Genesis Energy confirms 85 MW of Huntly Firming Options

MARKET RELEASE
Date: 12 AUGUST 2024
NZX: GNE / ASX: GNE
Genesis Energy confirms 85 MW of Huntly Firming Options

Genesis Energy has confirmed that 85 MW of Huntly Firming Options (HFOs) have been secured by
multiple market participants.

HFO’s were offered to all market participants at the end of spring. Each option secures 1 MW of
generation, available 24/7, for a fixed price for the next two calendar years. They offer four levels of
flexibility so they can be used as often as the holder decides in accordance with the terms of the HFO.

We received bids from multiple parties totaling 270 MW which significantly exceeded the volume
available. Counterparties to the transaction and price paid are confidential. The HFOs provide the
opportunity of supply and price certainty to mitigate peak supply risks and shorter duration
constraints.

They are backed by coal generation with Genesis seeking to replace that with biomass as soon as it is
commercially viable.

Chief Wholesale Officer, Tracey Hickman, was pleased with the response and the recognition of the
support Huntly Power Station’s Rankine units provide the energy market.

“The strong interest has provided a clear indication of the value the market puts on the firming and
flexibility offered by Huntly and its ability to provide both energy and capacity security to meet market
demands and system security,” Hickman said.

“The stressed market we are experiencing this winter from the combination of reduced gas
availability, low hydro inflows and low wind, is clear evidence that Huntly’s diversity of generation
units and fuels will be important for New Zealand’s energy security for the foreseeable future.”

There were no bids from independent retailers or large corporates.

To keep Huntly as the country’s largest energy security site, market support through future HFO’s will
likely be required. Without that support, Huntly may not be available in future dry years or when
renewables are unable to generate electricity.

Genesis plans to evolve HFO’s and offer further auctions to all market participants over coming years
with greater volumes and possibly longer time periods.

Genesis intends to maintain an operational solid fuel stockpile of around 350kt. Levels above this will
be driven by fuel orders of HFO holders, allowing HFO holders to manage energy risk for their
customers.

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 Energy
Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells electricity,
reticulated natural gas and LPG through its retail brands of Genesis and Frank and is one of New Zealand’s largest
energy retailers with approximately 500,000 customers. The Company generates electricity from a diverse
portfolio of thermal and renewable generation assets located in different parts of the country. Genesis also has
a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New
Zealand. Genesis had revenue of $NZ2.4 billion during the 12 months ended 30 June 2023. More information
can be found at www.genesisenergy.co.nz