Strategy on track despite challenging year

1.1.
Presenters:
Malcolm Johns Chief Executive
Emma Oettli Interim Chief Financial Officer
22 August 2024
FY24 Results
Presentation

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1. Gen35Horizon 1 –FY24
2. Financial Performance
3. Gen35 Horizon 2 –FY28
4. Guidance
5. Appendix

4.4.
People
EBITDAF
3
PlanetProfit
Full Year Dividend
Net Profit After Tax
1.MW p refers to the maximum direct current (DC) power output of a solar system under ideal conditions.
2.Final size, development costs and generation volumes to be optimised through FID process.
3.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 for reconciliation fromEBITDAF to net profit before tax.
Lauriston Joint Venture Solar
Edgecumbe Solar Development
2
Huntly Battery
63 MWp
1
Total Customers
Core FTE Employees
496,596
$407.2m
100 MW
$131.1m
14.0 cps
127 MWp
81%
Employee Engagement
Final investment decision reached for 100
MW/200 MWh battery at Huntly Power Station.
Down 22% on FY23
A decline of 64 core FTE employees since
H1 FY24. See slide 9 for further details.
Up 2.7% on FY23
Down 33% on FY23
Down 21% on FY23. 100% imputed.
1,214
Performance Highlights
6% higherthan New Zealand benchmark.
Construction underway with first generation
expected in Q2 FY25.
Site secured for 127 MWp/114 MWac development.
First generation targeted for mid-2026.

5.5.
Gen35 Horizon 1 Strategy Delivered
‘Getting Future Fit’, focused on sweeping our own front
yard at a group and business unit level.
Horizon 1
FY24
Retail &
Technology
Retail and Technology Operating Review•First stage of Retail operating model review completed. A reduction of
130 FTE across retail and technology was concluded. On track for a 200
FTE reduction by FY26.
Billing and CRM Re-platform•Design and more than 70% of build complete for Frank brand release.
Tracking to a late FY25 go live, and Genesis brands by end of FY27.
Solar
Lauriston Solar Farm•Lauriston Solar farm under construction alongside joint venture partners
FRV Australia. First generation on track for Q2 FY25.
•Ten-year Energy Supply Partnership agreed with Spark supported by
Lauriston development.
Further Development•Secured 127 MWp Edgecumbe solar project opportunity. FID is planned
for mid 2025, first generation mid 2026.
•Strong pipeline of other solar development opportunities. On track for up
to 500 MW by FY28.
Biomass Option
Refined
Biomass •On track to complete fibre audit in 2024. Considering production options
and economics, engaging with potential suppliers.
Battery
Investment
Battery •Final investment decision made in August 2024 for 100 MW/200 MWh
battery at Huntly. Commercial operation planned for Q1 FY27. Investment
targeting 9-10% IRR.

6.6.
460
465
470
475
480
485
490
495
500
FY23
Q1
Q2Q3Q4FY24
Q1
Q2Q3Q4
Customers (000s)
Total Customers
Customer Growth
•Genesis continued to expand its customer base, hitting 496k customers with growth
slowing towards the end of the year.
An Efficient Core
•A new simplified retail operating model was implemented, resulting in a reduction of
130 FTE across retail and retail related employees, contractors and vacancies.
•Genesis achieved improved netback across electricity and gas.
Improved Customer Satisfaction
•Genesis iNPShit +52 for FY24, a 6ppt improvement on FY23.
•Frank won consumer NZ people's choice award for a second consecutive year and
Power Shout won Best Overall Loyalty Programme in our industry category at the
Asia Pacific Loyalty Awards.
Growth in Satisfaction and Customer Numbers
$124.19
$133.09
$146.46
110
115
120
125
130
135
140
145
150
FY22FY23FY24
$/MWh
Electricity Netback
$14.70
$17.12
$17.72
10
11
12
13
14
15
16
17
18
19
FY22FY23FY24
$/GJ
Gas Netback
51
46
52
40
42
44
46
48
50
52
54
FY22FY23FY24
NPS
Interaction NPS
700
800
900
1,000
JulAugSepOctNovDecJanFebMarAprMayJun
FTE
2024 Retail FTE (employees and contractors)
Total Core FTETotal Digital Project FTEPre-Gen 35 trajectory

7.7.
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
FY23 Q1Q2Q3Q4FY24 Q1Q2Q3Q4
GWh
Generation by Power Station
North Island HydroSouth Island HydroHuntly Units 1 to 4 GasHuntly Units 1 to 4 Coal
Huntly Unit 5Huntly Unit 6Wind
$113
$57
$64
$82
$44
$24
$130
$154
$153
$98
$78
$109
$117
$145
$130
$125
$148
$181
$207
$169
$222
$230
$312
$259
$0
$50
$100
$150
$200
$250
$300
$350
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
GWAP
FY23FY24
•The Huntly Power Station proved its resilience in a challenging
year, impacted by the Unit 5 outages, significant gas shortages
and lower hydro.
•The Rankine units provided critical support to the market. Rankine
generation volumes were up 1,898 GWh relative to FY23.
•The increased thermal generation and higher fuel costs meant
portfolio generation costs were $63/MWh.
Rankine Resilience
Rankine generation up
1,898 GWh
vs. FY23
0
50
100
150
200
250
300
350
400
450
Jan-2022Apr-2022Jul-2022Oct-2022Jan-2023Apr-2023Jul-2023Oct-2023Jan-2024Apr-2024Jul-2024
$/MWh
SRMC of Thermal Generation
Coal SRMCGas SRMC

8.8.
Generating Growth
Multiple major projects were undertaken in FY24 to lift production from existing
assets, as Genesis responded to plant outages and invested for plant reliability.
Huntly Unit 5 Outage
•Unit 5 tripped due to the failure of the Generation Circuit Breaker (GCB). A rebuild
of the damaged phase was completed and Unit 5 became operational 26 Jan
2024, four months earlier than expected.
•Replacement parts were sourced through Hitachi and the phase was rebuilt. Key
components were replaced on all phases of the GCB. A complete spare GCB was
purchased and delivered in June 2024.
•The insurance process has concluded, resulting in net insurance recovery to
Genesis of $29.4m.
Huntly Unit 3 Repurposing
•A replacement of the Huntly Unit 2 intermediate pressure turbine was completed
in July 2024. The retired Unit 3 turbine was removed and installed into Unit 2.
•The transfer will increase resilience to the reserve Rankine Unit, for times of
market stress.
Waikaremoana Power Scheme
•Final Tuaigenerator replacement completed a three-year generator replacement
project and improving efficiency by 1.7%.
Replacement of the Rankine Unit 2 IP Turbine.

9.9.
81%
93%
82%
75%
84%
0%
20%
40%
60%
80%
100%
Overall EngagementFeel Safe at WorkProud of Genesis
People Survey Results
GenesisNZ Benchmark
•Through FY24 Genesis rebalanced the business to focus on core
Gen35 goals. A new retail operating model was introduced, resulting
in a reduction of 130 FTE across employees, contractors and
vacancies.
•Genesis surveyed all staff in FY24, a period of significant change in
strategy, organisational structure and senior management. Genesis
people continued to be engaged, safe and proud of Genesis.
•A continued focus on reducing injuries in our LPG business has
resulted in significantly lower lost time/restricted days.
30
40
50
60
200
600
1000
1400
1800
2200
FY22FY23FY24
Injuries
Days Lost
Injuries & Severity
Severity (Lost/Restricted Days)Recordable Injuries
Team motivated to keep delivering Gen35
Movement in Employees (FTE)
In addition to the 106 FTE employee roles, contractor roles were reduced by 24 FTE, totalling 130 FTE.

10.10.
2.7
3.9
2.2
1.1
2.4
1.7
1.4
1.3
1.0
0.7
0.5
1.1
0
1
2
3
4
FY20FY21FY22FY23FY24FY25 SBT
Emissions (MtCO2e)
GHG Emissions
Scope 1 and 2Scope 3 use of sold products
Carbon Emissions and Sustainability
Carbon emissions
•Greenhouse gas emissions significantly increased in FY24, with
total emissions 59% higher than in FY23. This was driven by the
Unit 5 outages, gas market conditions and lower hydro inflows.
•Genesis’ FY25 Science Based Targets are at risk, due to market
conditions driving additional thermal generation.
•Genesis remains committed to net zero 2040 and will submit our
targets to the SBTi for validation in FY25.
InitiativeFY24 highlights
ENERGY WELLBEING
•Supporting curtain banks in our
communities
•Manaaki Kenehi supporting our
customers
•300,000 hours of energy donated to
households in need
•Warmer Kiwi Homes campaign raised
$116,611
•504 households supplied warm home solutions
through our funding
SKILLS & CAREER PATHWAYS
•School-gen, Ngā Ara Creating
Pathways, Pūhoro
•31 apprenticeships, internships and work
experiences
•68 students received STEM scholarships
across 11 schools
PROTECTING & RESTORING NATURE
•DoC Whio Forever partnership
•Kiwi Forever partnership with Ngāti
Rangi
•Wetland restoration in Raahui Pookeka Huntly
•Project River Recovery in upper Waitaki Basin.
SUPPORTING OUR COMMUNITIES•1,128 hours of volunteering
•$2.7m contributed to energy wellbeing,
building skills and career pathways, protecting
and restoring nature and local communities
(12% increase on FY23)
•Contributed $105,000 to Tuai School for a
solar and battery storage system

11.11.
Financial Performance

12.12.
FY24FY23Variance%Movements
Revenue
1
3,063.8 2,387.5 676.3 28%
Gross Margin770.3 853.7(83.4)
(10%)

Operating Expenses
2
363.1 330.2
32.9 10%

EBITDAF407.2 523.5
(116.3)(22%)

N PAT
131.1 195.7(64.6)(33%)

Operating Cash Flow
439.8 422.6 17.2 4%
Capital Expenditure
143.7 81.2 62.577%

Full Year Dividend14.0 cps17.6 cps
(3.6)(20%)

Adjusted Net Debt
1,223.8 1,283.8 (60.0)(5%)

1.Revenue represents the external revenue as per segment reporting less realis ed (gains)/loss es on non-hedge accounted electricityderivatives.
2.Operating Expenses refers to Employee Benefits plus Other Operating Expenses.
FY24 Financial Summary
$ MILLIONS

13.13.
FY24 Gross Margin
Electricity
•Lower hydro inflows, resulting in 1,003 GWh less renewable generation and increased
thermal generation requirements.
•Increased coal use due to the U5 outage and constrained gas availability led to
portfolio generation costs of $63/MWh, an increase of $28/MWh vs pcp.
•Continued retail growth, with average prices up to $252/MWh and moderate volume
growth.
•Settlements from derivative contracts were lower, driven by increased costs in
delivering the Ecotricityhedge.
Kupe
•Gas production down to 7
PJ (17%) due to planned
outages and declining field
production.
•Decrease in FY24 oil
shipments partly due to
phasing of deliveries.
Gas
•Genesis continued to focus
on higher value retail
channels and reduced
wholesale gas market sales.
Electricity Gross Margin ($m)
LPG Gross Margin ($m)
Gas Gross Margin ($m)
Kupe Gross Margin ($m)
LPG
•Volumes remained level
across retail and prices
improved, as higher costs
were reflected in the retail
market.
•Note: FY23 purchase costs
include increased transfer
price relating to FY22
A decline in Gross Margin driven by lower inflows, plant outage and gas availability
46
60
0
20
40
60
80
100
FY23FY24
670
560
0
100
200
300
400
500
600
700
800
FY23FY24
91
65
0
20
40
60
80
100
FY23FY24
47
54
0
20
40
60
80
100
FY23FY24

14.14.
$ MILLIONS
FY24 expenditure in line with Gen35 Strategy
1.FY25 Corporate includes $5 million in funds for Gen 35 acceleration. This will be allocated to options to accelerate
delivering strategic objectives.
2.Digital Projects represent projects across the business and are allocated to appropriate segments in note A1 in the
consolidated financial statements.
•Gen35 strategy initiated a reprioritisation of
operating expenditure with changes
implemented to focus investment in strategically
aligned areas.
•Wholesale was prioritised including building of
asset development team and investment to
support renewables development.
•Investment into Digital Projects in FY24 was
$8m lower due to accounting treatment of SaaS
costs.
•Cost pressures from increased staff costs
ahead of FTE reductions drove higher Retail
costs. The impact of the organisational
changes will be reflected in FY25 and beyond.
•In FY25 further investment will be made in
Wholesale to accelerate delivery of key projects
such as BESS and solar development.
Operating Expenditure
Investing
ContainingReviewing
114.6
55.2
53.8
1
26.2
97.8
15.4
2
RetailTechnologyCorporateKupeWholesaleDigital Projects
FY23 $330mFY24 $363mFY25 $390m

15.15.
$ MILLIONS
•Depreciation moderately down, due to
Jun-23 asset revaluations partially offset
byhigher Kupe depletion.
•Elevated wholesale electricity price has
resulted in increased PPA contract
valuations.
•A downgrade of Kupe reserves resulted
in an impairment of $64.1m.
•Other gains/losses includes revaluation
gain on emission units held for trading.
•Income Tax Expense down from
decreased net profit before tax
1.Fair value change relates to unrealis ed fair value movements in derivatives (realised movements are included in EBITDAF).
2.Other gains/loss es also includes share of associates and joint ventures. It includes revaluation of emission units held for
trading; it does not include adjustment for cost of units sold being at fair value.
Net Profit After Tax
FY24 FY23 Variance %
EBITDAF407.2
523.5
(116.3)
(22%)
Depreciation, Depletion and Amortisation
(237.0)(254.8)17.8 7%
Unrealised Fair Value Change
1
130.7 52.2 78.5 150%
Revaluation of Generation Assets
31.8 46.3 (14.5)(31%)
OtherGains/(Losses)
2
4.5 (11.4)15.9 139%
Impairment
(65.0)(3.9)(61.1)(1,567%)
Net Finance Expenses
(81.1)(79.5)(1.6)(2%)
Income Tax Expense
(60.0)(76.5)16.5 22%
N PAT
131.1 195.7 (64.6)(33%)

16.16.
-
10
20
30
40
50
60
70
80
90
100
SIBGrowth Associates SIBGrowth Associates
Renewable SIBKupe SIBThermal SIB
Retail SIBOther SIBKupe KS-9
BatteryOther GrowthInvestment in Associates
FY24
Stay-in-business includes:
•Investment in stage three of the Tuaigenerator upgrades
•Turbine and generator overhauls at Rangipō
•Completed four-yearly turnaround outage works at Kupe
•Planned Huntly Unit 5 works partially aligned with
unexpected outage
Growth capital includes:
•Investment in the Kupe KS-9 well drilling
Investments​ in Associates includes:
•Deployment of capital into long term forestry
•Financial close achieved for the 63 MWp solar farm in
Lauriston, Canterbury. Delivery and construction of the
project is progressing in line with planning
FY25 Outlook
Stay-in-business includes:
•Turbine and generator overhauls at Rangipō
•Commencement of works to KaitawaPower Station.
•New LPG depots in South Auckland and Dunedin
Growth capital includes:
•Staged investment in for battery at Huntly
•Solar development
Investment in Associates includes:
•Deployment of capital into long term forestry investments
•Lauriston commercial operation
$ MILLIONS
Capital Investment and Associates
$168m
FY24
~$210m
FY25
79
63
24
~85
~95
~30

17.17.
1.S&P Global Ratings make several adjustments to Net Debt and EBITDAF for the purpos e of calculating credit metrics.The most significant of these is the 50% equity treatment
attributed to the Capital Bonds. FY24 is based on Net Debt at 30 June 2024.
2.Equal to fixed rate debt/net debt. For future years net debt assumed to be equal to June 2024.
Net Debt and Funding
1,240
1,247
1,276
1,352
1,284
1,224
3.0
3.1
2.9
2.7
2.2
2.7
1.5
2
2.5
3
3.5
4
500
600
700
800
900
1000
1100
1200
1300
1400
FY19FY20FY21FY22FY23FY24
Net Debt/EBITDAF Ratio
Net Debt ($m)
Adjusted Net Debt/EBITDAF Profile
1
Adjusted Net DebtNet Debt/EBITDAFTarget Debt Ratio Band (2.0 to 3.0)
Movement in Adjusted Net Debt
5.8%
5.4%
4.4%
4.2%
5.2%
5.7%
81%
74%
72%
75%
72%
67%
67%
59%
54%
43%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28
Fixed Interest Rate Profile
Average total cost of funds
% of fixed rate funding ²
•Net Debt/EBITDAF increased to 2.7 due to the reduction in EBITDAF.
•Adjusted Net Debt declined by $60 million in the period to $1,224 million, as
inventory and working capital declined.
•Average funding costs increased to 5.7%, as debt was secured at higher
rates.
•Board declared a dividend on 7.0 cps, consistent with full year guidance of
14.0 cps. Dividend is fully imputed a supplementary dividend of 1.24 cps is
payable to eligible shareholders.
•Dividend reinvestment plan remains available for shareholders at a 2.5%
discount.

18.18.
Gen35 Horizon 2 – FY25-FY28

19.19.
Gen35: 8 by ‘28
Solar
Battery Energy Storage
System (BESS)
Biomass
Gas Storage
Up to 500MW of solar
developed and operational
Electrification
100MW/200MWh BESS
operational at Huntly
Genesis Operating
Expenses
63MWp under construction, 127MWp site secured. Over 500MW of
opportunities under consideration. First solar generation in H1 FY25.
FID made for New Zealand’s lowest cost BESS. Commercial operation
in Q1 FY27.
Fibre market review complete. Considering production options and
economics, engaging with potential suppliers
Secured exclusive right to negotiate for up to 10 PJ of storage at Tariki.
Site could be operational in 2026.
Genesis currently has 8% of EV customers. Plan to improve product
offerings and expand services.
Developing software and expertise for building customer flexibility.
Ecotricity extending distributed solar and battery into scaled VPP.
Horizon 2 Objectives to deliver mid-$500m EBITDAF
300 kt of biomass delivered to
Huntly
Gas storage sufficient for
seasonal operation of Huntly
30% of EV owners Genesis
Customers
Group Operating Expenditure
< $361m
Billing and CRM re-
platform
Full implementation across
Genesis and Frank
Customer Flexibility
150MW of Customer Flexibility
Design and more than 70% of build complete for Frank brand release.
Tracking to a late FY25 go live, and Genesis brands by end of FY27.
New retail operating model launched, 130 FTE reduction. Increased
expenditure focused to strategic goals and time-bound digital projects.
FY28 Goal
Status

20.20.
0 GWh
2,000 GWh
4,000 GWh
6,000 GWh
8,000 GWh
10,000 GWh
12,000 GWh
202520262027202820292030
Hydro GenerationRenewables (Excl. Hydro)GasCoal
BiomassSurplus CapacityMass Market Sales
Portfolio – Energy and Earnings Security
•Estimated outlook assuming P50 hydrology and execution of Gen 35 strategy.
•Renewable development through PPAs, JVs and direct investment is expected to grow the total renewable portfolio to approximately5,000 GWh by 2030.
•Long generation position, could be delivered through coal, gas, LNG or biomass.
Surplus energy capacity
via Coal/Gas/LNG/Biomass
Retail Position
Wholesale Length
Wholesale Channels
•Includes all B2B
Wholesale channels
across C&I, ASX, HFO’s
and Corporate Energy
Supply Partnerships.
Retail Channels
•All B2C Retail channels
across Genesis Home,
Genesis Business, Frank
and Ecotricity

21.21.
Solar
500 MWp
Delivering Renewables Growth
Development Opportunity
Development option with
land secured, feasibility
studies, progressing through
connection and resource
consenting
Advanced Stage Development
Resource consent and connection
agreement secured, front end
engineering and design, financing,
EPC and PPA in progress
Construction
Project delivery phase
post-FID
Wi nd PPA
74MW
Battery
100 MW
Solar
63 MWp
Solar
127 MWp
FID
Process
Battery
300 MW
Current Expectations for long run
wholesale electricity prices at
$115/MWh
(OTA FY24 real)
•The Genesis asset development pipeline continues to grow, with over
1000MW of development opportunities across solar, battery and wind.
•Genesis has significantly grown our development team and built a
pipeline of opportunities for potential investment. Projects can be
delivered through PPA, joint venture or balance sheet development.
•Genesis continues to prioritise solar development due to speed to
market and lower development costs. Genesis remains on track for
delivery of up to 500MW of grid-scale solar generation by FY28.
•The economics of solar continue to improve, with declining solar panel
input costs and a firming of long-term electricity prices.
Castle Hill
Wind
~300 MW
Operation
Commercial operation
of plant
Pipeline Converting Opportunities to Operations
Geothermal
P PA
~63 MW
Wind PPA
133 MW
Screening of
Development
Options for
quality, value
and Genesis
portfolio fit

22.22.
•Genesis has signed a conditional agreement with Helios for the purchase
of a 114 MW ac/127 MWp solar farm site at Edgecumbe. The site
combines high sunshine hours and an existing connection to a
Transpower substation and is an advanced stage project.
•Double the size of Lauriston, the project will be directly funded on the
balance sheet or through another structure. The advanced stage of the
asset enables timely delivery of the project. Final investment decision is
planned for mid 2025 and first generation expected in mid 2026.
•Total project costs
1
are approximately $1.7m/MWp, annual generation is
estimated as 230 GWh per annum.
•The final size, development costs and resulting generation will be
optimised through the FID progress.
Edgecumbe Solar Farm Development
Edgecumbe Solar Farm
Location
Edgecumbe
Area
~ 207ha
Capacity
~ 114 MW ac/127 MWp
Annual Generation
~ 230 GWh
Capacity Factor
>20%
Total Project Cost
~ $1.7m/MWp
FID
Mid 2025
First Generation
Mid 2026
Nodal Premium
0.94 (to OTA 2201)
Q1 FY25
Conditional purchase
executed.
H2 FY25
Expected FID
Q4 FY26
Expected first
generation
Competitive Advantages
Ideal location due to very high sunshine hours.
Existing connection to Transpower substation and
resource consent.
Large project provides economy of scale.
Advanced development and funding structure allows
accelerated speed to market.
1. Total project costs include EPC construction, connections, finance and leases
through construction and other costs.

23.23.
•Genesis had made a final investment decision on Stage 1 of the Huntly Battery
Energy Storage System (BESS) development programme. Genesis will partner
will Saft for delivery of Stage 1 and is using a multi-contract structure for
delivery.
•The Huntly BESS utilises existing land, infrastructure and connection enabling
Genesis to deliver this project at an investment cost of approximately $150
million. Genesis has available land for up to 400 MW of batteries.
•Revenue from the battery will be derived from energy arbitrage, reserves and
benefits to the Genesis portfolio. It is estimated that annual EBITDAF from
stage one will be between $20m and $30m.
•Due to lower construction costs, existing land and benefits to the Genesis
portfolio, the projects is estimated to provide an IRR of 9% to 10%.
•The Genesis BESS portfolio will enable the development of future wholesale
market hedging products.
FID Reached on 100MW/200MWh Battery at Huntly
Huntly Battery – Stage 1
Nameplate capacity100 MW/200 MWh
SupplierSaft
Product Intensium Shift+ (~70 x 3.3MWh containers)
Expected lifetime
20 years
FIDAugust 2024
COD
Q1 FY27
IRR9-10%
Total CAPEXc. $150m
Arbitrage
Capturing value of time-shifting electricity from off-peak
to peak.
Ancillary Services
Value from participating in ancillary services
markets, notably reserves.
Portfolio
Optimisation of Genesis’ portfolio as it transitions
to 95% renewable.
~$25m
EBITDAF
p.a.
0
40
80
120
160
200
Battery 1Battery 2Genesis
Total Capex ($m)
Battery Investment Cost Comparison

24.24.
Huntly Battery
Artist's impression of two potential
batteries at Huntly – not
representative of final products.

25.25.
0
2
4
6
8
10
12
14
2024/202520252025/20262026
SummerWinterSummerWinter
PJ
Genesis Gas Supply
Kupe JVMarket PurchasesMethanex
Growing Value from Gas
•The New Zealand gas market remains exceptionally tight, with prices
at record high levels. Genesis has recently secured additional gas
from Methanex.
•Genesis is actively participating in the gas security response group.
Genesis is considering options in relation to LNG offtake and the role
it could play in the Genesis portfolio.
•Estimates of the Kupe JV field reserves have been updated, with an
81.2 PJe2P decline in reserves estimate.
Tariki Gas Partnership
•Genesis has secured additional gas for the next two years, including 2
PJ from Tariki, which is subject to successfully drilling the Tariki-5 well.
If successful, this will commence Q2 FY25.
•The Tariki agreement provides Genesis with a 12-month exclusive right
to negotiate a gas storage development of up to 10 PJ. This could be
available from 2026.
Proved & Probable Reserves (2P)
2023 (PJe)2024 (PJe)
Opening remaining field reserves - July 1st250.4225.8
Change in reserve estimate-(81.2)
Production(24.6)(20.3)
Closing remaining field reserves - June
30th
225.8124.3
Developed193.6124.3
Undeveloped32.2-
Note: Table refers to entirety of Kupe field of which Genesis is a 46% owner.
Long term gas
secured at fixed
prices
0
5
10
15
20
25
30
35
Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23Jan-24Apr-24Jul-24
$/GJ
Gas Spot Prices
Monthly EMS Price (excludes carbon)Rolling 12 Month EMS Price (excludes carbon)
Summer refers to October to March, W inter April to September.

26.26.
1. Current pricing of Kupe supplied gas.
2. Estimate of market prices through discussion with suppliers
3. Current import price delivered to Huntly
4. Estimate based on long run import costs
5. Current domestic pricing through Huntly Unit 6
6. Recent spot pricing.
-Genesis is actively working with the forestry industry to develop a black pellet supply chain
for the Huntly Power Station. We estimate approximately 10,500 Ha is required to produce
600 GWh of electricity.
-We remain on track for a 20kT scaled burn of domestically produced biomass in 2025.
-Genesis is investigating white pellet supply as a blended fuel option for additional fuel
flexibility in FY25. We estimate the Rankine units could operate at up to 10% on white
pellets.
-Pricing for domestically sourced biomass remains competitive with imported coal. Further
updates on domestic biomass supply will be provided in H1 FY25.
Fuel Flexibility through Biomass
Converted to 300 kt
of torrefied black
pellets
~10,500 Ha of land
to produce forestry
residuals
This produces
900kt of residual
forestry product
Stored at Huntly to
produce 600 GWh
of electricity
0
200
400
600
Kupe gasBiomassCoalLNGDieselSpot gas
$/MWh
Huntly Fuel Supply Costs
Price Range
2
1
3
5
4
6

27.27.
Technology Drives Value from Transformation
Key projectsObjective Status
Billing and CRM
re-platform
•Delivering a future fit Retail
platform through modernisation,
simplification and automation of
core operations.
•Key benefits are reduced cost to
serve, increased core and
adjacent revenue
•First release (Frank) progressingtowards the end
of build and into system test phases. Targeting late
FY25 for first Go-live.
•Frank is over 60% of the total solution functionality
for remaining Genesis releases.
•Tracking to full completionin FY27
General ledger
upgrade
•Upgrading core system to ensure
stability, modernisation and
improved productivity.
•Key benefits are reduced risk and
creation of a modern platform for
increased efficiency.
•Shortlist of potential ERP vendors and system
integrators progressed to final two combinations.
•Final selection processes and contracting to be
completed in H1 FY25. On-track for
completionduring FY26.
Trading and risk
platform
implementation
•Supports significant uplift of data,
technology and business
processes to lift performance
(efficiency and enable a higher
profitability) of the trading
business unit
•Key benefits include improved risk
management and trading margin.
•RFP issued for Risk Management System (RMS)
replacement product, selection processes and
contracting to be completed in FY25.
•The plan for the wider suite of wholesale trading
tools and capability will be completed during H1
FY25
•Genesis is transforming its digital
architecture towards a more focused
and simplified business in order to
support Gen35.
•The investment in technologywill
deliver across platform, delivery and
data to ensure a stable and secure
environmentwith a competitive cost
base.
•We are pleased with the increase in
our large project delivery capability
over FY24.

28.28.
Guidance

29.
Outlook and Guidance
—Guidancefor FY25EBITDAF is reconfirmed at around $460 million
• Genesis Energy advises that FY25 EBITDAF is expected to around $460 million. Genesis highlights
current volatility across electricity and gas markets and notes that this could result in a wider range of
earnings outcomes. Guidance is subject to gas availability, plant availability, hydrology and any material
adverse events or circumstances.
• FY25 capital expenditure is expected to be around $180 million, including around $60 million investment in
the 100MW/200MWh battery at Huntly. In line with Gen 35 Strategy, operating expenditure is expected be
around $390 million.

30.30.
Appendix

31.31.
GoalTarget
FY28Goal
Status
Grow Profitability
EBITDAFGroup EBITDAF mid $500 millions
Debt/EBITDAFRatio less than or equal to 2.5
Operating ExpenditureOperating Expenditure ~ $361 million.
Retail and
Technology
Brand EquityNumber 1 brand equity in energy market
Total Retail and Technology Operating Expenditure
1
~ $153 million
Delivery of core billing platformImplementation of billing platform upgrade across all brands
and sales channels by end of FY27.
Huntly
Battery DevelopmentUp to 200 MWh of battery operational onsite at Huntly.
BiomassBiomass supply secured and commercial arrangements in place.
Biomass generation > coal generation.
Renewables
Solar Development~ 500 MW of solar development.
Total capital deployed at ROIC > WACCOn track for totaldeployment of $1.1b (Genesis share) by FY30
Net Zero
Net Zero by 20402040 Net Zero targets submitted and approved by SBTi
Gen35 Horizon 2 - FY28 Scorecard
1.Excluding non-recurring technology investment.
Unless otherwise stated, all $ are nominal. Numbers shown represent base case estimates and are indicative only
On Track
Challenges
Off Track

32.32.
Electricity and Gas Gross Margin Breakdown
Reported numbers have been rounded and might not appear to add or multiply.
FY24FY23Variance
Electricity Gross MarginVolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales C&I1,816
GWh$196/MWh
355.7
1,792GWh$169/MWh
303.2 24
GWh$27/MWh
52.5
Retail Sales Residential3,095GWh$285/MWh
881.1
2,903GWh$276/MWh
800.1 192
GWh$9/MWh
81.0
Retail Sales SME1,009GWh$258/MWh
260.5
968GWh$251/MWh
243.1 41
GWh$7/MWh
17.3
Wholesale Sales5,960GWh$188/MWh
1,121.0
5,858GWh$95/MWh
554.0 102
GWh$93/MWh
567.0
Derivatives Settlement
20.0 41.0 (21.0)
Emission Unit Revenue (Electricity)
-
--
Ancillary Revenue
8.8 8.6 0.2
Total Revenue
2,647.1 1,950.0 697.1
Generation Costs (Thermal)3,282GWh$114/MWh
374.0
2,177GWh$94/MWh
204.5 (1,105)
GWh($20)/MWh
(169.5)
Generation Costs (Renewable)2,677GWh
-
/MWh
-
3,680GWh
-
/MWh
-1,003
GWh-/MWh
-
Retail Purchases6,229GWh$182/MWh
1,135.5
5,956GWh$88/MWh
526.0 (273)
GWh($94)/MWh
(609.5)
Transmission and Distribution11,879GWh$48/MWh
567.7
11,520GWh$46/MWh
535.7 (359)
GWh($1)/MWh
(32.0)
Ancillary Costs
10.2 14.1 3.9
Total Direct Cost
2,087.4 1,280.3 (807.1)
Electricity Gross Margin
559.7 669.7 (110.0)
Gas Gross MarginVolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales7.0
PJ$32.5/GJ
228.3
7.2PJ$29.4/GJ
211.0 (0.2)
PJ$3.1 /GJ
17.3
Wholesale Sales0.2PJ$12.8/GJ
2.6
2.8PJ$7.9/GJ
22.2 (2.6)
PJ$4.8 /GJ
(19.6)
Emission Unit Revenue (Gas)
0.2 7.3 (7.1)
Total Revenue
231.1 240.5 (9.4)
Gas Purchases7.2PJ$9.9/GJ
71.5
10.0PJ$9.2/GJ
92.4
2.8PJ($0.6)/GJ
21.0
Transmission and Distribution7.2PJ$12.8/GJ
92.9
10.0PJ$8.0/GJ
80.1
2.8PJ($4.8)/GJ
(12.8)
Emissions Unit Cost (Gas)
12.9 20.7 7.7
Total Direct Cost
177.3 193.2 15.9
Gas Gross Margin
53.8 47.3 6.5

33.33.
LPG and Other Gross Margin Breakdown
Reported numbers have been rounded and might not appear to add or multiply.
1. Includes insurance proceeds relating to Huntly Unit 5 outage.
FY24FY23Variance
LPG Gross MarginVolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales43,339T
$2,423/T
105.0
43,874T$2,206/T
96.8
-535T$217 /T
8.2
Wholesale Sales6,246T$1,012/T
6.3
7,262T$1,068/T
7.8
-1,016T($57)/T
(1.5)
Emission Unit Revenue (LPG)
3.1 2.2 0.9
Total Revenue
114.4 106.8 7.6
LPG Purchases49,585T$1,007/T
50.0
51,135T$1,090/T
55.8
1,550T$83 /T
5.8
Emissions Unit Cost (LPG)
4.7 5.3 0.7
Total Direct Cost
54.7 61.1 6.4
LPG Gross Margin
59.7 45.7 14.0
Net Carbon Active Trading
(3.2)(3.8)
0.5
Other Revenue
1
36.9 4.1 32.9
Other Costs
1.6 0.7 (0.9)
Total Other Gross Margin
32.1 (0.4)32.5
Total Gentailer Gross Margin
705.4 762.3 (56.9)

34.34.
Kupe Gross Margin and Reconciliation to EBITDAF
Reported numbers have been rounded and might not appear to add or multiply.
FY24FY23Variance
Kupe Gross MarginVolumeRate per unitVolumeRate per unit$mVolumeRate per unit
Oil Sales109Kbbl$94
/bbl
10.2
254Kbbl$101/bbl
25.6
-145Kbbl($7.0)/bbl
(15.4)
Gas Sales7.0PJ$8.1
/GJ
56.5
8.4PJ$7.6/GJ
63.9
-1.4PJ$0.5 /GJ
(7.4)
LPG Sales30.0kt$531
/T
15.9
36.5kt$705/T
25.8
-6.6kt($175)/T
(9.9)
Other and Emissions Revenue
7.4 10.3 (2.9)
Direct Costs
(25.2) (34.2) 9.2
Kupe Gross Margin
64.9 91.3 (26.4)
EBITDAF$m
Total Gentailer Gross Margin
705.4
762.3 (56.9)
Kupe Gross Margin
64.9 91.4 (26.5)
Genesis Energy Limited Gross Margin
770.3 853.7 (83.4)
Operating Expenses
Employee Benefits
152.0 135.8 (16.2)
Other Operating Expenses
184.9 169.6 (15.3)
Kupe Operating Expenses
26.2 24.8 (1.4)
Genesis Energy Operating Expenses
363.1 330.2 (32.9)
EBITDAF
407.2 523.5 (116.3)

35.35.
($60m)
($40m)
($20m)
$0m
$20m
$40m
$60m
FY23 FY24
Electricity Derivates Settlements
Active TradingFeesLong-term ContractsHedge TradingEcotricity
Carbon Position and Derivatives Settlements
$41m$20m
Active Trading –trading required for ASX market making and discretionary trading not linked to physical assets or
customer demand.
Long-term Contracts –includes PPA contracts and inflation hedges.
Hedge Trading –trading linked to physical assets or customer demand. Includes Swaption and MSO contracts.
Ecotricity–Settlement of EcotricityPPA agreement.
As of 7 August 2024. Excludes carbon units held for active trading.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY25FY26FY27FY28FY29FY30
HedgedUnhedged

36.36.
Cash Flow Summary
FY24FY23
Variance
($m)($m)
Net Operating Cash Flow439.8422.6
Net Investing Cash Flow(172.3)(104.6)
Net Financing Cash Flow(134.8)(363.5)
Net (Decrease) Increase in Cash132.7-45.5178.2
Income Statement
FY24FY23
Variance
($m)($m)
Revenue
3,047.82,374.228.37%
Expenses
(2,653.3)(1,860.2)42.64%
Depreciation, Depletion & Amortisation
(237.0)(54.8)
Impairment of Non-Current Assets
(65.0)(4.0)
Fair Value Change
146.665.5
Revaluation of Generation Assets
31.846.3
Other Gains (Losses)
4.7(13.1)
Share in associate& joint ventures
(3.4)(2.2)
Earnings Before Interest & Tax
272.2351.7-22.60%
Interest
(81.1)(79.5)
Tax
(60.0)(76.5)
Net Profit After Tax
131.1195.7-33.01%
Earnings Per Share (cps)
12.2118.52-34.07%
Stay in Business Capital Expenditure
(78.5)(58.8)36.39%
Dividends Per Share (cps)
14.017.6-20.90%
EBITDAF
407.2523.5-22.22%
Financial Statements
Balance Sheet
FY24FY23
Variance
($m)($m)
Cash and Cash Equivalents192.860.1
Other Current Assets653.0534.3
Non-Current Assets4,791.54,495.6
Total Assets5,637.35,090.0
11%
Total Borrowings1,450.71,366.7
Other Liabilities1,508.61,317.3
Total Liabilities2,959.32,684.0
10%
Adjusted Net Debt1,223.81,283.8
EBITDAF Interest Cover6.8x8.6x
Net Debt/EBITDAF2.7x2.2x

37.37.
$0
$50
$100
$150
$200
$250
$300
$350
$400
FY25FY26FY27FY28FY29FY52FY54
$m
USPPGreen Retail BondsGreen Capital BondsUndrawn SLL
Drawn BankUndrawn BankWholesale BondsCommercial Paper
Genesis Debt Portfolio
At 30 June 2024
Debt Information
FY24FY23
Variance
($m)($m)
Total Debt
$
1,4511,367
Cash and Cash Equivalents
$
19360
Headline Net Debt
$
1,2581,307
(3.7%)
USPPFX and FV Adjustments
$
3423
AdjustedNet Debt
1
$
1,2241,284(4.7%)
Headline Gearing
2
35.1%36.2%(1.1) ppts
AdjustedGearing
2
34.3%35.6%(1.3) ppts
Covenant Gearing28.9%29.4%(0.5) ppts
Net Debt/EBITDAF
3
2.7x2.2x0.5x
Interest Cover6.8x8.6x(1.8x)
Average InterestRate5.7%5.2%0.5 ppts
Average Debt Tenure11.1 yrs11.7 yrs(0.6) yrs
1.Adjusted Net Debt has been adjusted for foreign currency translation and fair value movements related to USD denominated borrowings which have been fully hedged with cross currency interest rate swaps and fair value interest rate risk
adjustments for fixed rate bonds.
2.Gearing measures are based on gross debt i.e. cash is not deducted.
3.S&P make a number of adjustments to Net Debt and EBITDAF for the purpos e of calculating credit metrics.The most significant of these is the 50% equity treatment attributed to the Capital Bonds.
4.The chart shows the principal amounts repayable at maturityin NZD.
$415mof bank facilities (including $250m of sustainability linked loans (SLL))
were undrawn, $120m of bank facilities weredrawn, and $144m of Commercial
Paper was on issueasat 30 June 2024. The Commercial Paper matures within
90 days.
4
Debt Information

38.38.
Operational Metrics
Retail Key InformationFY24FY23Variance
Customers with > 1 Fuel150,557142,9875.29%
Electricity Only Customers305,347294,5413.67%
Gas Only Customers10,82111,918-9.20%
LPG Only Customers29,87134,275-12.85%
Total Customers496,596483,7212.66%
Total Electricity, Gas and LPG ICPs720,104696,7233.36%
Volume Weighted Average Electricity Selling Price
– Resi($/MWh)
$284.71$275.643.29%
Volume Weighted Average Electricity Selling Price
– SME ($/MWh)
$258.18$251.182.79%
Volume Weighted Average Electricity Selling Price
– C&I ($/MWh)
$195.93$169.1915.80%
Retail Netback by Segment & FuelFY24FY23Variance
Residential - Electricity ($/MWh)$145.03
$134.627.73%
Residential - Gas ($/GJ)$18.26
$17.792.64%
Bottled - LPG ($/tonne)$1,650
$1,5546.18%
SME - Electricity ($/MWh)$136.59
$134.491.56%
SME - Gas ($/GJ)$17.73
$17.84-0.62%
SME & Bulk - LPG ($/tonne)$1,124
$87528.21%
C&I - Electricity ($/MWh)$154.14
$129.8718.69%
C&I - Gas ($/GJ)$17.28
$16.355.69%
EcotricityFY24FY23Variance
Mass-market Sales volume (MWh)370,344303,357
22.1%
Mass-market ICPs 33,12926,744
23.9%
C&I Sales volume (MWh)238,69276,964
210.1%
Total Sales Volume (MWh)609,037380,322
60.1%
Volume Weighted Average Electricity
Selling Price MM ($/MWh)
$245.50$214.00
11.3%
Volume Weighted Average Electricity
Selling Price C&I ($/MWh)
$258.50$232.20
14.7%
Genesis is a 70% owner in Ecotricityand provides hedges for 100% of fixed priced load. FY24 hedge
pricing methodology is consistent with the Genesis Internal Transfer Price.

39.39.
ELECTRICITY
Retail Sales C&I
Sale of electric ity to commercial and industrial customers.
Retail Sales ResidentialSale of electric ity to residential customers.
Retail Sales SMESale of electric ity to small business customers.
W holesale SalesSale of generated electricity onto spot market, excluding PPA settlements and ancillary revenue.
Derivatives SettlementSettlement of all electricity derivatives. Includes electricity active trading, PPAs, swaptions and electricity hedge settlements.
Emission Unit Revenue (Electricity)Emissions units earned in relation to electricity derivative sales.
Ancillary RevenueRevenue from ancillary electric ity market products.
Ancillary CostsCosts from ancillary electricity market products.
Generation Costs (Thermal)Generation costs, inclusive of fuels and carbon.
Retail PurchasesPurchases of electric ity on spot market for retail customers.
Transmission and DistributionTotal electricity transmission and distribution costs, connection charges, electricity market levies and meter leasing.
GAS
Retail SalesSales of gas to residential and business customers (including C&I).
W holesale SalesSales of gas to wholes ale customers.
Emission Unit Revenue (Gas)Emission units earned in in relation to wholes ale gas sales.
Gas PurchasesPurchase of gas for sale (excludes gas used in electricity generation).
Transmission and DistributionTotal gas transmission and distribution costs, gas levies and meter leasing.
Emission Unit Cost (Gas)Emission costs relating to gas purchases.
LPG
Retail SalesSales of LPG to residential and business customers (including C&I).
W holesale SalesSales of LPG to wholes ale customers.
Emission Unit Revenue (LPG)Emission units earned in in relation to wholes ale LPG sales.
Emission Unit Cost (LPG)Emission costs relating to LPG purchas es.
KUPE
Oil SalesSale of crude oil.
Gas SalesSale of gas.
LPG SalesSale of LPG.
Emissions Revenue and OtherEmission units earned in relation to gas and LPG sales and other revenue.
Direct CostsEmission unit costs relating to operations, gas and LPG sales. Royalties and other direct costs.
Glossary – Gross Margin Breakdown

40.40.
RETAIL
CustomersElectricityand gas customersare defined bysingle customer view,regardless of number ofconnections (ICP’s).
ICPInstallationConnectionPoint, aconnectionpoint thatis bothoccupiedand hasnotbeen disconnected(Active-Occupied).
Resi,SME,C&IResidential,smallandmediumenterprisesandcommercial& industrialcustomers.
B2BBusinesstoBusiness,includingbothSMEandC&I.
Volume Weighted Average Electricity Selling Price- $/MW h
Average sellingpriceforcustomersincluding lines/transmissionanddistributionandafter discounts.
Volume Weighted Average Gas Selling Price - $/GJAverage sellingpriceforcustomersincludingtransmissionanddistributionandafter discounts.
Volume Weighted Average LPG Selling Price - $/tonneAveragesellingpriceforcustomersincludingafterdiscounts.
BottledLPGSales(tonnes)Represents45kgLPGbottlesales.
SME& OtherBulkLPGsales(tonnes)RepresentsSMEandotherbulkandthirdpartydistributors.
Netback($/MW h,$/GJ,$/tonne)
Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units (excluding
corporatealloc ation costs andTechnology& Digital cost centre).
Glossary – Operational Metrics

41.41.
Investor Relations Enquiries
Tim McSweeney
GM Investor Relations & Market Risk
+64 27 200 5548

---

Distribution Notice

Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Genesis Energy Limited (GNE)
Financial product name/description Ordinary Shares
NZX ticker code GNE
ISIN (If unknown, check on NZX
website)
NZGNEE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies X


Record date 26/9/2024
Ex-Date (one business day before the
Record Date)
25/9/2024
Payment date (and allotment date for
DRP)
11/10/2024
Total monies associated with the
distribution
1


$75,780,860.89

Source of distribution (for example,
retained earnings)
Income available for distribution
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.09722222
Gross taxable amount
3
$0.09722222
Total cash distribution
4
$0.07000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01235294
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

100%
Imputation tax credits per financial
product
$0.02722222
Resident Withholding Tax per
financial product
$0.00486111
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2.5%
Start date and end date for
determining market price for DRP
25/9/2024 1/10/2024
Date strike price to be announced (if
not available at this time)
2/10/2024
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
27/9/2024
Section 5: Authority for this announcement
Name of person authorised to make
this announcement
Tim McSweeney
Contact person for this
announcement
Tim McSweeney
Contact phone number +64 27 200 5548
Contact email address Timothy.McSweeney@genesisenergy.co.nz
Date of release through MAP 22/10/2024





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results announcement



Results for announcement to the market
Name of issuer Genesis Energy Limited (GNE)
Reporting Period 12 months to 30 June 2024
Previous Reporting Period 12 months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
1

Revenue from continuing
operations
$3,047,800 28.4%
Total Revenue $3,047,800 28.4%
Net profit/(loss) from
continuing operations
$131,100 -33.0%
Total net profit/(loss) $131,100 -33.0%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.07000000
Imputed amount per Quoted
Equity Security
$0.02722222
Record Date 26/9/2024
Dividend Payment Date 11/10/2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.14 $1.91
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the 2024 Integrated Report attached to this
announcement for Genesis’ audited financial statements.

Authority for this announcement
Name of person authorised
to make this announcement
Tim McSweeney
Contact person for this
announcement
Tim McSweeney
Contact phone number +64 27 200 5548
Contact email address Timothy.McSweeney@genesisenergy.co.nz
Date of release through MAP 22/08/2024

Audited financial statements accompany this announcement.


1
The comparative information has been restated to reflect a change to the presentation of realised gains/(losses) from non-hedge accounted financial
instruments and carbon trading gains/(losses). Refer to the general information and significant matters section of the Genesis Energy 2024 Integrated
Report for reconciliation to the previously reported information.

---

GENESIS ENERGY LIMITED
INTEGRATED REPORT 2024
NEXT
GENERATION

POWERING A
SUSTAINABLE AND
THRIVING AOTEAROA
As decarbonisation continues to shape
the future of electricity, accelerated
demand for renewable energy will
require ongoing investment. We have a
unique role to play in not only growing
the supply of renewable energy but also
in helping our customers electrify how
they live, work, and move around.
GENESIS INTEGRATED REPORT 2024

REQUIRES A BOLD
FORWARD-LOOKING
STRATEGY
Our new Gen35 strategy leverages
our strengths to advance
electrification, flexibility and
renewables. We’re building additional
renewable generation capability and
redefining the role of our existing
generation capacity. We’re advancing
battery storage, biomass and solar,
while working with Government, our
customers, and our communities to
support the transition to renewables.
01
GENESIS INTEGRATED REPORT 2024

THAT WILL
DELIVER
REAL IMPACT
People
Manaakitanga, caring and nurturing
our communities, customers and teams.
Profit
Investing in the future and rewarding
our shareholders.
Planet
Tiaki taiao, protecting the environment
for those who come after us.
WE’RE CONFIDENT OUR STRATEGY WILL
MAKE A REAL AND LASTING DIFFERENCE FOR:
02
GENESIS INTEGRATED REPORT 2024

Genesis has a unique role to play in New Zealand’s transition to
a low carbon future. We’re supporting our customers to transition to
electricity, investing in new renewable generation to meet increasing
demand, and evolving our portfolio to monetise our back-up of wind,
solar and hydro generation when the wind doesn’t blow, the sun
doesn’t shine and hydro lakes are low.
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 8 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 Aotearoa New Zealand Climate
Standards. Genesis Energy Limited is a
Climate Reporting Entity under the Financial
Markets Conduct Act 2013. Our FY24 Climate
Statement is here.
In FY24 we launched our Gen35 strategy
(see page 6). This report is structured
around the strategy’s three areas of impact
– People, Profit and Planet.
Welcome to our
2024 Integrated Report
We welcome your feedback
on this report. Please contact us at
media@genesisenergy.co.nz
LAURISTON SOLAR
Our first solar farm with our
joint venture partner FRV
Australia is due to begin
generating by Q2 FY25.
> READ MORE
Our Sustainability Framework is also
integral to our reporting. In the Sustainable
Business section you will find tables noting
our progress toward the framework’s goals,
our contribution to the six United Nations
Sustainable Development Goals to which we’re
aligned, 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 that complete our
Environmental, Social and Governance (ESG)
reporting suite can be found on our website:
FY24 Climate Statement
FY24 Modern Slavery Statement
FY24 Sustainable Finance Report
FY24 ESG datasheet and GRI Index
03
GENESIS INTEGRATED REPORT 2024

GENESIS INTEGRATED REPORT 2024
Introduction
Our sustainable business
Financials & Governance
People
Profit
Planet
Consolidated financial statements 71
Independent auditor's report 111
Corporate governance 114
Executive remuneration 116
Director remuneration 123
Statutory disclosures 124
Contents
Who we are and what we do 05
Gen35 – our strategy for growth through the
transition 06
Gen35 – rationale 07
Gen35 – our strategy 08
Guided by our Sustainability Framework 09
Creating value for New Zealand 10
Letter from the Chair and Chief Executive 11
Results at a glance 14
Our FY28 Scorecard 15
Manaakitanga – caring and nurturing our
communities, customers and teams. 16
Our people 17
Our customers 23
Our communities 29
Investing in the future and rewarding our
shareholders 34
The Huntly Portfolio 36
New renewable generation 40
Generation site upgrades 41
LPG update 43
Kupe update 43
Technology 44
Focus on costs 45
Leadership 57
External environment 59
Sustainability Framework progress and our
SDG contribution 62
What matters most 64
FY24 Materiality Assessment 65
Key sustainability data 68
Tiaki taiao – protecting the environment for us
and those who come after us 46
Emissions update 48
Managing our carbon obligations 49
Working with government 49
Supporting demand growth 50
Helping protect and restore nature 52
Tackling transport emissions 55
Waste management 55
Sustainable finance 55
04
GENESIS INTEGRATED REPORT 2024

Genesis is an energy generator and retailer supplying electricity,
natural gas and LPG to more than 496,000 customers.
The geographic spread and diverse range of
generation assets enables us to back up solar,
wind and hydro generation across hours,
days and months. Our share in the Kupe gas
field provides essential electricity security
to underpin the growth of solar and wind
generation. We make surplus gas available to
third parties such as homes and businesses.
Our Gen35 strategy will see us deploy
more than $1 billion to build new renewable
generation, develop the Huntly Portfolio to
provide 1,400 MW of flexible generation
capacity to back up solar, wind and hydro
generation, and partner with our customers
to empower their energy transition.
35.6%
Natural gas market share
FY23: 30.7%
24.0%
Electricity market share
FY23: 23.2%
7. 0 PJ
Gas from Kupe
FY23: 8.4 PJ
496,596
Customers
FY23: 483,721
40,740
Shareholders
FY23: 41,751
5,960 GWh
Electricity generated
FY23: 5,858 GWh
1,214
Core employees (FTE)
3
FY23: 1,253
1. Genesis has a Power Purchase Agreement (PPA) linked to
the electricity generated from Waipipi.
We will continue to play a significant role
supporting the country’s transition to a low-
emissions economy, and have committed to a
science-based net zero 2040 target to support
New Zealand’s commitment to net zero 2050.
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.
2. Expected to be operational in Q2 FY25.
Who we are and what we do
Waipipi
1
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
63
Peak Capacity/MW
2
Thermal
Hydro
Wind
Power purchase agreement
Solar under development
via joint venture
Gas
KEY
3. This excludes Digital Project FTE, which grew from 15 in
FY23 to 41 in FY24 due to our digital transformation programme.
05
GENESIS INTEGRATED REPORT 2024OUR PROGRESSPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETINTRODUCTION

The context for our Gen35
strategy, launched in November
2023, comes from the Zero
Carbon 2050 Act, New Zealand’s
commitment to decarbonise
our economy over time.
Achieving New Zealand’s 2050
climate target will require
electricity to make up at least
60 percent of total energy use,
provided by 95 percent
renewable electricity, with
electricity available to meet
demand 100% of the time.
We will continue to play a significant role
supporting the country’s transition to a
low-emissions economy. Under our Gen35
strategy we aim to transition our generation
fleet to 95 per cent renewable by FY35 and
have committed to a science-based net zero
2040 target
1
. Gen35 details our goals across
the business for the next 10 years, providing
a roadmap for how we will turn strategic value
into financial value for shareholders.
To achieve this, we will invest around $1.1 billion
in new renewables and grid-scale batteries
by FY30, including by directing free cash
flows from our partial ownership of the
Kupe gas field.
Gen35 has three main pillars: empowering
the customer-led transition to electrification;
renewable generation growth; and transitioning
our thermal generation portfolio to provide
greater flexibility. Huntly Power Station
will evolve to become the Huntly Portfolio,
New Zealand’s grid-scale peaking and firming
facility to back up new renewable generation
to be built over coming decades.
We will activate Gen35 across three horizons:
Horizon 1 (FY24) Future Fit; Horizon 2 (FY25-
28) Accelerating our Transition; and Horizon 3
(FY29-FY35) Future State. Horizon 1, which we
completed this year, focused on the things we
could 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.
Our strategy is driven by our purpose –
Powering a sustainable and thriving Aotearoa
– and underpinned by our values: Kia Manaaki
– We Care; Kia Māia – We’re Courageous; and
Kia Kotahi - We’re Connected.
The following chapters outline how we have
impacted our People, Profit and the Planet in
FY24 as we put Gen35 in motion.
Gen35 – our strategy for growth through the transition
95%
RENEWABLE ENERGY
Under our Gen35 strategy we aim
to transition our generation fleet
to 95 per cent renewable by FY35.
1. A commitment to reduce our GHG emissions by >90 percent
from a FY20 base year by 2040. This commitment is based
on the Science Based Targets Initiative’s Corporate Net zero
guidance, which provides companies a clearly-defined path to
reduce greenhouse gas emissions in line with limiting global
warming to 1.5°C.
Malcolm Johns
Chief Executive | Genesis Energy
06
GENESIS INTEGRATED REPORT 2024OUR PROGRESSPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETINTRODUCTION
Our Gen35 Strategy
bit.ly/3T8SJj1

Gen35 – rationale
COUNTRY
NET ZERO 2050
SECTOR
COMPANY
60%
ELECTRIFICATION
95%
RENEWABLES
100%
RELIABILITY

CUSTOMER
Empowering the
customer-led
transition
COMPANY
Renewables
8,300 GWh
Net zero 2040
COUNTRY
Huntly flexibility
1,400 MW
07
GENESIS INTEGRATED REPORT 2024OUR PROGRESSPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETINTRODUCTION

Gen35 – our strategy
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KIA MANAAKI
WE CARE
We care deeply about our customers,
communities, the environment
and each other.
KIA KOTAHI
WE’RE CONNECTED
We’re many parts but one team,
and we respect our connection to our
communities and the land.
KIA MĀIA
WE’RE COURAGEOUS
We use our courage, expertise and
determination to make bold choices,
create solutions and get things done.
PEOPLE
Culture / Talent / Performance
TECHNOLOGY
Platforms / Data / Delivery
CORPORATE
Reputation / Commerciality / ESG
FINANCE
Performance / Risk / Capital
RETAIL
Core / Transition / Expand
WHOLESALE
Flexible / Renewable / Valuable
OUR IMPACT
PEOPLE
Manaakitanga, caring and nuturing
our communities, customers, team
PROFIT
How we invest in the future
and reward our shareholders
PLANET
Tiaki taiao, protecting the environment
for us and those who come after us
FUTURE STATE
ACCELERATED
TRANSITION
FUTURE FIT
COUNTRY
1
,400 MW
CUSTOMER
Empowering the
customer-led
COMPANY
Renewables
8,300 GWh
Net zero 2040transition
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).
Empower our customers to
reduce their carbon footprint.
Positive outcomes for nature through
partnering on conservation and restoration.
15,000 educators use STEM learning resources
or equipment oered by the School-gen
programme (FY21-FY25 inclusive)
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.
Support our customers in vulnerable
circumstances by working with others.
Integrate te ao Māori worldview into Genesis'
culture and the way we do business and improve
the cultural capability of Genesis.
Improve the health and wellbeing of our people,
through our Me We Us – Ahau Mātou Tātou
wellbeing programme.
40:40:20 workforce gender representation (40% male, 40% female,
20% any gender identity), 50% female senior leaders.
Provide a total of 96 apprenticeship, internship
and work experience opportunities through
Ngā Ara Creating Pathways (FY22-FY25).
1
6
2
7
3
8
4
9
5
10
L
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f
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M
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e
s
s
Empower NZ’s
energy transition
Support customers
& communities
to transition
Protect & restore
nature
Powering
a sustainable
and thriving
Aotearoa
2025 Targets:
UN Sustainable Development Goals
Genesis’ 2025 Sustainability Framework will contribute to these SDGs
Pathways for the
future of work
Support energy
wellbeing
A safe, healthy
& diverse
workforce
A well managed
business
Robust governance
& transparent reporting
Positive relationships &
open conversations
P
l
a
n
e
t
P
e
o
p
l
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P
r
o
f
i
t
P
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o
p
l
e
08
GENESIS INTEGRATED REPORT 2024OUR PROGRESSPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETINTRODUCTION

Guided by our Sustainability Framework
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).
Empower our customers to
reduce their carbon footprint.
Positive outcomes for nature through
partnering on conservation and restoration.
15,000 educators use STEM learning resources
or equipment o ered by the School-gen
programme (FY21-FY25 inclusive)
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.
Support our customers in vulnerable
circumstances by working with others.
Integrate te ao Māori worldview into Genesis'
culture and the way we do business and improve
the cultural capability of Genesis.
Improve the health and wellbeing of our people,
through our Me We Us – Ahau Mātou Tātou
wellbeing programme.
40:40:20 workforce gender representation (40% male, 40% female,
20% any gender identity), 50% female senior leaders.
Provide a total of 96 apprenticeship, internship
and work experience opportunities through
Ngā Ara Creating Pathways (FY22-FY25).
1
6
2
7
3
8
4
9
5
10



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b
u
s
i
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e
s
s
Empower NZ’s
energy transition
Support customers
& communities
to transition
Protect & restore
nature
Powering
a sustainable
and thriving
Aotearoa
2025 Targets:
UN Sustainable Development Goals
Genesis’ 2025 Sustainability Framework will contribute to these SDGs
Pathways for the
future of work
Support energy
wellbeing
A safe, healthy
& diverse
workforce
A well managed
business
Robust governance
& transparent reporting
Positive relationships &
open conversations
P
l
a
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e
t
P
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P
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f
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P
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09
GENESIS INTEGRATED REPORT 2024OUR PROGRESSPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETINTRODUCTION

Creating value for New Zealand
Our purpose: Powering a sustainable and thriving Aotearoa
Inputs
Finance
A healthy balance
sheet supports
our operations
and investment
in New Zealand’s
sustainable future
People
Our team’s skills,
diversity and
commitment
Assets
Our power schemes,
LPG networks,
customers and share
in the Kupe gas field
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 14
Energy for our
customers and the
wholesale market
+

See page 50-51
Transition of
thermal generation
+

See page 36
Technology for
customers and our
business
+

See page 44
Care of our
customers and
employees
+

See page 15, 27, 28
Support of STEM
careers and warm
homes
+

See page 27, 33
Support of
waterways and
biodiversity
+

See page 52
Impacts
People
A safe, healthy and diverse
workforce
+

See page 21
Support of energy wellbeing,
more young people inspired
by STEM, and constructive
relationships with iwi,
communities and stakeholders
+

See pages 36-40
Profit
Improved value for shareholders
+

See page 34
Support NZ’s energy system
to 60% electrification
+

See page 36-40
Huntly Portfolio to leverage
value from flexibility
+

See page 36
Planet
Emissions reduce over time;
support for healthy waterways
and improved biodiversity
+

See page 48
Genesis provides 95% renewable
generation by FY35
+

See page 35
Genesis committed to science-
based net zero 2040 target
+

See page 47
Innovation
to help
New Zealand
electrify
E
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T
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c
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n
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o
g
y
What we do
How we
do it
Relationships
for nature
Relationships
with iwi, communities,
stakeholders and
employees
Grow demand
for energy from
customers
Electricity generation
- baseload, firming and
peaking
46% interest in
Kupe gas field
Wholesale market
participation
Development of
new renewable
generation
C
o
m
p
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t
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o
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S
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C
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10
GENESIS INTEGRATED REPORT 2024OUR PROGRESSPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETINTRODUCTION

For New Zealand to reach net zero by 2050
60% of New Zealand’s energy needs to come
from electricity, up from around 38% today,
at least 95% of that electricity needs to be
renewable, up from around 80% today, and
it will need to be practically available 100%
of the time. This includes winter peaks, dry
years and periods of low wind. The challenging
elements of the 60-95-100 scenario will be
electrifying New Zealand and maintaining
100% energy security.
Gen35’s three pillars map our growth to
support each of the 60-95-100 outcomes –
growing earnings by supporting our customers
to transition toward electrification; partnering
to deploy capital to grow our renewable
generation to 95%; and investing over time to
build the Huntly Portfolio – a grid scale, flexible,
firming and peaking collection of assets
and fuels to back up solar, wind and hydro
generation from a minute to a month.
During the year we moved through Horizon 1
of the strategy, undertaking a substantial
restructure to get the business future fit.
We moved into six business units, reduced the
executive from nine to seven, and strengthened
our senior leadership team. We began the
process of simplifying our retail business to
Letter from the Chair and Chief Executive
FY24 was a watershed year for Genesis. We launched our
Gen35 strategy, which will balance earnings growth across the
next four years with longer term objectives through the energy
transition. We also navigated the national gas shortage and an
exceptional dry year while continuing to meet our obligations to
our customers, all of whom remained on fixed priced contracts
through winter.
$407m
EBITDAF
1
FY23: $524m
$131m
Net Profit After Tax (NPAT)
FY23: $196m
14.0cps
Total Dividend relating to FY24 result
FY23: 17.6cps
Malcolm Johns
CHIEF EXECUTIVE OFFICER
Barbara Chapman CNZM
CHAIR
1. EBITDAF: Earnings before net finance expense, income tax, depreciation,
depletion, amortisation, impairment, unrealised fair value changes, and
other gains. Refer to note A1 in the Consolidated Financial Statements on
page 82 for reconciliation from EBITDAF to net profit before tax.
11
GENESIS INTEGRATED REPORT 2024INTRODUCTIONPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETOUR PROGRESS

generation opportunities, including grid scale
battery as a service, and new solar and wind
generation. We’re also investing in monetising
flexibility through the Huntly Portfolio’s support
of grid security as New Zealand gains more
solar and wind generation alongside existing
hydro schemes.
Key to monetising flexibility will be our long-
term development plan for flexible assets,
fuels and trading products such as Huntly
Firming Options (HFOs). HFOs give renewable
generators the ability to manage their share of
grid security risk as more intermittent solar and
wind generation is built, providing generators,
retailers and major energy users the option
to notionally secure additional generation
over the counter for fixed periods of time.
In June 2024 we released HFOs to the market.
The issue was over-subscribed with 270 MW
being bid and 85 MW purchased for the
calendar years of 2025 and 2026. While current
HFOs are backed by Rankines using coal, over
time more asset and fuel flexibility will emerge.
We indicated at Investor Day in November 2023
that we would take the 2024 calendar year
to explore an economic and sustainable local
supply chain of biomass for the Rankine units.
Good progress has been made with multiple
supply options in play. Biomass will allow
Huntly to produce competitive, low carbon
electricity through the Rankines for at least the
next decade to back up future offers of HFOs.
The national gas shortage pushed spot gas
prices to between $30-$50 GJ, up from under
$10 GJ a year ago. Coal became cheaper than
spot gas as a fuel to generate electricity. We
will therefore be importing coal for some years
until there is a solution to increase the supply of
natural gas or import liquid natural gas (LNG).
We expect our carbon emissions to reflect the
need to burn more coal to ensure electricity
supply is reliable and stable.
Financial performance
Our financial performance in FY24 had
three significant impacts. First was the loss
of Unit 5, our 400 MW combined cycle gas
turbine at Huntly Power Station, for seven
months following a fault that had not been
experienced by this type of turbine anywhere
else in the world.
Much of the direct impact was insurable.
However, the indirect impact was not. We had
to run Rankines for longer, burn more coal than
we planned, and delay some of our planned
outages on our hydro generation.
The second major impact of the year was the
declining gas supply nationally, down 29% in
the year to June. For us this was exemplified
by the disappointing result of the KS-9 well
intervention in the Kupe gas field. Beach
Energy, the operator in the Kupe joint venture,
proved there is gas in the reservoir, but its work
to date has been unable to produce sufficient
flow to sustain the well’s operation. Further
interventions may be considered in due course.
The third impact was low hydrology. In normal
dry years the country has been able to rely on
gas generation to back up the grid, however
the national gas shortage left around 450 MW
of New Zealand’s generation idle due to lack
of fuel. This made the New Zealand Aluminium
Smelter’s offer to be New Zealand’s dry year
battery significant.
Our team responded well to these challenges
to minimise their financial effect and ensure
there was no impact on our customers. The
challenges have however created a drag on
short term financial outcomes.
For the next two years, how we manage
our portfolio will be key to the financial
performance of the business while we execute
key strategic development initiatives that will
underpin our earnings growth target of around
mid $500m’s by FY28.
We’ve created the FY28 Scorecard to provide
transparency in tracking our execution of these
key strategic initiatives, bearing in mind there
will be fluctuations over the next few years.
We’ll update progress against the scorecard
every half year (see page 15).
Capital and dividend
Gen35 is focused on cost control, new value-
accretive technology and deploying capital
to drive earnings growth. At Investor Day we
outlined a $1.1 billion capital programme with
a target of maintaining a credit rating debt/
EBITDAF ratio in a multiple range of between
two and three (noting this is a credit rating
metric and not a debt covenant metric).
The change in the gas market means we will
now be at the upper end of our credit rating
range while we deploy capital, moving back
towards the mid-point as earnings growth
from these initiatives beds in. We indicated
at Investor Day that we could build earnings
using Power Purchase Agreements (PPAs),
partnered capital at asset level with PPAs,
and use our own capital on balance sheet.
Reflecting on Genesis’ transition from primarily
a yield stock to a growth stock with solid
returns, the Board reset the dividend to around
14 cps and maintained a dividend reinvestment
programme. The Board has indicated its desire
to maintain this level across Horizon 2 of Gen35
(FY25-28). Annual decisions on this will be
balanced with the Horizon 2 focus of investing
in building new renewable generation to grow
earnings.
a lower-cost, lighter touch operating model.
This included starting to deploy productivity-
enhancing technology like AI.
Hand in hand with the restructure came the
launch of our people’s refreshed purpose,
mission and values. The language chosen
was drawn from the words of employees
during an extensive research project we
undertook in FY23, capturing feedback from
more than 1,000 employees through surveys,
interviews and focus groups.
A FY24 survey conducted after our major
restructure delivered an overall team
engagement score of 81%, with most of
our people agreeing their work gave them
a feeling of personal accomplishment and
that they would recommend Genesis as
a great place to work.
A focus on safety and wellness is key to
this result. This year we continued to see a
significant reduction in injury severity, with
the total number of lost and restricted days
due to injury reduced by 42% compared
to FY23. Our ongoing LPG Delivery Injury
Reduction Programme maintained its
momentum, with a 31% reduction in the
LPG injury rate since the programme
launched in FY22.
Through the changes of Horizon 1 we
also maintained our high customer
satisfaction rating.
The belief in our business among our customers
and our people gives us great confidence as
we move into Horizon 2: growing earnings by
accelerating Genesis’s transition over the next
four years. This will include partnering with
our customers to develop demand side options
for flexibility and distributed activity to put the
power of energy management into their hands.
We’re developing a pipeline of new renewable
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETOUR PROGRESS

Who
lesale gathers momentum
The national gas
shortage has made the
o
bjectives of our Gen35 strategy even more
important as we grow earnings from the
transition of our business.
FY24 saw a number of projects in our wholesale
business gather momentum as we invested in
expanding our renewables devel
opment team.
Construction be
gan at Lauriston solar farm
in Canterbury, the first in our 500 MW joint
venture with FRV Australia. The 63 MWp site is
due to be gene
rating by December 2024.
In May 2024 we announced 10-year Energy
Supply Partnership with Spark which will
supply electricity to Spark purchased from the
national grid,
notionally linked to volumes
generated by Lauriston solar farm. Genesis will
su
pply Renewable Energy Certificates to Spark
for the Lauriston generation volumes. This
partnership reflects Spark’s long term
commitment to
support the growth in
renewables for New Zealand.
As the financial year drew to a close we were
reaching a final investment decision on the
first stage of our battery storage system to be
installed at H
untly Power Station. The 100 MW
battery, able to store 200 MWh, is the first of
a series that will total 400 MW (800 MWh),
and marks an important step in transitioning
the site to the Huntly Portfolio in line with our
Gen35 strategy.
We have also secured a consented site ready
for the construction of another solar farm near
Edgecumbe in th
e Bay of Plenty.
Digital transformation
Our digital transformation programme consists
of three key upgrade projects for our billing
and CRM platform, our finance management
platform, and our wholesale trading toolkit.
Our progress in FY24 saw us select Gentrack as
our partner for billing and Salesforce for CRM
solutions. We completed the design phase and
are approximately halfway through build. We’re
looking forward to starting migration of Frank
customers to the new platform in FY25.
The finance and wholesale and trading
programmes will follow the billing and
CRM upgrade.
Focus on emissions
FY24 saw an increase in emissions of 1,204,995
tonnes of CO₂e compared to FY23 due to the
need to burn more coal as a result of the Unit 5
outage, low hydro levels and gas shortage.
Scope 1 and 2 emissions in FY24 were however
9% lower than FY20, the base year for our
FY25 science-based targets. This equates to
a reduction of 247,524 tonnes of CO₂e. Our
Scope 3 emissions from use of sold products
were 60% lower than FY20, equating to a
reduction of 822,138 tonnes of CO₂e.
These results show that our emissions
reduction journey will not be a straight line but
a trend over time.
Looking ahead
Delivering the strategic objectives of Gen35 will
see us achieve a science-based net zero 2040
target. In FY25 we will apply for verification
of this target from the Science Based Targets
initiative, and continue our work to support
New Zealand toward its goal net zero 2050.
We thank the Board, Executive, our senior
leaders and all our people for their efforts
during the year. The business is now future fit
and ready to launch into Horizon 2 of Gen35,
delivering our FY28 objectives as we play our
part in New Zealand’s energy transition.
Barbara Chapman CNZM
CHAIR
Malcolm Johns
CHIEF EXECUTIVE
Retail simplification
As we move to focus on value over volume
under Gen35, our retail pillar has started a
journey towards more simplified, lower cost
model, while focusing on new value pools
in demand side flexibility and EV’s. Our new
approach will result in a reduction of around
200 FTE’s across FY24 and FY25. We thank
our people for their professionalism in working
through this difficult process with us.
We ensured the restructure of our retail
team did not affect our relationship with our
customers, and it was pleasing to see brand
love among Genesis customers hit a new
high of 67% in January 2024, and Frank win
the Consumer People’s Choice Award for the
second year in a row.
We acknowledge cost of living pressures have
made life difficult for many of our customers
over the past year, and we continue to support
energy wellbeing through our Manaaki Kenehi
customer care team and our sponsorship of
curtain banks throughout the country to help
families in need have warmer, healthier homes.
This year also saw the completion of a two-year
research project with community groups to
look at how energy retailers could better play
a role in supporting customers who are hard
to reach, or hidden, but still in considerable
hardship. Community agencies offered a
number of potential solutions, many which
will need to be collaborative. These have been
prioritised and several initiatives are underway.
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETOUR PROGRESS

1,263,860
t/CO₂e Emissions reduction
2
FY23: 2,468,855t/CO₂e reduction
$131m
Net Profit After Tax (NPAT)
FY23: $196m
$407m
EBITDAF
1
FY23: $524m
$ 3.1 b
Revenue
FY23: $2.4b
31
Apprenticeships, internships and
work experience opportunities
6
FY23: 32 
14.0cps
3
Total dividend relating to FY24 result
FY23: 17.6cps
$292,000
School-gen Trust STEM/
Solar equipment and donations
7
FY23: $156k
43:57
Senior leader gender representation
4
FY23: 42:58
300,000
Power Shout hours gifted
8
FY23: 300k
764
Work days lost or restricted
due to injury
FY23: 1,309
313
Households given curtains
through curtain banks
9
FY23: 439
52
Customer interaction iNPS
5
FY23: 46
1. EBITDAF: Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment, unrealised
fair value changes, and other gains. Refer to note A1 in the
Consolidated Financial Statements on page 82 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. 43% women, 57% men. Senior leaders are classified
as Tier 1 (CE), Tier 2, and Tier 3 employees. To manage gender
representation we commit to a 40:40:20 gender representation
(40% male, 40% female, 20% any gender identity) across the
Executive and Senior Leadership levels of Genesis. Typically,
the overall Gender Pay Gap will not be closed without equal
gender representation at each level of the organisation.
We appreciate that gender is not binary, however, for the
purpose of reporting our Gender Pay Gap, Gender Equity
Gap and Gender Representation data, we have focused on
the difference between those who identify as female and
male (our broader diversity reporting includes identifying
employees who identify as gender diverse). For more data
see the ESG Datasheet.
5. interaction Net Promoter Score for Genesis brand.
6. Created through Ngā Ara Creating Pathways.
7. Includes $113,000 of donations due to the School-gen Trust
being wound up in June 2024.
8. See page 27.
9. Households supplied through Genesis funding.
Results at a glance
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETOUR PROGRESS

Our FY28 Scorecard
Our FY28 Scorecard provides transparency in tracking what we’ve said we will
deliver to drive shareholder value in Horizon 2 of Gen35. We will update
progress against this every half year.
GOALTARGETFY28 GOALSTATUS*
Grow Profitability
EBITDAFGroup EBITDAF mid $500 millions
Debt/EBITDAFRatio less than or equal to 2.5
Operating ExpenditureOperating Expenditure ~ $361 million
Retail and Technology
Brand EquityNumber 1 brand equity in energy market
Total Retail and Technology
Operating Expenditure
1
~ $153 million
Delivery of core billing platformImplementation of billing platform upgrade across
all brands and sales channels by end of FY27
Huntly
Battery developmentUp to 200 MWh of battery operational onsite at Huntly
BiomassBiomass supply secured and commercial arrangements in place.
Biomass generation > coal generation
Renewables
Solar development~ 500 MW of solar development
Total capital deployed at ROIC > WACCOn track for total deployment of $1.1b (Genesis share) by FY30
Net zero
Net zero by 2040Net zero 2040 targets submitted and approved by SBTi
Key ON TRACK CHALLENGES OFF TRACK
1. Excluding non-recurring technology investment. Unless otherwise stated, all $ are nominal. Numbers shown represent base case estimates and are indicative only.
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONPEOPLEPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETOUR PROGRESS

People
Manaakitanga –
caring and nurturing
our communities,
customers and teams.
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONOUR PROGRESSPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETPEOPLE

Our refreshed Executive Team
Claire Walker joined the team as our new
Chief People Officer. Claire is a deeply
experienced people and culture executive.
She understands how structures best
serve strategy and how to build high-
performing cultures.
Stephen England-Hall joined as our Chief
Retail Officer. He is a market strategy
specialist who understands value-creating
brand strategy, customer loyalty, proactive
channel management and high-value,
low-cost customer service models.
Ed Hyde came on board as our Chief
Transformation and Technology Officer.
Ed has deep experience in introducing
technology platforms, data and AI into
businesses to drive productivity growth.
Tracey Hickman has been on the Genesis
executive for more than 12 years and in FY24
was appointed Chief Wholesale Officer,
overseeing our wholesale operations, trading
and fuels portfolio, and asset development
team. Tracey stepped in as Interim Chief
Executive for six months until Malcolm
Johns joined the company in 2023. She has
also been Chief Customer Officer leading
Genesis’ Customer teams including brand and
marketing, retail and LPG operations, and
prior to this was Executive General Manager
for Generation and Wholesale. Tracey’s
early career was in managing large-scale
environmental reconsenting projects and
iwi/stakeholder relations.
Matthew Osborne remains as Chief Corporate
Affairs Officer. He has been with Genesis since
2018 and is responsible for legal, regulatory,
government relations, sustainability, community
investment, communications, and company
secretarial functions. Matthew previously
worked in a number of international markets
and brings significant experience in executing
business strategy and in providing specialist
risk management, commercial, legal and
regulatory advice.
We farewelled Chief Financial Officer
James Spence, who made the decision with
his family to return to Australia. We thank
James for his work with Genesis over the
past two years and wish him all the best.
We look forward to welcoming our new
Chief Financial Officer, Julie Amey, in
November 2024. Julie joins us from SkyCity
Entertainment Group, and has more than
30 years’ experience in finance, primarily
in the energy sector.
We’re grateful to Emma Oettli for once again
taking on the role of Interim CFO until Julie
joins us. Emma previously fulfilled this role
from November 2021 to March 2022.
Our people
During FY24 we reshaped Genesis into six business units
and realigned the Executive Team. This meant changing
the Executive Team from nine members to seven,
ensuring each member had the skillset to deliver their
unit’s Gen35 objectives. We also reviewed the senior
leadership team, aligning subject -matter experts to key
senior leadership roles to strengthen the structure and
reinforce our ability to deliver our FY28 scorecard.
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONOUR PROGRESSPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETPEOPLE
Claire Walker
Chief People Officer | Genesis Energy
Claire Walker
bit.ly/4dry4ys

Our new purpose,
mission and values
Hand in hand with the launch of our Gen35
strategy came the launch of our refreshed
purpose, mission and values. Together,
these explain what we plan to achieve and
how we’re going to do it. The language
chosen was drawn from the words of our
people during an extensive research project
we undertook in FY23, capturing feedback
of more than 1,000 employees through
surveys, interviews and focus groups.
Our purpose
Powering a sustainable
and thriving Aotearoa
Our revised purpose is better aligned to our
business strategy and more relevant to the
diversity of people working in a wide range
of roles throughout the country. It speaks to
Genesis’ role as a unique and vital partner in
New Zealand’s transition, both in the active
pursuit of sustainability and in providing
flexibility and security
1
during the transition
to electrification and renewable energy.
These reflect both who we are today
and what we aspire to be in the future:
Kia
Manaaki
WE CARE
We care deeply about our
customers, communities, the
environment and each other.
Kia Māia
WE’RE COURAGEOUS
We use our courage, expertise and
determination to make bold choices,
create solutions and get things done.
Kia Kotahi
WE’RE CONNECTED
We’re many parts but one team,
and we respect our connection to
our communities and the land.
Our mission
Accelerating the
energy transition
for our customers,
company and country
Our mission recognises our commitment to
help our customers to electrify their lives,
invest in new renewables, and transition
Huntly Power Station to the Huntly Portfolio
to increase its flexibility while reducing its
carbon footprint, positioning it to continue
as New Zealand’s key peaking
2
and firming
3

facility long into the future.
Our values
1,000+
employees provided feedback through
surveys, interviews and focus groups
1. Security refers to long-term generation over weeks and months
to meet a shortage of fuel for generation (usually water in hydro
schemes) or a material asset failure.
2. Peaking refers to short-term additional generation or
battery discharge over hours or a day to meet an increase
in electricity demand.
3. Firming refers to short-term generation over hours or a
day to cover a decrease in electricity supply, usually due
to the intermittency of renewable generation from wind
and solar farms.
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONOUR PROGRESSPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETPEOPLE
Purpose, mission, and values
bit.ly/4dPm7m1

Working together to build
te ao Māori capability
The inclusion of Te Reo Māori kupu (words)
in our purpose and values is a signal of our
intent to authentically incorporate a te ao
Māori journey at Genesis. The kupu were
provided by a group of our Māori employees,
with additional guidance from te ao Māori
Consultants, Te Tari.
Our executive team is completing the
Te Kahikatea Programme with Mather
Solutions (a strategic Māori Development
consultancy). This is an important step in
our Genesis te ao Māori capability build
that will continue in FY25.
EMBRACING THE MEANING
BEHIND WAITANGI DAY
In acknowledgement of Waitangi Day 2024,
we hosted a lunch and learn session where our
people learned the history and significance of
Waitangi Day and Te Tiriti o Waitangi. Te Wehi
Wright, Te Tiriti o Waitangi advocate, facilitated
the session which focused on differences
between the Treaty of Waitangi texts, and
answered our team members’ questions.
We have taken some important steps towards a
company-wide strategy including establishing
a new Pouhere Māori (General Manager, Māori)
role that will support existing and new Māori
relationships to drive collective value.
Diversity, equity
and inclusion
In December 2023 our Board of Directors
endorsed our refreshed diversity, equity and
inclusion (DEI) strategy, focus areas and targets.
These will build on earlier achievements such
as gaining the Gender Tick, Rainbow Tick and
launching a Mind the Gap programme including
reporting of gender representation (40% male,
40% female, 20% any gender identity) and pay
gap measures.
We partnered with consultancy, Diversitas,
in a co-design process with our employees
to ensure our refreshed DEI strategy had
our people at its heart. The opportunity we
found through this process was to refine our
Genesis-wide targets in line with our priority
areas (gender balance, ethnic representation
at leadership level, and belonging) while also
tailoring our approach in different regions and
business units by creating site-specific plans
that reflect the respective team’s needs and
to achieve the greatest impact.
We are working to refresh our Inclusion
Council and employee networks with
organisation-wide representation to
support governance and monitoring.
Pleasingly, given our focus on leveraging the
diversity of thought our people bring to achieve
the best commercial outcomes for Genesis,
we found that 85% of our people responded
favourably to the Hearing from Genesis
employee survey question “I can be myself at
work” and 87% of our people agreed they were
“treated with respect at work”.
85%
responded
“I can be myself at work”
34.3%
Gender Pay Gap
1
FY23: 36.2%
87%
agreed they are
“treated with respect at work”
Kyra Inia (left) and Tina Zhu in our customer services team based in Hamilton.
1. Our Gender Pay Gap refers to the gap (if any) between the pay of women and the pay of men, calculated by taking the median male
hourly rate minus the median female hourly rate, and dividing this by the median male hourly rate. Our Gender Pay Gap is largely made
up of the difference in career participation. A large proportion of specialist energy sector roles at Genesis are held by men. This is
particularly evident in engineering and technical roles. In addition, a large proportion of customer-facing roles, such as those in our
contact centres, are held by women. We are focused on improving gender balance in these areas. For data on our Pay Equity Gap and
Gender Representation see our ESG Datasheet.
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONOUR PROGRESSPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETPEOPLE

Employee engagement
survey results
In May we ran our second Hearing
from Genesis survey, to which 79%
of our people responded. We were
pleased the data showed a high level
of employee engagement. We also
compared many of the results against
New Zealand benchmark data
1
.
Positive results included:
There were also results that pointed to a need
to increase our effort in certain areas:
•
75% of us said we felt we belong at Genesis.
On the previous page we’ve detailed how
we’re looking at improving diversity, equity
and inclusion to ensure more of us feel like
we belong here in the future.
•
66% said we received meaningful recognition
when we did a good job, on par with the
New Zealand benchmark – but we believed
Genesis could do better!
•
65% of us said we felt energised at
work. This was a bit lower than we’d like
Genesis to be at this point in our strategy
execution, although still higher than the
national benchmark.
•
Open and honest communication (64%)
and a belief that career goals can be met
at Genesis (63%) were both just shy of
the national benchmark.
81%
overall
engagement
score
most of us agree that our work gives us
a feeling of personal accomplishment
and recommend Genesis as a great
place to work. This is higher than the
New Zealand benchmark data.
82%
positive ratings on Safety
and Wellbeing – including 93%
who said they felt safe at work, also
exceeding the national benchmark.
82%
of us said we were proud of
Genesis’ efforts to have a positive
impact on New Zealand.
85%
trust in People Leaders, which
was higher than the national benchmark.
NEXT STEPS
Leaders shared and discussed the
results with their team, covering both
strengths to lean into and areas within
the team’s control where concerns
could be addressed.
At a company level, we’re undertaking
more analysis of the data and
comments, identifying actions that
will be most impactful, and continuing
to work with our people.
1. Qualtrics Employee Experience
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONOUR PROGRESSPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETPEOPLE

Safety and wellness
This year we made excellent progress
toward our safety and wellness objectives.
We continued to see a significant reduction
in injury severity, with the total number of lost
and restricted days due to injury reduced by
42% compared to FY23.
Our Genesis Wellbeing Programme continued its
success with widespread use of the My Everyday
Wellbeing portal and high levels of engagement
and mental health awareness at our nationwide
Gumboot Toss event - in partnership with I Am
Hope, Gumboot Friday. We updated our intranet
site to provide easy access to tools and services
to support mental health. The resources include
six new videos, and we facilitated three Ask Me
Anything sessions.
We are working toward reaching ISO 45001,
an international standard for workplace health
and safety systems. In FY24, the business case
was approved and we began a pre-audit. A
desktop review was conducted, with a detailed
assessment scheduled in November 2024.
We also began deep dives into each of our
‘Dangerous Dozen’ critical risks. Three have
been completed - working from height,
inability to respond, and exposure to hazardous
substances. More deep dives will be completed
in FY25, with plans to enhance our critical risk
reporting, provide our people with targeted
‘need-to-know’ guidance and simplified
assurance practices.
We completed a review of our health
monitoring processes and awarded the
health services contract to Habit Health.
The transition of services will be completed
in FY25.
Our ongoing LPG Injury Reduction
Programme maintained its momentum,
with a 31% reduction in the LPG injury rate
1

since the programme launched in FY22. A
focus on ‘safety over delivery’ has helped
achieve this outstanding result and we plan to
continue improving safety for our LPG team.
Leadership development
In FY24 we launched a new LinkedIn Learning
pilot, so Genesis leaders have access to
learning at any time. We also piloted a
New Leaders programme that is designed
to equip new people leaders with the skills
they need to succeed.
We continued our Adaptive Leaders
programme, helping ensure leaders are
equipped with key skills.
42%
reduction in lost time/restricted
workdays compared to FY23
31%
reduction in LPG injury rate
since an injury prevention programme
launched in FY22
Senior Environmental Technician Alan Bennett at Huntly Power Station.
1. Injury rate = total number of injuries that occurred divided by the
number of bottles handled.
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONOUR PROGRESSPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETPEOPLE

As part of transitioning to the
new model, we worked together
to deliver:
Creating a simplified retail model
The retail pillar of our Gen35 strategy is to
empower the customer-led transition. But first
we had to reshape our retail business to be
future fit. We needed a simpler retail model
that focused on fewer and more impactful
things. In October 2023 we announced
our retail review was likely to result in the
loss of around 200 roles. This was a tough
decision and not one that was taken lightly.
We undertook a large-scale consultation with
more than 700 retail staff. We learned that most
participants supported the rationale and case
for change. They told us it was “long overdue”,
and many were positive about working in a
less complex retail organisation. They also had
concerns: how would we handle the workload
with a simplified model? People wanted
clarity around the future ways of working,
accountabilities, alignment between teams
and prioritisation of work.
Consultation
We consulted more than 700 employees
across retail and received over 228
feedback responses. We then ran online
sessions to keep everyone informed of
progress and next steps.
Workshops
These gave our retail team members
tools to support them as they navigated
the transition, including CV and
interview preparation.
Wellbeing
We worked to support employees’ total
wellbeing, including running drop-in
sessions to address concerns.
Support
We contacted other organisations to find
roles that might suit those leaving us,
provided support for career transitions
and advice for potential new directions.
Extensive work took place to answer
everyone’s questions and provide support
for the people whose jobs were affected by
the change. This included support through
the transition for those who remained in their
roles, and comprehensive career support for
those whose jobs were lost.
We spent three months transitioning to
the new retail structure, which took effect
in April 2024. Some change will continue
in FY25.
BusinessHome
Sales & Service Pods
Provisioning & Assurance
Sales & Service Pods
Provisioning & Assurance
Product management
Customer Performance
& Insights
Product management
Customer Performance
& Insights
Customer Delivery
Market Support
Value Now
Value Next
Customer
segments
Pricing
Brand — Marketing — Digital Experiences
Retail Operations — Compliance — Metering — Training
Service Creation
Strategy — Performance — Planning
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONOUR PROGRESSPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETPEOPLE

67%
A new high of brand love
1
among
our customers in January 2024
Brand updates
GENESIS
The Genesis brand campaign is continuing
to build momentum and its effectiveness is
increasing over time. The brand connects
with our audience’s values, the positioning
is appealing, and the offering is clear.
Adorable redheaded George and her family –
human and canine – continue to win Genesis
a place in New Zealanders’ hearts. George’s
stories provide evidence for multiple proof
points, including our School-gen programme
and support of warm, healthy homes. The
campaign has maintained Genesis’ presence
in the top 10 most-liked TV ads throughout
the year, according to the Research Agency.
Brand love
1
among customers hit a new high
of 67% in January 2024.
Leveraging our brand strength and greater
customer demand, we now have the
foundation to grow value ahead of volume
in the years ahead.
Our customers
Our Genesis and Frank brands went from strength to
strength this year, increasing customer demand, brand
love , and winning awards. We continued to support
energy wellbeing through customer care programmes
and a collaborative research project.
Customers feel good about our EV efforts
Our energy plan for EV owners was a strong
performer this year, with a marketing campaign
effectively communicating its key benefits.
Customers feel good about Genesis moving
into this space, and it makes the brand more
appealing to businesses.
1. Brand love is assessed via an independent monthly survey of 250
residential customers. The percentage is taken from those who
select ‘I love them’ or ‘I like them a lot’ to a question about how
they feel about the Genesis brand.
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Stephen England-Hall
Chief Retail Officer | Genesis Energy
Stephen England-Hall
bit.ly/3YJhd5L

FRANK
Genesis has successfully built a trusted
customer brand with Frank Energy. Frank has
become New Zealand’s fastest growing energy
brand by quite some distance, significantly
increasing market share, and is currently the
country’s largest tier two energy retailer. It
is a low cost, light touch retail model, well
positioned for the future of electricity retailing.
Key to creating value from this model is
ongoing simplification of Frank’s processes,
customer experience and product range. This
helps reduce customer churn, which in FY24
dropped to a record low of 16%, well below
that of its competitors. This helped Frank win
the prestigious Consumer NZ People’s Choice
Award for the second year running.
This year Frank started using conversational
AI to help its customers, which led to 63%
increase in customers self-solving issues online
without needing to engage callcentre support
(up from 42% in FY23). Betty, the Frank chatbot,
completed 30% of all digital sign-ups.
Frank won silver and bronze awards at the
NZ Axis Awards for advertising creativity
and was a finalist in both the NZ Marketing
Effectiveness Awards and the TVNZ
Marketing Awards in 2023.
Matching a no-frills and straight-up customer
proposition with highly competitive prices
and a new retail operating model has enabled
Frank to succeed in tough economic conditions
during the past year, while increasing the
brand’s contribution to Genesis’ retail
business performance.
Frank will bring even greater value to Genesis
in the years ahead as Frank continues to
simplify its model, product range and
operating costs while maintaining high
customer satisfaction levels.
94%
Customer satisfaction
overall rating for FRANK
in Consumer NZ Survey
Frank won the prestigious Consumer
NZ People’s Choice Award for the second
year running, and claimed silver and
bronze awards at the NZ Axis Awards
for advertising creativity.
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GENESIS INTEGRATED REPORT 2024INTRODUCTIONOUR PROGRESSPROFITFINANCIALSSUSTAINABILITYGOVERNANCEPLANETPEOPLE

POWER SHOUT SUCCESS
Our Power Shout loyalty scheme, which
gives customers free hours of power to use at
their discretion, has had its most successful
year to date. During FY24 more than 120,000
customers accepted a seasonal campaign offer,
representing 40% of the eligible customer base.
A new green icon helped customers choose
a low carbon time to book their Power Shout.
We partnered with Trees That Count so we
could plant a native tree for every 10 green
bookings – starting with 10,000 trees to get
the ball rolling.
300,000
Hours of energy
donated to households in need, from
144,890 hours donated by customers,
topped up to 300,000 by Genesis
Power Shout also gives customers the
option once a year to donate their free
hours of power to households in need.
This year 42% of customers contacted
chose to donate their hours, equating to
28,978 households. The donated hours
totalled 144,890, which we topped up
to 300,000 hours of energy. In June 2024
we distributed these hours to more than
4,000 households that needed support
to pay their winter power bills.
At the inaugural Asia Pacific Loyalty
Awards, Power Shout won Best Overall
Loyalty Programme in the telco, utilities,
energy and service station category. Power
Shout Gifting was also a finalist for Best
Corporate Social Responsibility Initiative
and Best Loyalty Programme Marketing
Campaign.
We launched our partnership with Trees That Count with a donation of 10,000 trees.
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•
We fixed invoice issues through an email
provider thanks to support from our data
engineering team.
•
We added a prompt to remind customers
to pay their current balance when setting
up a credit card payment.
•
We improved the Energy IQ dashboard
and information in the app.
Privacy
Privacy is fundamentally about people, and
that has driven many of our achievements in
the past year. We’ve set up processes that
allow us to monitor how we use personal
information in our ways of working, ensuring
we are transparent in our collection and use of
personal information.
Technological advancement has highlighted
the need to ensure we are ready for the
challenges and opportunities of the digital
age. We’ve issued guidance on artificial
intelligence to respond to the influence
that tools like AI present.
As we implement our Gen35 strategy,
we will continue to map our maturity
against the ISO 27701 to monitor our
capability but most importantly to
guarantee our data is fit for purpose.
Complaints
Last year we redesigned our training
programmes to enable more confident and
empathetic conversations with our customers.
We continue investing in our staff and
enhancing customer experience by using data
and customer feedback to make improvements.
In FY24 Genesis customer complaints fell 21%
from 1,269 to 1,002. Frank customer complaints
dropped 3% from 410 to 399.
TOP 5 REASONS FOR FORMAL
COMPLAINTS IN THE PAST YEAR:
•
LPG delivery issues
•
Price changes, pricing plans and tariffs
•
High bills due to high consumption
•
Customer service, incorrect actions
taken or incorrect information given
•
Estimates, communications faults and
access issues leading to estimated bills
HOW WE’RE RESPONDING
Our teams made a number of changes to
address customer concerns, including:
•
Customers who used our automated phone
system to order LPG bottles often weren’t
sure their order had been received. They
were worried, so they would call us to
confirm the order was placed – a step they
shouldn’t need to take. We introduced a text
alert for customers who ordered LPG via our
phone ordering system. The text confirmed
their order was successful, so they now had
confidence their LPG was on its way.
•
We made several improvements to
our automated fixed-term contract
communications this year. These make rates
clearer, show what is current and what will
be offered, and generally remove billing
confusion for customers.
Positive customer feedback
From a customer experience perspective, this
has been an outstanding year for Genesis.
Our interaction Net Promoter Score, or iNPS,
measures customers willingness to recommend
Genesis based on an interaction with a member
of our team or through one of our digital
channels. Our FY24 iNPS, which takes into
account scores from across the year, increased
to 52 from 46 in FY23. Customer feedback
showed we have a fiercely loyal base who
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42
45
55
51
63
54
5555
56
51
59
0
10
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Genesis Home monthly iNPS
are consistently impressed by our excellent
frontline customer service staff, and who
love how easy we make things for them.
Many also reported they appreciated
our Control-a-Bill payment option, which
makes paying their bills easier, and our
regular allocation of free Power Shout
hours to use when they wish. We’ve also
had a lot of customer love for our EIQ app
and its variety of helpful features.
52
Genesis iNPS
for FY24
Up from 46 in FY23
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