Huntly Firming Options

MAY 2024
1
GENESIS ENERGY LIMITED
Genesis Energy Limited
May 2024
Huntly Firming
Options

MAY 2024
2
GENESIS ENERGY LIMITED
Executive Summary
New Zealand is world
class in the level of its
renewable generation.
However, wherever you
live or whichever retailer
customers buy their
power from, coal or gas
is still needed to ensure
security of supply at
certain times.
This paper presents Genesis’ new Huntly
Firming Options derivative product (HFO).
The HFO provides eligible counterparties
with greater call profile flexibility to help
hedge price risk, tailored to the specific
shape of their portfolios. The HFO differs
from the previous iterations of swaptions
and market security options (MSOs) in that
this product can also help mitigate against
peak supply risks and shorter duration
constraints. The HFO is designed so that
generation capacity (backed by a pre-
committed fuel supply) may be notionally
called upon during periods of both capacity
(winter peak related) and energy (dry year
and disruption related) scarcity over the
next two calendar years.
Genesis has developed the HFO utilising the
flexibility of its Rankine units at Huntly partly
in response to the increasing winter capacity
issues the system has experienced in recent
years. Transpower expects that meeting
winter peak demand is likely to be
challenging through 2025 at least.
While the HFO is backed by coal as the fuel
source, we are working hard on biomass as
an alternative fuel for our Rankine units
(learn more about biomass here). We are
confident a sustainable and financially viable
local supply chain is possible and that
biomass may replace coal as the fuel source
in future iterations of this product.
The HFO is designed to help manage
portfolio risk, and in doing so contribute to
overall system security. Genesis will run an
option capacity allocation process to allow
the market to indicate the value that the
Rankines provide to the market. If Genesis
determines that the allocation process is
successful, this will set the annual premium
to be paid per MW of capacity by those
eligible market participants who receive an
allocation. Similar to the electricity spot
market, the marginal successful bid price will
set the annual premium for all. This will
provide transparency on the market’s
collective valuation of firming and system
security. The HFO presents an opportunity
for the sector to demonstrate it is up to the
challenge of delivering reliable supply,
without the need for changes to regulations
or market settings. Further details on the
allocation process are in this document.
Genesis has researched public views on the
use of thermal fuels to generate electricity
when renewable sources are insufficient.
The findings from 2024 show 75% of 1,000
people surveyed either strongly support or
somewhat support Huntly Power Station
providing back-up generation with coal or
gas. And 61% support some generation by
coal/gas to ensure stable pricing and
security of supply, the highest support yet
(up from 57% in 23 and 51% in ‘22).
Late last year when announcing our new
strategy, Gen35, we indicated we would
develop new products to give market
participants the opportunity to manage their
supply risks. This is the first product and
gives generators, retailers and major energy
users the option to notionally secure backup
electricity supply from the Rankine units at
Huntly Power Station with a stable and
transparent pricing mechanism.
Tracey Hickman
Chief Wholesale Officer

MAY 2024
3
GENESIS ENERGY LIMITED
The 1,200 MW Huntly Power Station was
built to provide back-up supply to New
Zealand’s highly renewable electricity
generation. Back-up generation steps in
when the renewable system is unable to
deliver, providing the market security of
supply and price stability. That role is
becoming more important by the day.
Huntly is arguably the best located station
in the country. It is close to the largest and
fastest growing demand centres, has
connection points to the grid, gas lines and
access to a skilled local workforce. Huntly
Power Station’s location also provides
significant North Island energy security in
the event of transmission outages, planned
and unplanned, that disconnect the North
Island from the South Island.
The station has five thermal generating
units including three 250 MW Rankine
units, a 403 MW combined cycle gas
turbine and a 50.8 MW open cycle gas
turbine. The dual-fuel Rankines have had
four yearly maintenance and recertification
outages over their life to date.
An independent engineering review
concluded at least two of the Rankine units
can run to 2040 with continued investment.
The Rankines are currently the only plant
in New Zealand capable of delivering long
duration generation, with significant energy
storage and access to international energy
markets. The Rankines are the only plant in
the country that can provide sustained
cover for days, weeks and longer where
additional supply can be provided to New
Zealand as needed, such as during peak
winter demand and dry years.
Delivering for third
parties
Since 2014, Huntly Power Station has
delivered total generation of 38,769 GWh,
enough to power more than one million
homes for five years. Over the same 10-year
period, the Rankines have generated 14,046
GWh. Of that volume, around 57%, 8,023
GWh, has been supplied to third parties -
enough to power more than 224,600 homes
for five years, nearly equivalent to the
combined households in Dunedin,
Wellington City, Hamilton and Tauranga.
Huntly Power Station:
Providing security of supply
Transpower has noted concerns for security
of supply over the medium term, which is
expected to be challenging from a peak,
and potentially an energy, perspective.
A combination of factors contribute to
security of supply concerns, including
on-going demand growth, uncertainty
around renewables during peak demand
periods, the availability of firming
generation due to outages, and insufficient
fast-start peaking capacity or dispatchable
demand response in the system.
The Electricity Authority has also raised
concerns that the winter of 2025 could pose
more challenges than either last year or this
year. This is partially due to the planned
retirement of the ageing gas-fired Taranaki
Combined Cycle Power Station.
GWh
Rankine Generation
2,000
3,000
2,500
1,500
1,000
500
0
20142015
3rd Party Customer Supply
Genesis Customer Supply
201620172018201920202021202220232024

MAY 2024
4
GENESIS ENERGY LIMITED
The Gen35 strategy:
An overview
Under our Gen35 strategy, between now
and 2035, Genesis is committed to playing
a unique and vital role in the energy
transition of our customers, company and
country. This will include helping customers
electrify their lives, investing $1.1 billion in
new renewable generation, and setting
a clear future for Huntly Power Station as
part of the Huntly Portfolio, New Zealand’s
grid scale peaking and firming facility for
new renewable generation that will be
developed over coming decades. This will
transition Genesis to 95% renewable
generation by 2035. To reach the legislated
net zero target by 2050, New Zealand
needs to achieve 60% electrification using
95% renewable electricity, and it needs to
be reliable 100% of the time.
As a starting point for the Huntly Portfolio,
this means the staged installation of up to
400 MW of battery storage and continuing
the work to replace coal with biomass as
a fuel for the Rankine units.
We will activate Gen35 across three
horizons: Horizon 1 (FY24) Future Fit;
Horizon 2 (FY25-28) Accelerating our
Transition; and Horizon 3 (FY29 and
beyond) Future State. Horizon 1 focuses on
the things we can do to impact earnings
and shareholder value right now; Horizon 2
will focus on things we need to do to lift
growth and build shareholder value in a
lower carbon future; and Horizon 3 will see
us create optionality to maximise the
opportunity of our future state.

MAY 2024
5
GENESIS ENERGY LIMITED
Biomass update
The combustion trial last year demonstrated
it is technically feasible for black pellets to
be a drop-in replacement for coal.
We are now detailing the activities required
to support the longer-term availability of
the Rankine units using biomass, including
a work schedule and an investment plan.
We are making good progress in assessing
the viability of establishing a sustainable
and financially viable local biomass supply
chain. We are in advanced discussions with
a variety of potential suppliers who offer a
range of volumes from different locations.
Typical lead times for a large biomass
production facility is 24 months; however,
we are hopeful that a smaller scale option
might be available before the end of 2024.
If this eventuates we will conduct a further
combustion trial with domestically
produced fuel. We will then work on further
configuration of our plant to develop our
understanding of how we best scale up the
supply chain solution(s). Genesis expects
that coal will remain the fuel of last resort
until a storable biofuel replacement
becomes commercially viable at scale.
The Huntly Portfolio
Historically, firming timeframes required by
the grid have been for days, weeks, and
months which were filled by hydro and
thermal. New renewables will
predominantly come from solar and wind
and their firming requirements will skew
toward minutes, hours, days, and weeks.
This will make prices more dynamic, with
both micro and macro scarcity periods
across all timeframes.
60% electrification is the sector and the
country’s impact zone for net zero 2050.
Solar and wind will contribute significantly
but they can’t do it securely without some
thermal firming and peaking. Every home,
business, and consumer in New Zealand
will benefit from that.
The sector estimates it will need around
3,100 MW of additional supply and
demand-side firming this decade alone,
with another 2,500 MW required in the
2030s. Firming will become a greater
portion of the final price customers pay in a
high renewables grid over coming decades.
Huntly Power Station provides more
reliability now than any other station in the
country. Subject to appropriate commercial
support from the market, we will invest to
increase this over coming years to 1,400
MW and more, offering new asset-backed
firming products for solar, wind and hydro
operators, across hours, weeks and months.
As part of this we will seek to add up to 400
MW of battery storage in a staged manner
with financial close on the first 100 MW
expected in coming months. Learn more
about the Huntly Portfolio here.
An independent life
assessment of the
Rankines in 2021
determined that the
current operational
performance can be
maintained to 2030
and could be extended
out to 2040.

GENESIS ENERGY LIMITED MAY 2024
The Rankines can run on gas and coal, but
in the New Zealand context coal is the most
reliable fuel for providing certainty in times
of shortage or in acute peaks. International
coal prices were already rising steeply for
more than a year before the war in Ukraine
started in February 2022, due largely to
increasing Chinese demand. The
benchmark Indonesian coal price averaged
USD58 per tonne in calendar 2020 and rose
to a peak of USD331 in October 2022 as a
result of increased coal demand and
reduced exports of Russian natural gas to
Europe. As of February 2024, the
benchmark price has reduced to USD125
per tonne mainly due to natural gas prices
returning to 2020 levels on the back of
alternate sources of supply coming to
market. The movement of the international
coal price from here is uncertain and could
be impacted by Russian sanctions, the
slowdown of the Chinese economy,
domestic coal consumption in Indonesia,
and a myriad of other factors.
The simple and approximate formula for
converting the cost of carbon to electricity
pricing is each additional $1 per unit of
carbon adds $1 per MWh of electricity from
a Rankine unit generating on coal.
Genesis cannot be expected to subsidise
the market with back-up generation and the
products on offer will reflect the actual
price of the fuel when physical generation
is notionally called. The flow on effects of
the ‘new normal’ in international fuel and
energy markets will flow through to the
cost of ensuring security of supply for
New Zealand.
The HFOs
Genesis is presenting options on capacity
provided by the Rankine units at Huntly
backed by a reliable storable fuel source.
In return for an annual premium (which
helps cover the ongoing maintenance of the
Rankines), the buyers will have the option
to call on the generation (notionally) as and
when they need and in a shape tailored by
them. In this way buyers will be able to
manage risk in a way that is not currently
possible with other products available in
the hedge market.
At the time of exercising the option, buyers
can tailor the generation profile shape to
meet the risk profile on their requirements.
This is achieved by combining the available
call profiles (short and long duration
baseload, peak, and super peak) and by
adjusting the trading periods to which those
profiles apply (eg, under the peak profile
swap, a 15 hour generation period can
commence at any selected trading period,
provided the generation period starts and
finishes within the same day and starts at
the same time in each day during the term).
Exercising the option must be notified on
the business day prior to the day of the call.
Volatile international prices and
stockpile management
It is not anticipated that buyers would use
HFOs to cover their full generation
requirements. The flexibility to call on the
HFO based on a precise unhedged portion
of demand should lead to better trilemma
outcomes:
1. Sustainability: The HFO allows the buyer
to balance their variable requirements
during the specific times when coal
generation is notionally needed. This
balancing optimisation reduces the total
amount of coal notionally used to only
what is needed to balance consumption
at the margin.
2. Affordable: The typical volume of
hedging noise between firm hedges and
variable consumption is reduced by the
flexibility of combining and adjusting
multiple calls at once, reducing the cost
of risk that typically remains unhedged
using standard hedging instruments.
3. Reliability: Security of supply is more
assured than would otherwise be the
case as the product aids in making unit
commitment decisions.
In a similar process to Genesis’ existing
MSO product and reflecting the real life
supply chain, buyers will need to notionally
pre-order coal before any generation calls
can be commenced.
6

GENESIS ENERGY LIMITED MAY 2024
The process for entering
into an HFO
The mechanism for participating in the offer
is a two-stage process. In stage 1 interested
eligible market participants will provide
expressions of interest. This stage will be
followed by a screening process to allow
Genesis to engage only with interested and
eligible parties on the subsequent steps.
Screened parties will then have the
opportunity to assess the detailed
mechanics of the HFOs and the terms
underpinning them. Screened parties will
then be invited to apply for an HFO
allocation by submitting binding bids in
stage two.
If Genesis determines that the allocation
process is successful (including taking into
account the bid prices and volumes,
Genesis’ cost recovery assessment as
described below and counterparty credit
assessments), the lowest successful bid in
this application stage will set the price for
all applicants that receive an allocation.
Genesis will allocate the total volume of
offered capacity in its absolute discretion.
As part of its decision-making process,
Genesis will assess each applicant’s
creditworthiness in the context of its
application and the HFO. Subject to any
adjustments made following these credit
assessments (and without limiting Genesis’
overall discretion), as a general guideline,
Genesis intends to allocate the total volume
of offered capacity to applicants in order of
rank, starting with the highest bids first.
While Genesis expects to prioritise the bid
allocation process, Genesis is not restricted
from entering into an HFO on a bilateral
basis outside the process described above
on any terms it sees fit, which may reduce
the volume of capacity offered under the
above process.
Volume allocation and
cost recovery assessment
Genesis maintains discretion over the total
volume to allocate to successful applicants
in order to maximise cost recovery and
therefore maximise unit reliability and life
expectancy of the Rankine fleet.
Genesis has undergone an in-depth review
to compare the costs associated with
maintaining and running a Rankine fleet to
solely serve our business vs the projected
requirements of offering HFOs to the
broader market.
This difference is the basis for Genesis’ cost
recovery assessment. This does not
translate to a set premium per MW of
capacity, but is the product of the total
capacity sold and the premium achieved
per MW. This will allow Genesis to accept a
lower priced clearing bid should the volume
be sufficient, and vice versa.
Timing
The target date for the contracts to be
executed is June 2024 with generation
options covering calendar 2025 and 2026.
The product
The product provides the opportunity to
eligible market participants to manage
some of their portfolio risk through owning
options on Huntly Power Station’s Rankine
generation units and the fuel required to
meet their contracted requirements (on a
notional basis).
Similar to the existing MSO product, the
updated version will seek to notionally
replicate the process Genesis undertakes to
purchase, ship, process, and combust fuel
to deliver electricity to the grid. Energy
commitments will still need to be made
prior to generation calls becoming
available.
The key difference in the HFO is that the
buyers will now have significantly greater
flexibility in how they call to notionally
utilise the Rankine capacity to generate in
different profiles, allowing the HFO to be a
more effective hedge for both energy and
capacity scarcity, and bespoke shaping
requirements.
The HFOs allow four different swap
profiles, each with its own implications for
cost and risk. The profiles can be
nominated in any combination on a day by
day basis by the HFO buyer, provided the
buyer’s maximum option capacity will not
be exceeded in any trading period. The
swap profiles can be combined to create
residential shaped generation, timing of
peak periods can be adjusted to suit
individual books or the variability of
different days of the week or months of the
year, and baseload running can be made
more efficient by calling for longer
durations.
The four call profiles are:
Baseload long duration (00:00 to 23:59 ≥
5 days duration)
Baseload short duration (00:00 to 23:59
≤ 4 days duration)
Peak (any 15 hour block during a day)
Superpeak (any two non-contiguous 3.5
hour blocks during a day)
Introducing the option to run Rankines
for very short durations introduces fuel
inefficiency that was not a part of the
existing MSO product. To this end we have
introduced the concept of an “Efficiency
Modifier” which varies the fuel
consumption required depending on the
call profile. This increased fuel consumption
is a real-world impact of starting and
stopping units which results in higher fuel
costs per MWh of generation and will be
reflected through an adjusted strike price
for each option exercise based on the
modifier of the profile nominated.
7

MAY 2024
8
GENESIS ENERGY LIMITED
Term Sheet
Huntly Firming Option Term Sheet
This term sheet (Term Sheet) sets out the indicative key terms and conditions of a Huntly Firming Option confirmation (Confirmation)
between Genesis Energy Limited (floating price payer) (Genesis) and the buyer / fixed price payer (buyer). This Term Sheet is not legally
binding and is not an offer capable of acceptance. No legal obligation arises in relation to the subject matter contained herein. This Term
Sheet is only available to persons who are “wholesale investors” as that term is defined in clauses 3(2)(a), (c) and (d) of Schedule 1 to the
Financial Markets Conduct Act 2013. This Term Sheet may only be published, delivered or distributed in or from any country or jurisdiction
under circumstances which will result in compliance with all applicable laws and regulations. Genesis has not and will not take any action
which would permit possession or distribution of this Term Sheet or any other related material in any country or jurisdiction where action for
that purpose is required.
The final terms and conditions will be contained in the Confirmation prepared by Genesis.
Option and Transaction terms
Confirmation Term1 January 2025 to 31 December 2026.
Maximum Option Capacity The relevant number of MWs to be agreed between Genesis and the buyer.
PremiumThe annual Premium will be determined by Genesis following engagement with potential buyers. For
each buyer, the annual Premium will be calculated as a fixed amount multiplied by the relevant number
of MWs in that buyer’s Maximum Option Capacity (and subject to CPI adjustment in relation to the
second year of the Confirmation Term).
The annual Premium will be payable on 20 January of each calendar year during the Confirmation Term,
commencing 20 January 2025.
The Confirmation includes a Premium rebate mechanism in the event that a Generation Suspension
Event (excluding due to river heating) or a Startup Suspension Event occurs.
Exercise PeriodAny day during the Confirmation Term.
Grid Reference Point
for the Floating Price
HLY2201.
Transaction ProfilesLong Duration Baseload Transaction: Term of 5+ days and a baseload swap profile.
Short Duration Baseload Transaction: Term of ≤ 4 days and a baseload swap profile.
Peak Period Transaction: Term of 1+ days and a single Generation Period (equal to 30 Calculation
Periods) in each day during the term, as selected by the buyer.
Super Peak Period Transaction: Term of 1+ days and two non-contiguous Generation Periods (each
equal to seven Calculation Periods) in each day during the term, as selected by the buyer.
Each Transaction will commence at 00:00:00 on the Effective Date and end at 23:59:59 on the
Termination Date (each as specified in the Notice of Exercise, which must comply with the relevant
term profile above).
Multiple Transactions are permitted at the same time, provided the Maximum Option Capacity will not
be exceeded in any Calculation Period.

MAY 2024
9
GENESIS ENERGY LIMITED
Fixed Price
Fixed PriceIn respect of each Transaction, the Fixed Price per MWh is the product of (a) the Weighted Average
Price and (b) the relevant Efficiency Modifier.
Weighted Average PriceIn summary, the Weighed Average Price means, in respect of a Transaction, an amount determined on
the date on which the Notice of Exercise is delivered in accordance with the following formula:
∑(Commitment Amount x Coal Price) – ∑(Exercised Amount x Fixed Price / Efficiency Modifier)
∑(Commitment Amount)- ∑(Exercised Amount)
The Confirmation includes adjustments to the above formula to address the circumstances in which a
Transaction is knocked out or amended as a result of a Startup Suspension Event or a Generation
Suspension Event.
Efficiency ModifierLong Duration Baseload Transaction: 0.54.
Short Duration Baseload Transaction: 0.60.
Peak Period Transaction: 0.65.
Super Peak Period Transaction: 0.85.
Commitment Amounts
Commitment AmountsIn order to exercise the Option, the buyer must have an available number of MT (defined below as the
Total Net Available Amount) to support the relevant Transactions. For this purpose, the buyer must
deliver one of more Notice of Commitments to Genesis. Each Notice of Commitment must specify the
number of MT (which must be in multiples of 100 MT) subject to that Notice of Commitment (the
specified number of MT being the Commitment Amount).
The buyer may only give a Notice of Commitment if the Option will remain capable of being exercised
in one or more Transactions on terms (which comply with the Confirmation) that will reduce the Total
Net Available Amount to zero by the end of the Exercise Period.
Availability Date of each
Commitment Amount
A Commitment Amount will become available (the Availability Date) and therefore added to the
buyer’s Total Net Available Amount at 00:00:00 on the date that is 90 days after the date on which the
Notice of Commitment is delivered (the Availability Date is subject to adjustment under the
Confirmation if a Coal Suspension Event occurs).
Coal PriceIn summary, in respect of a Commitment Amount, the Coal Price is an amount in $/MT, as determined
in accordance with the following formula:
((Coal Futures Price x 0.72) / NZD-USD FX Rate) + (Carbon Price / 0.54) + Fixed Fee
Where:
(a) “Coal Futures Price” means the daily settlement price of the globalCOAL Newcastle Coal Futures
t+1-month contract, stated in U.S. dollars.
(b) “NZD-USD FX Rate” means the daily settlement price for the New Zealand Dollar CME quarterly
future contract (the contract period of which includes the same calendar month as the Coal
Futures Price).
(c) “Carbon Price” means the daily closing price for a unit (as defined in the Climate Change
Response Act 2002).
(d) “Fixed Fee” means an amount equal to $145.29/MT (subject to annual CPI adjustment).
Genesis will determine the Coal Price on the business day on which the buyer delivers the Notice of
Commitment (this date is subject to adjustment under the Confirmation if a Coal Suspension Event
occurs).
Term Sheet (continued)
Huntly Firming Option Term Sheet (continued)

MAY 2024
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GENESIS ENERGY LIMITED
Exercising the Option
Conditions to exerciseIn order to exercise the Option, the buyer must deliver a Notice of Exercise.
The buyer may only give a Notice of Exercise if, in respect of the proposed Transaction (and taking into
account any other Transaction that will also be in effect in any Calculation Period during the proposed
term):
(a) the proposed Exercised Amount will not exceed the Total Net Available Amount (as determined
immediately before that proposed Exercised Amount is deducted from the Total Net Available
Amount on the date the Notice of Exercise is delivered); and
(b) the Maximum Option Capacity will not be exceeded in any Calculation Period during the
proposed Term as a result of the proposed Transaction.
The buyer must deliver a Notice of Exercise:
(a) if the Effective Date falls immediately after a business day, before 10:00 on the business day
immediately before the Effective Date; or
(b) if the Effective Date falls immediately after a non-business day, before 14:00 on the first business
day before the Effective Date.
Total Net Available AmountIn summary, the Total Available Net Amount means, at any time, the number of MT determined in
accordance with the following formula:
A – B
Where:
“A
” = the aggregate of each Commitment Amount in respect of which the Availability Date has
occurred; and
“B
” = the aggregate of each Exercised Amount.
For the purposes of determining the Total Net Available Amount, the Exercised Amount in respect of a
Transaction will be deducted in full on the date on which the Notice of Exercise is delivered.
The Confirmation includes adjustments to the above definition to cater for circumstances in which a
Transaction has been knocked out or amended as a result of a Startup Suspension Event or a
Generation Suspension Event.
Exercised AmountIn summary, in respect of a Transaction, the Exercised Amount is the number of MT determined in
accordance with the following formula:
A x B
Where:
“A
” = the sum of the Notional Quantity (MWh) per Calculation Period during the term of the
Transaction; and
“B
” = the relevant Efficiency Modifier.
Automatic ExerciseThe Total Net Available Amount (if any) not previously exercised will be deemed to be automatically
exercised as a baseload electricity swap with effect from the day on which the Option must be
exercised in order to reduce the Total Net Available Amount to zero as at the end of the Exercise Period,
with a baseload profile that ensures that the Maximum Option Capacity will not be exceeded in any
Calculation Period during the term (and applying an Efficiency Modifier of 0.54 to determine the
Exercised Amount and the Fixed Price).
Coal Suspension Event
Coal Suspension EventIn summary, Coal Suspension Event means any event, or series of events, beyond Genesis’ reasonable
control, resulting in a material delay or interruption of coal logistics which limits Genesis’ ability to
purchase a qualifying specification of coal from its existing sources of supply (Coal Purchase
Suspension Event) or to deliver coal purchases to the Huntly Power Station in a timely fashion for
whatever reason.
Term Sheet (continued)
Huntly Firming Option Term Sheet (continued)

MAY 2024
11
GENESIS ENERGY LIMITED
Coal Suspension Event
adjustments
In summary, if a Coal Suspension Event applies:
(a) the Availability Date of any Commitment Amount (in respect of which the Availability Date is yet
to occur) will be deferred by the number of days equal to the suspension period (unless the buyer
elects to cancel the pending Commitment Amount); and
(b) where it is a Coal Purchase Suspension Event, the buyer may not deliver a further Notice of
Commitment during the suspension period.
Startup Suspension Event
Startup Suspension EventIn summary, Startup Suspension Event means any event, or series of events, beyond Genesis’
reasonable control (and taking into account the age and condition of the Huntly Power Station),
resulting in:
(a) any partial or entire failure or interruption of supply of natural gas; or
(b) the unavailability of auxiliary steam from an auxiliary boiler or an existing operating Rankine Unit
(that has not otherwise been reserved by Genesis for the purpose of commencing generation at
Unit 5 of Huntly Power Station),
to any available Rankine Unit that is required to commence generation (in connection with a Short
Duration Baseload Transaction or a Non-Baseload Transaction), which causes or results in Genesis being
unable to commence generation at the relevant time from the selected Rankine Unit.
A Startup Suspension Event may only apply in relation to Short Duration Baseload Transaction or a
Non-Baseload Transaction. Genesis must give the relevant suspension notice:
(a) in the case of a Short Duration Baseload Transaction, before the start of that Short Duration
Baseload Transaction; and
(b) in the case of a Non-Baseload Transaction, before the start of a Generation Period in order for the
Startup Suspension Event to apply to that Generation Period
Startup Suspension Event
adjustments
In summary, if a Startup Suspension Event applies, the relevant Short Duration Baseload Transaction or
Non-Baseload Transaction will be knocked out during the suspension period.
Generation Suspension Event
Generation Suspension
Event
In summary, Generation Suspension Event means any event, or series of events, beyond Genesis’
reasonable control (and taking into account the age and condition of the Huntly Power Station),
resulting in the reduction of coal-fired generation capability from, or the onsite deliverability of coal to,
any Rankine Unit (other than a planned outage or decommissioning of a Rankine Unit), which causes the
amount of electricity that Genesis is able to generate to be reduced by:
(d) between 25 MWh and 50 MWh (inclusive) in any trading period (Generation Suspension Event 1);
or
(e) more than 50 MWh in any trading period (Generation Suspension Event 2).
Generation Suspension
Event 1 adjustments
In summary, if a Generation Suspension Event 1 applies:
(a) the Maximum Option Capacity during the suspension period will be reduced by 50%; and
(b) if the Maximum Option Capacity will be exceeded in any Calculation Period (an affected
Calculation Period) as a result of the above reduction, in relation to each Transaction, the MW/
MWh per affected Calculation Period of the Transaction will be reduced during the suspension
period on a pro rata basis so that the reduced Maximum Option Capacity is not exceeded.
The affected volume will be reinstated to form part of the Total Net Available Amount once the
Generation Suspension Event 1 ceases.
Term Sheet (continued)
Huntly Firming Option Term Sheet (continued)

MAY 2024
12
GENESIS ENERGY LIMITED
Generation Suspension
Event 2 adjustments
In summary, if a Generation Suspension Event 2 applies:
(a) the Maximum Option Capacity during the suspension period will be reduced to zero; and
(b) in relation to each Transaction, the Notional Quantity (MWh) per Calculation Period during the
suspension period will be reduced to zero.
The buyer will have the option to extend the term of an affected Transaction or reinstate the affected
volume to form part of the Total Net Available Amount once the Generation Suspension Event 2 ceases.
Other definitions
Calculation PeriodA half hour (commencing on the hour or at 30 minutes past the hour) during the term of a Transaction.
Generation PeriodIn respect of a Peak Period Transaction, a period equal to 30 contiguous Calculation Periods. A Peak
Period Transaction has a single Generation Period in each day during the term.
In respect of a Super Peak Period Transaction, a period equal to seven contiguous Calculation Periods.
A Super Peak Period Transaction has two non-contiguous Generation Periods in each day during the
term.
Each selected Generation Period:
(a) must commence at the same time (being on an hour or 30 minutes past an hour) in each day
during the Term; and
(b) must commence and end within a single day.
MTA metric tonne.
Non-Baseload TransactionA Peak Period Transaction or a Super Peak Period Transaction.
Rankine UnitsThe 250MW gas/coal units at Huntly Power Station.
Term Sheet (continued)
Huntly Firming Option Term Sheet (continued)

MAY 2024
13
GENESIS ENERGY LIMITED
Genesis Energy
Expression of Interest (EOI)
Huntly Firming Options
Genesis Energy is requesting Expressions of Interest for Capacity under a Huntly Firming Option (HFO) on terms summarised in the
attached term sheet (Term Sheet).
Each interested party is required to:
• sign and return the Expression of Interest Information Protocol (attached); and
• provide a response to the following question
Please indicate what Capacity of HFO you would be interested in purchasing if a successful bid application process was to result in a
clearing price within the ranges below.
We will consider each range as a standalone response, volumes will not be cumulative across ranges.
Clearing Price Range ($/MW)90-110k111-130k131-150k> 151k
Capacity (MW)
(together, the Proposal) and submit the Proposal to Genesis Energy by 5.00pm Wednesday 22nd May 2024 (Closing Time), or such
later time as Genesis Energy may specify by notice in writing to the recipients of this letter.
Proposals may be submitted by registered mail or email to the addresses outlined below:
Address: The Genesis Energy Building
155 Fanshawe Street
Auckland 1010, New Zealand
Name: Scott Foster
General Manager Trading
Email: hfo@genesisenergy.co.nz
By submitting a Proposal to Genesis Energy, each interested party acknowledges and agrees that Genesis Energy may, in its sole
discretion:
• accept any Proposal even though it may vary from the terms set out in this letter
• reject any or all Proposals
• discontinue or vary the process at any time for any reason, whether prior to or following the Closing Time
• waive any irregularities or informalities in the process or a Proposal
• deal with or enter into negotiations with one interested party without notifying the others
Genesis Energy agrees that it will not use the documentation and other information received by Genesis Energy from interested
parties in response to this EOI for any purpose other than for evaluating Proposals and shall not disclose the same to any other
interested party or other person, except to the extent (a) required by law, (b) necessary to satisfy the requirements of any stock
exchange, (c) necessary in relation to any dispute or proceedings in connection with this EOI, (d) that such documentation or other
information is made available to Genesis Energy’s advisers on a confidential basis or (e) as otherwise specified in this EOI.
CONDITIONS:
Any contract resulting from this EOI will be governed by the provisions of an ISDA Master Agreement with an appropriate Schedule
between Genesis Energy and the counterparty.
Respondents not having current ISDA Master Agreements with Genesis Energy should be prepared to engage early in the EOI
process to expedite the necessary legal documentation.
Genesis Energy will share the response to a question raised by one interested party with all other interested parties where Genesis
Energy considers this is appropriate.
You may only submit a Proposal if you are a “wholesale investor” as that term is defined in clauses 3(2)(a), (c) and (d) of Schedule 1 to
the Financial Markets Conduct Act 2013 (FMCA) (or, if Genesis has previously agreed in writing with you, clause 3(2)(b) or 3(3)(a) of
Schedule 1 to the FMCA). No action has been taken by Genesis Energy or any other person to permit this EOI, the Term Sheet or any
related materials (together, the Materials) to be directly or indirectly offered, sold or delivered to any retail investor, or otherwise
under any regulated offer, in terms of the FMCA. In particular, no product disclosure statement or limited disclosure document under
the FMCA has been or will be prepared or lodged in New Zealand in relation to the Materials or the HFOs.

MAY 2024
14
GENESIS ENERGY LIMITED
GENERAL:
This letter does not constitute an offer, but merely an invitation to interested parties to express their interest in the HFOs.
The descriptions and details of the HFOs set out in the attached documentation are for information purposes only and Genesis
Energy does not give any warranty (express or implied) as to the accuracy, content, completeness, value or otherwise of such
descriptions or details. Each interested party acknowledges if it submits a Proposal in response to this EOI, that it does so in reliance
solely on its own judgment and not in reliance on any representations made by Genesis Energy.
By participating in the EOI process, each interested party acknowledges that Genesis Energy has reserved to itself certain rights and
discretions in this letter and agrees that Genesis Energy may at any time exercise any of these rights and discretions.
For the duration of the EOI, each interested party agrees to keep the EOI strictly confidential and not make any public statement to
any third party in relation to any aspect of the EOI, the EOI process or the acceptance or rejection of any Proposal, without Genesis
Energy’s prior written consent. Each interested party must not attempt to influence or provide any form of personal inducement,
reward or benefit to any representative of Genesis Energy in relation to the EOI.
Genesis Energy may rely on the information provided by an interested party (e.g. in correspondence). In submitting a Proposal and
communicating with Genesis Energy, each interested party represents and warrants to Genesis Energy that all information it provides
to Genesis Energy is true, accurate and complete and not misleading in any material respect.
Each interested party agrees that it shall not have any rights and further waives any rights it may have against Genesis Energy or any
other person arising from the exercise by Genesis Energy of its rights and discretions and agrees not to make any claim, bring any
action, or otherwise seek to recover from Genesis Energy, or any other person associated with Genesis Energy, any of the costs
incurred by that interested party in respect of its Proposal or involvement in the EOI process or any lost expectation of profits or other
benefits which that interested party may expect to accrue from any acceptance of its Proposal.
We look forward to receiving your Proposal.
Yours sincerely
Tracey Hickman
Chief Wholesale Officer
Genesis Energy Limited
Expression of Interest
(continued)
Huntly Firming Option (continued)

MAY 2024
15
GENESIS ENERGY LIMITED
Information Protocol
Introduction
I. Genesis Energy Limited (Genesis) and Counterparty (together the parties) are proposing to discuss a potential Huntly Firming Option
arrangement for 2025 and 2026 (Proposal). Prior to entering into the HFO, Counterparty is required to share certain information with
Genesis to determine the annual premium and to determine Counterparty’s participation in the HFO (“Process”).
II. Genesis and Counterparty are mindful of their obligations under the Commerce Act 1986 (Commerce Act). The purpose of this
information protocol (Information Protocol) is to ensure that the parties comply with the Commerce Act when discussing or negotiating
the Process and/or the Proposal.
Information Protocol
1. The parties agree to comply with this Information Protocol when discussing, negotiating or corresponding in relation to the Process or
Proposal (collectively, the Communications) and when dealing with any commercially sensitive information of the other party gained as a
result of the Communications.
2. The parties agree the following matters outlined in (a) to (h) below, in relation to the Communications:
a. the Communications (and the fact of the Communications) will remain confidential;
b. the parties will only engage in the Communications to the extent necessary for evaluating and negotiating the Process and/or
Proposal (permitted topics of discussion include the volumes that the parties are seeking to secure, the price of the option(s) and
other key terms and conditions, such as necessary credit information);
c. the parties will involve in the Communications only those individuals strictly required for the purposes of evaluating and pursuing the
Process and/or Proposal (Specified Representatives). Each party must retain a list of Specified Representatives and share it with the
other party upon request;
d. each Specified Representative must agree to comply with the terms of this Information Protocol;
e. the Specified Representatives will not (unless such information is publicly available and is strictly necessary for the purposes of the
Process and/or the Proposal that it be discussed), discuss or share information in relation to:
i. either party’s current or future prices, production volumes or capacity;
ii. future generation strategy;
iii. the potential impact of proposed hedging contracts on market prices or generation decisions;
iv. expectations of future market (e.g. supply/demand) scenarios occurring;
v. negotiations or agreements with other counterparties;
vi. underlying costs, margins or margin expectations;
vii. matters relating to specific customers; or
viii. any other matters which would result in a reduction in competitive uncertainty as to the future actions of either party in the
market, without both parties first taking specific competition law advice in relation to such matters.
f. prior to any discussions in relation to the Process or Proposal, a high-level agenda will be circulated. The first item on the agenda will
be a reminder that the Communications are subject to this Information Protocol;
g. the parties will keep appropriate records of any Communications (including brief minutes or file notes). These will be headed
Confidential – subject to agreement and legal review;
h. if any Specified Representative is in doubt as to whether information should be exchanged or discussed, they must confirm with their
legal advisors beforehand.
3. Any information obtained from the other party as a result of the Communications shall not be construed as seeking to enter or entering
into, or giving effect to, a contract, arrangement or understanding between the parties, and must be:
a. used only for the purpose of evaluating and pursuing the Proposal;
b. shared only with Specified Representatives;
c. stored securely such that it is not accessible by individuals other than Specified Representatives; and
d. returned or destroyed should the Proposal not proceed or Counterparty is not successful in its application for an HFO.

MAY 2024
16
GENESIS ENERGY LIMITED
Information Protocol (continued)
Information Protocol (continued)
By signing this Information Protocol, each party agrees to be bound by its terms.
Signed for and on behalf ofSigned for and on behalf of
Genesis Energy Limited(Counterparty)
By its duly authorised signatory:By its duly authorised signatory:
Name:Name:
Position:Position:
Date:Date:

---

MARKET RELEASE

Date: 13 May 2024

NZX: GNE / ASX: GNE
Huntly Firming Options

Genesis Energy has released a document outlining background information and an indicative term
sheet for Huntly Firming Options (HFOs). The Huntly Firming Options will only be available to certain
wholesale investors within the meaning of the Financial Markets Conduct Act 2013.

Genesis Chief Executive, Malcolm Johns, said “Huntly is one of New Zealand’s key bench players when
it comes to energy security in a high renewables grid. As recent events have demonstrated, having a
thermal capacity that is commercially supported will be increasingly important to back-up intermittent
wind and solar generation. This is a market-wide challenge, and the HFOs provide an opportunity to
secure some of that solution as we all invest to build a high renewables grid”.

The Huntly Firming Options information document is attached.

ENDS


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

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


About Genesis
Genesis (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells electricity, reticulated
natural gas and LPG through its retail brands of Genesis and Frank and is one of New Zealand’s largest energy
retailers with more than 470,000 customers. The Company generates electricity from a diverse portfolio of
thermal and renewable generation assets located in different parts of the country. Genesis also has a 46%
interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand.
Genesis had revenue of $NZ2.4 billion during the 12 months ended 30 June 2023. More information can be
found at www.genesisenergy.co.nz