and to Genesis.
This graph shows FY23
material topics mapped
by importance to all our
stakeholders and to Genesis.
6363

Genesis FY23 Material Sustainability Issues (in alphabetical order)
The table below maps our response to the material topics arising from our analysis. References are provided to further information on each topic.
For metrics related to our material topics, see our ESG Datasheet and GRI Index.
TOPIC DESCRIPTION OF ISSUEHOW WE’RE RESPONDING
A safe, well, diverse workforce Recruiting and retaining the best employees
with relevant industry skills.
Helping our people build resilience and
take care of their overall wellbeing (mental 
and physical).
Providing a safe, welcoming, and supportive
environment for our people to succeed.
Fair remuneration and opportunities to grow.
We maintain a robust health and safety management system, aligned to ISO45001. In FY23 we
improved safety compliance at our LPG depots and increased driver education regarding site safety.
All our people can access $100 a year for wellbeing support.
For more on how we’re responding, see page 49
A well-managed business Strong leadership, 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.
Focussing on improving corporate culture and
outcomes for customers.
Open and transparent reporting and investor
communications.
Genesis’ Corporate Governance Statement and Code of Conduct is available online and updated
annually. The company’s Risk Management Framework (available online) is part of the induction
process for all employees and is overseen by the Board.
Our Supplier Code of Conduct can be viewed here.
For more on how we’re responding, see page 30
Climate change and the
energy transition
Managing the risks and opportunities of
climate change, reducing carbon emissions
across our value chain, and supporting
collaborative efforts to limit global warming.
Empowering the transition to a low carbon
future for ourselves, our customers and New
Zealand.
Committed to the Climate Leaders Coalition’s 2022 Statement, to develop science-based
emissions reduction targets. Reporting, and managing our climate-related financial risks.
Green star rated offices, leased EVs for company carpool, employee subsidy for public transport.
For more on how we’re responding, see page 18
Energy wellbeing

Supporting our customers, employees and
communities in times of energy hardship.
For more on how we’re responding, see page 47
Environmental footprint

Reducing the impact our operations have on
the surrounding environment through best
practice environmental controls and ongoing
monitoring of our environmental performance.
For more on how we’re responding, see page 36
64

TOPIC DESCRIPTION OF ISSUEHOW WE’RE RESPONDING
Mana whenua and community

Building 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.
As part of the reconsenting of the Tekapo Power Scheme, we have engaged 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.
For more on how we’re responding, see page 42
Regulation Regulatory interventions which impact the
energy sector.
We engage in formal consultation processes on many regulatory proposals and changes that are
material to our business. Our submissions can be viewed here.
We also input our views into collective advocacy through industry groups including the Climate
Leaders Coalition, Sustainable Business Council, Business Energy Council and Electricity Retailers
Association NZ.
For more on how we’re responding, see page 41
Reliable energy (security of supply)Energy is available when you need it.
For more on how we’re responding, see page 21
Rising costs
New in FY23

Inflation, supply constraints and costs to
Genesis and its customers
For more on how we’re responding, see pages 36 and 47
Technology
Was previously named cyber security &
customer data in FY22
Processes and controls to protect systems,
networks, programmes, devices, and data
from cyber-attacks, which can compromise
customer and business information.
Digital tools to help customers better
understand and manage their energy use.
A modern customer service and billing platform.
For more on how we’re responding, see pages 26, 38 and 59
6565

66
Key sustainability data
A SUSTAINABLE BUSINESSFY23FY22FY21FY20
FinancialEBITDAF ($m)
$524$440$355$356
NPAT ($m)
$196$222$32$46
Sustainable financeSustainability linked loan facilities ($m)
$250
1
$250
1
––
Green bonds ($m)
2
$410$410––
Sustainable finance as a percentage of total borrowings
3

excluding lease liabilities
32%29%––
Customer Number of retail customers
483,721471,012474,325484,687
Change in customer complaints from prior year
4
(%)
1%11%15%(53%)
Net Promoter Score (iNPS)
4651N/A
5
N/A
5
Supply chain Total supply chain spend ($m)
$1,899$2,646N/A
6
N/A
6
EmployeesEmployees (headcount)
7
1,2911,2241,1 721,1 08
Employees (FTE)
7
1,2681,2041,1491,076
Total recordable injuries
8
48463122
Injury severity (lost/restricted days)
8
7761,7921,923626
Women as a % of workforce
44%43%42%43%
Gender pay gap
36.2%3 7.4 %35.5% 37.2%
Pay equity gap
1.7%1.3%1.7%1.9%
Exec gender diversity (% female)
50%50%29%25%
Senior leader gender diversity
9
42:5842:5845:5550:50
1. Sustainability linked revolving credit facilities
available to be drawn down of which nil was
drawn down at 30 June 2022 and 30 June 2023.
2. Excludes fair value interest rate risk adjustments,
capitalised issue costs and accrued interest.
Subsequent to year end, on the 10th July 2023,
$240 million of Green Capital Bonds were issued,
replacing existing Capital Bonds which were not
green. This bond issue increases the percentage
of sustainable finance to 51% of total borrowings
excluding leases.
3. The calculation is based on drawn debt at
year end and excludes fair value interest rate
risk adjustments, capitalised issue costs and
accrued interest.
4. For Genesis brand. Refer to the ESG datasheet
and GRI index for information on Frank Energy.
5. FY20 and FY21 has not been disclosed as
iNPS scores prior to July 2021 are not directly
comparable due to changes in the types of
responses included in the calculation.
6. Total supply chain expenditure was not reported
prior to FY22.
7. Permanent, fixed term and casual.
8. The severity and classification of injuries are
subject to change based on medical assessment
and acceptance by ACC. Where injuries are
reclassified after a reporting period, the historical
results are restated. This information is as at
13 July 2023.
9. Percentage of female to male. 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.
For more information on our sustainability
indicators refer to our FY23 ESG datasheet
and GRI Index.