Portfolio flexibility drives strong FY25 results and inc
Market/media release
26 August 2025
NZX: GNE / ASX: GNE
Portfolio flexibility drives strong FY25 results and increased energy security for New Zealand
Financial Summary
12 months, June 2025 12 months, June 2024 Change
Normalised EBITDAF 1
NZ$470.4m NZ$413.1m +14%
Reported EBITDAF 2
NZ$454.3m NZ$407.2m +12%
Gross Margin
NZ$863.5m NZ$770.3m +12%
Net Profit after tax
NZ$169.1m NZ$131.1m +29%
Operating Expenses
NZ$409.2m NZ$363.1m +13%
Earnings Per Share
15.5 cps 12.2 cps +27%
Total Dividends Per Share
14.3 cps 14.0 cps +2%
Strategy Execution Highlights
- Delivered 10-year Huntly Firming Options (HFOs) signed with Meridian, Mercury and Contact for 150 MW, subject
to regulatory review.
- Delivered Gen35 strategy acceleration with credible pathway to mid-to-upper $500m EBITDAF by FY28.
- Delivered the Lauriston solar farm operational; Edgecumbe and Leeston progressing to FID.
- Delivering stage 1 BESS, construction of the 100 MW/200 MWh Huntly Battery Energy Storage System (‘BESS’),
due for completion in Q1 FY27, with feasibility work underway for a second 200 MWh stage.
- Delivered full acquisition and delivered integration of Ecotricity; majority stake in ChargeNet secured.
- Delivered retail simplification, completed, improved customer satisfaction and brand equity.
- Delivered strategic fuel reserve established at Huntly Power Station (HPS) with 600 kt of coal.
- Delivered hot water control trial and LED bulb distribution, delivering scalable demand flexibility.
- Continuing biomass supply chain development to support long-term coal displacement at HPS.
FY25 Operating Environment
FY25 was marked by high volatility across the energy sector. Declining gas availability, low hydrology and increased
reliance on thermal generation tested the resilience of the sector. Genesis responded by flexing its portfolio to support
both its customers and the wider market, with Huntly Power Station playing a central role in maintaining national energy
security.
Genesis accelerated the delivery of Gen35, focusing on achieving near-term earnings growth and establishing a clear
pathway to long-term earnings resilience and growth beyond FY28. This will be supported by overall market expansion
and improving margins from existing activities. The flexibility provided by Huntly Power Station and hydro schemes
enhanced earnings resilience during both wet and dry periods, as demonstrated through FY25.
During dry periods, Genesis ran all three Rankines and used fuel flexibility to cover customer needs and support the
wider market. Unit 5 provided baseload generation at about 60% capacity, with the remaining 40% used to toll gas from
other operators. Unit 6 was upgraded to switch between gas and diesel, enhancing its peaking capability. Genesis also
maintained a strategic fuel reserve and signed long-term HFOs to support national energy security.
Retail operations delivered improved performance, driven by a focus on simplification, efficiency, and value over
volume. A lower-cost operating model was implemented, with the reduction of approximately 200 roles, while strong
customer satisfaction metrics were maintained. A single-brand strategy was adopted, and we are in the process of
consolidating Frank and Ecotricity under the Genesis brand to enhance market clarity, alignment, and operational
efficiency.
The integration of Ecotricity will enhance Genesis’ presence in the commercial and industrial segment, while the
investment in a majority stake in ChargeNet secured a strategic foothold in the fast-growing electric vehicle charging
market. Genesis also completed a large-scale demand flexibility trial involving over 17,000 customers, shifting hot water
load away from peak periods and freeing up over 50 MW of peak capacity.
The LPG business delivered a strong performance in FY25, generating $65 million in gross margin, underpinned by stable
sales volumes across our customer base and continued high levels of network reliability. This solid result reflects LPG's
important role as a secure energy source in an increasingly constrained natural gas market environment, positioning
the business to capitalise on ongoing market opportunities while maintaining our commitment to providing reliable
energy solutions to our customers.
Technology transformation progressed with billing and CRM platform upgrades, financial management system upgrade
and a project to enhance our trading and risk management system. FY26 will see a peak in digital project investment,
with delivery of the new billing and CRM platform, finance management system upgrade and enhanced trading and risk
management systems.
Group Financial Performance
Group revenue increased on the prior year, reflecting a combination of higher wholesale electricity prices, the
contribution from Ecotricity following its full acquisition in November 2024 and higher transmission and distribution
costs that are passed through to customers in line with regulatory requirements
Gross Margin increased by 12%, supported by improved retail netbacks, portfolio optimisation, and higher asset
availability. Gross margin absorbed a significant increase in fuel costs, largely driven by the cost of Gas and Coal within
a very constrained gas market.
Net Profit After Tax (NPAT) was $169 million, up from $131 million in FY24. This 29% uplift on the prior year was off the
back of leveraging our portfolio flexibility, produced 30% more electricity than planned during winter 2024, cost out
and valuation changes.
The Debt Leverage Ratio improved to 2.6x (from 2.7x) and within the Company’s BBB+ credit rating. The Board has
declared a final dividend of 7.17 cents per share, taking the total FY25 dividend to 14.3 cps
Netback Commentary
Genesis delivered a strong uplift in Group Gross Margin in FY25, underpinned by a material improvement in retail
netback across all customer segments and fuels. The strategic focus on margin over volume continued to deliver results,
with targeted customer acquisition, product simplification and pricing optimisation driving higher unit margins.
Electricity netback improved significantly while Commercial and Industrial customers contributed strongly, with tailored
energy solutions and hedging strategies enhancing profitability. Residential and SME segments also saw an uplift,
reflecting disciplined pricing and improved operational efficiency. Electricity netback was also supported by the
integration of Ecotricity.
Gas and LPG netbacks also contributed positively, with Genesis leveraging its portfolio flexibility to manage fuel costs
and pass-through value to customers. LPG in particular, is now transitioned to a standalone business unit to unlock
further strategic value.
Customer electrification initiatives, including EV plans and flexible load programs, further supported netback growth by
aligning customer demand with portfolio generation. The successful hot water control trial and LED bulb distribution
programme demonstrated scalable demand flexibility, reducing peak load and enhancing portfolio economics.
The retail business also achieved a NZ$65 million uplift in gross margin. This was achieved despite inflationary pressures
and higher transmission and distribution costs, which were largely passed through to customers. The result reflects
Genesis’ ability to protect and grow margin in a volatile market environment.
Overall, Genesis’ netback performance in FY25 highlights the effectiveness of its Gen35 strategy in driving sustainable
earnings growth through margin enhancement, portfolio optimisation, and disciplined cost control.
Sustainability & Community
Genesis invested $5.6 million in community initiatives during the year, more than doubling the prior year’s contribution.
This coincided with the launch of a 10-year Community Investment Framework aligned with our long-term objectives,
focusing on positive social and environmental outcomes for communities connected to Genesis’ generation assets.
Employee engagement remained high at 79%, exceeding national benchmarks, with 86% trusting in their leaders and
91% reporting they feel safe at work. ISO 45001 accreditation was also achieved, reflecting Genesis’ ongoing
commitment to maintaining high standards of health, safety, and wellbeing.
While total emissions rose to 3,587ktCO2e (scopes 1, 2, and 3) from 3,231 ktCO2e in FY24, this was due to higher
thermal generation during periods of low hydro and wind availability to support New Zealand's energy security. The
underlying trend remains towards lower baseload emissions as new renewables displace gas generation over time.
Genesis remains committed to achieving net zero by 2040 and is actively pursuing biomass and other low-emission fuel
alternatives.
Capital Management & Outlook
Genesis remains committed to delivering a balanced yield-plus-growth strategy, maintaining a BBB+ credit rating, and
investing in renewables, flexible generation and digital infrastructure to support New Zealand’s energy transition.
Stay-in-business capex increases from FY25 to a range of between $130 million - $140 million, with investment to
prolong the life of the Huntly scheme and maintain a high level of asset reliability. Growth capex outlook of up to $300
million will be allocated to renewables opportunities.
Guidance for FY26 normalised EBITDAF is in the range of $430 million - $460 million, subject to hydrological conditions,
gas availability, plant reliability, and stable market conditions.
Genesis Investor Day is scheduled for 26
th
- 27
th
November 2025.
Commentary and Quotes from Malcolm Johns
“The Company navigated four very different quarters, with gas supply declining faster than forecast and the need to
support other generators during the winter of 2024. The year saw periods of extreme dryness in the first and third
quarters, with Huntly’s three Rankine units running at high capacity to meet customer needs and support the wider
market. The Company’s ability to switch between fuels, including gas, coal and diesel, proved essential in responding to
market volatility. This fuel flexibility is expected to become increasingly important as the gas market becomes less
reliable and fluctuating wind and hydro generation contribute to greater price volatility. Despite these headwinds,
Genesis’ portfolio flexibility enabled the delivery of a solid financial result.”
“Huntly Power Station once again played a critical role in ensuring both earnings resilience and security of supply for
New Zealand. It is now widely accepted that Huntly is essential to the country’s future energy security and will remain
a core asset within the Genesis portfolio. HPS is now backing up national wind generation more often than it is backing
up dry hydro periods. Energy security is required across minutes, hours, days, weeks and months, and HPS has asset
and fuel flexibility to monetise the full spectrum. Hydro generation also provided significant value, leveraging the
geographic diversity of the Company’s hydro schemes to capture rainfall in different regions and deliver between 2.6
and 3 TWh per annum.”
“Our strategy to drive earnings growth through leveraging our portfolio flexibility mitigated most of these impacts,
delivering a solid FY25 financial result.”
“The leadership team emphasised that Gen35 is focused on delivering both near-term earnings growth and a clear
pathway to long-term earnings resilience beyond FY28. This will be achieved through market growth, improved margins
from existing operations, and investment in flexible, efficient generation assets. The target of mid to upper $500 million
EBITDAF by FY28 remains in place, based on average hydro conditions and no material adverse events.”
“In retail, the business has been simplified and strengthened, with the integration of Ecotricity, consolidation under a
single Genesis brand, and the expansion of the Company’s presence in the EV charging market through a majority stake
in ChargeNet. The Company also completed a successful large-scale demand flexibility trial, further demonstrating its
ability to deliver innovative solutions for customers and the market.”
“We look forward to Investor Day in November when we will share our capital allocation plan and talk more about how
we will accelerate through Horizon 2 of Gen35, delivering our financial objectives and the wider strategy post FY28, as
we continue to play our part in New Zealand’s energy transition.”
1 Normalised EBITDAF: EBITDAF adjusted for non-routine restructuring costs ($2.4 million), acquisition costs ($2.0 million) and provision for Crown royalties settlement for Kupe
Venture Limited - PML 38146 ($11.7 million).
2 Reported EBITDAF: Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value changes, and other gains.
ENDS
*************************
Investor contact
David Porter, Genesis Investor Relations Manager
david.porter@genesisenergy.co.nz
+ 64 20 4184 1186
Media contact
Estelle Sarney, Genesis Energy External Communications Manager
estelle.sarney@genesisenergy.co.nz
+ 64 27 269 6383
---
Investor Presentation
Malcolm Johns Chief Executive
Julie Amey Chief Financial Officer
26 August 2025
Genesis Energy FY25 Results
This presentation has been prepared by Genesis Energy Limited
(“Genesis Energy”) for information purposes only. This disclaimer
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This presentation contains forward-looking statements. Forward-
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regarding Genesis Energy’s intent, belief or current expectations in
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indications of, or guidance or outlook on, future earnings or
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“guidance”, “outlook” or similar expressions.
EBITDAF, free cash flow and ‘normalised’ balances are non-GAAP
measures. These non-GAAP measures should not be considered in
isolation from, or construed as a substitute for, other financial
measures determined in accordance with GAAP or NZ IFRS.
Genesis Energy is subject to disclosure obligations under the NZX
Listing Rules that requires it to notify certain material information
to NZX for the purpose of that information being made available to
participants in the market. This presentation should be read in
conjunction with Genesis Energy’s Integrated Report for FY25 and
Genesis Energy’s periodic and continuous disclosure
announcements released to NZX, which are available at
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While all reasonable care has been taken in compiling this
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Except as required by law, or the rules of any relevant securities
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whether as a result of new information, future events or otherwise.
Disclaimer
2
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
The Executive Team
Malcolm Johns
Chief Executive
Ed Hyde
Chief Transformation & Technology Officer
Matthew Osborne
Chief Corporate Affairs Officer
Tracey Hickman
Chief Operating Officer
Julie Amey
Chief Financial Officer
Stephen England-Hall
Chief Revenue Officer
Claire Walker
Chief People Officer
3
Key Messages 05
Gen35 Strategy 09
People, Profit, Planet 06
Business Performance 19
Group Performance 14
Group Outlook 24
Appendices 28
Agenda
4
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
5
Growth investment ramp up across digital transformation and generation asset
infrastructure, continuing the Gen35 pathway of progress to FY28 earnings uplift
Monetisation of Huntly continues, with new ten-year firming options to underpin Rankine
life extension, bringing critical national security capacity on commercial terms, subject to
Commerce Commission review.
Good progress on business transition, ISO 45001 safety accreditation, with further
simplification from single-brand focus, operational capability outsourcing and Executive
accountabilities realigned
Continued commitment to balance Growth Investment and Dividend, with FY25 final
dividend of 7.17 cps declared, taking total FY25 dividend to 14.3 cps
Strong earnings performance with normalised EBITDAF
1
of $470m and EBITDAF
2
of
$454m delivered in a volatile year requiring significant portfolio flexibility with an impactful
organisational response
FY25 Key Messages
A year of extremes for generation, demonstrating portfolio resilience enabling strong financial performance
1. Normalised EBITDAF is adjusted for material non-routine items as per Genesis Disclosure of Non-GAAP performance measures policy. Refer appendix for reconciliation
2. 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 for reconciliation from EBITDAF to net profit before tax.
1
2
3
4
5
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
6
Interaction Net Promoter Score
+50
+52
pcp
Employee Engagement
79%
75%
Benchmark
Community Investment
$5.6m
$2.7m
pcp
Emissions (scope 1, 2, 3)
3,587 ktCO2e
3,231 ktCO2e
pcp
Net Profit After Tax (NPAT)
$169m
$131m
pcp
Debt Leverage Ratio
2.6x
2.7x
pcp
Dividend per Share
14.3 cps
14.0
pcp
Renewable PPAs
731 GWh
2,677 GWh
pcp
A highly engaged workforce60% uplift from Tauhara and LauristonS&P credit rating methodology
Renewable Generation
2,594 GWh
457 GWh
pcp
People, Planet, Profit
Powering Progress for People, Sustaining Our Planet, Driving Sustainable Profit
Impactfulcommunity investment
Higher coal utilisation for energy security
With DRP offered at 2.5% discount
PEOPLE
PLANET
PROFIT
Resilience through significant changeImpacted by lower annualised hydro levelsUp 29% on FY24
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
7
-
10
20
30
40
50
60
70
80
90
-
100
200
300
400
500
600
700
800
900
JulAugSepOctNovDecJanFebMarAprMayJun
Electricity GGM ($m)
GWh
HydroPPAsGasCoalRankine HFOP50 hydroElec GGM ($m)
Genesis Earnings Resilience
Reliable generation adapting to every season with Group Gross Margin resilience and fuel flexibility
•Genesis own asset actual generation by month, with P50 hydro generation illustrating periods of significant volatility
•Electricity Group Gross Margin by month. Also refer appendix for full year analysis
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
8
Directional Positioning Huntly for Future Market Security
From capacity to certainty: monetisation of market security bringing balance to future demand & supply sources
Genesis Existing vs. Future Energy Position
1. HFO: Huntly Firming Options
Residential &
Small Business
Commercial &
Industrial
Hydro
Hydro
Renewables
Renewables
Huntly
Huntly Baseload
HFOs
1
HFOs
1
Current Market Security
Future Market Security
Future Market Security
0TWh's
2TWh's
3TWh's
5TWh's
6TWh's
8TWh's
9TWh's
11TWh's
DemandFY25 SupplyFY28 Targeted Supply
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
9
Gen35 Strategy
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
10
Gen35 Initiative
FY28
GOAL
Billing and CRM re-platform
Operational across Genesis
CustomerFlexibility
Unlock 150 MW of flexibility
Electrification (EV)
Genesis customers represent 30% of EV market
Wind
Development pathway to 300 MW
Solar
Up to 500 MW developed and operational
Gas
Seasonal gas flexibility secured
Biomass
Pathway to 300 kt p.a.
BESS
100 MW/200 MWh BESS operational at Huntly
FY28 Goal
FY25 Progress
Steady progress to support Release 1 delivery in Q2 FY26
Unlocked 50 MW peak flex
9% of total EV and Hybrid plug-in market
3
are on a Genesis EV plan
Lauriston operational at 63MWp;
Progressing to FID for Edgecumbe (127MWp) and Leeston (67MWp)
Multiple opportunities being pursued
Construction underway with project forecast under budget at $135m
and commercial operations on target for Q1 FY27
CarbonaMOU signed; Foresta Term Sheet signed (180 kt p.a);
Consortia engagedfor other locations
Development work is progressing on the consented site (300MW)
FY28 EBITDAF
1
range estimate
1.Indicative FY28 EBITDAF range based on P50 hydrology conditions, no material Market changes and acceptable financial settings. Expected to deliver mid $500 million EBITDAF
2.Expected proportion of capital for allocation ifeconomic assumptions,financial settings and commercial terms are acceptable
3.Total Addressable Market in New Zealand
$25-40m
$40-60m
$40-60m
Investment
2
estimated allocation
FY25-FY30
~10-20%
~30-70%
~30-40%
Flexibility
Monetising
flexibility
Renewables
Thermal
displacement
Customer
Margin growth
Customer
Margin
growth
$25-40m
~5-10%
$40-60m
$40-60m
~50-80%
~30-40%
Gen35 8by28 Progress Update
On track for FY28 EBITDAF target of mid-$500m’s with credible pathway to high $500m’s
Customer
Flexibility
Electrification
of Transport
Billing and CRM
Re-platform
✓End-to-end testing for
the first release is
near completion
✓9% of TAM
1
are on a
Genesis EV plan
✓ >30% EV customers
via retail channels
2
✓Unlocked 50MW of
flexibility, with a
pathway to a total of
100MW by end of
FY26
150 MW
Operational across
Genesis
Genesis customers
30% of EV market
•First customer cohort
planned for go-live
early FY26
•Additional networks
on track to be added
FY26 (50MW)
•EV Flex pilot in FY26
•ChargeNet network
expansion
8 by 28 Progress
Initiatives
Progress
Next Steps
Initiative
Details
FY28
Goal
Ecobulb
13.5 MW of peak load
reduced
•261k energy-efficient
lightbulbs distributed
to customers,
employees & people
in our communities.
•Reducing energy
usage for customers
•Unlocking peak load
energy for the
market
Core Efficiency
Improved Netback/FTE
by 22% against pcp
•Continued focus on
margin uplift via
simplified, efficient
operations
•Annualised core cost
reduced by $12m
Customer
Margin growth
Customer
Margin
growth
Impact
Customer
Driving growth through performance and capability.
11
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
1. TAM: Total Addressable Market of all EV’s and Plug-in Hybrids
2
2. Includes ChargeNet retail channel
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
12
HYDRO
SECURED PPAs
SOLAR
0
1
2
3
4
5
FY28 Target
Secured Renewables (TWh)
Site
Expected
Generation
(GWh/year)
Update
Lauriston (Solar)~100Operational (February 2025)
Edgecumbe (Solar)~230Final Investment Decision target Q2 FY26
Leeston (Solar)~110Final Investment Decision target Q3 FY26
Foxton (Solar)~345In fast-track consenting process
Kaiwaikawe (Wind) ~225First generation Q3 FY27
Waipipi (Wind) ~450Operational (March 2021)
Tauhara
(Geothermal)
~549Operational (January 2025)
Huntly BESS
(Storage)
n/aUnder construction (Q1 FY27; 200 MWh)
Renewables
A credible pathway to deliver of renewable energy
Renewables
Thermal
displacement
12
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
Transitioning Baseload Gas
Earnings resilience driven by fuel flexibility
Flexibility
Monetising
flexibility
-10
0
10
20
30
40
50
60
Aug23Nov23Feb24May24Aug24Nov24Feb25May25
Fuel Cost $/GJ
Gas and Coal Market Prices ($/GJ)
Daily emsTradepoint Gas Price (excludes carbon)Newcastle Coal Price
0
0.5
1
1.5
2
2.5
FY26FY27FY28FY29
TWh
Transitioning baseload gas generation
(TWh)
Gas ContractsMarket Purchases of Gas, Coal and/or Biomass TargetRenewables
.... ensuring optimal commercial decisions on generation fuel
Gas price drives fuel flexibility choices...
13
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
FY25
Group Performance
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
15
1.Revenue: inclusive of realised non-hedge accounted electricity derivatives of $57m ($16m pcp)
2.EBITDAF: Earnings before net financing, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value
changes and other gains and losses
3.Normalised EBITDAF is adjusted for material non-routine items as per Genesis Disclosure of Non-GAAP performance measures
policy. Refer appendix for reconciliation
4.FY26 digital investment spend of $33m, less a baseline annualised average spend of $15m
FY25FY24
Variance
Revenue
1
$3,720m$3,064m
21%
Gross Margin
$864m$770m
12%
Margin %23%25%
OPEX: Operations
$(376)m$(348)m
8%
OPEX: Digital Investment
$(33)m$(15)m
114%
Reported EBITDAF
2
$454m$407m
12%
Margin %12%13%
Normalised EBITDAF
3
$470m$413m
13%
Margin %13%13%
Reported EBIT
$304m$272m
12%
Reported NPAT
$169m$131m
29%
Dividend Per Share
14.3 cps14.0 cps
%
Earnings Per Share
15.5 cps12.2 cps
%
FY25 Group Reporting Earnings
Earnings resilience, supporting a $33m digital project investment for future benefit realisation
•Reported EBITDAF of $454m ($407m pcp) increases to $488m ($413m pcp)
on a like-for-like basis after normalising
3
for non-routine costs of $16m ($6m
pcp) and adjusting for the temporary ramp up in digital investment of $18m
4
•Revenue: uplift largely from higher electricity spot prices, Ecotricity, and a 12%
increase in transmission & distribution costs for pass through to Customers.
•Gross Margin: an overall 12% uplift, although significantly higher fuel cost
from more thermal generation has impacted gross margin %
Refer Gross Margin analysis on slide 16
•Operations Expenses: includes $9m for Ecotricity operating cost and $16m of
non-routine expenses in FY25 for a Kupe royalty provision, restructure and
acquisition costs. Refer Operating Expenses analysis on slide 16
•Digital Investment: ramp up in technology projects as per Gen35 Technology
Delivery strategic pillar. Refer Operating Expenses analysis on slide 16
•Reported NPAT: higher earnings from EBITDAF uplift, lower net financing cost,
lower effective tax rate and lower impairment expense - offset in part by
revaluation and fair value adjustments. Refer appendix for further details
•Final Dividend declared, taking total FY25 dividend to 14.3 cps (imputed to
100%) and reinforcing Investor Day 2023 commitment to balance growth
investment and yield returns
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
16
149
28
15
64
28
18
61
People
Software / Support
Digital investment
Maintenance / Property
Direct costs
Consultants
Other
FY25 Group Gross Margin (GGM) movement ($m)
•Generation: upside from 247 GWh higher generation volumes, with 331 GWh
higher thermal generation offset by 76 GWh lower hydro, and supplemented by
60% higher PPA volumes from Tauhara and Lauriston (Waipipi on par)
•Fuel: higher coal and carbon costs within a constrained gas market, intensified
by extreme winter 2024 conditions bringing a further $59m of unmitigated
downside
•Retail Margin: value over volume strategy delivering higher netbacks across
all segments, coupled with uplift from Ecotricity (from November 2024)
•Portfolio: upside from leveraging flexibility value driver to optimise long and
short portfolio positions
•Other: upside from higher asset availability and favourable timing of oil sales
158
32
33
64
28
21
74
Group OPEX by Spend Category ($m)
•People
1
: reflects a 7% reduction in core FTE, offset by uplift post Ecotricity
acquisition, non-routine restructure costs and circa 4.5% wage/salary inflation
•Software / Support costs: up 15% with new services and contractual increases
•Digital Investment
2
: ramp up in technology software projects including Retail
billing system and Finance system replacement and uplifts
•Maintenance
3
/ Property:overall in line with prior year
•Consultants and Professional Services
4
: overall up 12% with a range of
feasibility and industry related studies
•Other: includes increase in provision for royalty differences settlement ($12m)
1.Excludes FTEs dedicated to digital projects – refer Digital Investment classification
2.Net of $6.5m customisation and configuration costs deferred to prepayments, to be expensed over the life of the project.
3.Includes thermal and renewable maintenance, materials and contractors
4.Excludes consultants dedicated to digital projects – refer Digital Investment classification
FY25: $409m
FY24: $363m
FY25 Group Gross Margin and OPEX
Gross Margin Trends and Opex Insights: A Clearer View of Performance
14
770
34
(147)
65
128
864
FY24 GGMGenerationFuelRetail MarginPortfolioOtherFY25 GGM
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
17
FY25 Growth: Investment
$113m ($24m pcp)
•$64m ChargeNet (Nov 2024)
•$12m Ecotricity (Nov 2024)
•$27m Forestry investments
•$10m Lauriston solar
Capital Management
FY25 Operations Free Cash Flow (FCF) ($m)
FY25 Stay-in-Business CAPEX
1
$86m ($79m pcp)
•$60m generation asset maintenance
•$7m LPG fleet and depot improvements
•$7m digital projects
•$6m Kupe JV asset maintenance
•$6m technology support & corporate
FY25 Growth: CAPEX
1
$52m ($63m pcp)
•$37m Battery (BESS)
•$15m Solar development
expenditure
FY25
Sources & Use of Funds ($m)
Debt
drawdown
3
Operations
FCF
Growth
Capital
(CAPEX /
Investment)
Dividend
(net of DRP)
147
22
112
165
116
SourcesUses
Cash
reserves
1. Stay-in-Business and Growth CAPEX are on an accounting basis. FCF is cash. 2. Lease costs are exclusive of interest component of lease payments, this is reported within Net finance costs. 3. Debt drawdown includes $10m for the unwind of the lease costs
Significant utilisation of operations cash for replenishment of national energy storage
FY25 Coal Replenishment
454
70
(143)
(64)
(74)
(10)
(86)
147
FY25 EBITDAF
Reverse
non-cash
InventoryTax paid
Net finance
cost
LeasesSIB CapexFY25 Op FcF
50
100
150
200
250
300
350
400
450
500
550
600
306 kt
888 kt
Opening
1 Jul 24
PurchasedUtilisedClosing
30 Jun 25
1,400 kt
818 kt
$51m
$192m
Largely timing
differences in
working capital
and provisions:
2
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
18
1,247
1,276
1,352
1,284
1,224
1,348
173
175
355
320
271
350
3.1x
2.9x
2.7x
2.2x
2.7x
2.6x
0
500
1000
1500
2000
FY20FY21FY22FY23FY24FY25
Net DebtLiquidity HeadroomNet Debt : EBITDAF
Group Net Debt ($m)
1
, Liquidity Headroom ($m) and Leverage
2
1.Net Debt: Total drawn Borrowings, less Cash, less Fair Value Adjustments
2.Leverage: Adjusted Net Debt/EBITDAF (12 month preceding). Adjusted net debt: net debt less 50% of Capital Bonds plus reported rehabilitation & restoration provision
3.A $285m and $240m Green Capital bonds are scheduled to mature in FY52 and FY54 respectively
•Commitment to investment grade credit rating, reaffirmation by S&P Global in December 2024 at BBB+ with stable outlook
•Liquidity headroom maintained as levels above Treasury Policy to provide further financial resilience against volatility from undrawn, committed facilities
•Good progress on revised Capital Management strategy and implementation plan, for presentation at Genesis Investor Day 2025 in November 2025
Financial Resilience
Strong Foundations, Steady Performance: Navigating Uncertainty with Confidence
Group Borrowing Maturation to FY30
3
profile of facilities secured as at 30 June 2025
0
500
1,000
1,500
2,000
Jun 25Dec 25Jun 26Dec 26Jun 27Dec 27Jun 28Dec 28Jun 29Dec 29
Green Capital BondsWholesale BondsGreen Retail BondsBank debtUSPP
FY25
Business Performance
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
20
Portfolio & Channel: delivering stronger returns
We’re prioritising Margin over volume
Actively rebalancing the portfolio towards segments that
deliver stronger margin.
Delivered $65m of margin uplift in FY25.
We’re improving the Shape of customer demand
Better alignment between customer load and generation
is freeing up capacity and reducing peak costs – enabled
through targeted acquisition, scaling customer flex and
new products to improve group gross margin.
We’re Simplifying our business
Cost take-out, rationalisation of customer acquisition
channels, single-brand consolidation – all reducing
duplication, reducing costs and enabling efficient scaling.
Delivered $12m of baseline OPEX savings in FY25.
Grow Core
Value
Higher netback achieved
across all segments and
fuels, with a continual
focus on margin
enhancement and OPEX
efficiencies.
Genesis Customer Connections on EV Plan
Genesis Group Solar Connections
0
5,000
10,000
15,000
20,000
Jul-24Oct-24Jan-25Apr-25Jul-25
EV ICP count
0
10,000
20,000
30,000
40,000
Jul-24Oct-24Jan-25Apr-25Jul-25
Total Genesis Solar ICP count
Ecotricity Solar ICP count
39% uplift
68% uplift
1
Retail: Executing the strategy
Sustainable results being achieved through a focus on value, simplification and scaling transition
Electricity Netback ($/MWh)
$146
$7
$2$155
FY24 Elec NetbackMargin upliftSimplification benefitsFY25 Elec Netback
$/MWh
$129
$134
$139
$144
$149
$154
$159
Netback includes pass-through of $695m of Transmission & Distribution costs in FY25, uplift 12% on pcp.
1
Includes Ecotricity solar ICPs from Nov 24.
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
21
Hydro Schemes
FY20
92.9%
1
Start Reliability
pcp 86.5%
1,704 GWh
generation
pcp 2,332 GWh
$10m
CAPEX
pcp $4m
99.8%
Start Reliability
pcp 99.6%
2,588 GWh
generation
pcp 2,664 GWh
$38m
CAPEX
pcp $38m
98.1%
Start Reliability
pcp 100.0%
1,850 GWh
generation
pcp 894 GWh
$11m
CAPEX
pcp $6m
98.8%
Start Reliability
pcp 98.8%
59 GWh
generation
pcp 57 GWh
$1m
CAPEX
pcp $0m
FY25 Operations: Operational excellence
Strong operational performance driven by reliability, enabling significant portfolio flexibility
Rankine UnitsUnit 5Unit 6
1. Rankine reliability includes Unit 2 reliability of 78.9% (84.6% pcp) reflecting current asset maintenance and retirement planning
•54% reduction in recordable injuries (5 vs 11 pcp) and 28% reduction in impacted workdays (81 vs 113 pcp)
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
22
Kupe Joint Venture
Direct access to natural gas and LPG reserves for portfolio
requirements, with consistent earnings stream
Value Drivers
•Equity gas, LPG & condensate of 43 PJeof total field reserves**,
with field end-of-life remaining unchanged in the 2030’s.
•Reservoir surveillance and rig-less well intervention campaigns
to mitigate late-life production risks
•Aligned JV agenda to maximise value through late-life field
optimisation and cost management
** Based on 46% share of ‘2P’ reserves of remaining Kupe oil and gas field gross reserves
FY25 Performance (46% share)
•Sales: 6.6 PJ natural gas; 28.9 ktLPG; 160.5 kbblcondensate
•EBITDAF: $35.7m ($38.7m pcp)
•SIB Capex: $5.9m ($12.2m pcp)
•Plant Reliability: 94.2% (94.6% pcp)
•Safety Performance: TRIFR* = 0; Significant environmental
incidents = 0; Significant process safety incidents = 0
LPG Distribution
Highly resilient and consistent margin generation with strong
operational performance and room to grow
Value Drivers
•National distribution footprint with reliable regional supply chain
•86k home and business customer connections (92k pcp)
•Internationally recognised ISO 45001 certification achieved
FY25 Performance
•Gross Margin of $65m up 8% against pcp, offsetting a 4.7%
increase in delivery OPEX
•LPG sales volumes of 46.4 kt aligned with pcp
•Capex of $7.4m to replace trucks and for new Auckland depot
•26% increase in recordable injuries (34 vs 27 pcp) and 44%
increase in impacted workdays (777 vs 539 pcp)
FY25 Commercial Businesses
Unlocking value through strong performance and value drivers
*Total Recordable Injury Frequency Rate
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
23
ChargeNet Investment
Strategic investment enabling multi-year growth from
the largest electrification value pool
Value Drivers
•Leading NZ’s fast charging market with national network scale
•Leveraging first mover advantage to lock in premium locations
•Scaling efficiently through data-driven site optimisation
•Target: 20% share of est. $365m FY35 public charging value pool
FY25 Performance
•Electric Vehicle (EV) market growth up 13.5% YOY
•Sales Increased 25% YOY, delivering 31% higher revenue
•Top 100 sites average utilisation >15%, ahead of expectations
•63 high-speed chargers added across 28 sites (11MW capacity)
Forestry Investments
Providing valuable hedge for future carbon emission unit
obligations
Value Drivers
•~25,000 hectares registered with ~5,000 ha pending.
•Self-funding
•~300,000 NZUs p.a. targeted for FY30+ carbon benefits.
FY25 Performance
•57,632 NZUs received in FY25
•$27m investment in Forest Partners
•Forestry 98.8% funded
FY25 Commercial Investments
Enabling sustainable growth
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
24
Group Outlook
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
25
We remain committed to our yield-plus-growth
stock, delivering consistent returns and
sustainable long-term growth for shareholders
We are delivering on our strategy initiatives to
drive a sustainable uplift in our earnings, with
an on-going focus on our asset reliability
We continue to progress commercial
opportunities to help address national energy
security issues
We have a demonstrable pathway to deliver
mid-to-upper $500m EBITDAF by FY28
Gen35 initiatives progressing at pace on a trajectory to deliver FY28 EBITDAF of mid-to-upper $500m
FY26 Outlook and Guidance
1
EBITDAF of between [$430m and $460m] premised on P50 hydrology
A ramp up in digital investment and carbon emission cost as signalled during Investor Day 2023
Digital Investment OPEX spend of between [$55m and $65m]
A peak year for digital project investments, creating a strong foundation for future value realisation
SIB CAPEX of between [$130m and $140m]
An uplift in support of prolonging the life of the Huntly scheme, maintaining a high level of asset reliability
Growth CAPEX of up to [$300m]
Delivering on our Renewables opportunities
1.Guidance is subject to electricity and gas markets volatility, gas availability, plant availability, hydrology and other material adverse events or circumstances
2.Normalised EBITDAF: Reported EBITDAF adjusted for material non-routine items per Genesis Disclosure of Non-GAAP performance measures policy (refer appendix)
3.Like-for-Like EBITDAF: Normalised EBITDAF adjusted to reduce digital investment down to an annualised baseline of $15 million
4.Against a SIB annualised average baseline spend of $15 million
We are progressing our capital management
strategy, underpinned by a credible capital
plan and capital allocation framework
FY26
$m
Range
FY25
$m
Actual
FY24
$m
Actual
Normalised
2
EBITDAF$430m - $460m$470m$407m
Like-for-Like
3
EBITDAF$470m - $510m$488m$418m
1
2
3
4
5
4
Q & A
Malcolm Johns
Chief Executive
Julie Amey
Chief Financial Officer
26
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
Thank You
Appendix
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
29
Appendix Index
Supporting Information.
Technology & Delivery 31
Electricity and Gas gross margin breakdown 34
Capacity Contracts 32
Kupe gross margin and EBITDAF reconciliation 36
LPG and Other gross margin breakdown 35
Financial statements 37
Operational metrics 38
Glossary 39-40
Major Plant Overhauls and Upgrades 33
Reconciliation of Reported to Normalised Information 30
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
30
Reconciliation of Reported to Normalised Information
•The Group’s Disclosure of Non-GAAP Performance Measures policy (“policy”) determines the framework within which non-GAAP financial
information is determined, reported and utilised
•The Group’s objective in preparing normalised financial information is to enable the investment community to better understand the Group’s underlying
operational performance. The Group achieves this objective by providing information that:
•is representative of Genesis Energy’s underlying performance as a potential indicator of future performance;
•enables comparison across financial periods; and
•can assist with comparison between publicly listed energy companies in New Zealand.
•Non-GAAP information is prepared in accordance with the Board approved policy, and any adjustments under the policy are approved by the Board.
•Application of the Group’s “Disclosure of Non-GAAP Performance Measures Policy” in FY25 is consistent with the Board-approved approach.
FY25 ($m)CommentRevenueGross MarginExpensesEBITDAFNPAT
Reported3,662.1863.5(409.2)454.3169.1
Crown Royalty Provision
Adjust non-routine royalties’ settlement provision for Kupe
Venture Limited - PML 38146
--11.711.78.4
Organisational Restructure
Adjust non-routine costs incurred from organisation restructure
--2.42.41.7
Acquisition Costs
Adjust non-routine costs associated with the acquisitions of
ChargeNet and Ecotricity
--2.02.01.4
Normalised3,662.1863.5(393.1)470.4180.6
Non-GAAP Financial Information
FY24 ($m)CommentRevenueGross MarginExpensesEBITDAFNPAT
Reported3,047.8770.3(363.1)407.2131.1
Crown Royalty Provision
Adjust non-routine royalties’ settlement provision for Kupe
Venture Limited - PML 38146
-4.5-4.53.2
Organisational Restructure
Adjust non-routine costs incurred from organisation restructure
--1.41.41.0
Normalised3,047.8774.8(361.7)413.1135.3
Technology & Delivery
Strategic PillarProjectProgress Update
Delivery
Billing & CRM re-
platform
•First go live on track for Q1 FY26
•Recalibrating delivery plan based on solution readiness
•Overall programme on track for completion FY27
Powered Finance
•Phase 1 (General Ledger Refresh) on track for FY26.
•Tracking to full completion in FY27
Trading & risk platform
implementation
•New derivatives trading tool delivered.
•Energy Trading Risk Management, Market Modelling, and Gross Margin
Calculation on track for delivery across FY26 and FY27
•Key focus on delivering quality outcomes within the overall Technology investment target
Successful year ensuring secure, reliable solutions and enabling business transformation
31
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
31
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
32
Asset Backed Huntly Capacity Contracts
•Swaptions, with a fixed annual capacity
premium giving the options to call energy
(Contracts for Difference)
•Fuel cost and carbon obligation sits with
HFO holder
•Industry risk reduced through monetising
capacity to support asset maintenance and
ensure Rankines available when needed
•Future opportunity to bring more Huntly
capacity contracts to Market across
different fuel types
In addition to the new 10-year HFOs, Genesis has 85MW of existing HFOs expiring December 2026 with a one-year extension option for the holder
and administered under a similar arrangement to the above
Huntly Rankine Units
Fuel Supplied
Fuel
Ordered
Fuel Supply Chain
(Coal with Biomass transition)
Electricity Market
Electricity Generated
Fuel Purchase Costs
and
Carbon Emission Units
Settlement
10-year HFO
Buyers
Generation
Revenue
HFO
Called
Carbon Emission
Units surrendered
Annual
Premium
Supporting national energy security
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
33
Major Plant Overhauls and Upgrades
Extending the life and reliabilityof ourexisting generation assets is core to Gen35
•Rangipo Unit 6 generator overhaul – 10-year overhaul
as part of the asset management lifecycle to maintain reliability. The
project also included transformer bushing replacement and the
overhaul of the turbine relief valve
•Piripaua Generator 4 and 5 penstocks – internal
recoating to extend the life of the penstocks, the project also included
an overhaul of the turbine relief valve
•Huntly Unit 1 cold survey – 4-yearly overhaul as part of the
asset management lifecycle to maintain reliability
•Huntly Unit 2 bushings – an outage to replace transformer
bushings supported the opportunity to overhaul the HP turbine blades,
reducing risk to Winter generation
•Huntly Unit 5 combustor change – to support the ongoing
reliable operation of the unit, this work also enabled a lower minimum
load and part-load efficiency gains
•Tekapo B 400V – lifecycle replacement of end-of-life
switchboards
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
34
Reported numbers have been rounded and might not appear to add or multiply.
FY25FY24Variance
Electricity Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales C&I1,782 GWh$216.663861,816 GWh$195.93356(34) GWh$20.7330
Retail Sales Residential3,005 GWh$306.449213,095 GWh$284.71881(90) GWh$21.7340
Retail Sales SME1,010 GWh$278.532811,009 GWh$258.182601 GWh$20.3521
Retail Sales Ecotricity
1
492 GWh$288.07142---492 GWh$288.07142
Wholesale Sales
2
6,245 GWh$235.871,4735,960 GWh$188.091,121285 GWh$47.78352
Derivatives Settlements632043
Ancillary Revenue89(0)
Total Revenue3,2752,647628
Generation Costs (Thermal)3,613 GWh$141.765123,282 GWh$113.95374331 GWh$27.80138
Generation Costs (Renewable)2,594 GWh--2,677 GWh--(84) GWh--
Retail Purchases6,617 GWh$210.491,3936,229 GWh$182.311,136388 GWh$28.18257
Transmission and Distribution12,496 GWh$54.8168511,879 GWh$47.79568617 GWh$7.01117
Ancillary Costs910(1)
Total Direct Cost2,5992,087512
Electricity Gross Margin676560116
Gas Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales6.83 PJ$39.952737.03 PJ$32.47228(0.21) PJ$7.4844
Wholesale Sales1.86 PJ$7.89150.21 PJ$12.8031.66 PJ($4.92)12
Emission Unit Revenue (Gas)505
Total Revenue29223161
Gas Purchases8.69 PJ$13.641197.24 PJ$9.87711.45 PJ$3.7747
Transmission and Distribution8.69 PJ$12.091057.24 PJ$12.83931.45 PJ($0.74)12
Emissions Unit Cost (Gas)19136
Total Direct Cost24217765
Gas Gross Margin5054(4)
1 Note: Ecotricity 100% consolidation occurred on 1 December 2024 and is included in Genesis metrics and performance thereafter
2
Methodology changed in FY25 to include volumes generated from customers
’
rooftop solar. Prior periods unadjusted as impact is immaterial.
Electricity and Gas gross margin breakdown
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
35
.
Reported numbers have been rounded and might not appear to add or multiply.
FY25FY24Variance
LPG Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales42,591 T$2,617.9511243,339 T$2,422.56105(748) T$195.397
Wholesale Sales3,826 T$1,062.0246,246 T$1,011.576(2,420) T$50.46(2)
Emission Unit Revenue (LPG)431
Total Revenue1201145
LPG Purchases46,417 T$1,065.494949,585 T$1,007.4850(3,168) T$58.01(0)
Emissions Unit Cost (LPG)551
Total Direct Cost55550
LPG Gross Margin65605
Other Gross Margin
$m$m$m
Net Carbon Active Trading0(3)3
Other Revenue437(33)
Other Costs(4)(2)(2)
Total Other Gross Margin032(32)
Total Gentailer Gross Margin79070585
LPG and Other gross margin breakdown
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
36
.
Reported numbers have been rounded and might not appear to add or multiply.
FY25FY24Variance
Kupe Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Oil Sales160 Kbbl$111.7918109 Kbbl$93.661052 Kbbl$18.138
Gas Sales7 PJ$8.20547 PJ$8.0657(0) PJ$0.14(2)
LPG Sales28,860 T$548.351629,968 T$530.5416(1,108) T$17.81(0)
Other and Emissions Revenue1072
Direct Costs(25)(25)0
Kupe Gross Margin73658
EBITDAF
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Total Gentailer Gross Margin79070585
Kupe Gross Margin73658
Genesis Energy Limited Gross Margin86377093
Operating Expenses
Employee Benefits16515213
Other Operating Expenses20618521
Kupe Operating Expenses372611
Genesis Energy Limited Operating Expenses40936346
EBITDAF45440747
Kupe gross margin and EBITDAF reconciliation
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
37
Income Statement ($m)FY25FY24Variance
Revenue
1
3,662.13,047.820%
Expenses(3,265.0)(2,653.3)(23%)
Depreciation, Depletion & Amortisation(239.1)(237.0)(1%)
Impairment of Non-Current Assets(0.9)(65.0)99%
Fair Value Change146.9146.60%
Revaluation of Generation Assets(5.6)31.8(118%)
Other Gains (Losses)6.74.743%
Share in associate& joint ventures(0.8)(3.4)76%
Earnings Before Interest & Tax304.3272.212%
Interest(76.4)(81.1)6%
Tax(58.8)(60.0)
2%
Net Profit After Tax169.1131.129%
Earnings Per Share (cps)15.512.227%
Stay in Business Capital Expenditure(86.0)(78.5)(10%)
Dividends Per Share (cps)14.314.02%
EBITDAF454.3407.212%
1
Revenue is net of realised (gains)/losses on non-hedge accounted electricity derivatives
Refer to the consolidated financial statements on pages 75 to 115 of the 2025 Integrated Report.
Balance Sheet ($m)FY25FY24Variance
Cash and Cash Equivalents81.0192.8
(58%)
Other Current Assets858.3653.031%
Non-Current Assets5,162.74,791.58%
Total Assets6,102.05,637.38%
Total Borrowings1,489.81,450.73%
Other Liabilities1,636.31,508.68%
Total Liabilities3,126.12,959.36%
Adjusted Net Debt1,347.81,223.810%
EBITDAF Interest Cover8.3x6.8x22%
Net Debt/EBITDAF2.62.7(4%)
Cash Flow Summary ($m)FY25FY24Variance
Net Operating Cash Flow311.7439.8
(29%)
Net Investing Cash Flow(239.8)(172.3)
(39%)
Net Financing Cash Flow(183.7)(134.8)
(36%)
Net (Decrease) Increase in Cash(111.8)132.7(184%)
Financial statements
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
38
Operational metrics
Retail Key InformationFY25FY24Variance
Customers with > 1 Fuel127,278150,557(15.5%)
Electricity Only Customers341,958305,34712.0%
Gas Only Customers15,67110,82144.8%
LPG Only Customers35,61229,87119.2%
Total Customers520,519496,5964.8%
Total Electricity, Gas and LPG ICPs733,410720,1041.8%
Volume Weighted Average Electricity Selling Price – Resi ($/MWh)306.4284.77.6%
Volume Weighted Average Electricity Selling Price – SME ($/MWh)278.5258.27.9%
Volume Weighted Average Electricity Selling Price – C&I ($/MWh)216.7195.910.6%
Volume Weighted Average Electricity Selling Price – Ecotricity ($/MWh)
1
288.1-N/A
Retail Netback by Segment & FuelFY25FY24Variance
Residential - Electricity ($/MWh)147.8145.01.9%
Residential - Gas ($/GJ)23.818.330.2%
Bottled - LPG ($/tonne)1,861.81,650.312.8%
SME - Electricity ($/MWh)146.5136.67.3%
SME - Gas ($/GJ)22.317.726.0%
SME - LPG ($/tonne)1,365.41,169.416.8%
C&I - Electricity ($/MWh)169.5154.110.0%
C&I - Gas ($/GJ)24.217.340.3%
Bulk - LPG ($/tonne)1,171.81,087.87.7%
Ecotricity – Electricity ($/MWh)
1
168.2-N/A
1
Ecotricity numbers include residential, SME, and C&I segments
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
39
.
Electricity
Retail Sales Residential
Sales of electricity to residential customers
Retail Sales SMESales of electricity to small business customers
Retail Sales C&ISales of electricity to commercial and industrial customers
Retail Sales EcotricitySales of electricity to Ecotricity customers
Wholesale SalesSale of generated electricity and residential rooftop solar onto the spot market, excluding PPA settlements and ancillary revenue
Total Derivative SettlementsNet settlement of electricity derivatives including PPAs, hedges, options, market making obligations and discretionary trading
Generation Costs Direct generation costs, inclusive of fuels and carbon
Retail PurchasesPurchases of electricity on spot market for retail customers
Transmission & Distribution CostsTotal electricity transmission and distribution costs, connection charges, electricity market levies and meter leasing. Excludes residential rooftop solar volumes
Gas
Retail SalesSales of gas to retail customers
Wholesale SalesSales of gas to wholesale customers
Gas CostPurchase of gas for sale (excludes gas used in electricity generation)
Transmission & Distribution CostsTotal gas transmission and distribution costs, gas levies and meter leasing
LPG
Retail SalesSales of LPG to retail customers
Wholesale LPG SalesSales of LPG to wholesale customers
LPG CostPurchase of LPG for sale
Kupe
Oil SalesSale of crude oil
Gas SalesSale of gas
LPG SalesSale of LPG
Retail
Brand Net Promoter ScoreBased on survey question “How likely would you be to recommend Genesis/ Frank Energy to your friends or family?” Calculated on 3 month rolling basis.
Interaction Net Promoter Score
Based on survey question “Based on your recent interaction with Genesis/Frank, how likely would you be to recommend Genesis/Frank to your family/friends?” Calculated on 3 month rolling basis.
CustomersElectricity, gas and LPG customers are defined by single customer view, regardless of number of connections (ICP’s)
SingleCustomerViewRepresentsuniquecustomerswhichmayhavemultipleICPs
ICPInstallationConnectionPoint, aconnectionpoint thatis bothoccupiedand hasnotbeen disconnected(Active-Occupied)
Gross Customer ChurnDefined as residential customers instigating a trader switch or home move
Net Customer ChurnDefined as percentage of residential customers that finalise in a period.
Resi, SME, C&IResidential,smallandmediumenterprisesandcommercial&industrialcustomers
B2BBusinesstoBusiness,includingbothSMEandC&I
Netback ($/MWh, $/GJ, $/tonne)
Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units (excluding corporate allocation costs and Technology & Digital cost centre)
Glossary
2 6 Au g 2 0 2 5 • F Y 2 5 R e s u l t s I n v e s t o r P r e s e n t a t i o n
40
.
Wholesale
Generation Emissions Carbon emissions due to coal and gas electricity generation
Rankine OutputElectricity generated in the Huntly Rankine units
Rankine’s Fuelled by Coal (%)TheproportionofcoalusedintheRankineunits
Total Coal Purchases (PJ)Coal purchases have been converted from tonnes to PJ using the shipments’ Calorific Value
WeightedAverage Gas Burn Cost($/GJ)Totalcost ofgas burntdivided bygeneration fromgas firedgeneration, excludingemissions
CoalUsedInInternalGeneration(PJ)Results may be revised to reflect changes in coal kilo tonnes to PJ conversion rate and volume methodology.
WeightedAverage CoalBurn Cost($/GJ)Totalcostof coalburntdivided bygenerationfrom coalfired generation,excludingemissions
Operational Coal Stockpile – closing balance (kt)The coal stockpile closing balance in tonnes at Huntly Power Station, less the Security Products Stockpile.
Security Products Stockpile – closing balance (kt)
Refers to Huntly Firming Option (HFO) and Market Security Options (MSO). Stored energy refers to virtual stockpile volumes ordered by counterparties and is
expressed in kilotonnes of coal equivalents as at period end.
Power purchase agreements (Wind / Solar)
Electricity (GWh)Energy purchased through long term agreements with generator
Average Price Received for Generation - GWAP ($/MWh)
Price received at production node
Corporate
Total Recordable Injuries12-month rolling Total Recordable Injuries including Lost Time Injuries, Restrictive Work Injuries and Medical Treatment Injuries
Employees FTENumber of full-time equivalent employees, excluding those on parental leave or a career break
Contractors FTENumber of full-time equivalent contractors, excluding statement of work contractors.
Core FTENumber of full-time equivalent employees and contractors excluding those working on time-bound digital projects.
Digital Projects FTENumber of full-time equivalent employees and contractors working on time-bound digital projects.
Total FTETotal number of full-time equivalent employees, including contractors, excluding employees on parental leave or a career break
Kupe
Oil ProductionProduction of crude oil
Oil Price realised (USD/bbl.)The underlying benchmark crude oil price that is used to set the price for crude oil sales
LPG ProductionProduction of LPG
Glossary
---
GENESIS ENERGY LIMITED
INTEGRATED REPORT 2025
The transition of Huntly Power Station to the
Huntly Portfolio gained momentum this year
with the start of construction of our first grid-
scale battery, and progress in our investigation of
biomass to displace coal.
All of this is generating a real and
lasting difference for the company,
our customers, and the country.
Our renewable portfolio also shifted into a
higher gear with the opening of our first solar
farm at Lauriston *, with three other sites in
our solar pipeline. Meanwhile, our investment
in ChargeNet has powered growth in New
Zealand’s biggest vehicle charging network,
encouraging more people to choose EVs.
* A joint venture with FRV Australia.
The CHANGE that matters is
the change that happens.
Our plans to power a
sustainable and thriving
Aotearoa are ACCELERATING.
01
GENESIS INTEGRATED REPORT 2025
PROGRESS Lauriston solar farm
in Canterbury is now generating up to
100 GWh of electricity a year, enough to
power 12,500 households.
ACCELERATING
Introduction
Welcome03
Who we are and what we do04
Gen35 – Accelerating into Horizon 205
Our strategy06
Guided by our Sustainability Framework07
Creating value for New Zealand08
Performance
Letter from the Chair and Chief Executive09
Results at a glance14
8 by 28 Scorecard15
Our Sustainable Business
Leadership61
External environment63
Sustainability Framework progress
and SDG contribution66
What matters most68
FY25 Materiality Assessment69
Key sustainability data72
Financials & Governance
Consolidated financial statements75
Independent auditor's report116
Corporate governance120
Executive remuneration123
Director remuneration132
Statutory disclosures133
New renewables17
Hydro site upgrades20
Kupe update21
Health, safety and wellbeing21
People and culture22
Transformation and Technology28
The Huntly Portfolio43
Battery construction launch44
Huntly flexibility45
Biomass progress46
Tekapo scheme reconsenting48
Community Investment Framework49
Iwi and mana whenua57
Emissions update58
Government relations59
Brand unification31
The EV opportunity31-32
Energy tech for customers32-33
Ecobulb giveaway34
PowerShout35
Electrifying business36
Brand updates37
Energy wellbeing39
Customer feedback40
Privacy41
Company
Customer
Country
02
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Genesis has a unique role in New Zealand’s transition to net zero 2050.
We’re building new renewable sources of electricity, and providing the
flexible back-up the country relies on for security of supply.
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 change risks using the Aotearoa
New Zealand Climate Standards. Genesis
Energy Limited is a climate reporting entity
under the Financial Markets Conduct Act 2013.
Our FY25 Climate Statement is here.
In FY24 we launched our Gen35 strategy (see
page 6). This report is structured around the
strategy’s three interlocking cogs that both
drive action and benefit from it – Company,
Customer, and Country.
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
Welcome to our FY25
Integrated Report
We welcome your feedback on this report.
Please contact us at media@genesisenergy.co.nz
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:
FY25 Climate Statement
FY25 Modern Slavery Statement
FY25 Sustainable Finance Report
FY25 ESG datasheet and GRI Index
This Annual Report for the financial year ended
30 June 2025 is dated 25 August 2025 and is
signed on behalf of the Board by:
Barbara Chapman CNZM
CHAIR
Catherine Drayton
DIRECTOR
03
GENESIS INTEGRATED REPORT 2025
Artist’s impression of battery
installation at Huntly Power Station.
PerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountryIntroduction
Genesis is an energy generator and retailer supplying electricity,
natural gas and LPG to more than 520,000 customers.
The diversity and geographic spread of our
generation assets ensures our business is
resilient to supply disruption and generates
consistent earnings, meeting our customers’
increasing demand for electricity, and
supporting an increasingly renewables grid.
We’re supporting the customer-led transition
to renewable sources of energy, and giving
customers control over their consumption
through innovative products and services.
We’re also controlling the amount of energy
we have under flexible management through
technology and partnerships.
33.3%
Natural gas market share
FY24: 35.6%
22.9%
Electricity market share
FY24: 24.0%
6.6 PJ
Gas from Kupe
FY24: 7.0 PJ
520,519
Customers
FY24: 496,596
39,020
Shareholders
FY24: 40,740
6,207 GWh
Electricity generated
FY24: 5,960 GWh
1,278
Employees FTE
FY24 = 1,230
Our work is anchored by our people who are
future focused and adaptive, seeking new and
innovative ways of engaging our customers,
operating our assets, and working smarter.
We will continue to play a significant role in
supporting the country’s transition to a low-
emissions economy. Under our Gen35 strategy
we have committed to a science-based net zero
2040 target.
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.
Who we are and what we do
Waipipi wind PPA
Kupe
46
% Share
Huntly
1,204
Peak Capacity/MW
Tongariro
362
Peak Capacity/MW
Tauhara geothermal PPA
Waikaremoana
138
Peak Capacity/MW
Tekapo
190
Peak Capacity/MW
Lauriston
63
Peak Capacity/MW
Thermal
Hydro
PPA linked to electricity
generation from this site
Solar in joint venture
arrangement
Gas
Key
04
GENESIS INTEGRATED REPORT 2025PerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountryIntroduction
Following the completion of
Horizon 1 of Gen35 by the end of
FY24 – getting the business
future fit, FY25 saw us launch
into Horizon 2 of Gen35 –
growing earnings by accelerating
our transition through to FY28.
Key to monetising this flexibility are trading
products such as Huntly Firming Options
(HFOs). In August 2025 Genesis, Mercury,
Meridian, and Contact signed detailed
agreements, subject to Commerce Commission
review, to establish a strategic energy reserve
centered on Huntly Power Station in support of
national supply security.
The agreements are in addition to HFOs and
cover a term of up to 10 years out to 2035.
They will enable retiring Rankine capacity to
remain in the market, coupled with a strategic
fuel reserve.
The agreements will also enable residual
Rankine capacity to be made available to
the broader market via further HFOs and
hedge products.
Our Company pillar saw our renewables
programme kick into a higher gear. We opened
our first solar farm at Lauriston in Canterbury,
and progressed development of three more
solar sites. Wind resource was freed up with
the sale of the ageing Hau Nui wind farm in
South Wairarapa, and we are now turning our
attention to potential new wind developments.
Under Customer, we took the significant step of
consolidating our three retail brands, Genesis,
Frank, and Ecotricity, into a single, unified
Genesis brand. This strategic move is designed
to simplify the customer experience, improve
operational efficiency and accelerate the
delivery of innovative energy solutions.
The decision to focus on one brand for all
customers reflects the company’s Gen35
strategy of providing a stronger and simpler
retail offer that supports the customer-led
transition to more renewable forms of energy.
To support our customers through the
transition, we’re partnering with them to
develop demand -side options for flexibility, and
distributed activity to put the power of energy
management in their hands.
All of this maps to the 60-95-100 formula
necessary for New Zealand to achieve its net
zero 2050 target – electricity must make up
at least 60% of total energy, provided by 95%
renewable electricity, with electricity available
to meet demand 100% of the time.
We’ve set 8by28 goals to steer us through
Horizon 2 (see page 15), focusing on things we
need to do to lift growth and build shareholder
value in a lower carbon future. Horizon 3 (FY29-
FY35) will see us create optionality to maximise
the opportunity of our future state.
Gen35 – Accelerating into Horizon 2
Gen35 has three main pillars: transitioning
our thermal generation portfolio to provide
greater flexibility for New Zealand (Country);
renewable electricity growth (Company);
and supporting the customer -led transition
(Customer). These three cogs of our Gen35
programme drive each other and propel our
strategy toward earnings growth, while we
support New Zealand toward net zero 2050.
Under our Country pillar, Huntly Power Station
began its transition to the Huntly Portfolio with
the start of construction of the first stage in our
grid-scale battery programme, and term sheets
signed with potential suppliers of biomass to
fuel the Rankines.
Our Gen35 strategy will see the Huntly site
play a versatile role in New Zealand’s electricity
system, able to flex to meet firming demand
using a mix of technologies and fuels. These
will be underpinned by coal as a transition fuel
to support energy security.
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 our progress for
the Country, Company, and our Customers in
FY25 as we accelerate deeper into Gen35.
Gen35 - Accelerating
into Horizon 2
bit.ly/Gen35H2
05
GENESIS INTEGRATED REPORT 2025
PerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountryIntroduction
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
PLANET
Tiaki Taiao, protecting the
environment, for us and those after
PEOPLE
Manaakitanga, caring and nurturing
our communities, customers, team
PROFIT
How we invest in the future and
reward our shareholders
FUTURE STATE
FUTURE FIT
RENEWABLES
Displace thermal + growth
8,300 GWh
Net zero 2040
FLEXIBILITY
1,400 MW
CUSTOMER
Empowering the
customer-led
transition
2025 >
ACCELERATED
TRANSITION
06
GENESIS INTEGRATED REPORT 2025PerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountryIntroduction
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 off 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
L
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e
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c
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t
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S
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s
t
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n
a
b
l
e
b
u
s
i
n
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
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p
l
e
P
r
o
f
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t
P
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Genesis’ 2025 Sustainability Framework supports the
company strategy, Gen35, which delivers to three impact
areas: People, Profit and Planet.
Our sustainability goals are aligned to
three pillars and underpinned by three
principles: partnerships, positive outcomes
and place-based (our local communities
and environments).
A framework for
the future
During 2025 we developed our
2028 Sustainability Framework,
Te Wao Nui, which sets out the next
evolution of Genesis’ sustainability
journey. The development of the new
Framework is underpinned by the
materiality assessment outlined on
page 68, future trends, and global
and local sustainability risks and
opportunities.
The 2028 Framework is focused on
how we are transitioning our business
and supporting our customers,
communities and people to transition
to a low carbon future, supporting
energy wellbeing and building on our
sustainable business foundations.
More information can be found on
our website. Progress on the 2028
Framework will be referred to in
future Integrated Reports.
Our Framework is informed by the United
Nations Sustainable Development Goals
(SDGs). This report outlines our progress
towards these targets – see more detail
on page 66.
07
GENESIS INTEGRATED REPORT 2025
PerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountryIntroduction
E
x
t
e
r
n
a
l
E
n
v
i
r
o
n
m
e
n
t
Impacts
Company
Improved value for shareholders
+
See pages 9, 14
Support NZ’s generation to 95%
renewable
+
See page 17
A safe, healthy and diverse
workforce
+
See pages 21, 22
Customer
Support NZ’s energy system to 60%
electrification
+
See page 31
Customers contribute to a smarter,
more efficient energy system
+
See page 33
Country
Huntly Portfolio to leverage value
from flexibility, and support NZ’s
electricity system to 100% reliability
+
See page 43
Genesis committed to science-
based net zero 2040 target
+
See page 58
Constructive relationships with iwi,
communities and stakeholders; more
young people inspired by STEM
+
See pages 26, 49, 5 7, 59
Support for healthy waterways and
improved biodiversity
+
See pages 51, 55
Outputs
Financial growth and
shareholder returns
+
See pages 9, 14
Energy for our
customers and the
wholesale market
+
See pages 17, 43
Flexible generation
+
See page 43
Technology for
customers and our
business
+
See page 28
Care of our customers
and employees
+
See page 22, 39
Support of STEM
careers and warm
homes
+
See pages 39, 49
Support of waterways
and biodiversity
+
See pages 51, 55
W
e
a
t
h
e
r
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n
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r
g
y
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r
a
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C
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n
46% interest in
Kupe gas field
Electricity generation -
baseload and firming
Grow demand
for energy from
customers
Wholesale market
participation
Develop new
renewable
generation
What we do
Innovation
to help
New Zealand
electrify
Relationships
for nature
Relationships
with iwi, communities,
stakeholders and
employees
How we
do it
Creating value for New Zealand
Our purpose: Powering a sustainable and thriving Aotearoa
Inputs
Finance
A healthy balance
sheet and access
to capital 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 our
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
08
GENESIS INTEGRATED REPORT 2025PerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountryIntroduction
Strategy execution completed during FY25
means we are now on track to deliver mid to
upper $500m EBITDAF by FY28, based on
average hydro conditions and subject to no
major plant outages or material changes in the
trading or regulatory environments.
The centre of our portfolio flexibility remains
Huntly Power Station (HPS), which once again
came to the fore in ensuring both earnings
resilience and security of supply for New
Zealand. It is now widely accepted that Huntly
is essential to future national energy security
and will remain an essential part of our portfolio
to grow future value.
Our hydro generation schemes also play
a crucial role, albeit they appear to not be
fully valued by the market. Our schemes are
geographically spread and able to capture
rainfall in different parts of the country.
They combine to produce about 2.6-3 TWh
a year and can flex between baseload and
firming roles
The flexibility provided by HPS and our hydro
schemes drives earnings resilience through
both wet and dry periods, evidenced through
FY25. We will maximise this resilience as we
move forward through Gen35.
During the dry periods of quarters one and
three we were able to run all three Rankines
and use our fuel flexibility to cover our own
customer needs and support the wider market.
Unit 5, a 403MW combined cycle gas turbine,
continued to provide baseload generation at
about 60% capacity. We used the other 40%
to take advantage of a volatile gas spot market
and demand from other operators to toll their
gas through a more efficient plant.
Letter from the Chair and Chief Executive
FY25 was a challenging year with four very different quarters,
gas declining faster than forecast and other generators needing
support during winter 2024.
Our strategy to drive earnings growth through leveraging our
portfolio flexibility mitigated most of these impacts, delivering
a solid FY25 financial result.
$470m
Normalised EBITDAF
2
FY24: $413m
$454m
Reported EBITDAF
1
FY24: $407m
$169m
Net Profit After Tax (NPAT)
FY24: $131m
14.3cps
Total Dividend relating to FY25 result
FY24: 14.0cps
Malcolm Johns
CHIEF EXECUTIVE OFFICER
Barbara Chapman CNZM
CHAIR
1. Reported 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 85 for
reconciliation from EBITDAF to net profit before tax.
2. EBITDAF adjusted for non-routine restructuring costs
($2.4 million), acquisition costs ($2.0 million) and provision for
Crown royalties settlement for Kupe Venture Limited - PML
38146 ($11.7 million).
09
GENESIS INTEGRATED REPORT 2025
IntroductionCompanyCustomerFinancialsSustainabilityGovernanceCountryPerformance
Capital and dividend
Gen35 is focused on earnings and
multiple growth.
Earnings growth will be driven through cost
control and productivity growth, maximising
our existing portfolio through investment
in technology and people to lift our Group
Gross Margin outcomes and accessing new
lower cost generation through PPAs, joint
ventures with PPAs, and developing our own
renewable assets.
The Board remains committed to maintaining
a BBB+ credit rating over the long term
while delivering a balanced yield plus
growth strategy.
Retail
IImproved performance of our retail
business contributed directly to our financial
performance. Our teams completed the major
changes signalled earlier, simplifying our
product range and delivery processes. While
this resulted in about 200 fewer roles in our
core retail business, as previously indicated,
the professional way in which our people
handled the changes meant we also delivered
improved netback, customer satisfaction,
brand preference and net promoter scores.
During FY25 we acquired the remaining 30% of
Ecotricity, giving us the ability to integrate its
predominantly commercial and industrial (C&I)
customer volume with Genesis to optimise
operating structures. Ecotricity will be a
product concept Genesis will continue to offer.
The team at Ecotricity has developed a valuable
customer base, some powerful propositions
and deployed the Robotron customer platform
in a productive way, particularly for the
C&I market.
Electric Vehicles (EVs) remain a growing
future value pool and attractive channel to
market for electricity. We invested heavily
alongside New Zealand’s largest charging
station operator ChargeNet to build our EV
customer proposition and value growth, and
when ChargeNet went to market for growth
capital we decided to execute a defensive
majority position to protect our investment and
market position.
ChargeNet is New Zealand’s largest and
fastest-growing rapid-charge network with
strong optionality on high-value charging sites
across New Zealand. Having taken a majority
position, Genesis can maximise access to a
premium charging network and control our
EV strategy and infrastructure position in
the future.
During FY25 Genesis announced the decision
to move to a single brand strategy. Frank
and Ecotricity will move under the same
corporate and retail strategy as Genesis.
This brings clarity of purpose and investment
to our market presence, strengthens
cultural alignment, assists retail product and
operations simplification, and supports our
drive to increase customer service and focus
our products and services on helping our
customers electrify their lives at home and
at work.
Financial performance
Despite a dynamic year, and the impact of
the Methanex gas purchase in Q1, our team
delivered normalised EBITDAF of $470m.
Winter 2024 saw wholesale prices spike as gas
declined more sharply than anticipated, hydro
lakes ran low and wind dropped out. HPS and
its solid-fuel reserves once again kept the lights
on, and we took the risk of buying more gas
from Methanex to run Unit 5 at full capacity to
support market stress caused by the decline in
hydro generation.
Q1’s dry period then gave way to Q2’s wet
period. This meant we had an oversupply of gas
until the Methanex supply came to an end. This
positively affected national energy supply but
negatively affected earnings.
Although rain restocked the hydro lakes in Q2,
they experienced some of their lowest inflows
on record in Q3. Pleasingly the sector began
using Huntly generation early, around the end
of January 2025. This allowed more water to be
stored for winter. It was a clear sign the lessons
of winter 2024 were being put into effect.
While demand response from major electricity
users provided about 190 GWh of demand
relief, the Rankines provided about 1,000 GWh
of extra electricity; the Rankines had five times
the impact of industrial demand response.
Through all this, our teams skilfully flexed
our portfolio to make the most of changing
conditions, while protecting our customers
from price volatility through fixed-price
contracts and hedges.
Unit 6, a 51 MW fast-start peaker, was
upgraded to be able to switch instantly
between gas and diesel, allowing it to play a
firming role on diesel when gas is not available
from the market and do so at a competitive
price. Huntly Power Station can currently store
about one million litres of diesel on site and we
are investigating options to increase this.
Fuel flexibility remains a key strength of HPS
and the overall Genesis portfolio. It will remain
so over the coming years as the gas market
becomes less reliable, and fluctuating levels
of wind and rain drive greater price volatility
into the market. Thermal back up to provide
electricity security and price stability will
become more important over the next decade,
however generation profiles are likely to
become more asymmetric for some assets with
much higher thermal capacity needed during
dry periods with low wind. HPS is now backing
up national wind generation more often than
it is backing up dry hydro periods. Energy
security is required across minutes, hours, days,
weeks and months, and HPS has asset and fuel
flexibility to monetise the full spectrum. We
will continue to invest in HPS and other flexible
asset options to ensure the Genesis portfolio
does not peak or firm short, and to offer firming
products to all market participants.
During FY25 we accelerated delivery of Gen35,
focused on delivering near-term earnings
growth and a demonstrable pathway to long-
term earnings resilience and growth beyond
FY28. This will be driven by both overall
market growth and improving margins from
existing activity.
“The Board remains
committed to maintaining
a BBB+ credit rating over the
long term while delivering
a balanced yield plus
growth strategy.”
10
GENESIS INTEGRATED REPORT 2025IntroductionCompanyCustomerFinancialsSustainabilityGovernanceCountryPerformance
We successfully completed a 10-month hot
water control trial, enabling more than 17,000
customers to shift water heating to off-peak
periods without affecting availability. Using
Kinergy and GridSmart technology, the
programme delivered more than 50 MW of
flexible load and shifted 1.43 GWh of energy,
equivalent to the annual usage of 200 homes.
With 32% of morning and 14% of evening peak
load shifted, the trial demonstrated strong
customer interest and validated the potential
for scalable demand flexibility, supporting
Genesis’ Gen35 strategy and national
decarbonisation goals.
Our customers, employees and people in our
communities also benefited from our giveaway
of more than 261,600 LED lightbulbs, helping
them save up to $100 a year on power bills
while potentially reducing peak energy demand
by approximately 13.5 MW.
Customer satisfaction remains high. Overall,
the Genesis group (Genesis and Frank
combined) achieved a brand equity score of
43%
1
, up from 40% in FY24, and retaining our
ranking of first in the energy market. Genesis
also ranks first for awareness of our EV plans
across both Home and Business markets,
supporting acceleration of activity in this high-
value segment.
Electricity prices
Wholesale electricity prices are driven by both
supply and demand, and risk. Prices during
Q1 of FY25 were a symptom of both factors.
Gas declined rapidly and New Zealand now
has about 40% less gas than a few years ago;
this is playing into prices for both gas and
electricity customers.
Generation development
New Zealand has about 10,000 MW of
electricity generation to serve demand of about
40 TWh pa. Announced new developments
total about 40,000 MW across 105 potential
generation developers.
We assume the market will continue to deploy
capital rationally. We might see short periods
of over or under capacity as we build for
future demand.
About 80% of announced projects are for
intermittent generation (solar and wind). This
will drive increased price volatility and require
large amounts of firming to achieve energy
security and price stability.
Now that market uncertainties like Lake
Onslow and the long-term future of the
New Zealand Aluminium Smelter have been
settled, clear demand growth signals and a
stable regulatory environment will be essential
to New Zealand not only attracting new capital
but also converting it to new generation.
Transformation and Technology
During FY25 we continued to advance our new
billing and customer relationship management
(CRM) platform in our retail business with
our first go-live date due imminently. This sits
alongside our financial management system
replacement and a new electronic trading and
risk management suite of services.
We continue to expect non-recurring
operational expenses regarding these
investments to peak in FY26, decline across
FY27-FY28 and return to stay-in-business levels
from FY29. We can also now see the benefit
realisation of these technology investments
emerging during FY27 and FY28, supporting
our objective of delivering mid to upper $500m
EBITDAF by FY28.
We will continue to account for software as a
service in line with best practice accounting
standards, meaning most of these costs will be
expensed in the year they occur.
Long term earnings growth
Under Gen35, Genesis will develop three
primary commercial components: Renewables,
Flexgen (flexible generation) and LPG. This
structure will become clearer as we complete
implementation of the Financial Management
System Upgrade across FY26-FY27.
RENEWABLES
Our renewable generation is anchored by
our three hydro schemes. The renewables
portfolio will grow with new generation builds
in solar and wind, alongside power purchase
agreements (PPAs), including the new
geothermal PPA which came on stream in FY25.
Renewables will underpin supply for our long-
term retail demand position, supported by
market purchases during low market periods,
and supplemented with firming support from
Flexgen assets as required (see below).
Currently baseload gas generation is about 2
TWh pa. We expect baseload gas generation
to decline to about 500 GWh pa by the early
2030s in line with the outlook for the gas
market, including the Kupe gas field in which
we’re a joint-venture partner. We will use other
thermal assets and fuel flexibility along with
market purchases to manage price and supply
volatility in the gas market over the next five
years or so as we build new renewables.
Lines charges are the largest part of most
household and business electricity costs, about
38% of the total. Electricity itself comprises
about 32% of an average bill.
About 60% of increases in electricity bills
in 2025 will come from increases in lines
charges, which are approved by the Commerce
Commission every five years.
Average Electricity Bill
32%Generation
Lines charges
Retail
GST
Other
38%
27%
13%
4%
1. Brand Equity is gauged by combining the Top 2 Consideration scores for both Genesis and Frank Home and Business. Top 2 Consideration
is measured by asking this question: ‘Top 2 - In order of preference, which of these energy companies would you consider using?’
11
GENESIS INTEGRATED REPORT 2025
IntroductionCompanyCustomerFinancialsSustainabilityGovernanceCountryPerformance
FLEXGEN
Flexible generation is centred on (but not
limited to) HPS with about 1,204 MW of
flexible assets available from three 250 MW
Rankine units, 403 MW of gas generation from
Unit 5, and 51 MW of diesel/gas generation
from Unit 6.
We are now monetising HPS through two basic
constructs. Energy market products where
Genesis sells energy into the market when the
market demands it, and capacity products
such as Huntly Firming Options (HFOs). HFOs
are contracts providing capacity to multiple
counter parties, who each pay Genesis a fixed
daily price to have that capacity in reserve.
The holder of an HFO pays for the future rights
to a megawatt of generation for each day of
the contract’s duration and can call on that
generation at any time in line with the terms
and conditions of the contract. Fuel cost is
paid for by the HFO holder, however Genesis
arranges for fuel to be available and operates
the generation.
The HFO holder decides when to call on the
generation the HFO entitles them to. They
receive the price set by the market at the time
of the offer. This means electricity competition
is preserved, while reserve generation capacity
and fuel reserves are collectively funded.
In August 2025 we signed 10-year HFOs,
subject to Commerce Commission review,
with Meridian, Mercury and Contact for 150
MW from the Huntly Rankines. Alongside the
85 MW of existing two-year HFOs we now
have 235 MW of capacity contracts in place
with fixed annual premiums and fuel and
carbon cost pass through to HFO holders.
The agreements will support the maintenance
needed to keep three Rankine units in service
out to 2035.
The 10-year HFOs also cover a strategic fuel
reserve at HPS of 600kt of coal funded four
ways between the four companies. Genesis
will continue to maintain an operating coal
stockpile of about 500kt to cover our own
customers and gas market risk. This means
HPS will hold about 1m tonnes of coal for the
foreseeable future.
The four companies have a shared aspiration to
displace coal with biomass over time. Genesis
remains active in standing up a domestic
biomass supply chain as part of improving
overall fuel flexibility for HPS.
Looking out to 2035, Genesis will require the
equivalent of one Rankine unit to support its
own portfolio and manage exposure to the risk
of gas supply and price. Rankine capacity not
allocated to the 10-year HFOs and the Genesis
portfolio will be brought to market via capacity
and energy products.
From Q1 FY27 stage 1 of the Huntly battery
energy storage system (BESS) will be delivered,
providing 200 MWh of firming support. As
previously signalled, Huntly can accommodate
further BESS capacity, which can be installed
in modules. We are actively working on the
investment case for a stage 2 BESS of up to
another 200 MWh.
Unit 5, at 403MW, is a large generation unit
in a declining gas market. It will be fully
depreciated by 2032. While Genesis could
keep it in the portfolio well into the 2030s, that
could only occur with suitable long-term gas
supply agreements. Currently Unit 5 is a similar
consumer of gas to Methanex in terms of gas
demand and demand shape. During FY25 Unit
5 was monetised primarily through generation
for our portfolio and some tolling arrangements
with third parties during winter months.
During the year we also began investigating
options for a modular Unit 7, a fast start peaker
that can operate efficiently on both diesel and
gas and quickly switch between the two. HPS
already has a prepared site with infrastructure
and grid connection options available. Mobile
reciprocating engines may offer options to
build this unit in modules of 10 MW and 30
MW stages. With capacity factors above 45%
these units may offer interesting asset transition
options as gas supply declines and Unit 5 moves
towards full depreciation.
Our portfolio priority is fuel flexibility, with
assets that can operate flexibly and on more
than one fuel type. We demonstrated during
FY25 how we can use fuel flexibility to make
the most of the rapidly changing gas market,
reducing gas burn over summer while increasing
it over winter as opportunity arose.
LPG
LPG is a commercial contributor to Genesis’
earnings – in FY25 the LPG vertical delivered
$65m of gross margin. LPG’s outlook is
changing as natural gas supply declines. A
proportion of our LPG is imported, albeit
with some limitations, and therefore offers
customers greater security of supply than
natural gas.
Consequently, in June 2025 we signalled that
LPG would move out of the retail business and
into a standalone business unit from FY26.
We are in the process of developing a long-
term earnings growth strategy to maximise
outcomes from this business unit and support
our customers during the energy transition and
declining gas market.
Our people
Our business relies on the expertise and
commitment of our people. To attract and
retain the best we need high engagement and
alignment in a culture of high trust. So it was
pleasing to see many of our employee survey
results remain above the national benchmark,
despite the major structural changes that
occurred during FY25. The survey’s overall
engagement score was 79%. Of these, 87%
have a high level of trust in our leaders,
and 91% feel safe at work. We thank all our
people for their dedication to our customers
and the business through what has been a
demanding year.
We made some minor realignment of executive
accountabilities and reporting lines to maximise
the ability of our executive team to deliver our
strategy. From FY26 the portfolio, trading, and
commercial and industrial teams moved into a
Commercial business unit (formerly Retail) to
align all our channels to market about a single
Group Gross Margin objective and drive faster
strategy activation and earnings growth.
“From Q1 FY27 stage 1
of the Huntly battery
energy storage system
(BESS) will be delivered,
providing 200 MWh of
firming support.”
12
GENESIS INTEGRATED REPORT 2025IntroductionCompanyCustomerFinancialsSustainabilityGovernanceCountryPerformance
The Operations team now has a more focused
set of deliverables about asset reliability, new
generation development, fuels, sustainability,
community and iwi partnerships.
Our Technology & Transformation business unit
expanded to become Strategy, Transformation
& Technology, responsible for long-term
strategy and driving ongoing productivity
growth through the accelerated deployment of
data and AI. We also entered partnerships with
Slalom and Tata Consulting Services to support
acceleration and delivery.
We will report under the revised structure
in FY26.
Health, safety and wellbeing is a key focus
for the Board and Executive team so it
was pleasing to see the business achieve
ISO45001 accreditation this year. Reaching
this international standard confirms our
commitment to maintaining and improving
safety standards for our people.
A report written by KPMG during FY25 showed
the need for thermal generation for energy
security will rise as we build more renewables.
We will use thermal generation less often,
but when we need it we will need a lot of it
to power New Zealand. Emissions will follow
that cycle.
We are committed to advancing options like
biomass, biogas and other fuel options to lower
emissions from thermal generation to ensure
we can help secure New Zealand’s renewable
energy future.
We will continue to report transparently
on progress, challenges, and assumptions
regarding emissions as the business activates
Gen35, including our drive to reach net zero
by 2040. This approach ensures stakeholders
understand both the ambition and the practical
realities of delivering a low emissions future.
Investor Day
We have announced an Investor Day to take
place in November 2025. At this we will
speak in more detail on earnings growth, our
renewables pipeline, and the capital allocation
framework to support delivery of strong returns
to shareholders.
Looking ahead
FY26 will be focused on strategy delivery to
drive earnings growth. Our non-recurring
technology spend will reach its peak before
reducing back to stay-in-business levels across
FY27 and FY28. We expect FIDs to be reached
for our solar projects at Leeston in Canterbury
and Edgecumbe, and for the Foxton site
to move through the fast-track consenting
process. The Huntly BESS build will continue
at pace. We’ll dial up our efforts to create an
investment case for the Castle Hill windfarm in
northern Wairarapa.
We thank the Board, Executive, our senior
leaders and all our people for their efforts
during the year.
We look forward to Investor Day in November
where we’ll share our capital allocation plan
and talk more of how we’ll accelerate through
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
Care for our people extends to those in the
communities we interact with. The launch of
our Community Investment Framework aligns
with Gen35 and sets a 10-year horizon designed
to create real, positive change for people and
places closest to our power schemes.
Iwi relations are important in those
communities, and this year we welcomed
Kruger Wetere as Pouhere Māori (General
Manager Māori). Kruger (Ngāti Maniapoto,
Ngāti Hikairo) supports the development and
enhancement of relationships with iwi around
our existing and developing generation sites
(including exploring opportunities to develop
commercial partnerships with iwi across
Aotearoa) and our implementation of a Rautaki
Māori (Māori strategy) within the business to
lift the cultural capability of our people.
Emissions volatility
Both the Rankines and industrial demand
response measures were essential to get New
Zealand through the energy crunch of winter
2024 without supply disruption.
We have said previously that when New
Zealand needs extra thermal power to
keep the lights on our emissions will rise
correspondingly. Therefore, it is important to
look at more than the headline number to see
how we’re progressing.
The headline number will move up and down
with rain, wind and gas supply. The underlying
number is emissions from our baseload
generation, which we expect to decline as we
build more renewables and displace baseload
gas over the next five to 10 years.
“Care for our people extends
to those in the communities
we interact with. The launch
of our Community Investment
Framework aligns with Gen35
and sets a 10-year horizon
designed to create real,
positive change for people
and places closest to our
power schemes.”
13
GENESIS INTEGRATED REPORT 2025
IntroductionCompanyCustomerFinancialsSustainabilityGovernanceCountryPerformance
908,329
t/CO₂e Emissions reduction
4
FY24: 1,263,860t/CO₂e reduction
$470m
Normalised EBITDAF
2
FY24: $413m
$169m
Net Profit After Tax (NPAT)
FY24: $131m
$454m
Reported EBITDAF
1
FY24: $407m
$3.7b
Revenue
FY24: $3.1b
25
Apprenticeships, internships and
work experience opportunities
6
FY24: 31
14.3cps
3
Total dividend relating to FY25 result
FY24: 14.0cps
3,863
STEM learning resources or equipment
offered by the School-gen programme used
by educators
7
FY24: 3,384
43:57
Senior leader gender representation
5
FY24: 43:57
323k
Power Shout hours gifted
8
FY24: 300k
46
Recordable injuries
FY24: 48
$5.6m
Total community investment spend
9
FY24: $2.7m
50
Customer interaction iNPS
10
FY24: 52
1. Reported 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 85 for
reconciliation from EBITDAF to net profit before tax.
2. EBITDAF adjusted for non-routine restructuring costs
($2.4 million), acquisition costs ($2.0 million) and provision for
Crown royalties settlement for Kupe Venture Limited - PML
38146 ($11.7 million).
3. CPS: Cents per share.
4. In comparison to the FY20 base year of 4,495,002 tCO₂e.
Excludes CO₂ from combustion of biomass.
5. Percentage of female : male. 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 FY25 ESG Datasheet.
6. Created through Ngā Ara Creating Pathways.
7. School-gen metrics have been revised due to the liquidation
of Nanogirl and the disestablishment of the Genesis School-
gen Trust.
8. See page 35.
9. Comprises initiatives under our Community Investment
Framework and employee volunteering and engagement in
community programmes.
10. Interaction Net Promoter Score for Genesis brand.
Results at a glance
14
GENESIS INTEGRATED REPORT 2025IntroductionCompanyCustomerFinancialsSustainabilityGovernanceCountryPerformance
Our 8by28 goals
GEN35 INITIATIVE
New Billing and CRM re platform
Customer Flexibility
Electrication (EV)
Gas
Biomass
BESS
FLEXIBILITY
Monetising
Operational across Genesis
Unlock 150 MW of exibility
Genesis customers are 30% of EV market
Wind
Solar
Development pathway to 300 MW
Up to 500 MW developed and operational
Pathway to 300 kt pa
100 MW/200 MWh BESS operational at Huntly
Seasonal gas exibility secured
Gen35 8by28
Gen35
CUSTOMER
Margin growth
RENEWABLES
Thermal
displacement
FY28 GOAL
15
GENESIS INTEGRATED REPORT 2025
IntroductionCompanyCustomerFinancialsSustainabilityGovernanceCountryPerformance
To meet New Zealand’s net zero 2050
target, 95% of electricity generation
must come from renewable sources, up
from 85% today. We’re embracing solar
power as we accelerate our investment
into renewable energy, exploring windfarm
development options, and continue to
upgrade our hydro power schemes to
increase their output and efficiency.
Our people are key to the success of
Gen35. We continue to invest in their
safety and development, creating the
conditions for our people to thrive and
deliver exceptional performance.
Our digital transformation programme
is on track to help our people increase
their productivity, maximise earnings, and
improve our customers’ experience.
Company
ACCELERATING
16
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCustomerFinancialsSustainabilityGovernanceCountryCompany
Development of our renewable generation portfolio
moved to a higher gear this year as four solar farm
projects reached various stages of completion. This
reflects our Gen35 strategy to invest $1.1 billion in new
renewables by FY30.
Solar programme gathers momentum
New Zealand’s largest solar farm
opens in Canterbury
In April we celebrated the completion of the
country’s largest solar project to date. The 63
MWp Lauriston solar farm, on a 93-hectare site
on the Canterbury Plains, is now capable of
generating up to 100 GWh of electricity a year,
enough to power around 12,500 households.
A ribbon-cutting ceremony was held on
site, attended by the Minister for the
South Island and MP for Rangitata James
Meager, Te Rūnanga o Arowhenua kaumatua
Awatea Edwin, Ashburton Mayor Neil
Brown, EA Networks chief executive Onno
Mulder, our joint venture partner FRV
Australia, construction company Beon, and
representatives from Genesis.
The Lauriston opening is an important
milestone in delivering on Gen35, and the first
in a planned portfolio of solar projects with a
total capacity of up to 500 MW.
“For New Zealand to reach net zero 2050 the
country’s energy must become 60% electric,
95% renewable and available 100% of the time,"
says Chief Executive Malcolm Johns. "Solar
has a clear role to play in this transition and
we’re committed to expanding this area of our
business. We expect our Leeston site, also in
Canterbury, to get the green light in late 2026
and start generating in 2027. We’re excited to
apply what we’ve learned from the Lauriston
project to Leeston, increasing our contribution
to New Zealand’s renewable generation.”
Cutting the ribbon at Lauriston
solar farm were, from left,
Michael Steiner of FRV, South
Island Minister and local MP
James Meager, Genesis CEO
Malcolm Johns, Spark CEO Jolie
Hodson, Genesis Renewables
Development Manager Craig
Brown, Chief Operating Officer
Tracey Hickman.
12,500
HOUSEHOLDS THAT COULD BE POWERED
BY THE LAURISTON SOLAR FARM
Lauriston ribbon
cutting ceremony
bit.ly/LauristonCeremony
17
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCustomerFinancialsSustainabilityGovernanceCountryCompany
Edgecumbe underway
In August 2024 we secured development rights
for our second solar farm at Edgecumbe in
the Bay of Plenty. The 127 MWp solar site is
consented and 100% owned by Genesis.
The 207 ha site will hold approximately 220,000
solar panels and generate about 230 GWh of
renewable electricity annually, enough to
power about 28,750 houses. The project is
expected to require a construction workforce of
about 100 people and employ up to five when
operational. We will take a similar approach to
our Lauriston development, using panels that
sheep can graze underneath, allowing dual use
of the land.
Early engineering and procurement of main
contracts is ongoing as we head toward a final
investment decision in late 2025. The solar
farm has a target operational date of early to
mid 2027.
Foxton on a fast track
Our solar farm site in Foxton, about 30km
from Palmerston North was accepted for
inclusion under the Fast Track Approvals
Act. The 220 MWp solar farm will comprise
about 150,000 solar panels on the 436 ha site,
generating an estimated 345 GWh a year,
enough to power about 43,000 households.
Construction is set to start in 2027, with work
forecast to take 18 months. We estimate that
about 250 workers will be required to construct
the project, and once operational, there will be
three to five permanent roles.
Leeston could be plug and play
In February 2025, we entered a conditional
agreement to purchase a 67 MWp consented
site near Leeston in Canterbury. The Leeston
site covers 111 ha and will generate about
110 GWh of renewable electricity annually,
enough to power about 13,750 households.
The total cost is estimated to be $110 million.
The site is expected to start generating
electricity in 2027.
“We’re delivering our Gen35 target to build
up to 500 MW of grid-scale solar by FY28,”
says Tracey Hickman, Chief Operating Officer.
“We’ve seen through our experience at
Lauriston, the benefit of purchasing advanced
developments that we can get to market
quickly. The Leeston project is pretty much a
plug and play of Lauriston. We’re excited to
shift our attention and learnings to Leeston and
move forward at an accelerated pace.”
220,000
SOLAR PANELS PLANNED FOR THE
EDGECUMBE SOLAR FARM
230 GWh
GENERATED ANNUALLY – APPROXIMATELY
28,750
HOMES POWERED – APPROXIMATELY
345 GWh
ESTIMATED ANNUAL GENERATION
FROM THE FOXTON SOLAR FARM
“We’re delivering our Gen35
target to build up to 500
MW of grid-scale solar by
FY28. We’ve seen through
our experience at Lauriston,
the benefit of purchasing
advanced developments that
we can get to market quickly.”
Tracey Hickman, Chief Operating Officer
18
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCustomerFinancialsSustainabilityGovernanceCountryCompany
Freeing up wind resource
In late 2024 we sold Hau Nui wind farm to
focus our attention on developing other
wind prospects of greater scale and which
better align to our commercial and renewable
aspirations under our Gen35 strategy.
Hau Nui was New Zealand’s first wind farm.
Located in the Wairarapa, its 15 turbines were
commissioned in two stages in 1996 and 2004.
Meaning ‘big wind’ in te reo Māori, the installed
capacity of Hau Nui was 8.65 MW.
It had been a valuable asset in our renewables
portfolio for many years, but as it was nearing
the end of its life, we saw an opportunity to
sell it and focus on other larger wind projects.
It was bought by NZ Windfarms which has the
potential advantage of being able to repower
the site in future with second -hand equipment
and to maintain Hau Nui turbines alongside
their other nearby wind farms.
“We have loved operating Hau Nui and
interacting with the surrounding community,”
said Tracey Hickman, our Chief Operating
Officer. “Having evaluated sale options, NZ
Windfarms was seen as the ideal new operator
of the wind farm and we were pleased to land
an outcome that was a win-win.”
Castle Hill
In FY24 we were granted an extension to the
lapse period of resource consents for our
proposed Castle Hill Wind Farm project at a
reduced scale.
The lapse period of consents on the reduced
area of approximately 10,000 ha of private land
has been extended to June 2031.
The consents allow us to build and operate a
wind farm of up to 71 turbines with capacity in
the order of 300MW, enough to power around
140,000 households each year.
The reduced scale from the originally
consented 20,000 ha made better commercial
sense. We continue to explore options to
support an economic business case for the
site’s development, and plan to make a decision
by late 2026.
Asset development
team expands
Genesis has a dedicated asset development
team working to identify, develop or partner
on new projects that align with Gen35.
During FY25, the team expanded to ensure
our renewables programme stays on track to
meet targets. By collaborating closely with
Genesis teams in the regulatory space and
wholesale markets, we are well-informed and
can move quickly on suitable opportunities
when they arise. The team is undertaking
various studies and investigations to
progress a pipeline of solar, wind and battery
development opportunities.
Waipipi Windfarm
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We completed a number of
stay-in-business capital projects
at our hydro generation sites
during FY25. These were
primarily to replace, refurbish
or upgrade equipment to
improve efficiency and as part
of lifecycle asset management,
ensuring these vital assets
continue contributing to
New Zealand’s renewable
generation as we move through
the transition. Some of the key
projects are highlighted here.
Hydro site upgrades
Waikaremoana Tongariro
Kaitawa Power Station in the
Waikaremoana Power Scheme
The turbine hall in the underground
Rangipo Power Station
Tekapo A Power Station.
Tekapo
This year we progressed the overhaul of
Rangipo Power Station’s two turbines,
located 63m underground. This is a
significant project that occurs every 10 years
as part of the asset management lifecycle,
ensuring the station continues to deliver to a
high level of reliability.
In FY26 we’re planning AI optimisation
of water flows in the Tongariro Power
Scheme, and a camera installation
programme at Moawhango dam to improve
dam safety, alongside a range of other
improvements using technology and
data-based advancements.
Work began on a $60 million upgrade at the
36 MW Kaitawa Power Station, replacing the
original turbines, which were commissioned
in 1948. Once complete, this will increase the
station’s capacity by about 2.8%, equating to
extra generation of 2-2.5 GWh per year, enough
to power an extra 350 homes.
The Kaitawa generator replacements will be the
final stage in a $95 million programme of works
to upgrade the Waikaremoana Power Scheme,
which includes the Kaitawa, Tuai and Piripaua
power stations. We completed replacement
of the three generators at Tuai in 2024, and
overhauled the two Piripaua generators in
2022. The work at Kaitawa is scheduled to be
completed by the end of 2027.
“In addition to building new renewable
generation in the form of solar farms, Genesis
is also extending the life of our existing hydro
stations, making them even more productive
and efficient in the process,” says Jane Bydder,
General Manager of Engineering and Projects.
“The investment we’ve made in upgrading
the entire Waikaremoana Power Scheme
will future-proof the stations as demand for
reliable, renewable electricity increases over
coming decades.”
This year we replaced the 24-year-old
excitation system on our Tekapo A generator,
ensuring it remains reliable in maintaining
voltage support for the grid supply for
another 25 years.
We also completed a 33 kV upgrade project
involving the installation of circuit breakers and
switch gear at the headgate substation next
to Tekapo B power station and at the Pukaki
substation, making the switch yards more
automated, reliable and safe.
Transpower completed the upgrade of its
indoor switch gear and constructed a fit-for-
purpose building adjacent to its switch yard at
Tekapo A. This removed the hazards associated
with the old type of switch gear and upgraded
it to a modern safe design.
“Genesis is extending the life
of our hydro stations, making
them even more productive
and efficient in the process.”
Jane Bydder
General Manager of Engineering and Projects
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCustomerFinancialsSustainabilityGovernanceCountryCompany
Kupe update
Genesis owns 46% of the
Kupe gas field in Taranaki,
with operator Beach Energy
owning 50% and Echelon
owning the remaining 4%.
We have right of first refusal to all gas
produced by the field, which underpins our gas
book for generation at Huntly and the gas we
sell to our customers. We also take our share of
LPG and condensate from the field to supply
our LPG customers. Condensate is jointly
marketed by the field operator on behalf of all
joint venture partners.
As with most of New Zealand’s major gas
fields, production at Kupe is declining. There
are currently no plans to drill further wells,
although a rig-less, wireline intervention
campaign is planned in FY26 seeking to
enhance production from the existing wells.
Genesis will fund 46% of the intervention in line
with its share in the joint venture.
Maximum gas production is now at 38 TJ/day.
We are working to optimise the late-life phase
of Kupe, which will reduce production costs
and ensure a reliable gas supply for generation
and our customers.
Health, safety
and wellbeing
This year we achieved ISO45001 accreditation.
Attaining this international standard confirms
our commitment to maintaining and improving
our safety standards.
Looking ahead, we will continue to develop our
critical risk management capability, embedding
integrated data and reporting improvements.
Safety workshops provide
immediate insights
We launched several new safety and wellness
initiatives in FY25, including running 15
workshops called ‘Taking Control of My
Safety’, involving 220 operational employees.
Responses in a post-workshop survey were
positive:
•
86% would immediately apply something
they learned in the workshop to their work
•
89% felt the training was above average or
far above average when compared to other
programmes
•
96% would recommend the programme
to others.
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Our People and Culture strategy is structured under the pillars of
Culture, Talent, and Performance to ensure our people thrive.
We’re nurturing a culture that will enable achievement of our
Gen35 objectives: attracting and retaining talented people with
the right skills and capabilities where and when we need them,
and supporting them to achieve exceptional performance, unlock
productivity and deliver great outcomes.
People and culture
Impact Awards
This year we redesigned our internal
recognition programme. Named the Impact
Awards, the new format was created by our
people for our people. The awards are all about
celebrating how we live our Genesis values
and spotlight the exceptional achievements of
individuals and teams across our business.
The new name and design of the awards aligns
with our Gen35 strategy and values. There are
five new award categories; Kia Māia – We’re
Courageous; Kia Kotahi – We’re Connected; Kia
Manaaki – We Care; Te Tohu Maruora – Safety
& Wellbeing; and Te Tohu Kawenga Kairangi –
Gen35 Excellence in Delivery.
The Impact Awards underscore our
commitment to acknowledging the outstanding
impact and contributions of individuals and
teams at Genesis that drive our success and
move the Gen35 strategy forward.
Diversity, equity and inclusion
We are on track to achieve our medium term
(FY28) diversity, equity and inclusion (DEI)
targets. Focused on gender, ethnicity and
belonging, each business unit took ownership
of its DEI strategy, going through an annual
action planning process.
We launched a DEI Committee, an evolution of
our previous Inclusion Council, which will focus
on making Genesis a workplace where people
can be themselves and belong. Committee
members act as champions of our employee-led
networks – Te Rōpū Māori, Pride, Empowering
Women, and Multi-cultural – and shape DEI
initiatives, alongside our People and Culture
team to ensure the voices of our diverse
employee communities are heard and their
needs met. In addition, committee members
represent their business units and help drive
organisation-wide accountability for DEI.
DIVERSITY AND EQUITY DATA
METRICFY25 PERFORMANCE
Gender diversity target:
40% female, 40% male
with the balance being
any gender
1
Key: Female Male
All employees
47%53%
Senior leaders
43%57%
Executive
43%57%
Board
50%50%
FY24: 44:56FY24: 43:57FY24: 43:57FY24: 43:57
Ethnic diversity:
All employees
2
56% European, 15% Māori, 7% Pacific peoples, 22% Asian,
3% MELAA, 4% Other, 17% Unknown
Pay Equity Gap
1.7% FY24: 2.9%
Gender Pay Gap
32.8%
3
FY24: 34.3%
1. 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).
2. Employees are able to indicate that they identify with up to three different ethnicities.
3. 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.
Our people and
culture strategy
bit.ly/OurPeopleCulture
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCustomerFinancialsSustainabilityGovernanceCountryCompany
Lunar New Year
We welcomed the Year of the Snake with
the sharing of tales and traditions from our
people followed by some fun activities at our
sites and offices.
Diwali
Our Diwali celebrations are always a
highlight. It’s one of our most colourful and
joyous inclusion celebrations and a vibrant
demonstration of our Genesis value ‘Kia
Kotahi – We’re Connected’. It’s a chance for
us to come together to celebrate diversity,
grow our sense of belonging, and learn more
about our colleagues and their cultures, all
while enjoying delicious food.
World Menopause Day
In this insightful session, we discussed
all things menopause, ahead of World
Menopause Day on Friday 18 October. We
were joined by best-selling author and
speaker Niki Bezzant.
Mana Wāhine / International
Women’s Day / Celebrating
Women in STEM
We recognised International Women’s Day
by hosting a Mana Wāhine breakfast and
celebrating women in STEM (Mana Wāhine
is a network connecting women across the
energy sector). IWD was a time to celebrate
the women and allies shaping workplaces for
everyone, reflect on the work still to be done
and embrace the theme #AccelerateAction
towards gender equality.
1234
Our RainbowTick and GenderTick accreditation was renewed again in
FY25, and we celebrated four inclusion events:
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Women in wholesale
Women make up only 19% of our wholesale
workforce. Encouraging more women
into technical STEM roles is a critical
priority of our DEI strategy. This year we
held a ‘Women in Wholesale’ event to
enable connection.
The event at our Hamilton office brought
together 60 team members (including
women and male employees who support
them) from across our sites for workshops
and social connection. Tracey Hickman,
our Chief Operating Officer, shared
observations from her 30-year career at
Genesis, and board member Catherine
Drayton talked about recognising strengths,
finding your people, and the power of
negotiation. It was a great opportunity
for networking, the exchange of valuable
insights and upskilling our women in a
number of key areas.
In May we ran our third Hearing from Genesis survey, to which
84% 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.
Employee engagement survey
86%
HIGH LEVEL OF TRUST IN
PEOPLE LEADERS, EXCEEDING
THE NATIONAL BENCHMARK
OF 78%
65%
FEEL ENERGISED AT WORK,
HIGHER THAN THE NATIONAL
BENCHMARK OF 63%
BUT WE WOULD LIKE THIS
TO BE HIGHER
91%
FEEL SAFE AT WORK,
EXCEEDING THE
NATIONAL BENCHMARK
OF 84%
64%
BELIEVE THAT CAREER
GOALS CAN BE MET AT
GENESIS, JUST SHY OF THE
NATIONAL BENCHMARK
OF 69%
2
79%
OVERALL ENGAGEMENT
SCORE, EXCEEDING THE
NATIONAL BENCHMARK
OF 75%
55%
SENIOR LEADERSHIP
RESPONDS TO FEEDBACK
FROM EMPLOYEES ,
BELOW THE NATIONAL
BENCHMARK OF 63%
1
POSITIVE RESULTS INCLUDED:
AREAS TO WORK ON:
Monica Liev – Huntly
Intermediate Engineer
1. This is an area of constant focus, enabled by regular two -way communication, both formal and informal.
2. We continue to focus on impactful career development conversations, enabled by technology and refreshed learning and development programmes.
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCustomerFinancialsSustainabilityGovernanceCountryCompany
Flexible work keeps evolving
Flexible working remains an important part of
the Genesis culture, and it will keep evolving
alongside our business. We do not have any
mandates on flexible working, instead providing
a guide to our expectations and tools to help us
balance the needs of the organisation, its teams
and individuals. In July 2025, we saw a 40%
increase in employees choosing to work mostly
on site compared to July 2024.
Growing our leaders
Building workforce capability is a priority
for our People and Culture team. Alongside
strategic talent sourcing and development
based on a leadership success profile
specifically designed for Gen35, this year we
introduced Powered to Lead – a leadership
programme to provide established leaders with
the capability and confidence to drive the shifts
in skills and mindset required to deliver on our
Gen35 strategy, and lead across the business.
The Powered to Lead programme supports
our ‘build’ strategy for a talent pipeline. It is
delivered in partnership with consultancy firm
Korn Ferry, over 12 weeks. Key elements of the
programme include leading self, leading others
and leading the business, each of which is
supplemented with external thought leadership
and coaching delivered by an AI avatar coach
and an in-person business simulation.
We again delivered our Authentic Leaders
Programme for emerging leaders, completed
by 46 people. The programme embeds a
culture of authenticity and collaboration
aligned with our values, ensuring leaders have
the skills to lead high-performing teams in a
changing landscape.
Our focus on developing our senior leaders
continued this year with bespoke development,
informed by an individual evaluation of traits,
drivers and capabilities, and included executive
coaching for many of these leaders.
More than 400 of our people have used
LinkedIn Learning for technical skill building.
LinkedIn Learning is an online educational
platform that helps employees discover and
develop business, technology-related, and
creative skills through expert-led course videos.
As part of our commitment to building industry
knowledge in our people, we offered Electricity
Industry training for 52 senior leaders and
those in influencing or decision -making roles.
Assessing the training, 75% said they found it
extremely valuable and 100% said they would
recommend this training to others.
Internal connection
In September 2024, we launched a new
SharePoint based intranet, known as Connect+.
It provides a central platform for sharing
company news and information across devices.
Throughout the year, we’ve also worked to
inform employees through a range of internal
communications activities, including briefings
on full- and half-year results, online ‘Gen35
in Action’ sessions, and a mix of in-person
and online executive roadshows and Ask Me
Anything sessions.
Increase
IN EMPLOYEES CHOOSING
TO WORK MOSTLY ON SITE
COMPARED TO JULY 2024
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40%
IntroductionPerformanceCustomerFinancialsSustainabilityGovernanceCountryCompany
Welcoming Kruger Wetere
as Pouhere Māori
In October, we appointed Kruger Wetere as
Pouhere Māori. In the context of this role, the
term ‘Pouhere Māori’ means ‘the pillar that
binds together’. This refers to working both
internally and externally, to bind our people
together, through an aligned and progressive
approach, and working with existing and new
Māori relationships and partnerships to drive
collective value.
Kruger (Ngāti Maniapoto, Ngāti Hikairo)
supports the development and enhancement
of relationships with iwi around our existing
and developing generation sites (including
exploring opportunities to develop commercial
partnerships with iwi across Aotearoa) and
our implementation of a Rautaki Māori
(Māori strategy) within the business. He is an
experienced Māori leader based in Tāmaki
Makaurau Auckland, who brings more than 20
years’ executive and governance experience
facilitating transformation to central and local
government entities, environment, energy and
innovation, housing, asset management, Iwi
and Māori economies.
Developing a Rautaki Māori
Kruger is supporting the process of developing
a Rautaki Māori (Māori strategy), a commitment
that developed out of our executive team’s
completion of Te Kahikatea, a cultural
capability build programme, last year.
The purpose of the Rautaki Māori is to define
our areas of commitment with internal and
external stakeholders, and to progress agreed
objectives in a strategically coordinated manner
aligned with authentic Māori perspectives
and tikanga (protocol).
Three interconnected pou (pillars) will
underpin the Rautaki Māori; Employee Focus,
Community, Iwi and Environment Focus, and
Commercial Focus. Our intention is to take
a staged approach, defining the Employee
pou (pou tangata) first using a co-design
process, involving key internal and external
stakeholders, sponsored by the Pouhere Māori
and supported by Te Rōpū Māori.
The strategy is important as it acknowledges
the value of enhancing relationships with
Māori and building a future-fit and culturally
competent organisation, with a commitment
to embodying the spirit and intent of
Te Tiriti o Waitangi.
“I see myself as a
bridge builder, weaving
together te ao Pākehā
and te ao Māori to help
forge partnerships that
benefit all members and
contribute to the progress
of Aotearoa,” says Kruger.
“I’m excited to join the
energy sector and support
Genesis in powering a
sustainable and thriving
Aotearoa.”
Kruger Wetere, Pouhere Māori
Welcoming Kruger Wetere
as Pouhere Māori
bit.ly/WelcomeKruger
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Te Rōpū Māori
A growing number of Genesis employees,
15%, have indicated through our ethnicity
data capture that they identify as Māori. Te
Rōpū Māori (the Genesis Māori employee
group) was established in mid-2023 with a
mandate to provide a voice to kaimahi Māori
(Māori employees) and to identify ways in
which Genesis could support the upskilling of
cultural capability and encourage leadership
and career pathways for kaimahi Māori.
Key priorities determined by Te Rōpū
Māori include:
ESTABLISHING a working group of
motivated individuals to execute initiatives
that support the development of cultural
competency for our employees
Te Wiki o Te Reo Māori,
Mahuru Māori and the
Hōkai Tahi pilot
We celebrated Mahuru Māori in September,
which includes Te Wiki o Te Reo Māori.
During the year we also piloted a 10-week
online te reo Māori course (Hōkai Tahi) that
covered foundational aspects of te reo Māori
me ngā tikanga (Māori language and customs)
in the workplace.
Celebrating Matariki and
Waitangi Day
This year we again celebrated both Matariki
and Waitangi Day with opportunities for
employees to learn and reflect. At Matariki, we
came together as a business, acknowledged
the year that had been, looked forward to
the year ahead, reflected on our values, and
celebrated being ‘many parts but one team’,
in line with one of our values, Kia Kotahi –
We’re Connected.
This year, as part of our Waitangi Day
acknowledgement, we held a series of Wall
Walk workshops. Facilitated by Dr Simone Bull
(Ngāti Porou), the workshops were attended by
60 employees. They included a blend of kōrero
(discussion), theatre, and study – designed
to deepen our understanding of Aotearoa
New Zealand’s bicultural history and its impact
on our national identity.
Modern slavery training
Genesis is listed on the Australian stock
exchange and must therefore meet obligations
under the Australian Modern Slavery Act
2018. Each year we publish a Modern Slavery
Statement, setting out the various ways we
work to prevent modern slavery in any aspect
of our business or supply chain. For example,
when we selected a battery supplier for our
Huntly battery project, respondents had to
include an independently audited risk analysis
of the risks of modern slavery in their own
supply chains.
We have training modules to help Genesis
employees understand what modern slavery
is, its prevalence in supply chains, relevant
legislation, and how it can most effectively be
prevented. During FY25 all Genesis employees
were required to complete refresher training
on modern slavery through our internal
programme, The Essentials. We also developed
a bespoke training programme for our key
procurement decision-makers, which will
deepen their understanding and assessment of
modern slavery risks.
BUILDING connection and belonging
through regular communications and events,
such as a Teams channel for two-way regular
informal communication, wānanga (forums),
and noho marae
CONTINUING to enhance awareness
and understanding of te ao Māori through
acknowledging, learning more about and
celebrating key events including Waitangi
Day, Matariki, Te Wiki o Te Reo Māori
(Māori Language Week), Mahuru Māori
(Māori month) and Koroneihana (Kingitanga
coronation celebration)
SUPPORTING the co-creation of the
Rautaki Māori
Genesis Tongariro Power Scheme
kaimahi Māori, Joel Sowry (Maintenance
Programme Manager) and JD Waetford
(Operator Maintainer), on Lake Taupō.
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Transformation and Technology
Digital transformation
Our digital transformation programme consists
of the three major projects - our billing and
customer relationship management (CRM)
platform, our finance programme, and our
wholesale trading portfolio of services.
Our new CRM platform will make a significant
difference to our billing, supporting our new
retail strategy under Gen35. The platform will
enable a more cost-effective and simpler retail
operation, providing improved experiences
for our customers and team members. Its
automation features will enable billing to be
more flexible and responsive, and allow us
to add new products and propositions more
efficiently. The implementation of the new
platform has completed the build phase and is
progressing through the testing phase with a
release for Genesis customers in FY26.
A key component of our Powered Finance
transformation programme is the modernisation
of our core Finance systems standardising
and streamlining our business functions and
driving operational efficiency. Through FY25 we
undertook due diligence and selected Workday
Finance as our strategic platform. We are now
well progressed through implementation which
will see us go live and enable transformation
benefits in FY26 and beyond.
The Wholesale Markets programme enabling
us to better model and forecast scenarios and
trade more effectively into the market is also
well underway. We delivered the first release
of derivatives trading tools and completed
due diligence and approved business cases for
Energy Trading Risk Management and Gross
Margin Calculation, setting us up to deliver
these new tools and processes through FY26
with significant benefits expected to flow in
terms of the way in which we optimise and
trade our generation portfolio.
Our technology strategy is
focused on three core pillars:
Platform
We’re providing modern, secure, stable
cost-effective technology solutions.
FY25 focused on delivering a robust
Technology Programme and onboarding
IT service provider DDS IT as our
primary support partner.
Delivery
During FY25, our delivery team drove
optimal prioritisation and value across our
technology-enabled projects. We
implemented a new delivery playbook,
partnered with Tata Consulting Services
as our lead systems integrator, and made
strong progress on our digital
transformation programme.
Data
We are focussed on creating a competitive
advantage through unlocking the value of
data and AI to power the organisation. Our
focus during FY25 was establishing the
foundations for our strategic data platform
and evolving our team to deliver on the
increasing demand for and potential value
that advanced insights and AI can deliver.
Our technology strategy
bit.ly/TechnologyStrat
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Cybersecurity
We continued to work on our Cybersecurity
Maturity Enhancement Programme throughout
FY25, complying with key standards, improving
third-party practices, and strengthening
internal culture. This work ensures continued
compliance with international cybersecurity
standards, mitigates the risk of data breaches
and unauthorised access, ensures we have
robust incident response plans in place,
increases the security of both assets and
services, boosts our detection and threat
response monitoring with comprehensive
oversight, reduces risks associated with
third-party vendors, and provides a structured
approach to identifying, assessing, and
mitigating cyber risks.
The cybersecurity team remains committed to
high security standards, continuous monitoring,
rapid incident response and high system
integrity. We’ve also organised workshops
to raise awareness and vigilance across
the organisation.
AI expansion
In FY24, Genesis was selected for Microsoft’s
early adoption programme, gaining early
access to Microsoft Copilot. This initiative has
already delivered measurable productivity gains
across a wide range of tasks. All 300 available
licenses were fully used, with a consistent
waitlist of employees eager to participate –
clear evidence of the strong internal appetite
for AI-driven efficiency. Sentiment has been
overwhelmingly positive, and we are now in
the final stages of selecting an enterprise-
wide productivity tool to increase access for a
greater number of employees.
This year also saw our Customer Value Model
become operational, accelerating the maturity
of our modern data platform, onboarding
key data sources to the new platform, and
identifying foundational AI use cases across a
wide range of Genesis business units. These
efforts have improved our data maturity and set
us up to unlock tangible value from AI in driving
commercial outcomes.
Looking ahead
We see the future of energy as a convergence
of data and electrons, where digital intelligence
and physical infrastructure work in harmony to
deliver smarter, cleaner, and more customer-
centric outcomes. Our AI strategy is a key
enabler of this vision, but it is our people who
will remain at the heart of the transformation.
We are building a people-led, AI-enabled
organisation, where data and technology
empower our teams to lead with insight,
creativity, and purpose.
Our transformation will be grounded in a
continuous improvement mindset, with data
and AI acting as catalysts for change, not just
in technology, but in culture, capability, and
ways of working. We’ve embedded global
strategic partners within our data and AI
ecosystem to accelerate delivery, kicked off
rapid modernisation of our data platforms, and
launched an AI hub to drive consistency with
governance. These foundations will power uses
across trading, asset management, customer
engagement, and enterprise automation,
delivering measurable productivity uplift and
unlocking new levels of decision-making speed
and quality.
Looking ahead, our AI strategy is tightly
aligned with our Gen35 ambition and our FY28
$550 million EBITDAF target. With a view to
building a clear roadmap, strong governance,
and a commitment to inclusive change, we are
confident Genesis will not only keep pace with
the energy transition, but lead it.
Powered Finance
Our Finance function is evolving to better
enable the strategic objectives of Gen35.
Accelerated by technology, Finance is
undergoing a multi-year transformation to
modernise systems, streamline processes and
empower people through three strategic pillars
– Capital Management, Risk Management and
Performance Management.
As part of the transformation, we have
partnered with Workday and Accenture to
implement a modern, cloud-based and scalable
finance system that streamlines and automates,
while enhancing reporting capabilities and
unlocking insights through data analytics
and AI.
We are actively aligning our people, processes
and systems to unlock capacity and enhance
strategic business partnering in a dynamic
environment of evolving business needs
and opportunities.
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We’re supporting the customer-led transition
using technology and innovation with a
sustainability focus. From FY26 we’ll power up
our delivery through a unified Genesis brand.
We strive to make the customer transition
equitable, while also supporting those in hardship
through our energy wellbeing programme.
Customer
ACCELERATING
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Unifying our brands
FY25 was marked by a significant decision to consolidate our three
retail brands, Genesis, Frank, and Ecotricity, into a single, unified
Genesis brand. This strategic move is designed to simplify the
customer experience, improve operational efficiency and
accelerate the delivery of innovative energy solutions.
The decision to focus on one brand for all
customers reflects the company’s Gen35
strategy of providing a stronger and simpler
retail offer that supports the customer-led
transition to more renewable forms of energy.
The consolidation will reduce duplication
and complexity across customer service,
technology platforms, and back-office
functions, enabling faster deployment
of advanced capabilities such as data
analytics, AI, and portfolio optimisation,
supporting a more agile and customer-centric
business model.
The Frank brand is being absorbed into the
Genesis retail offering through to September
2025. Customers will be offered the
opportunity to transfer to Genesis if they wish.
Transfers will take place in September.
Ecotricity became fully-owned by Genesis in
November 2024 when Genesis completed an
obligation to purchase the remaining 30% of
Ecotricity not already held by the business.
Ecotricity products will continue in the market
while plans are finalised to unlock value from
the acquisition. Its sustainability products and
solutions will be offered to a larger pool of
customers through the Genesis brand.
Customers are being communicated
with clearly throughout the process. The
unified brand will also support our broader
sustainability goals by better aligning
retail demand with renewable energy
generation, contributing to New Zealand’s
energy transition.
The EV opportunity
New Zealand is still in the early adoption phase
with electric vehicles (EVs), but this is expected
to ramp up over the next decade as EV prices
fall and the charging network increases. By
2030, annual light EV registrations are expected
to reach 62% of the market, and by 2035, 100%
of cars entering the New Zealand fleet, both
new and new second-hand imports, will be
either battery electric or plug -in hybrid. This
means that, by 2035, 38% of our total light
vehicle fleet will be EVs.
1
The Genesis brand is positioned to be the first
choice for EV owners, who are both high users
of electricity and high-value customers. We see
EVs as a significant value pool over the next 10
years; our 8by28 objectives target 30% of EV
owners to be Genesis customers by FY28.
Energy EV plan reaches
milestone
Our Energy EV Plan, launched in 2021, reached
the 10,000 customer milestone this year,
quickly surpassing it to finish FY25 with more
than 11,000 customers.
Our EVerywhere product, where customers can
take their home charging rate on the road when
they charge at ChargeNet stations, has helped
us establish market-leading awareness of our
EV plans. About 55% of customers on our EV
plan have subscribed to EVerywhere.
1. Climate Change Commission/EECA: Plugging into the future:
How New Zealand is electrifying its roads | EECA
11,607
CUSTOMERS ON OUR ENERGY EV PLAN
Our unified brand strategy
bit.ly/UnifiedBrand
31
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
ChargeNet investment
To maximise the potential of the future EV
market, in FY25 we acquired a 65% stake in
ChargeNet, New Zealand’s leading public EV
charging network. ChargeNet is a scalable,
high-growth asset for our portfolio, with strong
existing partnerships, innovation capability and
brand recognition. The $64 million investment
positions Genesis as a key investor in the
growth of the country’s EV market and the
energy transition.
Established in 2015, ChargeNet operates more
than 500 public fast-charging points at 270
locations across the country, with more than
90% of New Zealand’s EV owners registered
as customers. With a strong development
pipeline, ChargeNet is poised to drive
further growth as New Zealand’s shift toward
sustainable transport gains momentum.
Genesis’ investment will enable ChargeNet
to accelerate that growth with charge points
expected to more than double by 2030. This
supports the government’s goal of having a
national network of 10,000 chargers by 2030.
ChargeNet can use our energy management
expertise deployed among our 500,000
customers, guiding larger users through fleet
transitions, and ensuring delivery of the best
charging network for the country’s EV drivers.
ChargeNet CEO, Danusia Wypych, said the
partnership with Genesis would accelerate
network expansion and scale operations for the
benefit of all consumers.
“With Genesis as a strategic partner, we intend
to double the pace of installations and develop
new solutions to ensure faster, more reliable
charging experiences for all customers,”
said Danusia.
By expanding the country’s charging
infrastructure and integrating advanced energy
solutions, Genesis and ChargeNet aim to make
EV adoption more accessible and convenient
for all New Zealanders.
Unlocking the potential for
rooftop solar power
When households or businesses generate
their own electricity through solar panels
(or occasionally small turbines), it’s known
as Distributed Energy Resources, or DER.
Genesis residential customers who have home
generation equipment installed can sign up for
HomeGen, which allows them to sell excess
electricity back to the grid and get a credit on
their Genesis bill.
We now have 30,000 rooftop solar customers,
and they export about 92 GWh back into the
grid over a year – enough to power about
10,000 homes or a town the size of Tāupo. By
2028, it’s estimated the volume exported will
grow to about 110 GWh, enough to supply more
than 13,700 households or a city about the size
of Whanganui.
“With scale, it’s easy to see how DER
could evolve into local microgrids, keeping
communities powered during natural disasters
and outages,” says Stephen England-Hall, Chief
Revenue Officer. “This is the future of energy –
decentralised, flexible, and customer driven.”
As DER adoption grows, Virtual Power Plants
(VPPs) will allow thousands of solar and battery
setups, hot water cylinders, and EVs to be
coordinated remotely, acting like a single large
power station.
“By coordinating solar, smart appliances, and,
in the future, EV batteries, we can reduce
the need for backup thermal generation, cut
emissions, and strengthen energy security,”
Stephen adds. “Innovation has a big hand to
play in the transition and Genesis is working
hard to be to be at the forefront of that. This is
just the beginning.”
10,000
HOMES POWERED BY CUSTOMERS WITH
ROOFTOP SOLAR EXPORTING EXCESS
POWER BACK TO THE GRID
ChargeNet investment
bit.ly/ChargeNet
32
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Helping customers flex with
hot water trial
In line with our 8by28 target of managing 150
MW of customer flexibility, we launched a
12-month trial to see whether altering the time
of customers’ hot water heating would reduce
their power bills and relieve strain on the
national grid at peak times.
By the end of FY25, 17,000 customers had
opted into the trial, giving us around 50 MW of
flexible load under management.
We’re running the trial in partnership with
Bluecurrent, remotely controlling hot water
settings to adjust the time when water is
heated, reducing strain on the national grid at
peak times – usually mornings and evenings,
particularly in winter.
Genesis’ Chief Revenue Officer Stephen
England-Hall said water heating accounted
for about 30% of the energy use of an
average household.
“Between 80% and 95% of New Zealand’s
electricity is renewable on any given day, but
when demand outstrips supply from renewable
sources such as hydro schemes and wind
farms, coal and gas may be used to fill the gap.
Reducing electricity demand at peak times
could increase the proportion of renewable
electricity used for supply.”
Bluecurrent Chief Executive Neil Williams
said it was great to expand the sustainability-
focused energy management services
Bluecurrent provides to Genesis for
its customers.
“Enabling energy load shifting is a very real
way the industry can make a difference in
our combined efforts to achieve a smooth
energy transition.”
Stephen says the trial is the start of an energy
flexibility programme that will be rolled out
over the next few years.
“We’re keen to collaborate with our customers
and sector partners to solve the challenges
brought by electrifying our lifestyles and
economy, and save our customers money at the
same time.”
Smart meter roll-out
Our roll-out of smart meters for electricity
and gas consumption has resulted in
significant two-way benefits.
We were the first company to roll out
advanced gas smart meters among our
residential customers nationwide. In the
three years to December 2024 nearly
100,000 meters were installed in association
with Bluecurrent, comprising about 86% of
Genesis gas customers.
Electricity smart meter penetration across
home and business customers is now
at 97%.
Customers benefit from accurate daily
readings without the need for estimates
or visits from meter readers. They can see
how their use is tracking in our Energy IQ
app, enabling them to better manage their
energy consumption.
For the company, smart meters help
eliminate billing issues, increase market
settlement accuracy, and reduce the cost
and health and safety risks of meter readers
entering customer properties.
The smart meter roll-out goes hand in hand
with our new billing and CRM system,
which will allow us to offer more time-
of-use and other flexibility products from
2026, providing customers with more
opportunities to lower their total cost
of energy.
50 MW
FLEXIBLE LOAD UNDER MANAGEMENT IN
OUR HOT WATER TRIAL
“Around 60% of customers
told us through a survey that
they would like our help in
managing their water heating
to maximise efficiency
and savings.”
Stephen England-Hall, Chief Revenue Officer
33
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Here’s a couple of comments we heard from customers who received Ecobulbs in our giveaway:
261,600+
LED LIGHTBULBS GIVEN
AWAY TO MORE THAN
41,500 CUSTOMERS,
EMPLOYEES AND PEOPLE
IN OUR COMMUNITIES
Ecobulb giveaway proves
a hit with customers
Our Ecobulb initiative has been a huge hit
with customers this year. It began in late 2024,
when Genesis and Frank gave away 49,000
LED light bulbs to customers in Christchurch.
Households were able to collect up to five free
lightbulbs, with the potential to deliver savings
of up to $970 over 10 years.
1
It proved so popular we expanded the initiative
to events in Wellington, Hawke’s Bay, Hamilton,
Taranaki, and Auckland in the first half of 2025,
giving away more than 182,600 LED bulbs to
nearly 30,000 customers. And we didn’t stop
there: during winter 2025, we distributed 11,700
LED bulbs to people in two communities close
to our power schemes, Huntly and Whanganui,
regardless of whether they were our customers.
We also gave 5,700 bulbs to our curtain bank
partners – Sustainability Trust in Wellington,
Community Energy Action in Canterbury,
and Habitat for Humanity Northern Region in
Northland and Auckland, and to community
hub Te Whare Awhi in Huntly. The bulbs
will be distributed to communities by each
organisation. We also gave away 12,600 bulbs
to our employees and their family and friends.
James Ryan, General Manager – Home, was
one of the Genesis team members giving out
bulbs and chatting with recipients:
“What I really love about the Ecobulb project
is that we’re doing something that benefits
customers and the industry, and the needs of
the customer come first. Giving away energy-
efficient bulbs helps customers save money on
their bills and it reduces peak energy usage,
which is good for the country in the long run.”
1. Based on replacing 5 inefficient 75 W light bulbs used 3 hours per day with 5 efficient 7 W LEDs, with an electricity price of $0.26 / kWh,
over the next 10 years
“Sharing the knowledge on
what we could do, that’s a
great contribution. Genesis,
thank you.”
“When we got this offer,
we thought, ‘Boy, this is
wonderful’. For a company to
do this, it’s almost unheard of.”
Ecobulb LED
lightbulb giveaway
bit.ly/Ecobulb
34
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Energy IQ adds new
energy-saving tips
Our popular Energy IQ app gives our customers
a convenient energy management tool on-the-
go. It enables households to view and pay their
bills, set up direct debits, update their details,
and track electricity use.
During FY25 we modernised our digital
infrastructure, improving Energy IQ’s reliability
and performance. We also launched ‘next
best action’ suggestions at the top of user
dashboards, which provide timely advice and
has also enabled faster credit refunds and
payment extensions.
POWER SHOUT HOURS GIFTED
TO 4,286 HOUSEHOLDS IN
VULNERABLE CIRCUMSTANCES
322,965
Record Power Shout
engagement
Our award-winning Power Shout programme
gives Genesis residential customers the
freedom to nominate when they use free
hours of electricity. This long-standing reward
encourages customer loyalty and digital
engagement, as well as greater awareness of
energy use.
FY25 saw a record winter for Power Shout
engagement, with 52.6% of customers
accepting Power Shouts. Overall campaign
engagement rose to 48.8%, up from 40%
in FY24. An average of 143,000 customers
accepted four to six hours of free power in
each campaign, with a total of 10.2 million
hours accepted across the year.
Our annual gifting campaign saw 27,499
customers donate 137,495 hours to customers
in financial hardship. We matched that
number and decided to add a bit extra,
reaching a final total of 322,965 hours
gifted to 4,286 customers in vulnerable
circumstances. We also ran a draw where
one customer won 1,000 Power Shout hours.
Power Shout gets outstanding feedback from
customers and stands out in the market for
its flexibility.
“We just wanted to say a big thank
you for the amazing Power Shouts.
We are pensioners living in a wee
unit in a pensioner village ... With
the power Shouts I book maybe
three or four hours to do washing
that needs to be dried in the dryer,
while preparing casseroles to cook
in the oven to give us a few days of
home-cooked meals. ... Just a few
things that help us live as fully as we
can. Thank you. From two 80-plus
happy oldies.”
Customer email to our customer care team
35
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Electrifying Kiwi businesses
Our electrification programme supports Kiwi
businesses to switch away from natural gas
to electricity. Working with industry partners,
we’ve supported several businesses in their
electrification efforts. A new electrification
website landing page is providing more
information for commercial customers, and
we’ve expanded our product suite to include
both electric and solar-plus-battery forklifts.
This year we teamed up with WEL Networks
to trial a new energy management platform,
TradeWEL. It will flex a business’s electricity
demand to avoid peak times, reducing costs
and load on the grid without causing disruption
to productivity.
TradeWEL was trialled by longstanding
Genesis customer Van Lier Nurseries, which
grows flowers and plants in its greenhouses
near Auckland. Using TradeWEL, we spread
Van Lier Nurseries’ consumption into off-peak
periods – the first step in delivering a scalable
flex proposition to our industrial customers that
consume the most electricity. We plan to offer
the same flexibility to SMEs in future.
“While Van Lier Nurseries is a relatively
small customer, with 330 kW of flex, the
platform has the potential to be applied to our
larger customers who have a combined flex
opportunity of 70 MW,” says Patrick Dempsey,
Senior Manager of Commercial and Industrial
Partnerships. “This figure will only increase
as more customers decarbonise with electric
solutions like heat pumps and electric boilers.”
VAN LIER NURSERIES UPDATE
In 2023, Van Lier Nurseries converted its
greenhouse heating source from a gas-fired
boiler to an electric heat pump. Twelve months
after the conversion, the business saw a 61%
reduction in energy use, equating to 9,295 GJ.
“Van Lier has been very fortunate to access
trouble-free, affordable and sustainable heating
to produce beautiful blooms and plants in
our glasshouses,” says Joanne Hurley, Van
Lier Nurseries’ Chief Operating Officer. “We
are very grateful to the teams at Genesis,
Glaciem Cooling Technologies and DCP Air
Conditioning for their work with us on the CO
2
heat pump project. Not only has our business
gained a robust, reliable solution, we are
immensely proud to achieve a carbon emissions
reduction of 773 tonnes of CO
2
1
over the first
year of the heat pump’s operation.”
As the first business to trial the new flexibility
platform, Van Lier is likely to see its energy
costs fall even further in the year ahead.
1. Carbon savings determined using EECA’s GIDI Energy Carbon
Emissions Reduction Report calculator.
MAMMA ROSA RESTAURANT
ELECTRIFICATION
Mamma Rosa is a thriving restaurant in the
heart of Rotorua, with outstanding customer
reviews for its wood-fired pizzas. Its owner,
Yuvraj Taili, was concerned about the rising
price and declining supply of natural gas, which
the restaurant used for heating its water.
Genesis, along with electrification partner
Aotea Group, supported Mamma Rosa to install
an electric hot water cylinder. Taili was pleased
to no longer be paying daily charges, which
made up about 80% of his gas bill.
“Now I only pay for what I use, and I only have
one bill,” he says, adding, “I know New Zealand
cannot move everything to electricity at
one time, but by doing these little things, it
all helps.”
88%
REDUCTION IN CARBON EMISSIONS BY
VAN LIER NURSERIES, ONE YEAR AFTER IT
ELECTRIFIED ITS GREENHOUSES
1
Yuvraj Taili, Mamma Rosa owner
“Now I only pay for what
I use, and I only have one
bill... I know New Zealand
cannot move everything to
electricity at one time, but
by doing these little things,
it all helps.”
Mamma Rosa restaurant
bit.ly/MammaRosaPizza
36
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Brand updates
Genesis
Genesis has demonstrated strong brand
resilience over the past year, growing brand
equity despite a turbulent market and a
strategic pause on customer acquisition.
The brand’s focus on building future demand
through investment in brand campaigns,
particularly with a sustained focus on EV, has
delivered strong results. Genesis ranks first
for awareness of their EV Plans across both
Home and Business markets. This approach
has ensured Genesis continues to perform
well and remains competitive in the market.
•
Overall, the Genesis group (Genesis and
Frank combined) achieved a brand equity
of 43%
1
, up from 40% in FY24 and retaining
our ranking of first in the energy market.
•
In the Home market, Genesis secured a Top
2 Consideration rate of 35%
2
, exceeding our
market share.
•
In the Business market, Genesis rebuilt
equity with a Top 2 Consideration rate
of 36%.
George and her family continue to charm
With our focus on customer value over volume,
our Genesis brand campaign, starring George,
her family and her adorable beagle, highlighted
our EV offering to tap into this high-value
customer pool. The campaign maintained its
presence in the top 10 most-liked TV ads, rising
to number five.
According to The Research Agency, which
creates the rankings: “Genesis is another high-
performing brand that has adopted a long-term
creative commitment strategy and won.”
1. Brand Equity is gauged by combining the Top 2 Consideration
scores for both Genesis and Frank Home and Business.
2. Top 2 consideration is measured by asking this question: Top 2 -
In order of preference, which of these energy companies would
you consider using?
George and her family -
new EV
bit.ly/GeorgeFamEV
37
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Brand partnership
Meet the Genesis NZ Sustainability Leader of the Year Frank
The decision to absorb Frank into the Genesis
brand did not detract from Frank’s outstanding
success since its launch in 2022. Its mission
to provide competitively priced energy
in a straightforward way saw it become
New Zealand’s largest tier 2 energy provider,
eight months ahead of target.
In three years it amassed more than 95,500
customers. Awards came thick and fast – Frank
won the Consumer NZ’s People’s Choice
Award three times, a prestigious Gold Effie
for the ad campaign Same Energy, Probably
Cheaper, which ran during 2023 and 2024, and
awards from Readers Digest, Canstar, and the
Marketing Association.
Many of the Frank team will be redeployed
within the business. We thank them all for their
passionate dedication to a brand that may have
been short-lived, but shone bright.
Ecotricity
In November 2024, Ecotricity became fully-
owned by Genesis when the remaining 30%
of Ecotricity not already held by the business
was purchased. In June 2025 we announced
Ecotricity would be integrated with Genesis
as part of streamlining our three brands into a
single, unified brand.
The integration will take up to a year and
Ecotricity products will continue in the market
while plans are finalised to unlock value from
the acquisition. Its sustainability products and
solutions will be offered to a larger pool of
customers through Genesis channels.
CLIMATE POSITIVE POWER
Ecotricity is New Zealand’s only Toitū Climate
Positive certified electricity retailer, with a
mission to provide 100% renewable electricity
to New Zealand households and businesses.
Founded in 2013, Ecotricity purchases
electricity notionally linked to the volumes
generated by Toitū climate positive certified
wind, hydro and solar sites. It also buys back its
customers' excess solar generation.
Ecotricity has more than 16,000 ICPs with
installed solar systems, accounting for more
than 23% market share of all solar connections
in New Zealand, making it the number one
electricity provider to Kiwis with solar.
In May 2025, its total peak solar output was
59.3 MW, an increase of 74% year-on-year, due
to several solar farms coming online in the last
12 months.
It also saw more than 100% growth in its
commercial customers’ solar output, from
3.4 MW to 7.4 MW in the past year through
projects such as the solar installation on Go
Media Stadium.
Ecotricity also works closely with network
operator Orion on demand flexibility projects,
such as the Lincoln Flex trial. Ecotricity’s
network of connected batteries were called
upon for 37 peak events during winter 2024
and demonstrated the ability of flexibility
services to meaningfully contribute to
network management.
This year Genesis became a proud sponsor
of the Kiwibank New Zealander of the Year
Awards, Ngā Tohu Pou Kōhure o Aotearoa, in
the Sustainability Leader of the Year category.
We recognise that transforming Aotearoa
New Zealand into a more sustainable nation
is a big job, but one that’s achievable through
collective effort. This reflects our Gen35
strategy objective to impact the planet in a way
that helps protect the environment for us and
those who come after us.
This year’s Sustainability Leader of the Year is
Deborah Manning. Deborah transformed the
country’s food rescue landscape through her
venture KiwiHarvest and the New Zealand Food
Network. Launched in Dunedin 12 years ago,
KiwiHarvest now operates five branches across
the country, saving millions of kilos of food
from landfill and helping get it to those who
need it most.
Sustainability leader
of the year winner
bit.ly/2025Winner
38
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Energy wellbeing
We are working towards a future
where all New Zealanders have
equitable access to energy.
Everyone has the right to live
in a warm, healthy house, and
be able to affordably heat
their home during even the
coldest winters.
Our Energy Wellbeing
community investment funding
priorities are aimed at helping
facilitate warm homes and
kāinga for our communities,
empowering a community-led
energy transition, enabling fair
energy access, and helping
customers build financial and
energy capability.
WARMER HOMES
Our commitment to and warmer homes
initiatives continued in FY25, with funding
provided to Habitat for Humanity Northern,
covering Northland and Auckland,
Sustainability Trust Wellington, and Community
Energy Action Canterbury.
We continued to support the Whānau
Fund Charitable Trust, which helps support
warmer homes in the Waikato region. Its
home inspector programme provides tailored
advice to households and whānau on how to
make their homes warmer and use energy
more effciently.
This year we also supported social energy
retailer Nau Mai Rā through donating
subsidised wholesale electricity hedges.
This allowed Nau Mai Rā to continue
supplying energy to customers in
vulnerable circumstances.
KAUPAPA MĀORI ENERGY WELLBEING
PILOT LAUNCHES IN TONGARIRO
We have recently partnered with Haurere
Energy Solutions in Tongariro to focus on
marae and whānau-based solutions, weaving
mātauranga Māori (Māori knowledge),
tikanga (protocol) and practical renewable
energy expertise into a holistic energy
wellbeing programme.
Our three-month pilot started in communities
closest to the Tongariro Power Scheme,
launching with three initiatives. The first
created energy wellbeing collateral to build
energy and financial capability; the second
will assess the renewable energy potential of
marae and Māori-owned whenua (land), and
the third sees Haurere facilitating community
hui on energy wellbeing. We’ll review the
success of the pilot once it finishes, with a
view to continuing the actions that have the
biggest impact.
MANAAKI KENEHI KEEPS
CUSTOMERS CONNECTED
Te Tira Manaaki o Kenehi, the Genesis Caring
Team, uses data analytics to identify customers
who are experiencing early signs of financial
hardship. Our team then reaches out to provide
personalised support. Everyone’s situation is
different, so we take a ‘one customer at a time’
approach. Assistance may include payment
plans, pricing plan changes, credits, free Power
Shout hours, and connecting the customers
with wrap around services such as MoneyTalks,
WINZ and EnergyMate.
Disconnections are a last resort and we do not
charge third-party collection fees on arrears.
We have a dedicated inbound phone line for
customers in vulnerable circumstances and
support them whenever they engage with us.
We are passionate about our duty of care to
these customers.
In April 2025 the Electricity Authority made
mandatory the Consumer Care Obligations
– rules that all electricity companies must
follow to help customers manage their power
bills and stay connected, with particular
focus on medically dependent customers
and those in financial hardship. We created a
cross-functional team to create online training
modules for upskilling our customer service
representatives in the new processes to ensure
our teams fully understood the guidelines and
our obligations to customers.
39
GENESIS INTEGRATED REPORT 2025
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Our relationship Net Promoter Score (rNPS),
measures customers' likelihood to recommend
our brands based on their overall experience
with us as a customer.
The rNPS score for Genesis increased from 19
in FY24 to 23 in FY25. Customers commented
that, despite concerns around high market
prices for electricity, Genesis provides “great
options such as Control-a-bill” (a payment
option that smooths out monthly costs across
the year). The Energy IQ app continues to
make dealing with Genesis easy, fast and
convenient, and Power Shout continues to be a
crowd-pleaser.
While Frank’s rNPS declined from 47 to 29,
customers considered Frank's pricing to be
competitive. Customers loved Frank’s live chat
and ease of use of the Frank app. We will strive
to carry over the best of these features to the
streamlined Genesis brand.
Complaints
We have seen a pattern of year-on-year
increases in customer complaints, and FY25
followed that upward trend.
Formal customer complaints are handled by our
dedicated Resolutions Team. The main cause
of complaints was ‘bill shock’, or unexpectedly
high bills. These are typically caused by
prolonged estimates, stopped meters,
difficulty accessing meters to read them, and
communication faults.
Other complaints included long wait times
on calls, customers not receiving invoices via
email, and some confusing wording in the
Energy IQ app that led customers who moved
house to worry whether they were going to be
disconnected too soon. Customers having to
frequently follow up on their LPG orders was
also a problem.
In response to these issues, Genesis has:
•
Improved processes to focus on issues with
meter reading of some customers which led
to a 29% reduction in complaints related
to bill shock compared to FY24, and a 61%
reduction since January 2023.
•
Reconfigured our internal systems to resolve
the problem of emailed invoices not arriving.
•
Updated the Energy IQ app wording to
prevent confusion regarding house move
disconnections.
•
Introduced an automated process for LPG
orders, including automated texts.
•
Made web chat available 24/7.
•
Improved call routing to reduce wait times.
•
Clarified wording on automated
communications to prevent confusion, detail
timeframes and generally keep customers
better informed.
Positive customer feedback
10%
REDUCTION IN CHURN FOR GENESIS.
ANNUALISED RESIDENTIAL CUSTOMER
CHURN IN FY25 WAS 12.2%, DOWN FROM
13.5% IN FY24.
29%
REDUCTION IN COMPLAINTS RELATED TO
‘BILL SHOCK’ COMPARED TO FY24
“Frank are so easy and polite
to deal with. Best pricing,
efficient response. Living
rural, cell reception can be
terrible so I love dealing with
things promptly online. ”
Frank customer
“I’ve had a positive experience
over the last 13 or so years.
Recently there was a problem
with my electricity bill and
the customer service team
were professional and got
everything back on track.
Great customer service
experience, which is quite
rare these days!”
Genesis customer
40
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Improving complaint
response
Complaint prevention and handling
has been an area of focus during FY25.
New customer service representatives
at both Genesis and Frank receive
complaint-handling training during
their onboarding.
The new retail structure introduced in
FY24 has taken shape this year, with
more collaboration between customer
care teams, and a seamless process
for gathering ‘voice of the customer’
feedback. We’ve redesigned our training,
identifying training pathways and career
development for our customer service
representatives, and introducing a new
quality framework for supporting and
coaching for our people.
Using Nexus AI, we’ve enhanced
customer experiences, identified
training gaps and assessed sentiment
during interactions.
We also upgraded our process for
handling privacy-related complaints.
In FY25 a dedicated Privacy Team was
established under the Corporate Affairs
umbrella, led by a newly appointed Group
Privacy Manager. A roadmap of initiatives is
now in place to ensure privacy fundamentals
align with the goals of Gen35.
Genesis experienced only four notifiable
breaches in FY25, and each affected only one
individual. Each breach provided a learning
experience that led us to improved processes,
protecting against repeat incidents.
CRM Contact Centre Awards
The duty of care we show our customers
through our call centre was acknowledged in a
collection of awards at the 2024 New Zealand
CRM Contact Centre Awards.
Diamond Award
1st place for outbound
Business-to-Business calling
1st
Energy Retailer category
Winner
Industry sales and retention
Favourite Award
Nash Osillada: one of the five ‘favourite
outbound agents of the year’
Privacy
41
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyFinancialsSustainabilityGovernanceCountryCustomer
Huntly Power Station is changing to provide
the essential back-up New Zealand needs as
we transition to more renewable generation.
Meanwhile, our new Community Investment
Framework aims to create real, positive
change for people and places closest to our
power schemes.
Country
ACCELERATING
42
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
FY25 saw a milestone in the transition of Huntly Power Station to
the Huntly Portfolio – the start of construction of the first stage in
our grid-scale battery programme. Our Gen35 strategy will see the
Huntly site continue to play a central role in New Zealand’s
electricity system, able to flex to meet firming demand, using a mix
of technologies and fuels including batteries, flexible gas and
biomass. These will be underpinned by coal as a transition fuel to
support energy security.
The Huntly Portfolio
Capacity
constraints
Timeframe
Current
State
Horizon 3Horizon 1 and 2
Investing in emerging plant, fuels, flexibility gains and skillsets to take us into the future
Minutes /
HOURS
HLY
1
U5 /
U6
Battery(s)
Thermal
plant
improvement
Gas
flexibility
Biomass
Trading
capability,
new
products,
portfolio
optimisation
Additional
batteries
Days /
WEEKS
HLY U5 /
Rankines
New fuels,
peakers,
reconfigure
HLY U5
Months /
YEARS
HLY U5 /
Rankines
Hydrogen,
new biomass
plant
Inter-year /
DISRUPT
Rankines
(coal/gas)
BECCS
2
Energy
constraints
1. HLY: Huntly Power Station2. BECCS: Bioenergy with Carbon Capture and Storage
The Huntly Portfolio
bit.ly/HuntlyPortfolio
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GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Battery construction kicks off
In June we held an event at Huntly Power
Station to mark the start of construction of our
first grid-scale battery.
The ceremony was attended by the Minister
for Energy Simon Watts, Tukoroirangi Morgan,
chair of Te Arataura, the executive body of
Waikato Tainui, Genesis board member and
Chair of Tainui Group Holdings, Hinerangi
Raumati Tu’ua, Electricity Authority Chief
Executive Sarah Gillies, Waikato District
Council Chief Executive Craig Hobbs, and
Genesis Chief Executive Malcolm Johns,
among others from the local community,
key contractors involved in the construction
and Genesis employees. We appreciated the
support on the day of Te Aratoki, the collective
of marae surrounding the power station,
local school Te Wharekura o Rakaumanga,
and Harley Raihe, who performed a blessing
of the site.
The 100 MW battery will have a storage
capacity of 200 MWh, enough to power about
60,000 average households for two hours a day
during winter.
It will give us added flexibility to respond
to variations in hydropower, wind, solar
generation, and supply disruptions, helping
manage peak load and costs.
Minister Watts welcomed the start of the
project’s construction.
“Grid-scale batteries are pivotal for enhancing
our energy security and affordability. By
integrating grid-scale batteries, we can reduce
energy price volatility, decrease reliance on
fossil fuels, and pave the way for a sustainable
and resilient energy future,” he said.
This battery is the perfect partner for our
generation portfolio, including Lauriston and
new solar farms in our pipeline. We can store
the equivalent energy generated by solar farms
during the day, and release it at night when
customer demand is high.
The 70 battery units are being supplied by Saft,
based in France, and installed by Northpower.
The site is expected to be operational by
early 2027.
This is the first stage of a multi-stage project
that will see the Huntly Portfolio develop a
battery system of up to 400 MW by FY35, in
line with Genesis’ Gen35 strategy.
The battery will be connected to the national
grid directly from the Transpower sub-station
at the Huntly site.
“This connection made Huntly ideal for
installing a grid-scale battery, along with its
location close to the high-demand centres of
Hamilton, Auckland and Tauranga, and our
fantastic local workforce,” said Genesis Chief
Executive Malcolm Johns.
“As New Zealand’s electricity supply becomes
more renewable and subject to weather, this
battery will help smooth out fluctuations in
supply, ensuring it remains reliable and secure.”
“Grid-scale batteries are pivotal for
enhancing our energy security and
affordability. By integrating grid-scale
batteries, we can reduce energy price
volatility, decrease reliance on fossil fuels,
and pave the way for a sustainable and
resilient energy future.”
Simon Watts, Minister for Energy
60,000
AVERAGE HOUSEHOLDS POWERED
FOR TWO HOURS A DAY IN WINTER BY
OUR 100 MW BATTERY
Huntly battery construction
kicks off
bit.ly/HuntlyBattery
44
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Huntly flexibility
Winter 2024 was marked by low hydro lake
levels, low wind at wind farms, and a declining
national gas supply. The Huntly Portfolio proved
the worth of its flexibility by supporting the
market through a challenging period, making
three Rankines available, adding an additional
250 MW to market capacity.
Huntly is usually staffed to operate two
250 MW Rankine units, so we’re grateful to
our team for putting their personal lives on
hold, including cancelling leave, to bring the
third Rankine into service when the country
needed it. When running all units on full load,
Huntly delivers 1,204 MW, the most of any
generation site in the country, and enough to
power about 1.3 million homes.
SECURING GAS
The lack of gas available on the open market
saw us take the initiative and secure up to 3.2
PJ of gas from Methanex in August 2024 to
bolster electricity generation. This allowed the
400 MW Unit 5 at Huntly Power Station, New
Zealand’s largest electricity generation unit,
to return to full capacity for the first time that
winter. The unit is capable of powering up to
438,000 households at maximum capacity.
“Gas has long been recognised by the sector
as crucial to a stable energy transition. Its
importance is evident now more than ever
with wind and water for renewable generation
fluctuating and a lack of gas to provide
back up,” says Chief Operating Officer
Tracey Hickman.
As we approached winter 2025 we entered
another agreement with Methanex to support
its plant’s shutdown between May and July
2025, providing Methanex the opportunity to
offer excess gas to us.
“Huntly’s ability to provide flexible electricity
generation and Methanex’s ability to provide
flexible gas supply are essential elements in
a secure energy transition for New Zealand,”
said Tracey.
ORDERING COAL
With gas reserved to power Unit 5, the
Rankines ran predominantly on coal in winter
2024, and are expected to do so again in winter
2025. We restarted coal imports in June 2024,
rebuilt the stockpile at Huntly Power Station to
more than 500 kilotonnes (kt) after significantly
depleting it through winter 2024, and have
another 990 kt due to be delivered between 1
March and 30 September 2025.
We made this commitment to energy security
despite the expense and the risk that rain could
still top up the hydro lakes ahead of winter
2025, which by May had proved to be the case.
“We are actively managing our generation
and fuel resources to ensure we make our
full contribution to security of supply this
winter and beyond,” said Chief Executive
Malcolm Johns.
JOINT SUPPORT OF HUNTLY POWER
STATION FOR ENERGY SECURITY
In August 2025 Genesis, Mercury, Meridian,
and Contact signed detailed agreements to
establish a strategic energy reserve centered
on Huntly Power Station in support of national
security of supply.
Subject to Commerce Commission review,
these agreements will support critical back-up
electricity generation and fuel being available
to support the security of the electricity system
and price stability.
The parties identified the need for a security
of supply solution in response to the market
conditions during winter 2024.
The agreements are for a 10-year Huntly
Firming Option (HFO) covering 150 MW – 50
MW each for Contact, Mercury and Meridian.
In addition, Genesis, Contact, Mercury and
Meridian will establish a solid fuel reserve of
up to 600,000 tonnes. This will initially be
made up of coal, however, the reserve may
transition to biomass as it becomes available in
coming years.
The new 10-year HFO supports 250 MW of
Rankine capacity remaining in the market out to
2035, which will enable future HFOs and other
risk products to be offered to the whole market.
The parties intend the agreements to be in
place from 1 January 2026.
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GENESIS INTEGRATED REPORT 2025
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MAINTAINING PLANT
Regular maintenance of the Huntly plant
proceeded amid the demands of the past year.
Most notable was the completion of a cold
survey of Unit 1, a huge project taking place
every four years involving undertaking repairs
and improvements to the turbine, boiler and
other plant. The job took 175 days, around
60,000 working hours, involved 30 different
contracting companies and cost $8.1 million.
Cold surveys typically improve efficiency of
the unit by between 0.6% to 1.1% and decrease
auxiliary power requirements by up to 0.9 MW.
This will have significant commercial and
sustainability benefits, including fuel cost
savings and a reduction of between 2,900 and
13,100 tonnes of CO₂ emissions between FY25
and FY28 depending on how often the unit is
called on to operate.
Huntly Unit 5’s combustors were replaced
during its FY25 outage, supporting ongoing
safe and reliable operation of the unit and
enabling a lower minimum load.
We also removed a coal loadout conveyor
to make way for the installation of the new
battery units.
BIOMASS PROGRESS
We have an objective to establish a pathway
to 300 kt of biomass by FY28 for generation at
Huntly Power Station to support the station’s
transformation to a flexible, low-carbon
power producer. Creating a sustainable
and commercially viable alternative to coal
will support Huntly’s Rankine viability into
the future by underpinning Huntly Firming
Options for other market participants with
renewable fuel.
Biomass is an ideal domestic fuel to supply
the Rankines and we estimate that producing
300 kt of biomass would require feedstock
equivalent to less than 2%
1
of the production of
New Zealand’s exotic forests.
This year we advanced discussions with
five potential suppliers of biomass who are
attracting the top international technology
providers to New Zealand. This included
signing a Memorandum of Understanding
with Carbona and a non-binding term sheet
with Foresta.
We are seeking supply of torrefied black pellets
produced locally using sustainably grown
exotic forests and low-value wood material,
including slash. New production facilities are
likely to be built in regions that would benefit
from the jobs created.
Foresta is planning an integrated pine chemical
and torrefied wood pellet production facility in
the Bay of Plenty, which at full capacity could
produce 180 kt a year. Genesis is also in the
process of negotiating supply agreements with
other consortia across the central North Island.
Visits to torrefaction facilities in Thailand and
Finland, and visits to Japan and Vietnam, grew
our understanding of the technology, supply
challenges and availability of biomass. Once
we finalise product specifications and conclude
negotiations, we will be considerably closer to
our goal of a seamless transition from coal to
biomass at Huntly Power Station.
GAS FLEXIBILITY
The ability to store gas is key to increasing
Huntly Power Station’s flexibility. In FY25 we
completed an agreement with the Tariki gas
field joint venture in Taranaki to secure 2 PJ
of gas from the field, and a 12-month right
to assess the potential for Tariki as a gas
storage facility.
The Tariki operator, NZEC, anticipates
completion of dynamic subsurface modelling
and surface facility concept studies during
August 2025 and we will jointly assess the
project after this.
Alongside Tariki, we’re investigating other gas
flexibility options including other fields, LNG
and demand response.
1. Calculation using information from Scion; Land, Air, Water Aotearoa;
International Energy Agency; and from potential suppliers.
300,000
TONNES OF BIOMASS SUPPLIED TO HUNTLY
POWER STATION ANNUALLY BY FY28 – OUR
GEN35 TARGET.
“Our planned state-of-the-
art manufacturing facility
of locally sourced torrefied
black wood pellets in
Kawerau will play a key
role in reducing reliance on
coal, and we are eager to
collaborate with Genesis
to support New Zealand’s
energy transition to net
zero by 2050.”
Henry Cheng, Foresta Executive Chairman
46
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Four celebrate 40 years at Huntly
On 29 January 1985, four young men started
work at Huntly Power Station. Forty years later,
they’re still there.
A celebration morning tea was held recently
for Sandy Amos, Operator Maintainer –
Mechanical; David Haydock, Generation
Controller – Thermal and Resource Trainer;
Vaughan Jones, Generation Controller –
Thermal Shift Lead; and Trevor Roberts,
Systems Engineer.
Each was gifted a specially carved model of
the power station to mark their milestone. The
four started as teenagers, and say the variety
of work, and the quality of their colleagues,
encouraged them to stay.
“There’s lots of variety and opportunity to go
into different parts of the business,” says David.
“The people are what make this place; the
friendship between people is great.”
Vaughan says no two days are the same:
“There’s always something different going on,
and new challenges to work on.”
Trevor has found the job interesting and
challenging, made better by “lots of good
people. It’s just a great place to work.”
The station’s Operations Manager, Gareth
Dodd, noted the 160 years of service between
the four men. “This place would be nothing
without the level of professionalism shown by
these four,” says Gareth. “We thank them for
their service, and for being genuinely good
people to work with.”
After the celebration the four were back at
work, with no plans to retire just yet.
Power Purchase
Agreements
Power Purchase Agreements were activated
for the Lauriston solar farm in November and
the Tauhara geothermal plant in January.
Together they provided 289 GWh in FY25
to add to the 442 GWh received from the
Waipipi wind farm.
PPAs serve to notionally increase
renewable generation and improve our
portfolio flexibility.
2025
Holding their carved models of Huntly Power
Station and specially labelled beer for their
40th anniversary are, from left, David Haydock,
Vaughan Jones, Trevor Roberts and Sandy Amos.
1985
“There’s always something
different going on, and
new challenges to work on.”
Vaughan Jones
Generation Controller – Thermal Shift Lead
Celebrating Huntly long
service employees
bit.ly/40YrsAtHuntly
47
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Tekapo Power Scheme
reconsenting
The Tekapo Power Scheme is of national
importance, generating on average enough
renewable electricity to power more than
120,000 households. It operates alongside
other power stations on the Waitaki scheme,
owned by Meridian, which together produce
a combined average of approximately 8,000
GWh annually, about 18% of New Zealand’s
annual supply, and contain about 60% of
New Zealand’s controllable hydro-storage.
The resource consent to operate the Tekapo
scheme was originally granted in 1990 and
came up for renewal in 2025. Securing consents
to operate for another 35 years is critical to
helping achieve Genesis’ and New Zealand’s
climate change targets.
We lodged a consent application in mid-2023,
and this year decided to apply instead under
the Fast Track Approvals Act after being
listed as a Fast Track project in late 2024.
Genesis lodged its Fast Track application with
the Environmental Protection Authority in
April 2025.
Our consent application recognises the
effects of the scheme’s on-going operation on
people, communities and the environment,
and therefore proposes consent conditions
to address these effects through relationship
agreements with mana whenua, the
Department of Conservation and other
parties. Outcomes of these agreements
include an enhanced biodiversity programme
and investment in local infrastructure and
the community.
48
GENESIS INTEGRATED REPORT 2025
We’re committed to building
relationships that see us contribute to
meaningful outcomes for the community
and environment while enabling the
Tekapo Power Scheme to continue to
provide renewable electricity.
IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Community Investment Framework
This year we released a new
Community Investment
Framework, designed to create
real, positive change for people
and places closest to our power
schemes. The Framework has a
10-year time horizon and aligns
with Genesis’ Gen35 strategy.
By investing long-term in communities closest
to our power schemes, we’re supporting local
aspirations, building capability and resilience.
We’re lifting where we stand to support
partnerships, programmes and initiatives that
are by the community, for the community; by
iwi, for iwi; by Māori, for Māori.
The framework comprises three components,
or kōwae – nature, energy wellbeing, and
education and pathways. Wrapping around
the three main kōwae is the taura, which
indicates our responsiveness to local needs and
aspirations through smaller grants supporting
community-led kaupapa and initiatives.
Real, positive change for
people and nature in the
communities closest to
our power schemes
Supporting warmer homes for
whanau and empowering the
community-led transition
Warmer homes and kainga for communities
Enabling fair energy access for all
Building energy understanding and
financial capability
-
-
Protecting and restoring nature
Making a positive impact in the key communities
and ecosystems where we operate
Supporting mana whenua aspirations
Enabling opportunities for communities to
connect and engage with nature
Supercharging education
and pathways for rangatahi
Creating transformative learning and employment
opportunities for people in our local communities
Building capability in educators
Increasing accessibility to STEMM
education in Aotearoa
Through Gen35, we’re powering a
sustainable and thriving Aotearoa.
Our community investment impacts both
locally and across the country, creating real,
positive change for people and nature.
By investing long-term in communities closest
to our power schemes, we’re supporting local
aspirations, building capability and resilience.
We’re lifting where we stand to support
partnerships, programmes and initiatives that are
by the community, for the community; by iwi, for iwi;
by Maori, for Maori.
Our Approach
Community Investment Strategy
Te Ao Pungao
-
- -
M
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t
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Community Investment Strategy
Te Ao Pūngao
Credit: Tā moko (traditional Māori tattoo)
inspired artwork from Ben Thomason.
Design developed by Bastion Shine and
led by John Pelasio. Each kōwae (part)
represents nature, energy wellbeing
and education and pathways, and the
taura (connections) symbolise this in the
communities closest to our power schemes.
Community investment
framework
bit.ly/CommunityInvesting
49
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Real, positive change for
people and nature in the
communities closest to
our power schemes
Supporting warmer homes for
whanau and empowering the
community-led transition
Warmer homes and kainga for communities
Enabling fair energy access for all
Building energy understanding and
financial capability
-
-
Protecting and restoring nature
Making a positive impact in the key communities
and ecosystems where we operate
Supporting mana whenua aspirations
Enabling opportunities for communities to
connect and engage with nature
Supercharging education
and pathways for rangatahi
Creating transformative learning and employment
opportunities for people in our local communities
Building capability in educators
Increasing accessibility to STEMM
education in Aotearoa
Through Gen35, we’re powering a
sustainable and thriving Aotearoa.
Our community investment impacts both
locally and across the country, creating real,
positive change for people and nature.
By investing long-term in communities closest
to our power schemes, we’re supporting local
aspirations, building capability and resilience.
We’re lifting where we stand to support
partnerships, programmes and initiatives that are
by the community, for the community; by iwi, for iwi;
by Maori, for Maori.
Our Approach
Community Investment Strategy
Te Ao Pungao
-
- -
M
a
t
a
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r
a
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g
a
|
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d
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c
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Our funding priorities are:
•
Protecting and restoring nature
•
Supporting warmer homes for whānau and
empowering community-led transition
•
Supercharging education and pathways for
rangatahi (young people).
Early implementation of our new Community
Investment Strategy saw us extend our
partnership with Pūhoro STEMM Academy
for up to 10 years to support rangatahi (young
people) into careers involving science,
technology, engineering, mathematics, and
matauranga Māori; create a new programme
of work to promote energy wellbeing (see
page 39), and supercharge our School-gen
and award-winning Ngā Ara programmes for
primary and secondary students.
We’re also supporting a range of initiatives in
communities close to our generation schemes,
including rangatahi leadership development
programmes, Hato St Hone St John Ambulance
Stations, Lake Tekapō lakeshore enhancement,
outdoor education, and Duffy books in Homes.
Community Investment Framework
CONTINUED
10 yrs
EXTENSION OF OUR PARTNERSHIP WITH
PŪHORO STEMM ACADEMY
UP TO
“The partnership between
Pūhoro and Genesis is
important to me as Pūhoro has
guided me to pathways I now
want to pursue, helped me
grow as a leader, and given
me the confidence that I can
fulfil my potential.”
Zoe Wallace-Southall, Head Girl, Ruapehu College
Pūhoro and Genesis
partnership celebration
bit.ly/PūhoroSTEMM
50
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Protecting whio
Since 2011, Genesis and the Department
of Conservation (DOC) have been working
to protect whio through the Whio Forever
programme. The programme undertakes
predator trapping along 1,582 km of river
at seven high-priority security sites and
supporting recovery sites. The number of
national whio pairs reached 562 in the latest
annual surveys, up from 298 in 2011 – an
increase of 89%.
In March 2025, members of the Whio Forever
Committee from DOC and Genesis visited
the Tongariro area. It was a great opportunity
to connect with local predator-management
groups and other volunteers who manage
predator trapping lines in the Tongariro and
Whanganui river catchments.
This year the trapping network grew within the
Central Southern Alps (one of the eight security
sites managed as part of the Whio Forever
programme), with trapping expanding into the
Rocky and Griffin Creeks.
“Central Southern Alps has seen a slow but
steady increase in its whio population thanks
to predator control and our breed-for-release
programme,” says Antje Wahlberg, DOC
Biodiversity Ranger. “Rocky and Griffin Creeks
are a small but productive area for whio, and
they fill a geographic gap we had in the centre
of the security site. It feels like we’ve finally
connected the dots. Thanks to the consistent
support from Genesis and other contributors
we’ve been able to make this progress – we
expect to count 50 protected pairs at our next
full census.”
We also partnered with tamariki (children) from
one of our Ngā Ara partner kura (schools), Te
Kura o Hirangi in Tūrangi, to deliver their own
messages for our annual Whio Awareness
Week after learning about whio from Whio
Forever Technical Advisor Cam Speedy.
1,582 km
OF RIVER PROTECTED BY
PREDATOR TRAPPING
“Central Southern Alps
has seen a slow but
steady increase in its
whio population, thanks
to the consistent support
from Genesis and other
contributors.”
Antje Wahlberg, DOC Biodiversity Ranger.
Whio Forever 2025
bit.ly/ProtectWhio
51
GENESIS INTEGRATED REPORT 2025
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School-gen
School-gen is Genesis’ longest-running
programme, supporting STEM (science,
technology, engineering and maths) education
across Aotearoa since 2006. This year Genesis
donated $115,000 in STEM equipment to 16
primary schools.
HOUSE OF SCIENCE PARTNERSHIP
Genesis has an ongoing relationship with
House of Science, which works to enhance
confidence in teaching science through
relevant, comprehensive resource kits with all
the materials needed to carry out engaging
science lessons.
In FY25 we expanded our support of House of
Science to focus on supporting primary schools
in the communities around our generation
schemes. This enables House of Science to
reach an additional 29 schools in Tongariro,
Te Wairoa and Raahui Pookeka Huntly.
Genesis School-gen is the national sponsor
of the House of Science ‘Hot Stuff’ kits. This
year 579 teachers and 14,801 students were
able to access the hands-on learning materials.
Positive feedback from recipients included:
RESOURCES IN TE REO MĀORI
Since 2006, School-gen has been providing
free, energy-related science, technology,
engineering, maths teaching resources to
empower Kiwi kids with learning opportunities,
helping prepare them for jobs of the future.
In FY25 we began implementing aspects of
mātauranga Māori into our resources, including
translating all material into te reo Māori. These
will be accessible for educators in FY26.
The School-gen website has a range of teacher-
designed resources for educators and students,
free to download. This includes activities,
lesson plans, online games, reading and
science videos.
Educators using Genesis School-gen STEM
learning resources grew by almost 500 users
in FY25.
We’re planning to develop more resources and
finalise our mātauranga Māori strategy, fully
embedding this into the programme.
Tuatara
and the Sun
Ko Tuatara
me te Ra ̄
OVERVIEW
Learn about tuatara and why the sun is so important to them.
NZ CURRICULUM LINKS
LEARNING AREAS:ACHIEVEMENT OBJECTIVES:LEVELS:YEARS:
Science:
Living World: Life processes
Recognise that all living things
have certain requirements so
they can stay alive.
1-21-4
Nature of Science:
Investigating in science
Extend their experiences and personal
explanations of the natural world through
exploration, play, asking questions, and
discussing simple models and human
induced.
1-21-4
Living World:
Evolution
Recognise that there are lots of different
living things in the world and that they
can be grouped in different ways.
1-21-4
EnglishListening, Reading and Viewing1-21-4
YEARS 1-4
19,692
STUDENTS PARTICIPATED IN
STEM LEARNING THROUGH OUR
PARTNERSHIP PROGRAMMES
“The activities were really
easy to adapt to suit
different age groups. The
thermal imaging camera
was one of the activities the
children liked the most.”
Teacher at Whenuakura School, Taranaki
52
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Ngā Ara Creating Pathways
Our most impactful social initiative is our
Ngā Ara Creating Pathways programme. It
focuses on attracting, nurturing, and engaging
rangatahi (young people) in STEMM education
and career pathways. This helps individuals
build rewarding careers, our industry build
its future workforce, and to address wider
industry inequities.
We partner with secondary schools in our
generation communities, creating opportunities
for apprenticeships, internships, work
experience, scholarships and partnership
programmes. We work with community
organisations including Pūhoro STEMM
Academy, POU Limited and Oho Mauri.
In the 12 months ahead, we plan to expand
and promote our core Ngā Ara programmes,
and work collaboratively with our generation
communities to improve rangatahi Māori
access to STEMM education.
11
APPRENTICES HAVE
BEEN EMPLOYED
SINCE NGĀ ARA
LAUNCHED IN
JULY 2020:
38
INTERNS HAVE WORKED
ACROSS OUR OFFICES
AND POWER SCHEMES
65
WORK EXPERIENCE
OPPORTUNITIES HAVE
BEEN CREATED
275
SCHOLARSHIPS
AWARDED
53
GENESIS INTEGRATED REPORT 2025
Apprentices at Huntly Power Station,
from left, Joel Watkins, James Dyke,
Jasmine Lowe, Manukura Heta.
IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Scholarship sparks an
electrical career
As a student at Wairoa College, a Ngā Ara
partner school, Kiana King had the chance to
do work experience at Waikaremoana Power
Scheme. She stood out during her placement,
impressing the site team with her curiosity and
strong work ethic.
Kiana’s exceptional performance earned her
a Ngā Ara scholarship, and she is currently
studying for her NZ Certificate in Electrical Pre-
Trade at the Eastern Institute of Technology in
Napier. The course is precursor to an electrical
apprenticeship. Kiana continues to work on-site
one day a week while completing her studies,
and our site team is proud to be supporting her
studies with hands-on experience.
“My journey with Genesis began through
school (Wairoa College). With a passion
to become an electrician, I jumped at the
opportunity to learn more about it,” says Kiana.
“Work experience at the Waikaremoana Power
Scheme opened my eyes and convinced me
even more that this is what I want to do! I
am now working at EIT towards my dream of
becoming a sparky, completing an Electrical
Pre-Trade, with the hope of undertaking an
apprenticeship with Genesis once I complete
this qualification.”
STEMM grants
In FY24, 11 of our Ngā Ara partner schools were
given the opportunity to apply for a one-off
STEMM grant of $10,000. The funding was
distributed in FY25 and used for a range of
STEMM resources and experiences, including
microscopes, robotics kits, and computers,
a field trip, and professional development
for teachers.
One recipient was Mackenzie College in
Fairlie, near the Tekapo Power Scheme. The
college used the funding to buy a laser cutter,
and David Hignett, the college’s Head of
Technology, told us about the impact it has had
for students:
“As a rural school it is sometimes difficult for
our students to get the same exposure to the
high-tech elements of technology, but your
generosity has ensured that our rural students
get the same opportunities as the bigger
city schools.
“We have embedded the use of this machine
in our projects, creating high levels of
engagement and excitement among our
students at all year levels. Having the laser
cutter within the school has re-ignited a passion
for technology.”
Aruhiko partnership
This year we established a formal partnership
with Aruhiko Power Engineering Excellence
Trust (PEET). The partnership is aimed at
encouraging students from our generation
communities to pursue power engineering
studies at the University of Canterbury. As
part of this collaboration, we funded five
STEMM scholarships.
Girls with Hi Vis
In 2024, we hosted 70 rangatahi wāhine (young
women) for Girls with Hi Vis events at our
Huntly and Tokaanu Power Stations. We host
these events biannually to spark curiosity and
foster connection to the energy sector. Women
are under-represented in trade and technical
roles in the energy sector, and we want to
inspire and encourage more young women
along these rewarding career pathways.
Students toured the power stations and
attended a panel discussion where they
heard from some of our inspiring wāhine in
operational roles. Our teams led fun, hands-on
activity rotations that allowed students to learn
more about careers in the energy sector. Teams
worked together to build mini hydro power
stations, construct and test mini earth dams,
and wire extension cords.
Inspired to study: Una Drayton
Una Drayton attended a Girls with High Vis
event through her Ngā Ara partner school,
Ruapehu College in Ohakune, which is close
to the Tongariro Power Scheme. The event
opened her ideas to the possibilities of a job in
the energy sector, and she went on to receive a
Ngā Ara Scholarship.
Una is now in her third year studying electrical
engineering at university. She joined us at the
recent Girls with Hi Vis event in Huntly, sharing
her story and role modelling potential pathways
for rangatahi.
POU partnership
Established in 2019, POU Limited is a
partnership between Genesis Energy and the
Matawhaanui Trust. It focuses on providing
quality services to Huntly Power Station,
creating employment for local people. Roles
include cleaners, ground maintenance staff,
scaffolders, mechanics, electricians, and
coal technicians.
POU has 39 permanent employees, two
fixed-term apprentices and 15 casual workers.
In the year ahead, the business plans to take on
more apprentices in areas where its workforce
is ageing to create opportunities for the next
generation and ensure continuity of its services.
Kiana King
Waikaremoana Power Scheme work experience student
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Our generation sites have an impact on land,
waterways and people, and we recognise
our responsibility to help protect the many
species of plants and animals that live in
these ecosystems.
WAITAKI CATCHMENT
We’re developing a new indigenous biodiversity
programme for the Waitaki Catchment,
in conjunction with the Department of
Conservation (DOC). This year saw the drafting
of a 10 year strategic plan. This will be a key
commitment under the terms of the new
Tekapo Power Scheme consents.
The new indigenous biodiversity programme is
called Kahu Ora, which was a name gifted by
Justin Tipa (Ngāi Tahu, Ngāti Mamoe) meaning
a reviving cloak that represents togetherness,
collaboration and coming together for a shared
purpose. Implementation of our contribution
to Kahu Ora is a key component of the new
consents once approved.
The overall objective of Kahu Ora is to
improve the condition, resilience, indigenous
biodiversity, ecological processes and other
related values of taonga (treasured) species,
the braided rivers and associated freshwater
environments including the wetlands within the
Waitaki Catchment.
LAKE TAUPŌ
The lands and waterways around the
Tongariro Power Scheme contain many
taonga, including a shy, slender fish called
Kōaro (Galaxias brevipinnis). The Kōaro once
thrived in Lake Taupō and its surrounding
tributaries and provided an important food
source for the tangata whenua of the Lake
Ta u pō region, Ngāti Tūwharetoa, but following
the introduction of brown and rainbow trout
into Lake Taupō between 1887 - 1898, kōaro
populations began to decline. The trout
competed with kōaro for food and ate the
kōaro themselves. In less than 100 years, the
kōaro population in Lake Taupō, along with the
cultural connection and traditional practices of
Ngāti Tūwharetoa, had almost disappeared.
This year we have started working with some
key hapu-based businesses and Hautu-Rangipō
Whenua Ltd (HRWL) whose land surrounds part
of the Tongariro Power Scheme to restore Kōaro
habitat and gather data on the Kōaro population.
Over the next three years, we will be working
to develop a restoration plan, remove barriers
to Kōaro movement including installing ‘fish
ladders’ to help them move upstream, restore
riparian margins by fencing off and planting
native species at the water’s edge, and create
enclosed environments in ponds and wetlands to
support Kōaro spawning.
WHANGANUI RIVER
Tuna (eel) once thrived in the Whanganui
River, but stocks declined between
the 1970s and 2010s. They are a vital
natural and cultural resource for mana
whenua and play a significant role in the
river’s ecosystem.
The artificial structures that are part of the
Tongariro Power Scheme make it difficult
for mature tuna to migrate downstream
and juvenile elvers to migrate upstream.
Since 2012, Ngāti Hikairo ki Tongariro and
Genesis have been working to boost tuna
populations by improving access both
upstream and downstream of Genesis
structures. Over the past few years, we
have developed passive elver passages
on several intakes, and monitoring these
will provide evidence of how well these
installations are performing.
In FY25 several wānanga (seminars) with
tuna experts were held in the field to
educate and exchange knowledge around
the best methods of tuna management. We
are still learning and continue to connect
with like-minded people in other areas of
Aotearoa performing similar mahi (work).
COOL KŌARO FACT
Kōaro, (Galaxias brevipinnis) also known
as the climbing galaxias, is known for its
remarkable ability to climb steep surfaces,
including waterfalls, using its specialised fins.
1964
The Western Diversion stage of the Tongariro
Power Scheme started. There were an
estimated 20,000 tuna living upstream of the
structures installed
1983
The final stage of the Tongariro Power
Scheme was completed
1999
Management of the Tongariro Power Scheme
was transferred to Genesis
2010
Falling tuna populations had become a
critical concern for mana whenua
2012
Ngāti Hikairo approached Genesis Energy,
concerned about the ongoing decline of tuna
stocks. We formed a partnership to undertake
an eel restoration programme
2014
Between 2012 and 2014, about 200 tunaheke
(mature eels) were successfully salvaged and
released to continue their spawning migration
2015
Tunariki (elver) trap and transfer began
on the Otamangakau Dam outlet
2024
Between 2015 and 2024, approximately
20,000 elvers were transferred to habitat
upstream, mostly Lake Otamangakau.
2025
Passive elver passage added to all but two
structures, with manual elver passage
provided at those two.
Helping protect and restore nature
TUNA TIMELINE
Credit: A Siciliano/Department of Conservation
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GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
In late June a group of around 30 employees
from Genesis and our partner POU Ltd came
together to restore a wetland off Te Ohaki Road
near Huntly Power Station. Together with local
volunteers, the team planted 2,400 native trees
and grasses – part of a larger project in
partnership with Waikato RiverCare that will
see 6,120 plants established across the site.
Once mature, the wetland will help sequester
carbon dioxide. This is our second voluntary
wetland restoration project, building on what
began last year at the Waahi wetland.
Planting at Raahui Pookeka Huntly
Kevin Hutchinson
Kai Whakahaere Rauemi (Operations Manager)
at Waikato RiverCare.
Susie Elcock
Environmental Advisor
Wetland restoration can have many
benefits, including supporting a wide range
of biodiversity, improving water quality,
and reducing river temperature. The last
is important as we rely on water from the
Waikato River to cool equipment at the power
station, and can only draw water from the river
when it is within a certain temperature range.
Keeping our waterways healthy is important
for our business and the environment in which
we operate.
2,400
NATIVE TREES AND GRASSES PLANTED
IN PARTNERSHIP WITH WAIKATO
RIVERCARE THAT WILL SEE 6,120
PLANTS ESTABLISED ACROSS THE SITE
Restoring wetlands in
Raahui Pookeka Huntly
bit.ly/RaahuiPookeka
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Having Kruger Wetere (Ngāti Maniapoto,
Ngāti Hikairo) join us as Pouhere Māori has
been pivotal in fostering long-term, trusted
relationships with stakeholders that generate
sustainable commercial outcomes. Kruger
brings deep experience and tikanga-led
leadership, travelling throughout the country to
nurture both existing and new iwi relationships.
“The Pouhere Māori role is both a cultural
and commercial navigator. It ensures Genesis
builds meaningful relationships with Māori,
honors Te Tiriti o Waitangi, and integrates
Te Ao Māori into our people, partnerships,
and future energy plans,” says Kruger.
One example of this mahi includes
supporting our team’s engagement with
mana whenua connected to the Tekapo
Power Scheme, particularly through Te
Arawaru – the entity established as part of
our relationship agreement.
We were honored to have Waikato-Tainui
present to mark the start of construction on
our battery project at Huntly Power Station.
Iwi leaders included Tukoroirangi Morgan,
Chair of Te Arataura (the executive body of
Waikato-Tainui), and Genesis board member
and Chair of Tainui Group Holdings, Hinerangi
Raumati-Tu’ua.
Following this event, we held a separate
ceremony to celebrate the signing of an
updated relationship agreement between
Genesis and Te Aratoki – the representative
body for several marae around Huntly
Power Station.
Iwi and mana whenua
Further south, representatives of Arowhenua
rūnanga, officiated the opening of our first
solar farm at Lauriston in Canterbury, marking
the beginning of a new relationship with mana
whenua in that region.
We’ve also been privileged this year to
engage with Ngāi Tūhoe, Te Uru Taumatua
leaders, Tamati Kruger and Kirsti Luke,
Whanganui rangatira Gerrard Albert, and
with Tūwharetoa Māori Trust Board rangatira,
Rakeipoho Taiaroa.
57
GENESIS INTEGRATED REPORT 2025
Our Pouhere Māori Kruger Wetere
(left) with Tukoroirangi Morgan,
Chair of Te Arataura, the executive
body of Waikato-Tainui, at the
launch of construction of the battery
project at Huntly Power Station.
IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Genesis has FY25 Science Based Targets (SBT)
that align with the global Paris Agreement
to limit global warming to 1.5°C above
pre-industrial levels. Our targets were to
reduce greenhouse gas emissions by FY25
(from a FY20 baseline): 36% for generation
emissions
1
, and by 21% from use of sold
products (gas and LPG sales).
Through FY25, we faced several challenges that
affected our ability to achieve our generation
target. Actual emissions were 6% lower than
the FY20 baseline, compared to the target
of 36%. This shortfall was due to a range
of factors including the speed at which the
market is developing renewables, hydrology
conditions, and most significantly, the stressed
gas market. In the absence of available gas,
Genesis had to rely more heavily on coal to
Emissions update
meet New Zealand’s electricity demands.The
emission reduction target for FY25 from sold
products was met.
Despite these setbacks, Genesis remains
aligned to its long-term decarbonisation
goals. Genesis’ extended goals are to reach
net zero emissions by FY40 and to meet
near-term reduction targets by FY30. Our
updated climate targets extend from our FY25
targets to net zero by FY40, and have now
been validated by the Science Based Targets
initiative (SBTi). These targets reflect our
plans to reduce greenhouse gas emissions in
line with the global goal of limiting warming
to 1.5°C, and New Zealand’s goal of net zero
emissions by 2050. Genesis’ net zero by FY40
target aligns with the electricity sector’s
unique ability to decarbonise rapidly and its
Angela Ogier, our GM Fuels Strategy, with black
biomass pellets at Huntly Power Station.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY25 actualOther market factorsAverage hydroScarce gas
drives more coal
Gen35SBTi target
GENERATION EMISSIONS – GEN35 VS FY25 ACTUALS (SCOPE 1 AND 2, MtCO₂e)
important role as an enabler to other sectors’
decarbonisation pathways.
The updated targets reflect Genesis’ expected
decarbonisation delivered by Gen35 goals to
grow renewable energy, empower the customer
transition, and build portfolio flexibility. Key
enablers include the development of flexible
and low-carbon generation options, such as
new renewable energy sources and biomass to
replace the use of coal. Additional details on
Genesis’ decarbonisation targets are provided
in our FY25 Climate Statement.
Genesis is committed to transparency and will
continue to report on progress, challenges, and
assumptions as the business progresses with
Gen35. This approach ensures stakeholders
understand both the ambition and the practical
realities of delivering a low emissions future.
1. Generation emissions include Scope 1 and 2 emissions.
Our updated climate targets
extend from our FY25 targets to
net zero by FY40, and have now
been validated by the Science
Based Targets initiative (SBTi).
These targets reflect our plans to
reduce greenhouse gas emissions
in line with the global goal of
limiting warming to 1.5°C, and
New Zealand’s goal of net zero
emissions by 2050.
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Managing our
carbon obligations
Genesis holds investments in two large carbon
forestry partnerships – Drylandcarbon and
Forest Partners. Both partnerships invest
in forest portfolios across New Zealand for
carbon sequestration to produce carbon credits
(NZUs) in the New Zealand Emissions Trading
Scheme (ETS).
Drylandcarbon commenced in FY19 and has
secured land, established forests and registered
plantings in the ETS. The first distribution of
NZUs to investors began in FY23. The focus
in FY25 has been largely ongoing operational
management of the portfolio.
Forest Partners commenced in FY22 and at the
end of FY25 had fully secured land and was
well underway with forestry establishment and
ongoing operational management.
Government relations
Our Government Relations and Regulatory
Affairs team works hard to build and strengthen
Genesis’ reputation and social licence by
engaging with key government stakeholders
and liaising with our teams on regulatory
requirements. This year our work included:
•
Engagement on policy initiatives, particularly
the Energy Competition Taskforce and
Government review of the electricity sector
•
Site visits by Government ministers and
officials to Huntly Power Station and other
generation sites
•
Engagement with officials to support our
priorities, including the Huntly strategic
fuel reserve and Heads of Agreement, and
potential for biomass for generation
•
Organised a Wellington stakeholder
event in October 2024 with Ministers,
members of the Opposition, and senior
government officials
•
Worked with the Ministry of Foreign Affairs
and Trade to engage with the Government of
Indonesia to address regulatory barriers to
coal importation
•
Met requests for additional market
information from the Electricity Authority
•
Supported implementation of new Consumer
Care Obligations
•
Made about 40 submissions on government
policy and regulation consultations
Key submissions included:
•
Energy Competition Taskforce initiatives,
and the Electricity Authority’s related paper
on reviewing risk management options for
retailers
•
The Electricity Authority’s consultations
focused on retail market settings, including
the Consumer Care Obligations
•
The Ministry of Business, Innovation
and Employment’s discussion paper on
Exploring a Consumer Data Right for the
electricity sector.
•
Transpower’s consultations on improving
system security, including the proposed
review of Security of Supply Forecasting and
Information Policy
Sustainable finance
Our Sustainable Finance Framework sets
out the process by which we intend to issue
and manage bonds and loans to support our
sustainability objectives. These contribute
toward our Sustainable Development Goals,
and to create positive environmental and
social outcomes.
We aim to support the industry’s response
to helping New Zealand achieve its net zero
emissions goals, address social challenges and
provide a mechanism for investors to contribute
capital to achieve their sustainability goals.
We have $250m of sustainability-linked
loan facilities, with targets tied to reducing
our emissions, developing new renewable
generation capacity, and creating pathways for
the future of work.
Waste management
Huntly Power Station
Huntly Power Station produces large
quantities of bottom ash and fly ash, and
disposing of it in the most responsible way
is an ongoing challenge. In FY23 we joined
forces with Fletcher Building to keep bottom
ash out of landfill, providing it to local cement
manufacturer Golden Bay, which uses the ash
to make cement. In FY25 we supplied Golden
Bay with 12 kt of bottom ash.
Fly ash produced at Huntly Power Station
has faced challenges in consistently meeting
the minimum specification for re-use;
however, efforts are ongoing to identify a
sustainable solution.
Corporate offices
Our corporate offices in Auckland and
Hamilton support waste and recycling practices
through three collection streams – general
waste, general recycling, and organic waste.
Data collection and reporting on these
collection streams in FY25 shows a decrease
in waste volumes from corporate offices
compared to FY24.
Tackling transport
emissions
We hit several milestones this year on our
journey toward a fully electric light fleet by
FY28. More than half (52%) of our light fleet
is now electric, and we have installed EV
charging infrastructure at almost all our sites –
generation, LPG and corporate.
To help with managing, charging and
troubleshooting for our EV fleet, we’ve
launched a platform that uses our existing
partnerships with EROAD, ChargeNet,
Thundergrid and PowerTrip. This support is
giving our team the confidence to drive EVs
even on the longest trips.
We’re already seeing positive results, with
lower emissions and lower total maintenance
costs as the proportion of EVs in our
fleet increases.
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GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerFinancialsSustainabilityGovernanceCountry
Our leadership assesses our external
environment and what matters most
to our business to set our strategy
and sustainability targets.
Our sustainable
business
ACCELERATING
60
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
Our Board
Genesis Energy’s Board of
Directors sets the company’s
strategic direction, creating
long-term value for shareholders
while balancing the needs of
our customers, stakeholders
and the environments in
which we operate.
Full profiles of our Directors
can be found here
Tim Miles
BA
James Moulder
BA, BCA, GMP
(HARVARD)
Warwick Hunt
MNZM, BACC
(HONS), FCA, FKCL
Catherine Drayton
BCOM, LLB, FCA,
CFINSTD
Hinerangi Raumati-Tu’ua
MNZM, BMS, MMS, FCA
Barbara Chapman
CHAIR
CNZM, BCOM,
CMINSTD
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GENESIS INTEGRATED REPORT 2025
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Our Executive team
Our Executive team executes strategy
approved by the Board and provides
directors with accurate and timely
information on company operations,
performance, legal obligations
and reputation.
Full profiles of our Executive team
can be found here
Malcolm Johns
CHIEF EXECUTIVE
Ed Hyde
CHIEF
TRANSFORMATION
& TECHNOLOGY
OFFICER
Tracey Hickman
CHIEF OPERATING
OFFICER
Stephen England-Hall
CHIEF REVENUE OFFICER
Julie Amey
CHIEF FINANCIAL
OFFICER
Matthew Osborne
CHIEF CORPORATE
AFFAIRS OFFICER
Claire Walker
CHIEF PEOPLE
OFFICER
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
WEATHER
Rainfall into our catchments was below average
once again in FY25 and marked by significant
volatility. Having entered the financial year at
just 67% of average, national hydro storage
continued to decline on the back of a prolonged
dry sequence, reaching historic lows by late
July. Relief came towards the end of August
2024 with the arrival of significant rain and
snowmelt, pushing storage as high as 141%
of average, however this was followed by a
period of record low inflows nationally between
January and April 2025. As a result, generation
from our Waikaremoana, Tongariro and Tekapo
hydro schemes was also below average at 2,588
GWh.
Meanwhile, temperatures were predominantly
close to or above average across the country
during FY25, which contributed to the 3%
drop in demand compared with the previous
financial year.
Given the need to support the market during
dry periods, Huntly generation rose to 3,613
GWh. Of this, 1,704 GWh was provided by
the Rankines, well down on the 2,332 GWh
generated from the Rankines in FY24 partly due
to the unplanned outage of Unit 5.
ENERGY TRANSITION
As New Zealand moves towards more
sustainable energy sources to meet its net zero
2050 target, the energy sector is faced with the
challenge of transitioning from fossil fuels to
renewable energy sources. This compels us to
undergo our own transition within the energy
transition, including substantial investment
in new infrastructure, technology and skills.
At the same time, we must reposition our
assets to capture value from a future market
dominated by intermittent solar, wind and
hydro generation, with regular dry periods.
The transition also presents opportunities
to innovate and diversify offerings, such as
developing new renewable energy projects or
offering new energy solutions to customers.
FY25 has seen new renewable projects
come online in the form of wind farms, solar
farms and geothermal plants. However the
intermittency of wind and solar farms, a decline
in gas supply nationally, and the expectation
of increasing demand for electricity from EV
uptake and large business energy conversion
has emphasised the critical role Huntly Power
Station continues to play in baseload, and
firming.
Electricity users are clear that keeping the
lights on is essential, so New Zealand will
use some coal as a fuel of last resort. Under
Gen35 we are focused on supporting a reliable
electricity system, working towards securing
more flexible gas supplies, using coal where
it’s needed, and working towards displacing
imported coal with domestic biomass. Our
commitment to install batteries at Huntly
Power Station will help address peak demand
concerns. And we are playing our part in
growing new renewables through our solar
programme and exploration of wind options.
While substantial new generation has been
added and there is more on the way, there is
still work to be done to bring New Zealand’s
energy system into balance. We continue to
work independently and with energy sector
participants and the Government on addressing
this issue.
External environment
Our planning and operations are influenced by the external
environment in which we operate. Each of the areas
discussed here presents challenges and opportunities to
which we must respond in order to be successful.
Refer to our Value Creation Model on page 8 of this report.
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COMPETITION
While retail competition remains healthy,
we continue to experience competition for
renewable energy developments including
access to suitable sites, connection capacity
both at national grid and distribution level,
and resources, including engineers, project
developers and consultants across solar, wind,
and battery projects.
In response, our approach to new renewables
is a mix of greenfield and acquiring late-
stage developments. The latter de-risks the
development process by enabling us to acquire
already-secured land, consents and connection,
and hence reduce the risk of delays. This,
combined with our ability to develop projects
on our own, through joint-venture partnerships,
or to secure offtakes, allows us access to a wide
range of developments.
In FY25 one of three key equipment
manufacturers for hydro schemes withdrew
from the New Zealand market, reducing
resource and competition to support the
ongoing refurbishment of the country’s
hydroelectric portfolio. Since then there
has been renewed interest from another
international provider to re-enter the market.
Regarding biomass, see information on
page 46.
REGULATION
Policy and regulatory activity in FY25 were
heavily influenced by the events of winter 2024,
in which a combination of a sudden decline in
natural gas supply, very dry conditions, and
prolonged periods of low wind generation
pushed wholesale prices to very high levels.
While ~99% of consumers were shielded
from these circumstances through fixed-price
contracts with retailers, some spot price-
exposed industrial consumers were negatively
affected, driving a political response.
The Electricity Authority and Commerce
Commission combined to launch the ‘Energy
Competition Task Force’, which has produced
a steady stream of regulatory change
proposals that Genesis has engaged with.
The challenging wholesale market conditions
of winter 2024 also prompted the Government
to commission an independent review of
electricity market performance. Frontier
Economics was appointed to carry out this
review, which at the time of writing was under
consideration by the Government. Genesis
expects some reform to be undertaken
as a consequence of the review over the
course of FY26.
‘Business as usual’ work continued, as the
Government worked to repeal restrictions on
petroleum exploration introduced in 2019, and
stimulate activity in the upstream sector. This
work took on extra importance in the context
of New Zealand’s very constrained natural
gas supply.
Genesis has also engaged closely with the
Government on plans to substitute coal with
domestically produced sustainable biomass
at Huntly Power Station, and our objective is
to establish a pathway to 300 kt of the fuel
to site by FY28 was referenced in the second
Emissions Reduction Plan.
Mandatory Consumer Care Obligations were
introduced in January 2025, and Genesis has
taken care to ensure compliance with these
new requirements. Considerable work has
also been undertaken to ensure compliance
with new information-gathering requirements
imposed by the Electricity Authority.
Resource management legislation reform
continued throughout FY25 and into FY26,
in support of the Government’s ‘Electrify
New Zealand’ commitment to double
renewable generation in New Zealand by 2050.
64
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
SUPPLY CHAIN
Our supply chain continues to be influenced
by scarcity of skilled labour, local supplier
availability and critical resources. This has
meant some instances when it has been hard to
get contractors out to difficult-to-access sites.
We work with our partners to find solutions,
and build longer timeframes into our schedules.
As we move ahead with our new renewable
energy projects, we’re carefully managing
our supply chain to ensure a reliable and
sustainable supply of the people, materials
and resources we need. Examples of building
sustainability into those supply chains include
considering suppliers close to delivery points
to avoid distance travel, and sourcing as
many different products as possible from
each supplier.
We are conscious of the need to guard against
modern slavery in our supply chains as much
as we can.
In selecting the equipment suppliers for our
solar programme, the Genesis-FRV joint
venture has followed the procurement and
compliance process of FRV, based in Spain,
which includes management of modern slavery
risk and exposure, particularly from upstream
raw materials used in the manufacturing of
solar modules. This is based on their experience
of managing modern slavery in the supply chain
and includes independent third-party reviews
of solar module vendors, supply chains and
sub-contractors, including visits to module
supplier facilities.
Regarding coal supply, an independent third
party undertook a comprehensive audit in
FY25 of the Indonesian company from which
we source coal directly. We will receive the
audit report in Q1 FY26. An audit in 2019
confirmed our supplier met required standards.
In addition, the supplier meets regularly
with its sub-contractors and requires regular
reports on the sub-contractors’ health, safety,
environmental and social targets and progress.
Regarding biomass, the international market
is growing rapidly for black pellets with
production plants coming online at scale and
demand increasing from coal power plants
around the world committing to transitioning
away from coal. New Zealand, with the
transition of fuel for Huntly Power Station, is
recognised as a world-leading destination for
technology suppliers and investors. Five of
the world’s leading black pellet technology
providers are now actively progressing projects
with Genesis and several of New Zealand’s
largest fibre producers, creating opportunities
for foreign and local investment.
TECHNOLOGY
As we respond to the dynamic markets
in which we operate, we maintain a level
of flexibility to enable us to achieve our
outcomes. Our core technology focus
areas have remained steady across our key
platforms, our data, and delivery of our high
priority digital projects (Billing and CRM,
Finance, and Wholesale Markets). These
projects are enabling transformation of key
business processes while moving us to next
generation, cloud-based solutions.
We’re continuing to execute our broader
technology programme modernising our core
infrastructure, our Genesis Data Platform and
our integration ecosystem.
Our security posture continues to mature
against the globally recognised ISO 27001
Information Security Management standard
and the Generation-specific VCSS-
CSO standard to ensure a safe, reliable
environment for our business operations.
In response to globally demonstrated
success, we have accelerated our approach
to adopting and embedding AI in key areas
of our organisation where we see strong
potential for value.
Five of the world’s leading
black pellet technology
providers are now actively
progressing projects with
Genesis and several of
New Zealand’s largest
fibre producers, creating
opportunities for foreign and
local investment.
65
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
Progress toward our 2025 targets and our contribution to UN Sustainable Development Goals (SDGs). For more on Genesis and sustainability, visit https://www.genesisenergy.co.nz/about/sustainability
Progress against our 2028 Sustainability Framework, Te Wao Nui, will be reported in future updates.
SUSTAINABILITY PILLAR2025 TARGETSFY25 PERFORMANCE PROGRESS AGAINST 2025 TARGET
A low carbon future
GOALS
• Empower NZ’s energy transition
• Help customers & communities to transition
• Protect & restore nature
SUSTAINABLE DEVELOPMENT GOALS:
SDG Targets:
1
13.1, 13.3, 15.1, 15.5
Achieve 1.5°C-aligned Science Based
Targets by reducing our annual emissions
by more than 1.2 million tonnes of CO₂e
by FY25 (from a FY20 baseline)
Reduced our scope 1, 2 and scope 3 emissions from
use of sold products by 902,202 tCO₂e compared to
FY20 baseline.
We did not meet our scope 1 and 2 emissions reduction
target in FY25. A 6% reduction was achieved in FY25
against FY20 baseline compared to a target of 36%
reduction. Refer to page 58 for more detail on why we
were unable to achieve the target.
We met and exceeded our scope 3 emissions reduction
target which was linked to emissions from use of sold
products. The target was 21% reduction from a FY20
baseline, and a 55% reduction was achieved in FY25.
Empower our customers to reduce their
carbon footprint.
11.8 million interactions with our Energy IQ App features.
55% of our EV plan customers have subscribed to our
EVerywhere offering (charge your home rate when you’re
charging on the road).
61.6 million interactions with Energy IQ features since
the start of FY21.
Positive outcomes for nature through
partnering on conservation and
restoration.
Continued Whio Forever Programme (partnership with
DOC) and our 19-year Kiwi Forever partnership with
Ngāti Rangi.
Project River Recovery in upper Waitaki Basin.
2,400 native trees and grasses were planted to restore
a wetland off Te Ohaki Road, in Raahui Pookeka Huntly.
Whio numbers have increased 89% since the 2011
launch of the Whio Forever partnership, increasing
from 298 pairs to 562 pairs in FY25.
About 4,400 native plants were planted by Genesis
employees and other volunteers to restore wetlands in
Raahui Pookeka Huntly since the start of FY24.
A more equal society
GOALS
• Pathways for the future of work
• Support energy wellbeing
• A safe, healthy and diverse workforce
SUSTAINABLE DEVELOPMENT GOALS:
SDG Targets:
1
7.1, 8.3, 8.6, 10.2, 17.18
15,000 educators use STEM learning
resources or equipment offered by the
School-gen programme (FY21-
FY25 inclusive).
3,863 educators used STEM learning resources or
equipment offered by the School-gen programme.
15,107 educators have used STEM learning resources or
equipment offered by the School-gen programme since
the start of FY21.
Provide a total of 96 apprenticeship,
internship and work experience
opportunities through Ngā Ara Creating
Pathways (FY22-FY25).
25 apprenticeships, internships and work experience
opportunities were provided through Ngā Ara
Creating Pathways.
Ngā Ara scholarships awarded to 70 students nominated
by teachers in partnering schools.
109 apprenticeships, internships, and work experience
opportunities were provided through Ngā Ara Creating
Pathways since the start of FY22.
Support community organisations to help
families improve the warmth of their
homes and partner with others to enable
fair access to energy for New Zealanders
in need.
Helped 529 whānau keep their homes warm and dry, or use
energy efficiently. Gifted 11,700 lightbulbs to communities
in Rahui Pookeka Huntly and Whanganui to help reduce
whānau energy use, and 5,700 lightbulbs to community
organisations for distribution.
Supported social energy retailer Nau Mai Rā via donating
subsidised wholesale electricity hedges. Our support
contributed to Nau Mai Rā supplying electricity to 2,000
customers in vulnerable circumstances.
Helped 2,388 whānau keep their households warm and
reduce energy use since the start of FY20, through the
provision of winter warm up packs, installation of
curtains, or other warmer home interventions.
2025 Sustainability Framework progress and our SDG contribution
66
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
SUSTAINABILITY PILLAR2025 TARGETSFY25 PROGRESSPROGRESS AGAINST 2025 TARGET
A more equal society
(continued)
Support our customers in vulnerable
circumstances by working with others
137,495 Power Shout hours gifted by our customers to
people who need it.
185,470 Power Shout hours gifted by Genesis to people
who need it.
Reached out to 1,891 customers through Manaaki Kenehi
and Fresh Start.
1,052,965 Power Shout hours gifted to our customers in
need since the start of FY22 (gifted by Genesis
and Genesis customers).
Integrate Te Ao Māori worldview into
Genesis’ culture and the way we do
business and improve cultural capability
of Genesis.
Executive team endorsed a co-creation approach to
developing a Rautaki Māori following their completion of Te
Kahikatea programme in FY23.
60 employees attended “The Wall Walk” workshop with Dr
Simone Bull, to lift their understanding of our nation’s
history and its ongoing impact.
Appointment and mihi whakatau of Kruger Wetere into
Pouhere Māori role.
Formalisation of Te Rōpū Māori ki Kenehi with 50
kaimahi Māori dedicating time to
whakawhanaugngatanga at a kanohi ki te Kanohi hui.
Commenced project to deliver the Rautaki Māori
Employee Pou.
Continued focus on Genesis safety and
wellness management and build of Safety
and Wellness culture and maturity
Successfully achieved ISO 45001 accreditation
demonstrating our commitment to maintaining and
improving our safety standards. Launch of initiative to
deliver 15 workshops to strengthen safety leadership ‘Play
Your Part - Taking Control of My Safety’.
ISO 45001 achieved.
247 employees participated in safety leadership
workshops. 96% would recommend the programme
to others.
Reduction in recordable injuries compared with FY24.
40:40:20 workforce gender split (40%
male, 40% female, 20% any gender
identity), 50% female senior leaders.
Continued to execute our 3-year Diversity, Equity &
Inclusion Strategy with business units setting their own
action plan and targets against our three focus areas
(Gender Balance, Ethnic Representation, Belonging).
At 30 June 2025 we had a workforce made up of 53%
male, 47% female.
Women in senior leader roles: 43%.
A sustainable business
GOALS
• A well-managed business
• Robust governance & transparent reporting
• Positive relationships & open conversations
SUSTAINABLE DEVELOPMENT GOALS:
SDG Targets:
1
8.1, 8.2, 8.6, 8.7, 10.2, 10.3
A well-managed businessProcess underway to modernise digital platforms and
systems (finance, billing, sales, service, pricing, trading).
Managing price increases.
See pages 28, 29 for more on a sustainable business.
Robust governance &
transparent reporting
Continued to develop our reporting, using the Integrated
Reporting Framework <IR>, and increase visibility of
relevant ESG data.
For full reporting suite, visit https://www.
genesisenergy.co.nz/investor/results-and-reports
Positive relationships &
open conversations
Engaged with our local communities, creating jobs, and
learning experiences.
Shared views, knowledge and experience to contribute to
New Zealand’s goal to reduce emissions and transition to a
low carbon economy.
For more detail see pages 49, 53, 54, 57
For more detail see pages 45, 46, 59
1. SDG targets - 7: https://sdgs.un.org/goals/goal7, 8: https://sdgs.un.org/goals/goal8, 10: https://sdgs.un.org/goals/goal10, 13: https://sdgs.un.org/goals/goal13, 15: https://sdgs.un.org/goals/goal15, 17: https://sdgs.un.org/goals/goal17
67
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
What matters most
Issues that matter to Genesis and our stakeholders in FY25
We are committed to creating shared value – for our customers, our shareholders, our people, and our communities. We do this through our core business, which is focused on providing reliable energy
to our customers, and more widely by generating positive economic, social, and environmental outcomes for Aotearoa New Zealand. We manage our approach to sustainable business through a suite of
principles, policies, and statements.
Our stakeholders inform our approach to sustainability, and we regularly engage with them to understand what’s important to them in the short, medium and long term.
Identifying material sustainability issues
We have identified a range of current and emerging risks and opportunities that may impact our stakeholders and business. As part of our annual reporting process, we undertook an assessment of
industry trends, internal reports, external research and conversations with stakeholders, Genesis executives and senior leaders to gain insights into material risks and opportunities.
This feeds into Genesis’ assessment of material topics, informing our strategic approach and guiding our reporting in line with internationally recognised sustainability standards and principles, including
the Global Reporting Initiative.
STAKEHOLDERTOPICS OF IMPORTANCE
CommunitiesLong-term collaborative relationships to support and empower local communities and demonstrate a duty of care towards people and the environment.
Events which impact local communities where we operate (e.g. aftermath of Cyclone Gabrielle, community resilience).
Customers (residential and business)Access to reliable, affordable, sustainable energy. Access to effective and efficient tools and services. Support to decarbonise/electrify. Rising costs.
EmployeesEmployees’ role in delivering the business strategy. To be part of a safe, diverse, inclusive workforce that cares for its people and other stakeholders. To be
compensated fairly, feel safe and empowered and have opportunities to grow capability. Energy reliability, rising costs and energy wellbeing.
Investors Maintaining shareholder returns. Successful execution of business strategy. Confidence in governance and leadership. Robust policies and processes to
manage business opportunities and risks, including climate-related risks and transition opportunities. Efficient capital management now and for the
future.
Government Security of supply (electricity and related fuels), energy affordability, and growing the proportion of renewables in the electricity system. Participation in
consultation processes.
Iwi & mana whenuaThe development and implementation of enduring partnerships. A partner that listens and engages proactively and demonstrates a duty of care towards
people and the environment, and seeks to address on-going cultural and environmental impacts of operations.
MediaReliable energy to provide security for households and business, from both a consumer and economic perspective. Energy wellbeing for consumers
mainly in terms of affordability. The sector’s role in addressing climate change through decarbonisation of itself and other sectors, and the construction of
new renewable generation. Events which impact local communities and how our operations are managed. Climate change litigation.
Partners & suppliersLong-term relationships with clearly stated shared objectives. Partners that can provide resources to deliver outcomes and engagement. Proactive
management of rising costs.
Regulator Delivery of reliable, affordable, sustainable energy. Compliance with regulation.
68
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
0.01.02.03.04.05.06.07.08.09.010.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Importance to Genesis
Importance to stakeholders
HIGHER
HIGHER
This graph shows FY25
material topics mapped by
importance to all our
stakeholders and to Genesis
FY25 Materiality assessment
Energy wellbeing
Electrification
Regulation
Technology
A well-managed business
Reliable energy
(security of supply)
Iwi & mana whenua
Climate change & the
energy transition
Environmental impacts,
protection & restoration
A safe, well, diverse
workforce
Community relations
69
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
TOPICDESCRIPTION OF ISSUEHOW WE’RE RESPONDING
A safe, well, diverse workforceOrganisational change.
Recruiting and retaining the best employees with relevant industry skills.
Helping our people build resilience and take care of their overall wellbeing
(mental and physical). Providing a safe, welcoming, and supportive
environment for our people to succeed. Fair remuneration and opportunities
to grow.
Ran our third Hearing from Genesis survey, to which 84% of our people
responded. Relaunched our employee recognition awards. Updated our
Parental Leave and Sick Leave policies.
We maintain a robust health and safety management system, aligned to
ISO45001. All our people can access $100 a year for wellbeing support.
For more, see pages 21, 24.
A well-managed businessDelivery of company strategy, Gen35.
Maintaining shareholder returns, a healthy financial performance and strong
balance sheet.
Strong leadership, clear governance practices.
Active management of risk and commitment to compliance, including
maintaining resilient infrastructure.
Fair remuneration in our operations, supplier, and partner relationships.
Focusing on improving corporate culture and outcomes for customers.
Open and transparent reporting and investor communications. Managing
rising costs to Genesis and its customers and suppliers including inflation and
supply constraints.
Genesis’ Corporate Governance Statement and Code of Conduct is available
online and updated annually. The company’s Risk Management Framework
(online) is part of the induction process for all employees and is overseen by
the Board. Our Supplier Code of Conduct can be viewed here.
We're committed to transparently reporting our progress, and as well as
publishing our Integrated Report, we publish a Climate Statement, Modern
Slavery Statement and ESG datasheet.
Alongside our annual results, we publish an Investor Presentation, and are
planning an Investor day later in 2025. For more, see page 13.
Community relationsEngagement on and responsiveness to local issues.
Being a good neighbour and playing an active part in supporting community
and environmental wellbeing.
Contributing to education and employment opportunities and economic
development of our local communities.
We regularly and proactively engage with local communities regarding
our operations.
For more on how we’re responding, see our FY25 Climate Statement and
page 49.
Climate change & the energy
transition
Empowering the transition to a low emissions future for Genesis and
New Zealand.
Helping manage demand peaks and potential for blackouts. Managing the
risks and opportunities of climate change (eg fuel constraints, renewables,
future fuels), reducing GHG emissions across our value chain and supporting
collaborative efforts to limit global warming.
For more on how we’re responding, see pages 17-19, 43-46, 63-65.
Genesis FY25 Material Sustainability Issues (in alphabetical order)
The table below maps our response to the material topics arising from our analysis. References are provided to further information on each topic.
For metrics related to our material topics, see our FY25 ESG Datasheet and GRI Index.
70
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
TOPICDESCRIPTION OF ISSUEHOW WE’RE RESPONDING
ElectrificationSupporting our residential and business customers to transition away from
LPG and gas and to electrify. Managing growth of electricity demand and
flexibility. Opportunity for new products, services and sales.
Gen35 Strategy to support customer electrification.
For more on how we’re responding, see our FY25 Climate Statement and
pages 31-36.
Energy wellbeing including
rising costs
Household access to reliable, affordable, sustainable energy.
Supporting our customers, employees and communities in times of
energy hardship.
Continued supporting customers experiencing hardship through Manaaki
Kenehi, and partnering in our communities to support warm homes. Trialling
hot water flex.
For more on how we’re responding, see pages 33, 39.
Environmental impacts, protection
& restoration
Managing and monitoring the environmental impacts of our operations.
Undertaking nature-related initiatives in the key ecosystems in which we
operate to help protect and restore nature.
We are partnering to deliver a number of projects focused on improving the
health of waterways and freshwater species in the ecosystems around our
power schemes. For more on how we’re responding, see our website.
Iwi and mana whenua Building strong and enduring relationships with mana whenua.
Managing the on-going cultural impacts of Genesis’ operations.
For more on how we’re responding, see page 57.
RegulationRegulatory settings which impact the energy sector. Carefully considered and
implemented regulation supports the affordable and reliable supply of energy.
We engage in formal consultation processes on many regulatory proposals and
changes that are material to our business. Our submissions can be viewed
here. We also input our views into collective advocacy through industry groups
including the Climate Leaders Coalition, Sustainable Business Council,
Business Energy Council and Electricity Retailers Association NZ. For more on
how we’re responding, see page 64.
Reliable energy (security of supply)Security and costs associated with energy supply (electricity and associated
fuels eg gas) for Genesis and its business customers.
Developed Huntly Firming Options to establish a strategic energy reserve
centered on Huntly Power Station in support of national security of supply.
Started construction of grid scale battery at Huntly Power Station. For more on
how we're responding, see page 5, 12, 43-46.
TechnologyProcesses and controls to protect systems, networks, programmes, devices,
information and data from cyber-attacks, which can compromise customer
and business information, including privacy.
A modern customer service and billing platform and digital tools to help
customers better understand and manage their energy use.
Efficient tools, systems and controls to support business operations and
information management, including AI.
Transformation of our billing and customer relationship management (CRM)
platform, our finance programme, and our wholesale trading portfolio of
services. Continue to invest in information and cyber security capabilities and
controls. For more on how we’re responding, see pages 28-29.
71
GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
Key sustainability data
A SUSTAINABLE BUSINESSFY25FY24FY23FY22FY21
FinancialEBITDAF ($m)$454$407$524$440$355
NPAT ($m)$169$131$196$222$32
Sustainable
finance
Sustainability linked loan facilities ($m)
1
$250$250$250$250–
Green bonds ($m)
2
$650$650$410$410–
Sustainable finance as a percentage of total borrowings
3
excluding lease liabilities
47%48%32%29%–
Customer Number of retail customers 520,519496,596483,721471,012474,325
Number of formal customer complaints per 1,000
retail customers
4
2.21.81.71.2N/A
Net Promoter Score (iNPS)
5
50524651N/A
Customers on an EV plan11,6078,3254,1531,610332
Supply chain Total supply chain spend ($m)
6
$3,518$2,509$1,899$2,646N/A
EmployeesEmployees (headcount)
7
1,3051,2771,2911,2241,1 72
Employees (FTE)
8
1,2781,2301,2501,1901,146
Total recordable injuries
9
4648484631
Workdays lost or restricted due to injury
9
9206989662,0441,489
Women as a % of workforce47%44%44%43%42%
Gender Pay Gap
10
32.8%34.3%36.2%3 7.4 %35.5%
Pay Equity Gap
10
1.7%2.9%3.3%3.7%1.4%
Executive leader gender representation
11
43:5743:5750:5050:5029:71
Senior leader gender representation
11
43:5743:5742:5842:5845:55
1. Sustainability linked revolving credit facilities available to be
drawn down of which nil was drawn down at 30 June 2022,
30 June 2023, 30 June 2024 and 30 June 2025.
2. Excludes fair value interest rate risk adjustments, capitalised
issue costs and accrued interest.
3. The calculation is based on drawn debt at year end and excludes
fair value interest rate risk adjustments, capitalised issue costs
and accrued interest.
4. The measurement of customer complaints changed in FY25.
Previously it was based on the percentage change and included
both escalations to team leaders and formal complaints. The
revised definition only includes formal complaints (those
accepted for formal investigation/consideration by Utility
Disputes Limited or escalated internally to the disputes
resolution team). The definition was changed to focus attention
on customer dissatisfaction that cannot be resolved by inbound
customer facing employees including the team leader. Given
the small number of complaints and the changing customer
base it was considered more meaningful to disclose the number
of complaints per 1,000 retail customers than the percentage
change period on period. The comparatives have been restated
to enable comparability over time. The FY21 number was unable
to be reported as the data was not captured in a way that was
comparable with the new methodology. FY25 includes Ecotricity
from 1 December 2024.
5. Based on survey question ‘Based on your recent interaction with
Genesis/Frank, how likely would you be to recommend Genesis/
Frank to your family/friends?’ The reported score is calculated
using all ratings received in the financial year. FY21 has not
been disclosed as iNPS scores prior to July 2021 are not directly
comparable due to changes in the types of responses included
in the calculation.
6. Includes Ecotricity from 1 December 2024. Total supply chain
expenditure was not reported prior to FY22.
7. Includes employees on permanent, fixed term and casual
contracts (including employees on parental leave or career
breaks). It excludes contractors.
8. Includes employees on permanent, fixed term and casual
contracts but excludes employees on parental leave or career
breaks and it excludes contractors. The comparative FTE
information has been restated to remove employees on parental
leave or career breaks to align with the definition used in FY25.
9. The severity and classification of injuries are subject to change
based on medical assessment and acceptance by ACC. Where
injuries are reclassified after a reporting period, the historical
results are restated. The reported results are based on the
classification status as at 13 July 2025.
10. Gender Pay Gap refers to the gap between the pay of women
and the pay of men, calculated by taking the average male
hourly rate minus the average female hourly rate, and dividing
this by the average male hourly rate. The Pay Equity Gap
refers to the pay gap (if any) by career level at Genesis. Note,
Equal Pay is a legal requirement in New Zealand. Genesis has
processes and monitoring in place to ensure its people are paid
fairly and legal obligations are met.
11. Percentage of female : male. Measures the progress we are
making in advancing females into leadership roles. Senior
leaders are classified as Tier 1, Tier 2, and Tier 3 employees.
For more information on our sustainability
indicators refer to our FY25 ESG datasheet
and GRI Index on our website.
72
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
A LOW CARBON FUTURE FOR ALLFY25FY24FY23FY22FY21
Empowering NZ's
energy transition
Scope 1 and 2 emissions (tCO₂e)2,541,3342,442,7291,076,150
12
2,223,3433,940,325
Scope 3 emissions from use of sold products (tCO₂e)613,569544,714692,204994,6861,269,957
Total scope 1, 2 and 3 emissions (tCO₂e)3,586,6733,231,1422,026,1473,651,0495,672,805
Decrease/(increase) in scope 1 and 2 emissions compared to
FY20 base year (SBT
13
: 36% reduction)
6%9%60%17%(46%)
Decrease in scope 3 emissions from use of sold products
compared to FY20 base year (SBT
13
: 21% reduction)
55%60%49%27%7%
Thermal generation as a % of total generation58%55%37%58%69%
Supporting
customers to
transition to a low
carbon economy
Residential customers engaging with energy management
tools through Energy IQ
48%52%50%45%40%
Protecting and
restoring nature
Whio breeding pairs (showing improvement to water quality
and pest reduction in targeted areas)
562567 587694863
A MORE EQUAL SOCIETY
Supporting local
communities
Total community investment spend ($m)$5.6$2.7$2.4$1.7$1.5
Supporting energy
wellbeing
Households supplied warm home or energy-efficient
solutions through community activities
14
529504499237331
‘Power Shout’ hours gifted to customers in need
15
322,965300,000300,000130,000 N/A
Creating pathways
for the future of work
Apprenticeships, internships and work experience
opportunities created through Ngā Ara Creating Pathways
25313221
16
25
STEM scholarships provided to students through Ngā Ara
Creating Pathways
706876574
Schools receiving STEM equipment via School-gen Trust
18
0393633–
17
STEM learning resources or equipment offered by the
School-gen programme used by educators
19
3,8633,3842,6252,1223,113
Key sustainability data
(continued)
12. Excludes 857 tCO
2
e of CO
2
associated with the combustion of
biomass as this is required to be reported separately from scope
1 emissions under the GHG protocol.
13. Science Based Target.
14. Data is based on the financial year of each curtain bank which
does not always align with Genesis’ financial year.
15. Power Shout gifting was launched in FY22. In FY25 27,499
customers gifted 137,495 hours and Genesis contributed
185,470 hours (FY24 28,978 customers gifted 144,890 hours and
Genesis contributed 155,110 hours, FY23 28,847 customers gifted
144,235 hours and Genesis contributed 155,765 hours, FY22:
15,533 customers gifted 62,132 hours and Genesis contributed
67,868 hours).
16. There were five additional work experience opportunities created
in FY22 that were unable to be completed due to the nationwide
lockdown and restrictions applied by COVID-19. As these
opportunities were only partially completed they have not been
included in the reported number.
1 7. FY21 funding was not completed until July 2021 (FY22), so no
equipment was gifted in FY21.
18. Genesis School-gen Trust was disestablished in June 2024, thus
STEM equipment was no longer available for gifting in FY25 through
the Trust. Genesis still gifts STEM equipment through other gifting
models captured in FY25 ESG Datasheet and GRI Index.
19. School-gen metrics have been revised due to the liquidation of
Nanogirl and the disestablishment of the Genesis School-gen Trust.
For more information on our sustainability
indicators refer to our FY24 ESG datasheet
and GRI Index.
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IntroductionPerformanceCompanyCustomerFinancialsGovernanceCountrySustainability
Consolidated financial statements
Independent auditor’s report
Financials
74
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
F. Risk management
F1. Derivatives
106
F2. Price risk
107
F3. Interest rate risk
107
F4. Foreign exchange risk
108
F5. Impact of derivatives on the income statement and equity
108
F6. Sensitivity analysis for each type of market risk
109
F7. Liquidity risk
109
F8. Fair value measurement
110
G. Other
G1. Share-based payments
112
G2. Related party transactions
112
G3. Auditor's remuneration
113
G4. Capital commitments
113
G5. Contingent assets and liabilities
113
G6. Subsequent events
113
H. Business acquisitions and investments
H1. Business acquisitions
114
Consolidated financial
statements
Consolidated comprehensive
income statement
76
Consolidated statement of changes
in equity
77
Consolidated balance sheet78
Consolidated cash flow statement79
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated financial
statements
For the year ended 30 June 2025
Notes to the consolidated financial statements
General information and significant matters80
A. Financial performance
A1. Segment reporting
83
A2. Revenue
86
A3. Depreciation, depletion and amortisation
86
A4. Impairment of non-current assets
86
A5. Other gains (losses)
86
A6. Income tax
87
B. Operating assets
B1. Property, plant and equipment
88
B2. Oil and gas assets
91
B3. Intangible assets
93
C. Working capital and provisions
C1. Receivables and prepayments
95
C2. Inventories
95
C3. Payables and accruals
96
C4. Provisions
97
D. Group structure
D1. Subsidiaries and controlled entities
98
D2. Joint operations
98
D3. Investments in associates and joint ventures
99
E. Funding
E1. Capital management
100
E2. Share capital
100
E3. Earnings per share
100
E4. Dividends
100
E5. Borrowings
101
E6. Finance expense
103
75
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CONSOLIDATED FINANCIAL STATEMENTS
Consolidated comprehensive income statement
For the year ended 30 June 2025
Note
2025
$ million
2024
$ million
RevenueA1, A2 3,662.1 3,047.8
ExpensesA1(3,265.0)(2,653.3)
Depreciation, depletion and amortisationA3( 2 3 9.1 )(237.0)
Impairment of non-current assetsA4(0.9)(65.0)
Revaluation of generation assetsB1(5.6) 31.8
Change in fair value of financial instrumentsF5146.9 146.6
Share of associates and joint ventures(0.8)(3.4)
Other gains (losses)A5 6.7 4.7
Profit before net finance expense and income tax
304.3 272.2
Finance revenue 2.8 2.9
Finance expenseE6(79.2)(84.0)
Profit before income tax
227.9 191.1
Income tax expenseA6(58.8)(60.0)
Net profit for the year
1 6 9.1 131.1
Earnings per share (EPS) from operations attributable
to shareholdersNoteCentsCents
Basic and diluted EPSE315.50 12.21
Note
2025
$ million
2024
$ million
Net profit for the year1 6 9.1 131.1
Other comprehensive income
Change in cash flow hedge reserveF5 1 0.1 (9.5)
Share of other comprehensive income of associates and joint
ventures accounted for using the equity method
F5(0.6)0.2
Income tax expense relating to items above(2.7) 2.6
Total items that may be reclassified to profit or loss
6.8 (6.7)
Change in asset revaluation reserveB1 329.7 383.6
Income tax expense relating to items above(92.3)(107.4)
Total items that will not be reclassified to profit or loss
2 3 7. 4 276.2
Total other comprehensive income for the year
244.2 269.5
Total comprehensive income for the year
413.3 400.6
The above statement should be read in conjunction with the accompanying notes.
76
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
Note
Share capital
$ million
Share-based
payments
reserve
$ million
Asset
revaluation
reserve
$ million
Cash
flow hedge
reserve
$ million
Retained
earnings
$ million
Total
$ million
Balance as at 1 July 2023 710.9 2.1 1,675.3 33.3 (15.6) 2,406.0
Net profit for the year - - - - 131.1 131.1
Other comprehensive income
Change in cash flow hedge reserveF5 - - - (9.5) - (9.5)
Change in cash flow hedge reserve - associates and joint venturesF5--- 0.2 - 0.2
Change in asset revaluation reserveB1 - - 383.6 - - 383.6
Income tax expense relating to other comprehensive income - - (107.4) 2.6 - (104.8)
Total comprehensive income for the year - - 276.2 (6.7) 1 31 .1 400.6
Hedging gains and losses transferred to the cost of assetsF5 - - - (1.1) - (1.1)
Income tax on hedging gains and losses transferred to the cost of assets - - - 0.3 - 0.3
Changes associated with share-based payments 0.5 (0.4) - - 0.4 0.5
Shares issued under dividend reinvestment planE2 40.7 - - - - 40.7
DividendsE4 - - - - (169.0)(169.0)
Balance as at 30 June 2024 752.1 1.7 1,951.5 25.8 (5 3.1 ) 2,678.0
Net profit for the year - - - - 1 69.11 69.1
Other comprehensive income
Change in cash flow hedge reserveF5 - - - 1 0.1 - 1 0.1
Change in cash flow hedge reserve - associates and joint venturesF5 - - - (0.6) - (0.6)
Change in asset revaluation reserveB1 - - 329.7 - - 329.7
Income tax expense relating to other comprehensive income - - (92.3)(2.7) - (95.0)
Total comprehensive income for the year - - 2 3 7. 4 6.8 1 6 9.1413.3
Revaluation reserve reclassified to retained earnings on disposal of assets - - (4.4) - 4.4 -
Hedging gains and losses transferred to the cost of assetsF5 - - - (0.5) - (0.5)
Income tax on hedging gains and losses transferred to the cost of assets - - - 0.1 - 0.1
Changes associated with share-based payments 0.5 0.3 - - -0.8
Shares issued under dividend reinvestment planE2 3 7. 7 - - - - 3 7. 7
DividendsE4 - - - - (153.5)(153.5)
Balance as at 30 June 2025 790.3 2.0 2,184.5 32.2 ( 3 3.1 )2,975.9
The above statement should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of changes in equity
For the year ended 30 June 2025
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GENESIS INTEGRATED REPORT 2025
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CONSOLIDATED FINANCIAL STATEMENTS
Consolidated balance sheet
As at 30 June 2025
Note
2025
$ million
2024
$ million
Cash and cash equivalents81.0 192.8
Receivables and prepaymentsC1325.1 312.9
InventoriesC2230.5 87.5
Intangible assetsB361.3 82.7
DerivativesF1241.4169.9
Total current assets939.3845.8
Receivables and prepaymentsC10.9 1.3
Property, plant and equipmentB14,160.1 3,879.5
Oil and gas assetsB2204.1 256.2
Intangible assetsB3298.6 283.9
Investments in associates and joint venturesD3165.8 76.2
DerivativesF1333.2 294.4
Total non-current assets5,162.7 4,791.5
Total assets6 ,1 0 2 .05,637.3
Note
2025
$ million
2024
$ million
Payables and accrualsC3332.8 301.3
Tax payable42.1 18.6
BorrowingsE5336.3 268.3
ProvisionsC429.0 9.3
DerivativesF194.5118.6
Total current liabilities834.7716.1
Payables and accrualsC31.8 2.2
BorrowingsE51,153.5 1,182.4
ProvisionsC4202.5 203.2
Deferred taxA6895.5825.5
DerivativesF13 8 .129.9
Total non-current liabilities2,291.42,243.2
Total liabilities3,1 2 6 .12,959.3
Share capitalE2790.3 752.1
Reserves2 ,1 8 5.61,925.9
Total equity2,975.92,678.0
Total equity and liabilities6 ,1 0 2 .05,637.3
The above statement should be read in conjunction with the accompanying notes.
The Directors of Genesis Energy Limited authorise these consolidated financial statements for issue on
behalf of the Board.
Barbara Chapman
Chairman of the Board
Date: 25 August 2025
Catherine Drayton
Chairman of the Audit Committee
Date: 25 August 2025
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
CONSOLIDATED FINANCIAL STATEMENTS
Note
2025
$ million
2024
$ million
Receipts from customers3,777.22,935.2
Receipt of insurance proceeds1 7. 0 12.7
Interest received2.8 2.9
Payments to suppliers and related parties(3,259.2)(2,288.3)
Payments to employees(159.8)(151.0)
Tax paid(66.3)(71.7)
Operating cash flows311.7 439.8
Proceeds from disposal of property,
plant and equipment
1.3 0.1
Proceeds from assets under finance lease0.3 3.1
Payments to associates and joint ventures(100.7)(23.8)
Purchase of property, plant and equipment(120.7)(70.2)
Purchase of oil and gas assets(6.6)(73.0)
Purchase of intangibles (excluding emission units
and deferred customer acquisition costs)
( 7. 8 )(8.5)
Purchase of shares in subsidiaries,
net of cash acquired
(5.6) -
Investing cash flows(239.8)(172.3)
Proceeds from borrowingsE5115.3 349.9
Repayment of borrowingsE5(110.2)(278.4)
Interest paid and other finance charges(73.0)(78.0)
DividendsE4(115.8)(128.3)
Financing cash flows(183.7)(134.8)
Net increase (decrease) in cash and cash
equivalents
(111.8)132.7
Cash and cash equivalents at 1 July192.8 60.1
Cash and cash equivalents at 30 June81.0 192.8
The above statement should be read in conjunction with the accompanying notes.
Consolidated cash flow statement
For the year ended 30 June 2025
Reconciliation of net profit to operating cash flowsNote
2025
$ million
2024
$ million
Net profit for the year1 6 9.1131.1
Net (gain) loss on disposal of property, plant and
equipment
0.1 -
Working capital items acquired through business
acquisitions
1.6 -
Finance expense excluding time value of money
adjustments on provisions
70.5 76.0
Change in advances to associates and joint ventures
receivable and change in lease receivable
(2.3)(2.1)
Change in rehabilitation and contractual
arrangement provisions
12.7 0.3
Fair value uplift on acquisition of Ecotricity(10.5) -
Items classified as investing/financing activities72.1 74.2
Depreciation, depletion and amortisation expenseA3239.1 237.0
Revaluation of generation assetsB15.6 (31.8)
Impairment of non-current assets A40.9 65.0
Unrealised change in fair value of financial
instruments
(89.4)(130.6)
Deferred tax expenseA6(29.8)(3.1)
Change in capital expenditure accruals( 3.1 )(1.8)
Share of associates and joint ventures0.8 3.4
Other non-cash items4.91.5
Total non-cash items129.0139.6
Change in receivables and prepayments(11.8)(65.9)
Change in inventories(143.0)112.7
Change in emission units on hand21.4 (19.1)
Change in deferred customer acquisition costs1.2 0.3
Change in payables and accruals31.264.8
Change in tax receivable/payable23.5 (9.1)
Change in provisions19.0 11.2
Movements in working capital(58.5)94.9
Net cash inflow from operating activities311.7 439.8
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GENESIS INTEGRATED REPORT 2025
IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
For the year ended 30 June 2025
General information and significant matters
General information
These consolidated financial statements comprise Genesis Energy Limited (‘Genesis’), its
subsidiaries, controlled entities and the Group’s interests in associates and joint arrangements
(together, the ‘Group’). Refer to section D for more information on the Group structure.
Genesis is registered under the Companies Act 1993. It is a mixed ownership model company,
majority owned by the ‘Crown’, bound by the requirements of the Public Finance Act 1989. Genesis
is listed on the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX)
and has bonds listed on the NZX debt market. Genesis is an FMC reporting entity under the
Financial Markets Conduct Act 2013.
The core business of the Group and activities carried out by each segment is disclosed in note A1.
Basis of preparation
These financial statements have been prepared:
•
In accordance with New Zealand generally
accepted accounting practice (‘GAAP’) and
comply with International Financial Reporting
Standards (‘IFRS’) Accounting Standards
and New Zealand equivalents (‘NZ IFRS’), as
appropriate for profit-oriented entities;
•
In accordance with the Financial Markets
Conduct Act 2013, the Financial Reporting
Act 2013 and the Companies Act 1993;
•
Using the historical cost convention, modified
by the revaluation of derivatives, emission
units held for trading and generation assets;
•
In New Zealand dollars (‘NZD’) rounded to the
nearest 100,000;
•
On a Goods and Services Tax (‘GST’) exclusive
basis with the exception of receivables and
payables, which include GST where GST has
been invoiced;
•
Using the accounting policies set out in the
notes to the financial statements. The impact
of adopting new and revised accounting
standards, interpretations and amendments is
disclosed below on page 81.
Significant events
The Groups operations and financial performance in FY25 were materially impacted by two events:
1. Variable weather conditions; and
2. Gas supply constraints.
Hydrology conditions fluctuated significantly during the year where winter 2024 was marked by
low hydro lake levels, limited wind generation, and reduced domestic gas supply placing significant
stress on the electricity market. Variable weather conditions continued to persist throughout the
year with thermal generation required to fill the gap between February and April 2025.
Domestic gas supply constraints that were present in FY24 persisted throughout FY25. Gas supply
constraints led to a 47% increase in the weighted average cost of gas compared to FY24 and kept
coal generation volumes elevated. Coal imports resumed in FY25, due to significant depletion of the
coal stockpile during winter 2024, putting more pressure on thermal generation costs; coal prices
rose by 32% in FY25 relative to FY24.
The increase in thermal generation costs contributed to higher wholesale electricity prices which
remained elevated during the dry periods in FY25. This resulted in an increase in both wholesale
electricity generation revenue and wholesale electricity purchases. The average price received for
wholesale electricity generated in FY25 was $236 per MWh compared to $188 per MWh in FY24 and
the average price paid for electricity purchases in FY25 was $210 per MWh compared to $182 per
MWh in FY24 (refer to note A1).
Wholesale electricity prices are forecasted to remain elevated in the short-term due to gas supply
constraints and the forecasted need to use coal in its place. This has impacted the carrying value
of our generation assets and electricity swaps and options and PPAs. The projected gas supply
constraints also impacted Unit 5’s forecasted generation volumes. Refer to note B1 and F1 for
more information.
80
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
Key estimates and judgementsNotePage
Fair value of generation assetsB190
Oil and gas reserves and depletion of oil and gas producing assetsB292
Valuation of rehabilitation and restoration provisionsC497
Valuation of electricity derivativesF8110
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
General information and significant matters (continued)
Adoption of new and revised accounting standards, interpretations and amendments
There have been no new accounting standards, amendments, or interpretations that have
become applicable for the current reporting period that have a material impact on the Group’s
financial statements.
Accounting standards, interpretations and amendments not yet effective
NZ IFRS 18 - Presentation and Disclosure in Financial Statements
NZ IFRS 18 – Presentation and Disclosure in Financial Statements was issued in May 2024 and
is effective for annual periods beginning on or after 1 January 2027. NZ IFRS 18 will introduce
significant changes to the presentation and disclosure of financial statements, including revised
profit or loss categories and enhanced requirements for disaggregation and management-defined
performance measures. The Group has not yet completed its assessment on the impact of
this standard.
Estimates and judgements
In the process of preparing the financial statements Management makes a number of estimates and
judgements based on historical experience and various other factors that are reasonable under the
circumstances. The table below lists the key estimates and judgements.
Estimates are also used in determining other items such as the expected credit loss provision
(note C1), the useful lives of property, plant and equipment and software (notes B1 and B3), and
whether assets with indefinite useful lives are impaired (note B3). Judgements are further used in
determining whether an event gives rise to a provision or a contingent liability (note G5).
Impairment of assets
Assets that have indefinite useful lives are tested annually for impairment. Assets that are subject to
depletion, depreciation or amortisation are reviewed for impairment annually or whenever events
or changes in circumstances indicate that the carrying amount may not be recoverable. If an asset’s
carrying value exceeds its recoverable amount, the difference is recognised as an impairment loss
in the income statement, except where the asset is carried at a revalued amount then it is treated as
a revaluation decrease up to the amount previously recognised in the revaluation reserve. Refer to
note A4 for more information relating to impairments in the financial year.
Climate change
Climate change legislation set net zero 2050 as the destination for New Zealand’s transition to a low
carbon future. To reach net zero 2050, at least 60% of New Zealand’s energy needs to come from
electricity, at least 95% of that needs to be renewable and electricity needs to be available 100% of
the time.
The Group’s Gen35 strategy, released in FY24, outlines how it will take action over the next
10 years to reduce emissions by growing renewables, supporting customers to electrify and
managing increasing energy demands, while ensuring customers have stable, reliable and cost-
effective energy.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
General information and significant matters (continued)
Climate Change (continued)
The main estimates and accounting judgements made by the Group in the preparation of the financial statements that incorporate the effect of climate change and the energy transition are described below.
BalanceEstimates and judgementsNotePage
Valuation of generation
assets and electricity swaps
and options and PPAs
Generation assets and electricity swaps and options and PPAs are carried at fair value on the balance sheet. The wholesale electricity price path is the key
driver of changes in these valuations. The wholesale electricity price path is influenced by supply and demand for electricity, generation costs such as fuel,
maintenance and capital expenditure costs, the cost of carbon, hydro inflows and storage levels, weather conditions and regulatory and policy changes. It
reflects the impact of the Government’s climate change policies that have been initiated to meet the Government’s ambition to be net zero by 2050.
Supply and demand are impacted by incentives that encourage consumers to transition to a low carbon future or disincentives to encourage emission
reductions such as the Emission Trading Scheme (ETS). The ETS and the forecast increase in electricity demand encourages investment in new renewable
generation sources.
The Government’s policy to ban new gas exploration to support the transition to a low carbon future, and onerous rehabilitation provisions, have contributed
to a lack of investment in the oil and gas sector, which in turn has contributed to the gas supply constraints currently being experienced. This has resulted in
increased cost of generating electricity and is reflected in the significant increase in the wholesale electricity price path.
B1, F1,
F8
88,
106,
110
Useful lives of retail LPG
assets
LPG assets includes LPG depots, reticulated networks and customer installs. The useful life of these assets aligns with the Government’s ambition to be net
zero by 2050.
B188
Impairment testing of Retail
cash-generating unit
The Group assesses goodwill of the Retail CGU annually for impairment. Impairment tests are based on estimated discounted cash flow analysis (value in use).
In completing the impairment assessments climate-related risks and opportunities are taken into consideration.
B393
Useful lives of Kupe’s oil and
gas assets and intangibles
The majority of Kupe’s oil and gas assets and associated intangibles are depleted or amortised on a units-of-production basis using the latest reserves
information. Kupe’s end of life is expected to be in the 2030’s. The decline in Kupe reserves is in line with the Groups transition to net zero by 2040.
B2, B391, 93
Useful lives of thermal
generation assets
There is an expectation that thermal generation from fossil fuels will continue to decline over the next 10 years as it is replaced with either thermal generation
using more renewable fuel sources (such as biomass) or other technology (such as batteries).
There is a risk that fossil fuel generation is displaced faster than anticipated due to: (1) domestic gas supply constraints; (2) government regulation; (3)
advances in technology and construction of more flexible generation with lower emissions and (4) commercial arrangements that include demand response
features that provide alternative solutions to dry year risk (long period firming).
There is also a risk that the phase down is slower than expected due to delays in the development of renewable fuel sources or new technology or higher
demand growth than new renewables can keep up with.
The model used to value the Huntly Rankine units is based on 11 years, Huntly Unit 5 is based on seven years and Huntly Unit 6 is based on nine years. These
are also the periods used for depreciation purposes. The useful lives are reviewed annually to determine whether there have been any changes due to
operational or external factors, including climate change considerations.
B188
Provisions and contingent
liabilities
During FY24, the Group announced its commitment to set a net zero emission reduction target in line with the Science Based Targets Initiative’s Corporate
Net-Zero guidance which provides companies with a clearly-defined path to reduce greenhouse gas emissions in line with limiting global warming to 1.5°C.
For the Group, a net zero target under the SBTi guidance is a commitment to reduce greenhouse gas emissions by more than 90 percent from a FY20 base
year by 2040. This commitment has not resulted in changes to any material estimates or judgements and has not resulted in the recognition of any provisions
or contingent liabilities.
There is no provision for the remediation of the Huntly site that contains the thermal generation units. Under Gen35 the Group aims to operate 1,400 MW of
flexible assets in a suite of options at the Huntly site centred around the power station.
There is no provision for any climate litigation in FY25.
C497
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
A. Financial performance
A1. Segment reporting
The Group reports activities under four operating segments as follows:
SegmentActivity
Retail
Supply of energy (electricity, gas and LPG) and related services to end users being
Residential customers (Genesis Energy, Frank Energy and Ecotricity), Small & Medium
Enterprises, and Large Businesses.
Wholesale
Generation and supply of electricity to the wholesale electricity market, supply of gas
and LPG to wholesale customers and the Retail segment and the sale and purchase of
derivatives to fix the price of electricity.
Kupe
Exploration, development and production of gas, oil and LPG. Supply of gas and LPG
to the Wholesale segment and export of light oil.
Corporate
Head office functions that are not considered to be reportable segments, including
people, technology, corporate and finance.
Segmentation
The segments are based on the different products and services offered by the Group. All segments
operate in New Zealand. No operating segments have been aggregated. The Group has no
individual customers that account for 10.0 per cent or more of the Group’s external revenue (2024:
none).
Intersegment revenue
Sales between segments is based on transfer prices developed in the context of long-term contracts
with third parties.
Non-GAAP performance measures
Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment,
unrealised fair value changes and other gains and losses (EBITDAF) is a performance measure used
to provide insight into the operating performance of the Group. This measure is considered to be a
non-GAAP performance measure. This should not be viewed in isolation nor considered a substitute
for measures reported in accordance with New Zealand Equivalents to International Financial
Reporting Standards (‘NZ IFRS’) Accounting Standards. EBITDAF is used by many companies;
however, because this measure is not defined by NZ IFRS it might not be uniformly defined or
calculated by all companies. Accordingly, this measure might not be comparable.
Lauriston Solar Farm
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
A1. Segment reporting (continued)
Year ended 30 June 2025Year ended 30 June 2024
Retail
$ million
Wholesale
$ million
Kupe
$ million
Corporate
$ million
Total
$ million
Retail
$ million
Wholesale
$ million
Kupe
$ million
Corporate
$ million
Total
$ million
Electricity1,729.9 1,544.5 - - 3,274.4 1,497.3 1,149.8 - - 2,647.1
Gas272.7 14.7 - - 287.4 228.3 2.6 - - 230.9
LPG111.5 4.1 - - 115.6 105.0 6.3 - - 111.3
Oil - - 17.9 - 17.9 - - 10.2 - 10.2
Emissions on fuel sales and electricity contracts3.4 5.3 - - 8.7 2.5 0.8 - - 3.3
Emission unit revenue from trading - 10.5 - - 10.5 - 23.8 - - 23.8
Other revenue2.8 - 0.6 1.7 5.1 2.3 33.2 0.2 1.5 37.2
Total external revenue^2,120.3 1,579.1 18.5 1.7 3,719.6 1,835.4 1,216.5 10.4 1.5 3,063.8
Intersegment revenue * - 1,132.4 79.3 - 1,211.7 - 1,072.3 79.7 - 1,152.0
Total segment revenue2,120.3 2,711.5 97.8 1.7 4,931.3 1,835.4 2,288.8 9 0.1 1.5 4,215.8
Electricity purchases(101.2)(1,300.6) - - (1,401.8) - (1,145.7) - - (1,145.7)
Electricity network, transmission, levies and meters(674.3)(10.5) - - (684.8)(558.6)(9.1) - - (567.7)
Fuel consumed in electricity generation - (380.7) - - (380.7) - (253.4) - - (253.4)
Gas purchases(0.6)(118.0) - - (118.6)(0.1)(71.3) - - ( 71.4)
Gas network, transmission, levies and meters(99.0)(6.0) - - (105.0)(89.4)(3.5) - - (92.9)
LPG purchases, inventory changes and transportation costs( 1 7. 6 )(16.0)0.2 - (33.4)(16.4)( 1 7. 6 )0.1 - (33.9)
Oil inventory changes, storage and transportation costs - - (0.8) - (0.8) - - 1.1 - 1.1
Emissions associated with electricity generation - (71.5) - - (71.5) - (59.7) - - (59.7)
Emissions associated with fuel sales - (20.6)(18.7) - (39.3) - (14.8)(1 6.1) - (30.9)
Emission unit expenses from trading - (10.8) - - (10.8) - (27.1) - - (27.1)
Other costs(4.0) - (5.4) - (9.4)(1.4)(0.2)(10.3) - (11.9)
Total external costs(896.7)(1,934.7)(24.7) - (2,856.1)(665.9)(1,602.4)(25.2) - (2,293.5)
Intersegment costs *(1,132.4)(79.3) - - (1,211.7)(1,065.0)( 79.7) - (7.3)(1,152.0)
Total segment costs(2,029.1)(2,014.0)(24.7) - ( 4 , 0 6 7. 8 )(1,730.9)(1,682.1)(25.2)(7.3)(3,445.5)
Gross margin91.2 697.5 7 3.1 1.7 863.5 104.5 606.7 64.9 (5.8)770.3
Employee benefits(85.8)(43.5) - (36.2)(165.5)( 79.9)(39.1) - (33.0)(152.0)
Other operating expenses(113.4)(65.2)(37.4)(27.7)(243.7)(101.9)(59.9)(26.2)(23.1)(211.1)
EBITDAF(108.0)588.8 35.7 (62.2)454.3 (77.3)507.7 38.7 (61.9)407.2
^ The reconciliation of external revenue to the income statement has been provided on the next page. * The intersegment revenue and expenses have been split out in full on the next page.
Other segment information
Capital expenditure excluding leased assets17.3 112.3 6.1 2.1 137.8 14.2 54.3 71.7 3.5 143.7
84
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
A1. Segment reporting (continued)
Year ended 30 June 2025Year ended 30 June 2024
Intersegment analysis
Retail
$ million
Wholesale
$ million
Kupe
$ million
Corporate
$ million
Total
$ million
Retail
$ million
Wholesale
$ million
Kupe
$ million
Corporate
$ million
Total
$ million
Electricity - intersegment - 935.8 - - 935.8 - 913.3 - - 913.3
Gas - intersegment - 160.6 54.2 - 214.8 - 118.1 56.5 - 174.6
LPG - intersegment - 36.0 15.8 - 51.8 - 33.6 15.9 - 49.5
Emissions on fuel sales - intersegment - - 9.3 - 9.3 - - 7.3 - 7.3
Other revenue - intersegment - - - - - - 7.3 - - 7.3
Intersegment revenue - 1,132.4 79.3 - 1,211.7 - 1,072.3 79.7 - 1,152.0
Electricity purchases - intersegment(935.8) - - - (935.8)(913.3) - - - (913.3)
Fuel consumed in electricity generation - intersegment - (54.2) - - (54.2) - (56.5) - - (56.5)
Gas purchases - intersegment(160.6) - - - (160.6)(118.1) - - - (118.1)
LPG purchases, inventory changes and transportation costs - intersegment(36.0)(15.8) - - (51.8)(33.6)(15.9) - - (49.5)
Emission costs - intersegment - (9.3) - - (9.3) - (7.3) - - (7.3)
Other expenses - intersegment - - - - - - - - (7.3)(7.3)
Intersegment costs(1,132.4)(79.3) - - (1,211.7)(1,065.0)(79.7) - (7.3)(1,152.0)
Reconciliation of revenue
2025
$ million
2024
$ million
Total external revenue per segment reporting3,719.6 3,063.8
Realised (gains)/losses on non-hedge accounted electricity derivatives( 5 7. 5 )(16.0)
Total revenue per Income statement3,662.1 3,047.8
Reconciliation of expenses
2025
$ million
2024
$ million
Total external costs per segment reporting(2,856.1)(2,293.5)
Employee benefits per segment reporting(165.5)(152.0)
Other operating expenses per segment reporting(243.7)(211.1)
Reallocation of emission units held for trading (gains)/losses0.3 3.3
Total expenses per Income statement(3,265.0)(2,653.3)
Reconciliation of EBITDAF to profit before income tax
2025
$ million
2024
$ million
EBITDAF454.3 407.2
Realised (gains)/losses on non-hedge accounted electricity
derivatives from revenue
( 5 7. 5 )(16.0)
Reallocation of emission units held for trading (gains)/losses
from expenses
0.3 3.3
397.1 394.5
Depreciation, depletion and amortisation( 2 3 9.1 )(237.0)
Impairment of non-current assets(0.9)(65.0)
Revaluation of generation assets(5.6)31.8
Change in fair value of financial instruments146.9146.6
Share of associates and joint ventures(0.8)(3.4)
Other gains (losses)6.7 4.7
Finance revenue2.8 2.9
Finance expense(79.2)(84.0)
Profit before income tax227.9191.1
85
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IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
A2. Revenue
The accounting policies applied to material revenue streams are disclosed below and the quantum
of each revenue stream is disclosed in note A1. Emissions on fuel sales and electricity contracts is
not a separate performance obligation under the revenue standard. It has been reported separately
as it provides useful information to the financial statement users.
Revenue streamContract term
Nature of goods or services
and revenue recognitionPayment terms
Electricity
(retail), gas and
LPG (including
emissions)
0-10 years
Daily supply of electricity, gas or metered
LPG over the contract period. Revenue is
recognised over time at the end of each
day when the consumption is known.
The amount of revenue recognised is
based on the amount the Group has the
right to invoice.
Two weeks to
one month after
invoice.
Individual supply of bottled LPG. Revenue
is recognised when the bottle is delivered
to the customer.
Electricity
(wholesale)
No term
Half hourly supply of electricity. Revenue
is recognised over time when each
trading period is concluded and the
electricity generation is known.
20th of the
following month.
Emission unit
revenue
from trading
No term
Sale of emission units. Revenue is
recognised at the point in time that
the emission unit is confirmed as being
transferred into the acquirer’s emission
unit account.
Five business
days from unit
transfer.
Oil12 months
Individual oil shipments. Revenue is
recognised on the bill of lading date.
No later than
30 days from
the bill of lading
date.
Judgement used in determining revenue
Where customer meters are unbilled at balance date the Group uses judgement to determine
the volume of the unbilled revenue. The Group estimates the unbilled volume using historical
consumption information. Unbilled revenue is disclosed in note C1. Where a discount is offered,
revenue is initially recognised net of the estimated discount.
A3. Depreciation, depletion and amortisation
Note
2025
$ million
2024
$ million
Property, plant and equipmentB1166.6 175.8
Oil and gas assetsB254.3 39.7
Intangibles (excluding amortisation of deferred
customer acquisition costs)
B318.2 21.5
To t a l239.1 237.0
A4. Impairment of non-current assets
Note
2025
$ million
2024
$ million
Property, plant and equipmentB10.9 0.5
Oil and gas assetsB2-50.1
Intangible assetsB3-14.4
To t a l0.9 65.0
A5. Other gains (losses)
Other gains (losses) includes a gain of $10.5 million (2024: nil) in relation to the fair value adjustment
of the investment in Ecotricity when the final 30% was acquired. Refer to note H1 for further
information on the acquisition of Ecotricity.
86
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Deferred tax
Depreciable
capital
property*
$ million
Oil and gas
assets
$ million
Provisions
$ million
Intangible
contractual
arrangements
$ million
Derivatives
$ million
Other
$ million
Total
$ million
Balance as at 1 July 2023682.5 57.2 (56.0)12.0 45.0 (16.6)724.1
Recognised in the income statement(18.1)(15.8)(2.9)(1.6)36.7 (1.4)(3.1)
Recognised in other comprehensive income107.4 ---(2.9)-104.5
Balance as at 30 June 2024771.8 41.4 (58.9)10.4 78.8 (18.0)825.5
Recognised in the income statement(41.2)(10.7)1.1 (0.3)23.9(2.6)(29.8)
Recognised in other comprehensive income92.3 ---2.6 -94.9
Recognised in business acquisitions---4.9 - -4.9
Balance as at 30 June 2025822.9 30.7 ( 5 7. 8 )15.0 105.3(20.6)895.5
* Includes property, plant, equipment and software.
A6. Income tax
2025
$ million
2024
$ million
Current tax88.6 63.1
Deferred tax(29.8)(3.1)
Income tax expense58.860.0
Reconciliation of pre-tax accounting profit to income tax expense
2025
$ million
2024
$ million
Profit before income tax227.9191.1
Income tax at 28%63.853.5
Tax effect of adjustments:
Over provided in prior periods(0.9)(0.5)
Non taxable fair value uplift on acquisition of Ecotricity (3.0)-
Effect of changes in recognised tax losses(1.6)-
Non-deductible expenditure and other adjustments0.57. 0
Income tax expense58.860.0
Income tax
Income tax is recognised in the income statement unless it relates to other comprehensive income.
Current tax
Current tax is the expected tax payable on taxable income for the year, using tax rates enacted or
substantively enacted at the end of the reporting period, together with any unpaid tax or adjustment
to tax payable in respect of previous years.
Under Pillar Two legislation, the Group may be liable to pay a top-up tax where the effective tax rate
per jurisdiction is below the 15% minimum rate. The Group has assessed the exposure to Pillar Two
income taxes and has no current tax exposure for the period ended 30 June 2025.
Deferred tax
Deferred tax reflects the differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for taxation purposes. The amount of
deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amounts of assets and liabilities, using tax rates enacted or substantively enacted at the end of the
reporting period.
87
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IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
B. Operating assets
B1. Property, plant and equipment
Note
Generation
assets
$ million
Other property,
plant and
equipment
$ million
Capital work in
progress
$ million
Leased
assets
$ million
Total
$ million
Carrying value at 1 July 20233,323.6 93.6 70.4 85.9 3,573.5
Additions - - 63.5 1.4 64.9
Revaluation of generation assets
Increase taken to revaluation reserve383.6 - - - 383.6
Increase taken to the income statement31.8 - - - 31.8
Change in rehabilitation and contractual arrangement assets - - 2.4 - 2.4
Transfer between asset categories46.7 10.2 (56.9) - -
Transfer to intangible assets B3 - - (0.2) - (0.2)
Disposals(0.1)(0.1) - - (0.2)
Impairment - - (0.5) - (0.5)
Depreciation expense A3 (156.9)(10.5) - (8.4)(175.8)
Carrying value at 30 June 20243,628.7 93.2 78.7 78.9 3,879.5
Additions - - 123.9 8.2 132.1
Additions acquired through business acquisitions - 0.3 - 0.4 0.7
Revaluation of generation assets
Increase taken to revaluation reserve329.7 - - - 329.7
Decrease taken to the income statement(5.6) - - - (5.6)
Change in rehabilitation and contractual arrangement assets - - (2.0) - (2.0)
Transfer between asset categories 44.8 1.7 (46.5) - -
Disposals (4.1)(0.8) - - (4.9)
Impairment (0.1) - (0.8) - (0.9)
Depreciation expense recognised in inventories- - - (1.9)(1.9)
Depreciation expense A3 (150.3)( 7. 9 ) - (8.4)(166.6)
Carrying value at 30 June 20253,843.1 86.5 153.3 77.2 4,160.1
Summary of cost and accumulated depreciation and impairment
Fair value or cost3,628.7 198.4 79.3 119.9 4,026.3
Accumulated depreciation and impairment - (105.2)(0.6)(41.0)(146.8)
Carrying value at 30 June 20243,628.7 93.2 78.7 78.9 3,879.5
Fair value or cost3,843.1 186.1 154.2 128.5 4,311.9
Accumulated depreciation and impairment - (99.6)(0.9)(51.3)(151.8)
Carrying value at 30 June 20253,843.1 86.5 153.3 77.2 4,160.1
88
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
B1. Property, plant and equipment (continued)
Generation assets include land, buildings, and plant and equipment associated with generation assets.
Generation assets are recognised in the balance sheet at fair value at the date of the valuation, less
any subsequent accumulated depreciation and impairment losses. All other categories of property,
plant and equipment, with the exception of land and capital work in progress, are recognised at cost
less accumulated depreciation and any accumulated impairment losses. Land and capital work in
progress are not depreciated.
Depreciation
Depreciation is calculated on a straight line basis. The estimated useful lives are reviewed annually
to determine whether there have been any changes due to operational or external factors, including
climate change considerations, and updated as appropriate. An asset’s carrying amount is written
down immediately to its recoverable amount if the carrying amount is greater than its estimated
recoverable amount.
Asset categoryEstimated useful lives
Generation assets
Thermal up to 11 years
Renewableup to 85 years
Other property, plant and equipment1 to 50 years
Leased assets4 to 38 years
Leased assets
Leased assets include right of use assets recognised in relation to office buildings, land for generation
sites and LPG depot leases. The cost of leased assets comprises the amount of the corresponding
initial lease liability, lease payments made at or before the commencement date, initial direct costs and
restoration costs. The leased asset is subsequently measured at cost less accumulated depreciation
and impairment losses. The leased asset is depreciated over the lease term.
Historical cost
If generation assets were carried at historical cost less accumulated depreciation and accumulated
impairment, the carrying amount would be approximately $1,555.4 million (2024: $1,501.6 million).
Generation assets
The valuation of Generation assets is based on a discounted cash flow model prepared by
Management, calculated by generating scheme, except for the Huntly site where it is calculated by
type of unit (Rankine units, unit 5 and unit 6). The underlying assumptions used in the valuation are
reviewed at each reporting date. Revaluations are performed with sufficient regularity to ensure the
carrying amount does not materially differ from the estimated fair value at balance date.
Any increase in the valuation is recognised in other comprehensive income, unless it reverses a
revaluation decrease for the same asset previously recognised in the income statement, in which case
it is recognised in the income statement to the extent it reverses a decrease previously recognised. A
decrease in carrying amount arising on revaluation is recognised in the income statement to the extent
that it exceeds the balance, if any, held in the asset revaluation reserve for that asset. Accumulated
depreciation at the date of the revaluation is eliminated against the gross carrying value so that the
gross carrying amount equals the revalued amount.
Subsequent additions to generation assets are recognised at cost. Cost includes the consideration
given to acquire the asset plus any other costs incurred in bringing the asset to the location and
condition necessary for its intended use, including major inspection costs, resource consent,
relationship agreement costs and financing costs where appropriate.
Generation assets were revalued at 30 June 2025 to $3,843.1 million (2024: $3,628.7 million) resulting
in a net gain on revaluation of $324.1 million (2024: $415.4 million gain). Generation assets consist
of thermal assets revalued to $463.5 million and renewable assets revalued to $3,379.6 million
(2024: $371.9 million and $3,256.8 million respectively). The revaluation gain was principally driven
by an increase in wholesale electricity prices, partially offset by an increase in the discount rate
and reduction in gas-fired generation volumes. The revaluation decrease recognised in the income
statement reflects a valuation decrease for Huntly Rankine units.
As the key inputs into the valuation are based on unobservable market data, the valuation is classified
as level three in the fair value hierarchy. It requires significant judgement, and therefore there is a
range of reasonably possible assumptions that could be used in estimating the fair value. Refer to the
note F8 for an overview of the fair value hierarchy.
Change in valuation methodology for Rankine Units
During the year the approach to identifying cash flows to value the Huntly Rankine Units has
changed to be based on the sale of capacity, reflecting the changing role of these units within
the New Zealand electricity market and how a market participant would value these generation
assets. Studies were undertaken that indicated the Huntly Rankine Units could have value to the
New Zealand electricity market beyond 2030. Subsequently, a detailed non-binding term sheet was
signed by counterparties for the sale of some capacity, conditional on signing binding contracts and
regulatory authorisation. The sale of capacity gives the counterparty the right to call generation
at a time of their choosing that is backed by the Huntly Rankine Units. This arrangement supports
capital investment into the third Huntly Rankine unit which had been due to retire in January 2026.
Following the formalisation of the proposal contemplated under the term sheet, residual Rankine
capacity will be made available to the broader market via further Huntly Firming Options and hedge
products. As a result of these changes, the useful economic life of the Huntly Rankine Units has
been extended by five and a half years to 31 December 2035.
89
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IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
B1. Property, plant and equipment (continued)
Key estimates and judgements
Wholesale electricity price path
The wholesale electricity price path is the key
driver of changes in the valuation. The price
path is an average of an internally generated
price path and price paths published by two
independent third parties. The wholesale
electricity price paths make assumptions
including:
•
New Zealand electricity demand will
continue to grow. Electricity demand
increases from current levels in the
longer term from industrial and consumer
electrification in response to climate
change;
•
Historical hydrological inflow data – this
means the impact of climate change
on hydrology over this period has been
reflected;
•
New and retiring generation plant
assumptions – the internally generated
price path is based on publicly available
information and Genesis’ view on wholesale
electricity prices required to support the
plant; and
•
Thermal fuel availability and costs, both in
the near and longer-term.
The wholesale electricity price path reflects
the impact of the New Zealand Government’s
climate change policy and considers forward-
looking climate change impacts including
transitional market changes.
All key assumptions are reviewed for
reasonableness by senior management
personnel who are responsible for the price
path used by the business.
Capacity based thermal generation
Cash flows for the Huntly Rankine Units
are based on selling capacity, whereby the
purchaser of that capacity has the right to call
generation at a time of their choosing. Pricing
of the capacity is based on an internal pricing
model that has been market tested.
At 30 June 2025 it is assumed that three
Rankines will continue to operate to 31
December 2035, requiring significant
investment underpinned by commercial returns
from the sale of capacity as set out in a detailed
non-binding term sheet that has been signed
with counterparties, conditional on regulatory
authorisation. If the arrangement cannot be
executed, the capital investment will not be
economically feasible the remaining life may
revert back to 30 June 2030 and in turn this
would reduce the valuation.
Electricity generation volumes
Volumes for hydro generation volumes are
based on the average of hydrological inflows
over 90 years. Gas generation volumes are
based on forecast fuel availability and cost.
For Huntly Unit 5 cash flows are assumed to 30
June 2032 with gas being available through to
this date. The useful life of this asset could be
longer based on the condition of the asset but
the availability of fuel in sufficient economic
volumes is inherently uncertain and therefore
the asset is not valued beyond this date.
Broadly, changes in key inputs (i.e. market
fuel availability and cost, national electricity
supply and national electricity demand)
are interrelated factors and will impact the
wholesale electricity price path and thermal
generation volumes.
Other assumptions
The valuation also includes the following
assumptions:
•
Market fuel availability and cost;
•
Cost of carbon, with an assumption that
the existing Emissions Trading Scheme will
continue or is replaced with a scheme that
has a similar economic impact;
•
Operating and capital expenditure to run and
maintain the generation assets; and
•
Weighted average cost of capital – the
discount rate considers the time value of
money and relative risk of achieving the cash
flow forecast.
Significant unobservable inputs in the valuation model were:
Significant
unobservable inputs
Method used to
determine input
Sensitivity
range
Impact on
valuation
Inter-relationships between
unobservable inputs
Wholesale electricity
price path (nominal)
The average annual wholesale electricity price ranged between $117 per MWh and $198
per MWh (in real terms) referenced to the Otahuhu 220KV locational node from July 2025
to June 2045.
+10%
- 10%
$566 million
($566) million
Hydrological inflows affect generation
volumes, as well as wholesale
electricity prices.
Generation volumes
In-house modelling of the wholesale electricity market has been used to determine the
generation volumes required to meet energy demand both on a wholesale market and asset
level basis. The generation volumes used in the valuation range between 2,772 GWh and 4,141
GWh per annum. The low end of the range is where there is no thermal generation.
+10%
- 10%
$496 million
($496) million
Wholesale electricity prices affect the
amount of generation.
Discount ratePre-tax equivalent discount rate of 11.1% to 15.3%.
+1%
- 1%
($322) million
$395 million
Discount rate is independent of wholesale
electricity prices and generation volumes.
90
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Asset categoryEstimated useful lives
Buildings50 years
Storage facilities25 years
Sales Pipeline25 years
IT assets10 - 13 Years
Facility upgrades and assets4 - 15 Years
B2. Oil and gas assets
Note
Exploration,
evaluation and
development
expenditure
$ million
Oil and gas
producing
assets
$ million
Other oil and
gas assets
$ million
Capital work
in progress
$ million
Total
$ million
Carrying value at 1 July 202318.8 226.9 14.2 7. 7 267.6
Additions59.9 1.4 0.4 10.0 71.7
Transfer between asset categories(70.5)81.3 0.3 (11.1) -
Change in rehabilitation asset - 6.7 - - 6.7
Impairment - (50.1) - - (50.1)
Depreciation and depletion expenseA3 - (38.3)(1.4) - (39.7)
Carrying value at 30 June 20248.2 227.9 13.5 6.6 256.2
Additions 0.5 0.4 0.2 5.0 6.1
Transfer between asset categories - 5.6 0.3 (5.9) -
Change in rehabilitation asset - (3.9) - - (3.9)
Depreciation and depletion expenseA3 - (52.8)(1.5) - (54.3)
Carrying value at 30 June 20258.7 177.2 12.5 5.7 204.1
Summary of cost and accumulated depreciation, depletion and impairment
Cost26.7 925.2 28.3 6.6 986.8
Accumulated depreciation, depletion and impairment(18.5)(697.3)(14.8) - (730.6)
Carrying value at 30 June 20248.2 227.9 13.5 6.6 256.2
Cost27.2 927.3 28.8 5.7 989.0
Accumulated depreciation, depletion and impairment(18.5)(750.1)(16.3) - (784.9)
Carrying value at 30 June 20258.7 177.2 12.5 5.7 204.1
Exploration, evaluation and development expenditure
All exploration and evaluation costs, including directly attributable overheads and
general permit activity, are expensed as incurred except for the costs of drilling
exploration wells and the costs of acquiring new interests. The costs of drilling
exploration wells are initially capitalised pending the determination of the success
of the wells. Costs are expensed immediately where the work does not result in
a successful discovery. Costs incurred before the Group has obtained the legal
rights to explore an area are expensed as incurred.
Exploration, evaluation and development expenditure assets are not amortised;
instead, they are assessed annually for indicators of impairment. Any impairment
is recognised in the income statement. Once development of a project has been
completed, the accumulated expenditure in relation to the project is transferred to
oil and gas producing assets.
Oil and gas producing assets
Oil and gas producing assets include costs associated with the production station, platform and pipeline transferred
from exploration, evaluation and development expenditure, mining licences and major inspection costs. Depletion
of oil and gas producing assets, excluding major inspection costs, is calculated on a unit-of-production basis using
proved remaining reserves (‘1P’) estimated to be obtained from, or processed by, the specific asset. Major inspection
costs are depreciated on a straight line basis over the period up to the next major inspection. Major inspections occur
every two to ten years depending on the nature of the work undertaken.
Other oil and gas assets
Other oil and gas assets include land, buildings, storage
facilities, sales pipeline, IT assets and facility assets.
The cost of other oil and gas assets, less any estimated
residual value, is depreciated on a straight line basis.
91
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IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
B2. Oil and gas assets (continued)
Sensitivity to a change in reserves or gas prices
Low
$ million
High
$ million
Reserves +/- 10% (9.4 Pje)(25.3)25.3
Natural gas price +/- $2 per GJ(29.6)29.6
Key estimates and judgements
Reserves are the estimated quantities of oil and gas that geological and engineering data
demonstrates to be recoverable in future years from known reservoirs, under existing
economic and operating conditions. Proved reserves (‘1P’) are defined as those that have
at least a 90 per cent likelihood of being economically extracted, whereas proved plus
probable (‘2P’) are defined as those that have at least a 50 per cent likelihood. Because the
subsurface geology of the Kupe field cannot be examined directly, standard oil and gas
industry techniques have been used to estimate the uncertainty range of the reserves; this
involves reservoir modelling and the comparison of actual field performance data versus
that modelled.
In the current year the Joint Venture Operator performed a review of Kupe’s reserves. Genesis
engaged an independent expert to review and verify the Operator’s reserve estimates, which
resulted in a decrease in remaining proved reserves (‘1P’) and proved and probable reserves
(‘2P’). A reduction of 10 per cent in these reserves would increase depletion charges going
forward by approximately $5.6 million per annum at current production rates.
The table below presents the estimated remaining Kupe oil and gas field gross reserves in Peta
joule equivalents (‘PJe’) of which the Group has a 46.0 per cent interest (2024: 46.0 per cent).
Proved
reserves (‘1P’)
Proved and probable
reserves (‘2P’)
2025 PJe2024 PJe2025 PJe2024 PJe
Opening remaining field
reserves at 1 July
113.5 184.0 124.3 225.8
Change in reserve estimate(32.8)(50.2)(10.8)(81.2)
Production(19.2)(20.3)(19.2)(20.3)
Closing remaining field
reserves at 30 June
61.5 113.5 94.3 124.3
Developed61.5 113.5 94.3 124.3
Undeveloped - ---
Closing remaining field
reserves at 30 June
61.5 113.5 94.3 124.3
Assessment of oil and gas asset carrying value
As a result of a further reduction in remaining field reserves, an impairment assessment was
performed over the Kupe CGU. The recoverable amount was calculated using a discounted cash
flow analysis (value in use), with the estimated future cash flow projections being based on proved
and probable reserves (2P) of 94.3 PJe (gross field reserves; 2024: 124.3 PJe). As at 30 June 2025
no impairment was required (2024: $64.1 million impairment split across Goodwill, Intangible
Assets – Contractual arrangements and Oil and Gas producing assets) as the recoverable amount
was materially in line with the carrying value of $78.3 million. Carrying value represents oil and gas
assets, goodwill, contractual arrangements, rehabilitation and restoration provision.
The future cash inflows for the value in use calculation are based on 2P reserves and contain
assumptions around future sales prices. Operating expenditure, capital expenditure and end of
life decommissioning costs are included as future cash outflows. The pre-tax discount rate used is
14.4 per cent (2024: 14.1 per cent). An adverse change in one of these assumptions could result in a
further reduction in the recoverable amount, in which case a further impairment may be possible in
a future period. The recoverable amount is most sensitive to a change in reserves and a change in
natural gas sales prices. As such, a sensitivity is provided below to show the impact these have on
the recoverable amount.
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B3. Intangible assets
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note
Goodwill
$ million
Software
$ million
Emission
units held for
own use
$ million
Contractual
arrangements
$ million
Deferred
customer
acquisition
costs
$ million
Total
$ million
Carrying value at 1 July 2023228.4 35.5 63.6 43.4 4.1 375.0
Additions - 8.5 90.3 -2.7 101.5
Transfer from property, plant and equipment B1 - 0.2 ---0.2
Disposal or surrender - -(71.2)--(71.2)
Impairment (13.2)(0.4)-(0.8)-(14.4)
Amortisation expense A3 - (1 6.1)-(5.4)-(21.5)
Amortisation expense included in other operating expenditure----(3.0)(3.0)
Carrying value at 30 June 2024215.2 27.7 82.7 37.2 3.8 366.6
Additions-7. 8 87.6 -1.8 97.2
Acquired through business acquisitions 4.0 --22.3 -26.3
Disposal or surrender--(109.0)--(109.0)
Amortisation expense A3 -(12.7)-(5.5)-(18.2)
Amortisation expense included in other operating expenditure----(3.0)(3.0)
Carrying value at 30 June 2025219.2 22.8 61.3 54.0 2.6 359.9
Summary of cost and accumulated amortisation and impairment
Cost
215.2 205.3 82.7 85.3 8.6 597.1
Accumulated amortisation and impairment
-( 1 7 7. 6 )-(48.1)(4.8)(230.5)
Carrying value at 30 June 2024
215.2 27.7 82.7 37.2 3.8 366.6
Cost
219.2 188.5 61.3 107.6 6.2 582.8
Accumulated amortisation and impairment
-(165.7)-(53.6)(3.6)(222.9)
Carrying value at 30 June 2025
219.2 22.8 61.3 54.0 2.6 359.9
The current portion of intangible assets disclosed in the balance sheet relates to emission units held for own use. The remaining $298.6 million (2024: $283.9 million) of intangible assets are non-current.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Goodwill
Goodwill represents the additional value attributed to a business acquisition over the fair value
of the Group’s share of the net identifiable assets, liabilities and contingent liabilities at the date
of acquisition. Goodwill is assessed as having an indefinite useful life and is not amortised but
is subject to impairment testing at each reporting date or whenever there are indications of
impairment. For the purpose of impairment testing, goodwill has been allocated to the Retail cash
generating unit (‘CGU’).
The impairment test is based on an estimated discounted cash flow analysis (value in use). Estimated
future cash flow projections are based on the Group’s five-year business plan for the CGU which
takes into consideration short term climate related risks and opportunities. Cash flows beyond
the five-year business plan are extrapolated using a 2.0 per cent year-on-year growth rate. The
estimated future cash flow projections are discounted using a pre-tax equivalent discount rate of 11.1
per cent.
In completing the impairment assessment, the Group has considered the medium to long term risks
and opportunities in relation to climate change on the Retail business. The speed of LPG and gas
sales decline along with shifting customer preferences is partially offset by the opportunities around
increased electricity demand and other electricity initiatives.
Any reasonably possible change in key assumptions on which the recoverable amount is based is
not expected to cause the carrying value of the goodwill to exceed its recoverable amount.
Software
Software are assets with finite lives. These assets are recognised at cost less accumulated
amortisation and impairment losses. Amortisation is recognised in the income statement on a
straight line basis over the estimated useful life of the asset from the date it is available for use.
The estimated useful life is between one and twenty years.
Emission units held for own use
Emission units held for own use are used to settle the Group’s emission obligation. The units are
initially recognised at fair value and are not revalued.
Contractual arrangements
Contractual arrangements include customer contracts and relationships acquired through business
acquisitions, and sponsorship contracts.
Customer contracts and relationships
Customer contracts and relationships are assets with finite lives. These assets are recognised at cost
less accumulated amortisation and impairment losses.
Amortisation of customer contracts and relationships related to Kupe are recognised in the income
statement on a units-of-use basis, using proved remaining reserves (‘1P’) expected to be obtained
over the contract period. Remaining reserves used in the calculations is 61.5 PJe (2024: a range of
19.4 to 113.5 PJe). Refer to note B2 for further information on the reserves estimate.
Amortisation of customer relationships related to the Nova and Ecotricity acquisitions are
recognised in the income statement on a diminishing value basis over the estimated life of the
relationship to reflect the likely churn of customers. The remaining useful lives of these assets at 30
June 2025 is between 5 and 25 years.
Deferred customer acquisition costs
Customer acquisition costs that are directly attributable to securing a particular customer contract
are capitalised and amortised over the expected customer tenure (30 months). Amortisation of
these costs is included within operating expenditure.
B3. Intangible assets (continued)
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
C. Working capital and provisions
C1. Receivables and prepayments
2025
$ million
2024
$ million
Trade receivables126.9 146.2
Accrued revenue164.0 128.2
Expected credit loss provision(7.0)(6.2)
Deferred customer account credits1.7 3.9
To t a l285.6 272.1
Advances to associates and joint ventures - 1.2
Lease receivable1.2 1.5
Emission units receivable1.2 0.5
Other receivables9.2 22.0
Prepayments28.8 16.9
To t a l326.0 314.2
Current 3 2 5.1312.9
Non-current 0.91.3
To t a l326.0314.2
Trade receivables and accruals
Trade receivables and accruals are initially recognised at fair value and are subsequently measured
at amortised cost. Trade receivables and accrued revenue that are known to be uncollectable are
written off. Total bad debts written off during the year were $6.7 million (2024: $5.2 million).
Expected credit loss provision
The expected credit loss provision is calculated using the simplified approach, which takes into
account the lifetime expected credit loss on trade receivables and accrued revenue. The allowance
for expected credit losses is calculated using a provision matrix, which is based on historic write-
offs. Where possible the percentages are adjusted for foreseeable future economic conditions
which may impact the collectability of trade receivables and accrued revenue.
Expected credit lossHome
Small
business
Large
business
0-30 days overdue0.31%0.15%0.04%
30-60 days overdue0.49%0.42%0.1 0%
60-90 days overdue1.83%1.22%0.30%
90+ days overdue7. 8 9 %2.98%0.74%
Debt at collection agency100.00%100.00%100.00%
Unoccupier debt100.00%100.00%100.00%
Amounts receivable under finance leases:
2025
$ million
2024
$ million
Less than 1 year0.5 0.5
1 to 2 years0.2 0.5
2 to 5 years0.5 0.5
More than 5 years0.3 0.4
Undiscounted lease payments1.5 1.9
Less: unearned finance income(0.3)(0.4)
Lease receivable1.2 1.5
Deferred customer account credits
Account credits given to customers are included in the measurement of revenue. The account credit
is spread over the term of the customer contract.
C2. Inventories
2025
$ million
2024
$ million
Fuel 193.4 51.4
Petroleum products3.2 2.9
Consumables and spare parts33.9 33.2
To t a l230.5 87.5
Fuel, petroleum, consumables and spare parts
Fuel, petroleum, consumables and spare parts are recognised at the lower of cost and net realisable
value. Cost is determined using the weighted average cost basis which includes expenditure
incurred in bringing the inventories to their present location and condition, including shipping and
handling. Net realisable value is the estimated selling price in the ordinary course of business less
the estimated costs necessary to make the sale.
Fuel inventories mainly consist of coal used in electricity production. Fuel inventories (excluding
natural gas) expensed during the year amounted to $177.5 million (2024: $119.4 million).
Petroleum products consist of LPG and light crude oil held for resale produced from the Kupe
production facility. Petroleum products expensed during the year amounted to $21.1 million (2024:
$15.0 million).
Consumables and spare parts are held to service or repair generating assets. Consumables and
spare parts relating to Huntly unit 6 are impaired when incurred as the fair value of this unit is nil.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2025
$ million
2024
$ million
Trade payables and accruals257.8 233.3
Employee benefits22.1 17.2
Emission obligations54.7 53.0
To t a l334.6 303.5
Current332.8 301.3
Non-current1.8 2.2
To t a l334.6 303.5
Trade payables and accruals
Trade payables and accruals are recognised when the Group becomes obligated to make future
payments, resulting from the purchase of goods or services, and are subsequently carried at
amortised cost.
Employee benefits
A liability for employee benefits (wages and salaries, annual and long service leave, and employee
incentives) is recognised when it is probable that settlement will be required and the amount is
capable of being measured reliably. Provisions made in respect of employee benefits are measured
using the remuneration rate expected to apply at the time of settlement.
Emission obligations
Emission obligations are recognised as a liability when the Group incurs the emission obligation.
Emission units payable to third parties are recognised at the average cost of emission units on
hand, up to the amount of units on hand at the recognition date. Where the emission obligation
exceeds the level of units on hand, the excess obligation is measured at the contract price where
forward contracts exist or the market price for any obligation not covered by units on hand or
forward contracts.
Tekapo B Power Station
C3. Payables and accruals
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note
Contractual
arrangements
$ million
Rehabilitation
and
restoration
$ million
Other
provisions
$ million
Total
$ million
Balance at 1 July 202360.1 140.4 0.8 201.3
Created2.5 12.1 - 14.6
Released - (0.3) - (0.3)
Used(9.9)(1.0)(0.2)(11.1)
Time value of money adjustmentE62.1 5.9 - 8.0
Balance at 30 June 202454.8 1 5 7.1 0.6 212.5
Created2.0 1.0 22.0 25.0
Released(1.1)(7.0) - (8.1)
Used(6.4)(0.2) - (6.6)
Time value of money adjustmentE62.0 6.7 - 8.7
Balance at 30 June 202551.3 1 5 7. 6 22.6 231.5
Current7.3 2.0 - 9.3
Non-current47.5 155.1 0.6 203.2
As at 30 June 202454.8 1 5 7.1 0.6 212.5
Current5.8 1.2 22.0 29.0
Non-current45.5 156.4 0.6 202.5
As at 30 June 202551.3 1 5 7. 6 22.6 231.5
Contractual arrangements
Contractual arrangements provisions relate to sponsorship and relationship agreements with various
parties. The provisions represent the present value of the best estimate of cash flows required to
settle the Group’s obligations under the agreements. The timing of the outflows is expected to occur
over the next 34 years.
Rehabilitation and restoration
The majority of this provision relates to the remediation of the Huntly ash ponds and the Kupe
production facility. The provision represents the present value of the Group’s best estimate of future
expenditure to be incurred to remediate the sites at balance date. Key assumptions include: an
estimate of when the rehabilitation and restoration is likely to take place, the possible remediation
alternatives available, the expected expenditures attached to each alternative and the foreign currency
exchange rate.
There is no provision for the remediation of the Huntly site because this is not an obligation that
arises from past events that exist independently of the Group’s future actions. The Group has the
right to lease the site in perpetuity, there is no fixed or planned termination date for the Huntly
lease and the site remains a key electricity generation site for the Group. The lease of the site is
independent of decisions around the retirement of generation units, which are planned to be available
to the electricity market until such time they are uneconomic to run. Further, although there may be
costs and recoveries associated with retiring the generation units if the perpetual leases were to be
terminated or otherwise exited in the future, it is not practicable to estimate the financial effect at
this time.
Key estimates and judgements
The key assumptions that could have a material impact on the Kupe production facility
rehabilitation estimate relate to: the level of remediation required; foreign exchange rates;
mobilisation and demobilisation costs for rig and offshore supply vessel; and regulatory
requirements in relation to the removal of the subsea pipeline. The majority of costs are based
in United States dollars, and therefore are sensitive to fluctuations in foreign exchange rates. If
the foreign exchange rate were to decrease by 10 per cent the provision may increase by $11.5
million. Given the equipment required to complete the rehabilitation comes from overseas,
the mobilisation and demobilisation costs can fluctuate significantly depending on the volume
of work the contractor has nearby at the time the rehabilitation is required to be completed.
The full cost of mobilisation and demobilisation has been provided for, given the uncertainty
around the ability to share these costs with other third party entities. If the costs could be
shared with other entities the provision may decrease by up to $11.8 million. The provision
is based on abandoning the majority of the offshore gas pipeline in situ, with only the shore
section removed. If the entirety of the offshore pipeline needed to be removed, the estimated
cost may increase the provision by $21.4 million. The rehabilitation is expected to commence
in FY36.
C4. Provisions
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
D. Group structure
D1. Subsidiaries and controlled entities
The consolidated financial statements include Genesis, its subsidiaries and controlled entities
listed below.
Interest held
Name of entity Principal activity
Place of
incorporation
2025
%
2024
%
Kupe Venture Limited
Joint venture holding
company
New Zealand100100
Genesis Energy Insurance Pte Limited
Captive insurance
company
Singapore100100
Frank Energy Limited
Holding companyNew Zealand100100
Genesis Energy Talent Retention
Plan Trust
TrustNew Zealand--
Ecotricity Limited Partnership and
Ecotricity GP Limited
Limited Partnership and
Company
New Zealand10070
Edgecumbe Solar Venture Limited
Partnership
Holding companyNew Zealand100-
Lauriston Solar Venture LimitedHolding companyNew Zealand100100
All entities have 30 June balance dates.
The Genesis Energy Talent Retention Plan Trust has been consolidated into the Group on the basis
that Genesis determined how the Trust was designed and how it operates; Genesis controls the
financing and investing activities of the Trust and the Trust is dependent on funding from Genesis.
Ecotricity Limited Partnership and Ecotricity GP Limited were accounted for as an associate up to 29
November 2024 when the Group acquired the remaining 30 per cent, refer to Note H1.
D2. Joint operations
The Group has a 46.0 per cent interest in the Kupe production facility and Petroleum Mining Permit
38146 held by the Kupe Joint Venture (2024: 46.0 per cent) through its wholly owned subsidiary
Kupe Venture Limited. The principal activity of the Kupe Joint Venture is petroleum production and
sales. The Joint Venture is unincorporated and operates in New Zealand. The Group is considered
to share joint control based on the contractual arrangements between the Group and other joint
operators that state unanimous decision-making is required for relevant activities that most
significantly impact the returns of the joint operation.
Kupe Venture Limited is a party to a Deed of Cross Charge (‘Deed’). The Deed was entered into
pursuant to the Kupe Joint Venture Operating Agreement (‘JVOA’) for the purpose of securing the
joint venture parties payment obligations under the JVOA. Each joint venture party has granted a
security interest in its participating interest in the joint venture (together with certain related assets
e.g. its petroleum derived from operations under the JVOA), in favour of the other joint venture
parties. If a joint venture party defaults in the performance of an obligation to pay an amount due
and payable under the JVOA, the appointed agent may enforce on behalf of the non-defaulting joint
venture parties, the security interests created by the Deed.
The Group has a 40 per cent interest in a Joint Venture Arrangement for the development of
solar generation (2024: 60.0 per cent). The principal activity of the Solar-gen Joint Venture is
the development of up to 500MW of solar. The Solar-gen Joint Venture is unincorporated and
operates in New Zealand. The Group is considered to share joint control based on the contractual
arrangements between the Group and other joint operators that state unanimous decision-making is
required for relevant activities that most significantly impact the returns of the joint operation.
The Kupe Joint Venture and Solar-gen Joint Venture are classified as joint operations under NZ IFRS
11 - Joint Arrangements. The Group’s share of revenue, expenditure, assets and liabilities is included
in the Group financial statements on a proportionate line-by-line basis. The operating results of the
Kupe Joint Venture are included in the Kupe segment and the operating results of the Solar-gen
Joint Venture are included in the Wholesale segment in note A1 and the Group’s share of capital
expenditure commitments for both joint ventures is disclosed in note G4.
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D3. Investments in associates and joint ventures
The Group has interests in the following arrangements, which are accounted for as either associates
or joint ventures using the equity method.
Interest heldCarrying amount
Name of entityPrincipal activity
Place of
incorporation
2025
%
2024
%
2025
$ million
2024
$ million
DrylandCarbon One Limited
Partnership
Investment in
forestry
New Zealand25.2 25.2 28.1 28.7
Ecotricity Limited Partnership
and Ecotricity GP Limited
Electricity
retailer
New Zealand - 70.0 - 3.1
Forest Partners Limited
Partnership
Investment
in forestry
New Zealand28.0 28.0 69.3 43.8
Total share in associates 97.4 75.6
Lauriston Solar Project (2023)
Limited Partnership
Electricity
generation
New Zealand40.0 40.0 8.0 0.6
ChargeNet NZ Limited
EV charging
infrastructure
New Zealand65.3 - 60.4 -
Total share in joint ventures68.4 0.6
Total share in associates
and joint ventures
165.8 76.2
On 8 November 2024 the Group acquired 65.29 per cent of ChargeNet NZ Limited and its
subsidiary (“ChargeNet”) for total consideration paid of $64.0 million. ChargeNet is a provider of
electric vehicle charging solutions, including a network of national electric vehicle fast-charging
stations. A control assessment under NZ IFRS 10 - Consolidated Financial Statements concluded
joint control due to the current governance structure and required voting, which limits the Groups’
ability to direct the relevant activities. The acquired interest and subsequent earnings in ChargeNet
are accounted for using the equity method, with share of earnings reflected through share of
associates and joint ventures.
The following table summarises the financial information of the immaterial associates and joint
ventures based on the amounts reporting in the Group’s consolidated financial statements.
Immaterial AssociatesImmaterial Joint Ventures
Summarised statement of
comprehensive income
2025
$ million
2024
$ million
2025
$ million
2024
$ million
Profit/(loss) for the period4.8 (0.9)(5.6)(2.5)
Other comprehensive income - - (0.6)0.2
Total comprehensive income4.8 (0.9)(6.2)(2.3)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
E. Funding
E1. Capital management
The Group manages its capital to ensure that each entity in the Group will be able to continue as
a going concern while maximising the return to shareholders through the appropriate balance of
debt and equity. This is achieved by ensuring that the level and timing of its capital investment
programmes, equity raisings and dividend distributions are consistent with the Group’s capital
structure framework. This framework remains unchanged from previous years. The capital structure
of the Group consists of debt, which includes the borrowings disclosed in note E5, cash and cash
equivalents and equity attributable to the shareholders of Genesis, comprising issued capital,
reserves and retained earnings, as disclosed in the balance sheet.
Under the Group’s debt funding facilities, the Group has given undertakings that the ratio of debt to
equity will not exceed a prescribed level and the interest cover will not be below a prescribed level.
For the purpose of these undertakings the green capital bonds and related interest costs are treated
as 50 per cent equity. The covenants are monitored on a regular basis to ensure they are complied
with. There were no breaches in covenants during the year (2024: none).
E2. Share capital
Note
2025
No. of shares
million
2025
$ million
2024
No. of shares
million
2024
$ million
Balance as at 1 July1,082.1 752.1 1,064.6 710.9
Shares issued to TRP
participants
0.2 0.5 0.2 0.5
Shares issued under dividend
reinvestment plan
E418.0 3 7. 7 17.3 40.7
Balance as at 30 June1,100.3 790.3 1,082.1 752.1
Issued capital1 ,1 0 0.6 791.3 1,082.6 753.6
Treasury shares(0.3)(1.0)(0.5)(1.5)
Total share capital1,100.3 790.3 1,082.1 752.1
All shares are ordinary authorised, issued and fully paid shares. They all have equal voting rights and
share equally in dividends and any surplus on winding up. Treasury shares relate to shares held in
trust for the employee Talent Retention Plan ('TRP') (refer to notes G1 and G2).
E3. Earnings per share
20252024
Net profit for the year attributable to shareholders ($ million)1 6 9.11 31 .1
Weighted average number of ordinary shares (million units)1,091.1 1,074.0
Less weighted average number of Treasury shares (million units)(0.4)(0.6)
Weighted average number of shares used in EPS calculation
(million units)
1,090.7 1,073.4
CentsCents
Basic and diluted EPS15.50 12.21
E4. Dividends
Note
2025
Cents
per share
2025
$ million
2024
Cents
per share
2024
$ million
Dividends declared and paid
during the year
Prior year final dividend7. 0 0 75.8 8.80 93.7
Current year interim dividend7.1 3 7 7. 7 7. 0 0 75.3
14.13 153.5 15.80 169.0
Less shares issued under the
dividend reinvestment plan
E2( 3 7. 7 )(40.7)
Cash dividend paid115.8 128.3
Dividends declared
subsequent to balance date
Final dividend 7.1 7 78.9 7. 0 0 75.8
All dividends noted above are imputed at 100%.
Imputation credits
There were $18.9m of imputation credits available as at 30 June 2025 (2024: nil). This amount
includes imputation credits that will arise from the payment of the amount of the provision for
income tax.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred and are
subsequently measured at amortised cost using the effective interest rate method. Borrowings
designated in a fair value hedge relationship are carried at amortised cost adjusted for the change in
the fair value of the hedged risk.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the balance date.
Green Capital bonds
The FY52 green capital bonds have a principal value of $285.0 million and the FY54 green capital
bonds have a principal value of $240.0 million. The interest rate on the capital bonds resets every
five years. The next interest rate reset is June 2027 for the FY52 bonds and July 2028 for the
FY54 bonds.
The net proceeds of the green capital bonds are notionally allocated to refinance eligible assets
consistent with the Green Bond Principles issued by the International Capital Market Association.
20252024
Borrowings by year of expiry:Borrowings by year of expiry:
$ million
Weighted
average
effective
interest
rate %
Less
than
1 year
1 to 2
years
2 to 5
years
More
than 5
years
Fair value
interest
rate risk
adjustment
Capitalised
issue costs
Accrued
interest
Carrying
amount
Less
than
1 year
1 to 2
years
2 to 5
years
More
than 5
years
Fair value
interest
rate risk
adjustment
Capitalised
issue costs
Accrued
interest
Carrying
amount
Sustainable finance
Green bonds4.2% - - 125.0 -(0.2)(0.1)1.5 126.2 --125.0 -(2.5)(0.3)1.5 123.7
Green capital
bonds
6.3%---525.0 12.3 (3.4)4.5 538.4 ---525.0 (5.6)(4.8)4.5 519.1
Other finance
Revolving credit
facility
Floating-80.0 70.0 ----150.0 --120.0 ----120.0
Commercial paper3.6%229.4 ------229.4 144.1 ------144.1
Wholesale term
notes
3.7%--100.0 --(0.1)0.1 100.0 100.0 -100.0 --(0.1)1.3 201.2
United States
Private Placement
('USPP')
5.3%82.0 164.1 --(4.1)(0.1)3.3 245.2 -82.2 164.3 -(11.1)(0.2)3.3 238.5
311.4 244.1 295.0 525.0 8.0 (3.7)9.4 1,389.2 244.1 82.2 509.3 525.0 (19.2)(5.4)10.6 1,346.6
Lease liability5.4%100.6 104.1
To t a l1,489.8 1,450.7
Current336.3 268.3
Non-current1,153.5 1,182.4
To t a l1,489.8 1,450.7
E5. Borrowings
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
USPP
During the 2015 financial year the Group issued
$150.0 million United States dollar-denominated
unsecured notes to United States-based
institutional investors. Cross currency interest
rate swaps (‘CCIRS’) have been used to manage
foreign exchange and interest rate risks on the
notes (refer to note F4 for further information
on CCIRS).
While the New Zealand dollar amount required to
repay the USPP is fixed as a result of the CCIRS,
the USPP is required to be translated to New
Zealand dollars at the spot rate at the reporting
date. Any revaluation of the USPP as a result of
this translation is offset by the change in the fair
value of the CCIRS.
Lease liability
On initial recognition the lease liability comprises
the present value of the lease payments that
are not paid at the commencement date. This
includes fixed payments less any lease incentives
receivable and variable lease payments that are
based on an index or rate. The lease payments
are discounted using the incremental borrowing
rate, being the rate that the Group would have
to pay to borrow the funds necessary to obtain
an asset of similar value in a similar economic
environment with similar terms and conditions.
The lease liability is subsequently measured by
increasing the carrying amount to reflect interest
on the lease liability (using the effective interest
method) and reducing the carrying amount to
reflect the lease payments made. The Group
remeasures the lease liability (and makes a
corresponding adjustment to the related lease
asset) whenever the lease term changes, the
lease payments change due to changes in an
index or rate or a lease contract is modified and
the lease modification is not accounted for as a
separate lease. Lease payments on short term
leases where the lease term is 12 months or less
and leases of low value assets are recognised in
operating expenses as incurred.
Commercial paper
In the 2021 financial year a commercial paper
programme was established and the first
tranche of notes was issued in October 2020.
Notes issued to wholesale investors under
the programme are short-term money market
instruments, unsecured and unsubordinated.
Security
All of the Group’s borrowings are unsecured.
The Group borrows under a negative pledge
arrangement, which does not permit the Group
to grant any security interest over its assets,
unless it is an exception permitted within the
negative pledge.
2025
$ million
2024
$ million
Opening balance1,450.7 1,366.7
Proceeds from borrowings115.3 349.9
Repayment of borrowings (excluding leases)(100.0)(270.0)
Repayment of lease liability(10.2)(8.4)
Non-cash changes
Lease liability additions and adjustments 6.2 1.4
Change in foreign exchange on USPP(0.4)1.6
Change in fair value interest rate risk adjustment 27.2 9.6
Change in capitalised issue costs1.7 (1.7)
Change in accrued interest(1.2)1.3
Other non-cash changes0.5 0.3
Closing balance1,489.8 1,450.7
Revolving credit facilities
2025
$ million
2024
$ million
Sustainable Finance
Expiring FY26 - 200.0
Expiring FY27120.0 50.0
Expiring FY28130.0 -
Other Finance
Expiring FY26 - 75.0
Expiring FY27100.0 110.0
Expiring FY28210.0 50.0
Expiring FY2950.0 50.0
Expiring FY30120.0 -
Total available revolving credit facilities730.0 535.0
Revolving credit drawn down150.0 120.0
Total undrawn revolving credit facilities580.0 415.0
The Group has $250.0 million of sustainability linked revolving credit facilities. The Sustainable
Finance facilities have variable payments that are linked to performance against the Group’s
sustainability targets.
During the year, the Group refinanced its facilities, leading to a net increase of $195.0 million in
total facilities, comprising of $220.0 million of new facilities and the cancellation of $25.0 million
in existing facilities. The undrawn revolving credit facilities ensure the Group will have sufficient
funds to meet its liabilities when due, including the repayment of any commercial paper, under both
normal and stressed conditions.
E5. Borrowings (continued)
Reconciliation of change in liabilities arising from financing activities
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
E5. Borrowings (continued)
Fair value of borrowings held at amortised cost
2025
Carrying
value
$ million
2025
Fair
value
$ million
2024
Carrying
value
$ million
2024
Fair
value
$ million
Level one
Green bonds126.2 126.8 123.7 121.5
Green capital bonds538.4 536.4 519.1 520.8
Level two
Wholesale term notes100.0 97.6 201.2 193.3
USPP245.2 248.3 238.5 243.7
The valuation of the green bonds and green capital bonds are based on quoted bond prices.
The valuation of the wholesale term notes is based on estimated discounted cash flow analyses,
using applicable market yield curves adjusted for the Group’s credit rating. The credit-adjusted
market yield curves at balance date used in the valuation was 4.4 per cent (2024: range from 5.5 per
cent to 6.0 per cent).
The valuation of USPP is based on estimated discounted cash flow analyses, using applicable United
States market yield curves adjusted for the Group’s credit rating. The credit-adjusted market yield at
balance date used in the valuation was 4.1 per cent (2024: 4.9 per cent).
The carrying value of all other borrowings approximate their fair values.
E6. Finance expense
Note
2025
$ million
2024
$ million
Interest on borrowings
(excluding capital bonds and lease liability)
33.9 3 7.1
Interest on capital bonds33.2 33.2
Interest on lease liability5.3 5.5
Total interest on borrowings72.4 75.8
Other interest and finance charges(0.2)0.8
Time value of money adjustments on provisions C4 8.7 8.0
Capitalised finance expenses(1.7)(0.6)
To t a l79.2 84.0
Weighted average capitalisation rate5.1 %5.2%
Interest on borrowings, bank and facility fees, and transaction costs are recognised in the income
statement over the period of the borrowings, using the effective interest rate method, unless such
costs relate to funding capital work in progress. Time value of money adjustments on provisions are
recognised in the income statement up to the point the provision is used or released.
Finance expense on capital work in progress (qualifying assets) is capitalised during the construction
period. The capitalisation rate used to determine the amount of finance expense to be capitalised is
based on the weighted average finance expenses incurred by the Group.
103
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F. Risk management
The Group’s activities expose it to a variety of
financial risks, including market risk (price risk,
interest rate risk and foreign exchange risk),
credit risk and liquidity risk. The Board has
established policies that provide an overall risk
management framework, as well as policies
covering specific areas, such as electricity, oil
and coal price risk, interest rate risk, foreign
exchange risk, credit risk, liquidity risk and the
use of derivatives. Compliance with policies is
monitored by the middle office function.
The Group uses the following derivatives to
hedge its financial risk exposures:
•
Electricity swaps and options and electricity
power purchase agreements ('PPA');
•
Oil price swaps;
•
Coal price swaps;
•
Forward purchase agreements for emission
units;
•
Foreign exchange contracts;
•
CCIRS;
•
Interest rate swaps.
A summary of the financial risks that impact
the Group, how they arise and how they are
managed is presented in this section:
Market risk
Nature and exposure to the GroupNoteHow the risk is managed
Price risk
The Group is exposed to movements in the
price of electricity arising through the sale
and purchase of electricity to and from the
market, movements in the price of light crude
oil arising from oil sales, movements in the
price of coal arising from coal purchases,
movements in the price of emission units
and movements in the global methanol
price arising for methanol index linked gas
purchases.
F2
The Group aims to hedge price risk on electricity sales and forecast generation volume, oil
sales, coal purchases and emission unit purchases to satisfy obligations under the New Zealand
Emissions Trading Scheme (ETS). Electricity price risk is managed with electricity derivative
contracts, including but not limited to swaps, futures, options and PPAs. Oil and coal are
hedged using derivatives. Emission units are hedged with forward and spot purchases, as well
as direct investment and arrangements with forestry entities.
The Market Trading Limits and Thresholds Standard sets overall levels for hedge positions
across electricity, coal and ETS obligations. Electricity hedging focuses on the Group’s net
exposure to electricity prices over a four to five-year period. Coal hedging manages stockpile
levels and forecast import price risk over a three-year period. Carbon hedging focuses on
managing price risk relating to the ETS units exposure on purchased coal and gas.
The Treasury Policy requires hedging oil price risk within certain policy bands.
The level of exposure to methanol is monitored.
Interest rate risk
The Group is exposed to interest rate risk
because Genesis borrows funds at both fixed
and floating interest rates. Changes in market
interest rates expose the Group to changes in:
•
Future interest payments on borrowings
subject to floating interest rates (cash flow
risk);
•
The fair value of borrowings subject to fixed
interest rates (fair value risk).
F3
The Group uses interest rate swaps to manage interest rate risk in line with the Group’s Treasury
policy. The Treasury policy requires that 50-100 per cent of projected debt is fixed for a period of
up to one year. The range decreases as the age profile increases to a maximum of 20 per cent for
debt due in 10 to 12 years.
Foreign exchange risk
The Group is exposed to foreign currency
risk as a result of capital and operational
transactions and borrowings denominated in
a currency other than the Group’s functional
currency.
F4
Capital and operating transactions
The Group uses foreign exchange contracts to manage foreign exchange risk on capital and
operational transactions (including maintenance of capital equipment, fuel purchases and
oil sales) in accordance with the Group’s Treasury policy. Foreign exchange spot, forwards,
deposits and options can be used to hedge the value back to NZDs.
Overseas borrowings
The Group uses CCIRS to manage foreign exchange risk on foreign currency borrowings. All
interest and principal repayments are hedged. The combination of the foreign-denominated
debt and CCIRS results in a net exposure to New Zealand dollar floating interest rates and a
fixed New Zealand dollar-denominated principal repayment. The New Zealand dollar floating
interest rate risk is managed using the process described in the interest rate risk section above.
104
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Other risks
Nature and exposure to the GroupNoteHow the risk is managed
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet
its financial obligations as they fall due. The Group’s approach
to managing liquidity risk is to ensure that it will always have
sufficient funds to meet its liabilities when due, under both normal
and stressed conditions.
F7
The Group has a policy that requires the debt facilities to be maintained with a minimum headroom amount above the
projected peak debt levels over the next 12 months. Liquidity risk is monitored by continuously forecasting cash flows and
matching the maturity profiles of financial assets and liabilities.
The Group’s ability to attract cost-effective funding is largely driven by its credit standing (Standard & Poor’s = BBB+). Prudent
liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an
adequate amount of committed credit facilities and the spreading of debt maturities.
Credit risk
Credit risk is the risk that a counterparty will default on its
contractual obligations, resulting in financial loss to the Group.
The Group has no significant concentrations of credit risk and
the carrying amounts of cash and cash equivalents, receivables
and derivative assets in the balance sheet represent the Group’s
maximum exposure to credit risk at balance date.
C1
Wholesale electricity sales
The Group purchases wholesale electricity for its retail customer base, therefore the credit risk is limited to the net amount
receivable after deducting purchases. Market participants are required to provide financial collateral to the market-clearing
agent (NZX Limited), which would be called upon should any market participant default.
Retail electricity sales, gas, LPG and oil sales
The Group minimises its exposure to credit risk by applying credit limits, obtaining collateral where appropriate and applying
credit-management practices, such as monitoring the size and nature of exposures and mitigating the risk deemed to be
above acceptable levels. The credit risk is mitigated by the Group’s large customer base and the diverse range of industries
customers operate in.
BS,
F1
Cash and cash equivalents and derivative contracts
Credit risk is managed by using high-credit quality financial institutions and other organisations. The Group’s exposure
and the credit ratings of its counterparties are continuously monitored to ensure the risk is spread among approved
counterparties.
F. Risk management (continued)
105
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2025
$ million
2024
$ million
Electricity swaps and options and PPAs365.0243.8
Oil price swaps1.5 (0.3)
Interest rate swaps27.4 30.4
CCIRS48.3 41.2
Foreign exchange contracts(0.9)0.1
Other derivatives0.7 0.6
To t a l442.0315.8
Current assets241.4169.9
Non-current assets333.2 294.4
Current liabilities(94.5)(118.6)
Non-current liabilities( 3 8 .1 )(29.9)
To t a l442.0315.8
Derivatives
Derivatives are initially recognised at fair value
on the date the contract is entered into and
subsequently remeasured to fair value. The
gain or loss on remeasurement is recognised in
the income statement, unless the derivative is
designated into an effective hedge relationship
as a hedging instrument, in which case the
timing of recognition in the income statement
depends on the nature of the designated
hedge relationship. The Group may designate
derivatives as either cash flow hedges or fair
value hedges.
For cash flow hedges the derivative is used to
manage the variability in cash flows relating
to recognised liabilities or highly probable
forecast transactions.
The effective portion of changes in the fair
value of cash flow hedges are recognised in
other comprehensive income and accumulate
in the cash flow hedge reserve. The ineffective
portion of changes in the fair value of cash flow
hedges is recognised immediately in the income
statement in the change in fair value of financial
instruments line.
Amounts accumulated in other comprehensive
income are reclassified to the income statement
in the period when the hedged item is
recognised in the income statement. However,
when the forecast transaction that is hedged
results in the recognition of a non-financial
asset (for example, inventory) or liability, the
gains and losses previously deferred in the
cash flow hedge reserve are reclassified from
the cash flow hedge reserve and included in
the initial measurement of the cost of the asset
or liability.
Once hedge accounting is discontinued the
cumulative gain or loss remains in the cash flow
hedge reserve and is reclassified to the income
statement either when the transaction occurs or
if the forecast transaction is no longer expected
to occur, it is reclassified immediately.
For fair value hedges the derivative is used
to manage the variability in the fair value of
recognised assets and liabilities.
Changes in the fair value of derivatives that are
designated and qualify as fair value hedges are
recorded in the income statement, together
with any changes in the fair value of the hedged
asset or liability that are attributable to the
hedged risk.
Once hedge accounting is discontinued the fair
value adjustments to the carrying amount of
the hedged item arising from the hedged risk
is amortised to the income statement from that
date through to maturity of the hedged item.
Hedge accounting is discontinued when
the hedge instrument expires or is sold,
terminated, exercised or no longer qualifies for
hedge accounting.
The Group’s policy is to designate derivatives in
hedge relationships on inception when their fair
value is zero, applying a hedge ratio of 1:1. The
Group determines the existence of an economic
relationship between the hedging instrument
and the hedged item based on the amount
and timing of their respective cash flows,
reference rates, pricing dates, maturities, and
notional amounts. The Group assesses whether
the derivative designated in each hedging
relationship is expected to be, and has been
effective in, offsetting the changes in cash flows
of the hedged item.
Derivatives that do not qualify for hedge
accounting
This category includes derivatives that
economically hedge financial risks but have
not been designated in hedge relationships for
accounting purposes. In these cases changes
in the fair value are recognised immediately
in the income statement within the change
in fair value of financial instruments line
(refer to note F5).
Certain electricity derivatives, electricity future
contracts and PPAs cannot be hedge accounted
under NZ IFRS 9. These are principally: swap
and option contracts that provide dry year cover
for counterparties; electricity futures offered
to the market to enable other counterparties to
hedge their electricity risks (‘market making’);
derivatives held for proprietary trading activities
where trades are entered into speculatively
for the purpose of making profits in their own
right (‘proprietary trading’); and PPAs with
renewable energy suppliers. The variable
nature of renewable energy makes it difficult to
demonstrate that the PPA is highly effective as
required by NZ IFRS 9, despite the fact the PPA
is an effective economic hedge.
Forward purchase or sale agreements for
carbon emission units are entered for either
‘held for trading’ or ‘own use’ purposes.
Agreements for ‘held for trading’ purposes are
recognised as derivatives when entered and
measured at fair value, with any gain or loss on
remeasurement recognised immediately in the
income statement. Agreements for ‘own use’
purposes are recognised when the units are
delivered and as at 30 June 2025, the Group
held approximately $250.0 million of ‘own use’
forward contracts for settlement and delivery
over the next four financial years. The mark-
to-market value of these contracts represents
a notional loss of between $20.0 million and
$30.0 million.
The effects of the Group’s application of hedge
accounting in respect of derivatives used to
manage financial risks are shown in notes F2
to F5.
F1. Derivatives
106
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Hedge accounted derivatives
Electricity swapsOil price swaps
2025
$ million
2024
$ million
2025
$ million
2024
$ million
Nominal amount at balance date505.3 484.8 USD 9.7 USD 13.9
Carrying value of asset at balance date69.5 45.0 1.0 0.3
Carrying value of liability at balance date(39.4)(46.3)(0.1 )(0.7)
Recognised in other comprehensive income
during the year
3 7. 4 7.1 0.9 (2.2)
Reclassified to the income statement
during the year
(6.0)(4.1)0.4 (0.8)
Hedge ineffectiveness (gain (loss))
during the year
- - 0.1 (0.1)
Electricity swaps are entered into to manage the variability of cash flows from electricity purchases
and sales. Oil price swaps are entered into to manage the variability of cash flows from oil sales.
Cash flow hedge accounting is applied.
Realised gains and losses reclassified to the income statement during the year on electricity swaps
are recognised in electricity revenue where they are hedge accounted and realised gains and losses
on oil price swaps are recognised in oil revenue where hedge accounted.
The main source of ineffectiveness for electricity swaps relates to the difference between the
market price and the strike price at inception of the contracts. For oil price swaps ineffectiveness
arises primarily due to discounts on oil sales (the hedged item) that are not present in the
hedging instrument.
Non-hedge accounted derivatives
Carrying value of asset (liability) at balance date
2025
$ million
2024
$ million
Electricity swaps and options and PPAs321.5249.3
Electricity future options0.1 (0.1)
Held for market making and proprietary trading13.3 (4.1)
Oil price swaps0.6 0.1
The nominal value at balance date of non-hedge accounted electricity swaps and options and PPAs
was $2,265.6 million and oil price swaps was USD $3.7 million (2024: $2,117.9 million and USD $8.0
million respectively).
Cash flow hedge
(receive float, pay fixed)
Fair value hedge
(receive fixed, pay float)
2025
$ million
2024
$ million
2025
$ million
2024
$ million
Nominal amount at balance date590.0 550.0 575.0 575.0
Carrying value of asset at balance date21.9 39.8 12.3 0.3
Carrying value of liability at balance date(6.5)(1.4)(0.3)(8.3)
Recognised in other comprehensive income
during the year
(16.4)(6.1) N/A N/A
Reclassified to the income statement during
the year
(6.4)(4.5) N/A N/A
Maturity 0-9 years 0-10 years 2-3 years 3-4 years
Weighted average rate2.9%3.0%4 .1 %4.1%
Interest rate swaps are entered into to manage interest rate risk on borrowings.
Realised gains and losses on interest rate swaps designated as cash flow hedges reclassified to the
income statement are recognised in finance expenses.
The fair value hedge adjustment is recognised in change in fair value of financial instruments in the
income statement.
F2. Price riskF3. Interest rate risk
107
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CCIRS (cash flow
and fair value hedge)
Foreign exchange contracts
(cash flow hedge)
2025
$ million
2024
$ million
2025
$ million
2024
$ million
Nominal amount at balance date193.2 193.2 133.8 (64.1)
Carrying value of asset at balance date48.3 41.2 1.8 0.9
Carrying value of liability at balance date - - (2.5)(1.0)
Recognised in other comprehensive
income during the year
2.6 7.1 (0.3)0.2
Reclassified to the income statement
during the year
(2.2)(6.8)0.1 0.6
Reclassified to the cost of assets - - (0.5) (1.1)
The Group enters into foreign exchange
contracts to hedge highly probable forecast
transactions denominated in foreign currencies.
Cash flow hedge accounting is applied. The
amount and maturity of the derivative and
forecast transactions are aligned to ensure the
hedge relationship remains effective.
The Group uses CCIRS to manage foreign
exchange risk on the USPP. All interest
and principal repayments are hedged. The
combination of the foreign-denominated debt
and CCIRS results in a net exposure to New
Zealand dollar floating interest rates and a fixed
New Zealand dollar-denominated principal
repayment.
The principal, basis and margin components
of the CCIRS are designated as a cash flow
hedge and the benchmark component of the
CCIRS is designated as a fair value hedge of the
USPP notes. The change in fair value relating to
the foreign currency basis spread component
of the CCIRS is excluded from the hedge
relationship. The change is recognised in other
comprehensive income in a separate Cost of
Hedging Reserve.
Realised gains and losses on foreign exchange
contracts reclassified to the income statement
are recognised in operating expenses and oil
revenue. Realised gains and losses reclassified
to the income statement on CCIRS are
recognised in finance expenses.
The nominal value at balance date of non-hedge
accounted foreign exchange contracts was $8.4
million (2024: $1.9 million) and the net carrying
value was a $0.2 million liability (2024: $0.2
million asset).
The tables below provide a breakdown of the change in fair value of financial instruments
recognised in the income statement and a reconciliation of movements in the cash flow hedge
reserve.
Change in fair value of financial instrumentsNote
2025
$ million
2024
$ million
CCIRS7.1 3.2
Interest rate swaps20.0 6.4
Fair value interest rate risk adjustment on borrowings(27.2)(9.6)
Fair value hedges – gain (loss)(0.1 ) -
Oil price swaps0.1 (0.1)
Cash flow hedges – hedge ineffectiveness – gain (loss)F20.1 (0.1)
Electricity swaps and options and PPAs1 4 7. 0148.0
Other derivatives(0.1 )(1.3)
Derivatives not designated as hedges – gain (loss)146.9146.7
Total change in fair value of financial instruments146.9146.6
The change in fair value of electricity swaps and options and PPA derivatives noted above includes
an unrealised net gain of $17.4 million (2024: $10.6 million net loss) in relation to derivatives held for
market making and proprietary gain.
Reconciliation of movements in the cash flow hedge reserve
2025
$ million
2024
$ million
Opening balance25.8 33.3
Total reclassified from the cash flow hedge reserve to the income
statement
(14.1)(15.6)
Effective gain (loss) on cash flow hedges recognised directly in the
cash flow hedge reserve
24.2 6.1
Share of other comprehensive income of associates and joint
ventures accounted for using the equity method
(0.6)0.2
Total recognised in other comprehensive income9.5 (9.3)
Total reclassified from the cash flow hedge reserve to the
cost of assets
(0.5)(1.1)
Income tax on change in cash flow hedge reserve(2.6)2.9
Closing balance32.2 25.8
The amount accumulated in the cost of hedging reserve at 30 June 2025 was $0.7 million (2024:
$1.3 million).
F4. Foreign exchange riskF5. Impact of derivatives on the income statement and equity
108
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerSustainabilityGovernanceCountryFinancials
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The table below represents the effect on the income statement and the cash flow hedge reserve at
balance date if various market rates had been higher or lower with all other variables held constant.
A positive number in the table below represents an increase in profit or the cash flow hedge reserve.
Post-tax impact on the
income statement
Post-tax impact on cash flow
hedge reserve (equity)
2025
$ million
2024
$ million
2025
$ million
2024
$ million
Electricity prices
+10%80.281.2 9.8 2.6
-10%(78.0)(80.0)(9.8)(2.6)
Oil prices
+10%(0.1 )(0.2)(0.9)(1.2)
-10%0.2 (0.1)0.9 1.5
Foreign exchange rates
+10% (NZD appreciation)(0.2)0.3 (8.9)(4.1)
-10% (NZD depreciation)0.3 0.1 10.9 5.0
Interest rates
+100 bps0.5 0.6 16.3 14.4
-100 bps(0.5)(0.6)(17.3)(15.4)
The following table details the Group’s liquidity analysis for its financial liabilities and derivatives.
Where the amount payable or receivable is not fixed, the amount disclosed has been determined by
reference to the internally generated forward price curves existing at balance date. As the amounts
included in the table are contractual undiscounted cash flows, these amounts will not reconcile to
the amounts disclosed in the balance sheet.
As at 30 June 2025
Less than
1 year
$ million
1 to 2
years
$ million
2 to 5
years
$ million
More than
5 years
$ million
Total
contractual
cash flows
$ million
Trade and other payables(278.7)(2.8)(1.4) - (282.9)
Borrowings (excluding lease liability)(361.7)(209.7)(327.7)(1,349.1)(2,248.2)
Lease liability(16.2)(15.1)(39.4)(59.1)(129.8)
Total non-derivative financial
liabilities
(656.6)(227.6)(368.5)(1,408.2)(2,660.9)
Inflows275.8 198.9 5.7 - 480.4
Outflows(259.4)(162.4)(5.6) - (427.4)
Gross-settled derivatives16.4 36.5 0.1 - 53.0
Net-settled derivatives145.281.4158.2171.4556.2
Total non-derivative financial
liabilities and derivatives
(495.0)(109.7)(210.2)(1,236.8)(2,051.7)
As at 30 June 2024
Less than
1 year
$ million
1 to 2
years
$ million
2 to 5
years
$ million
More than
5 years
$ million
Total
contractual
cash flows
$ million
Trade and other payables(249.0)(2.7)(4.2) - (255.9)
Borrowings (excluding lease liability)(420.0)(133.6)(512.8)(1,371.3)(2,437.7)
Lease liability(13.4)(13.6)(40.2)(71.3)(138.5)
Total non-derivative financial
liabilities
(682.4)(149.9)(557.2)(1,442.6)(2,832.1)
Inflows121.4 117.3 178.8 - 417.5
Outflows(126.2)(101.7)(143.2) - (371.1)
Gross-settled derivatives(4.8)15.6 35.6 - 46.4
Net-settled derivatives70.4 72.5 131.4 189.2 463.5
Total non-derivative financial
liabilities and derivatives
(616.8)(61.8)(390.2)(1,253.4)(2,322.2)
F6. Sensitivity analysis for each type of market riskF7. Liquidity risk
109
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Fair value hierarchy
Generation assets disclosed in note B1 and derivatives disclosed in note F1 are the only assets and
liabilities carried at fair value in the balance sheet. While borrowings are initially recognised at fair
value, net of transaction costs, they are subsequently measured at amortised cost in the balance
sheet. The fair value of borrowings is required to be disclosed (refer to note E5). The nature of the
inputs into the fair value calculation determines the level applied in the fair value hierarchy. Each
level is outlined below:
The Group’s policy is to recognise transfers into and out of fair value hierarchy levels at the date the
change in circumstances occurred. During the year, the Group revised inputs into the valuation of
certain electricity derivatives. The revision focused on maximising relevant observable inputs and
with the instruments getting closer to their maturity dates, it allowed for increased availability of
market prices.
Refer to the reconciliation of level three electricity swaps and options and PPAs table for transfers
between levels.
Level one – the fair value is determined using unadjusted quoted prices from an active market
for identical assets and liabilities. A market is regarded as active if quoted prices are readily and
regularly available from an exchange, a dealer, a broker, an industry group, a pricing service or a
regulatory agency and those prices represent actual and regularly occurring market transactions on
an arm’s length basis. Financial instruments included in this level are electricity derivatives valued
using the ASX forward price curve.
Level two – the fair value is derived from inputs other than quoted prices included within level one
that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived
from prices). Financial instruments in this level include interest rate swaps, foreign exchange
contracts, oil price swaps and CCIRS.
Level three – the fair value is derived from inputs that are not based on observable market data.
Financial instruments in this level are electricity derivatives and PPAs valued using the wholesale
electricity price path.
All derivatives disclosed in F1 other than electricity swaps and options and PPAs are considered level
two. The $365.0 million electricity swap and option and PPAs net asset comprises a $17.1 million
asset classified as level one and a $347.9 million asset classified as level three (2024: $22.9 million
liability classified as level two and a $266.7 million asset classified as level three).
Valuation of level two derivatives
The fair values of level two derivatives are determined using discounted cash flow models. The key
inputs in the valuation models were:
ItemValuation input
Interest rate swapsForward interest rate price curve
Foreign exchange contractsForward foreign exchange rate curves
Oil price swapsForward oil price and foreign exchange rate curves
CCIRSForward interest rate price curve and foreign exchange rate curves
Valuation of level three derivatives
Valuation process
The results and key drivers of changes in the valuations are reviewed at least six monthly for
generation assets and monthly for derivatives. The Chief Financial Officer reports key changes in
fair value to the Board. Any changes to the valuation methodology are reported to the Audit and
Risk Committee.
Valuation of electricity swaps and options and PPAs
The valuation is based on a discounted cash flow model. The key inputs and assumptions are:
the callable volumes, strike price and option fees outlined in the agreement, the wholesale
electricity price path (‘price path’), the probability of the underlying plant construction
proceeding, the most likely operations commencement date, ‘day one’ gains and losses and
the discount rate. The options are deemed to be called when the price path is higher than
the strike prices after taking into account obligations relating to the specific terms of each
contract. The price path is the significant unobservable input in the valuation model. Refer to
B1 for information in relation to the method and judgements used to determine the price path.
20252024
Price path (nominal)
$138 per MWh to $202 per
MWh over the period from 1 July
2025 to 31 August 2045.
$132 per MWh to $197 per MWh
over the period from 1 July 2024
to 31 August 2045.
Impact of increase/
decrease in price
path on fair value
A 10% increase would increase
the asset by $123.6 million. A
10% decrease would decrease
the asset by $120.5 million.
A 10% increase would increase
the asset by $132.9 million. A
10% decrease would decrease
the asset by $131.3 million.
Discount rate3.41% - 7.80%5.96% - 7.72%
F8. Fair value measurement
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Reconciliation of level three electricity swaps and options and PPAs
2025
$ million
2024
$ million
Balance as at 1 July266.7 95.8
Electricity revenue(4.9)4.1
Change in fair value of financial instruments124.6194.3
Total gain (loss) in the income statement119.7198.4
Total gain (loss) recognised in other comprehensive income18.22.8
Settlements(4 0.1 )(24.5)
Sales(10.3)(5.8)
Transfers in to level 3*( 3.1 ) -
Transfers out of level 3*(3.2) -
Balance as at 30 June3 4 7. 9266.7
* A small number of Futures have been transferred from level three to level one. A small number of
instruments moved from level two to level three.
The change in fair value of financial instruments includes an unrealised net gain of $77.8 million
(2024: $168.6 million gain) that is attributable to financial instruments held at 30 June 2025.
Deferred 'day one' gains (losses)
There is a presumption that when derivative contracts are entered into on an arm’s length basis,
and no payment is received or paid on day one, the fair value at inception would be nil. The
contract price of non-exchange traded electricity derivative contracts and PPAs are agreed on
a bilateral basis, the pricing for which may differ from the prevailing derived market price for a
variety of reasons. In these circumstances an adjustment is made to bring the initial fair value of the
contract to zero at inception. The adjustment is called a ‘day one’ gain (loss) and it is deferred and
amortised, based on expected volumes over the term of the contract. The following table details the
movements and amounts of deferred ‘day one’ gains (losses) included in the fair value of level three
electricity swaps and options and PPAs:
2025
$ million
2024
$ million
Balance as at 1 July93.3 93.2
New derivatives(9.5)8.9
Amortisation of existing derivatives(2.2)(8.8)
Balance as at 30 June81.6 93.3
Tokaanu Power Station
F8. Fair value measurement (continued)
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
G. Other
G1. Share-based payments
During the year, the Group operated two share-based payment plans (Performance Share Rights
Plan (‘PSR’) and Talent Retention Plan (‘TRP’)) to enable staff to share in the ownership of Genesis.
The cost of the plans is recognised over the period in which the performance and/or service
conditions are fulfilled. The total amount expensed is based on the Group’s best estimate of the
number of equity instruments that will ultimately vest, taking into consideration the likelihood that
service conditions will be met, multiplied by the initial fair value of each share.
Note
2025
$ million
2024
$ million
PSRG20.9 0.4
TRP0.1 0.2
Total expense for the year1.0 0.6
G2. Related party transactions
Majority shareholder and entities controlled by, and related to, the majority shareholder
The majority shareholder of Genesis is the Crown. The Group transacts with Crown-controlled and
related entities independently for the following goods and services: royalties, emission obligations,
scientific consultancy services, electricity transmission, postal services, rail services and energy-
related products (including electricity derivatives).
During the year, the Crown received $78.7 million in dividends (2024: $86.6 million) of which $59.4
million was paid in cash (2024: $65.7 million) and $19.3 million was paid in shares (2024: $20.9
million). The Group is subject to the Emission Trading Scheme (ETS) which requires the Group to
acquire and surrender emission units either directly to the Crown or to third parties who ultimately
remit the units to the Crown. Refer to notes A1 and C3 for information on the amount expensed and
payable in relation to the ETS. There were no other individually significant transactions with the
Crown (2024: nil).
The Group has four significant electricity swap and option contracts with Meridian Energy, a
Crown-controlled entity. The electricity swap and option contracts profile and period vary between
the range of 17.1MW and 25MW, from the period 1 January 2011 to 31 December 2027. The Group
has two significant electricity option contracts with Mercury Energy, a Crown-controlled entity.
The electricity option contracts profile and period vary between the range of 15 and 20MW, from
the period 1 January 2023 to 31 December 2027. Additionally, the Group has two significant power
purchase agreements with Mercury NZ, a Crown-controlled entity. The agreements are for variable
volumes based on the production of the related site, with the latest expiry date being August 2045.
Approximately 17.2 per cent of the value of electricity derivative assets and approximately 7.3 per
cent of the value of electricity derivative liabilities at year end are held with Crown-controlled and
related entities (2024: 17.4 per cent and 13.1 per cent respectively). The contracts expire at various
times; the latest expiry date is August 2045.
The Group has investments in Associates and Joint Ventures which are considered related parties.
Transactions between related parties that are not eliminated within the Group are detailed below:
2025
$ million
2024
$ million
Electricity contract settlements received/(paid)(16.9)(29.6)
As at 30 June 2025 the amounts outstanding from the associates and joint ventures is a net payable
of $0.3 million (2024: $6.4 million net payable).
During the period the Group provided an $8.0 million overdraft facility to a related party. This facility
was not utilised during the period. The related party was acquired as detailed in Note H1.
Key management personnel compensation
Key management personnel of the Group consists of the Directors and the Executive Management
team.
Note
2025
$ million
2024
$ million
Short-term benefits9.4 8.2
Post-employment benefits 0.3 0.3
Share-based payments (PSR)G10.9 0.4
Total key management personnel compensation10.6 8.9
Included in short-term benefits are directors’ fees of $1.0 million (2024: $0.9 million).
PSR
The PSR plan commenced in the 2020 financial year. Under the PSR senior executives are granted
performance share rights. Vesting of the rights is dependent on continued employment throughout
the vesting period and achievement of certain performance targets (a relative TSR hurdle compared
against industry peers, an absolute TSR hurdle compared against the cost of equity and for FY23
and FY24 performance against the Groups’ science based targets). Each performance share right
that vests entitles the participant to one ordinary share in Genesis for no consideration and ‘dividend
equivalents’ that would have been earned on the share over the vesting period. No share rights will
vest if the performance targets are not met or if the participant ceases to be employed by the Group
other than for qualifying reasons, unless the Board exercises its discretion to allow some or all of the
shares to vest.
Grant datePerformance period
FY231 July 2022 - 30 June 2025
FY241 July 2023 - 30 June 2026
FY251 July 2024 - 30 June 2027
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Other transactions with key management personnel or entities related to them
Key management personnel and their families may purchase gas, electricity and LPG from the
Group and may purchase shares in Genesis. During the year, key management personnel also
participated in the PSR plan discussed above. The total number of shares held by key management
personnel as at 30 June 2025 was 260,844 (2024: 221,369). During the year, dividends paid to key
management personnel and their families was $47,704 (2024: $41,838). No other transactions took
place between key management personnel and the Group (2024: nil). As at 30 June 2025 there were
no balances payable to key management personnel (2024: nil).
G3. Auditor's remuneration
2025
$000
2024
$000
Audit and review of financial statements
Statutory audit and review of consolidated financial statements992.0 869.0
Other services - Audit and review related services
Audit of Solar-gen joint venture special purpose financial statements30.0 42.5
Trustee reporting (assurance)8.0 8.0
Other services - other assurance services and agreed upon procedures
Greenhouse gas inventory assurance45.0 30.0
Sustainability linked loan assurance20.0 15.0
Agreed upon procedures for insurance purposes18.0 -
Other services
Provision of non-assurance services for the Corporate Taxpayer Group (of
which Genesis is a member)
1 7. 0 22.0
Total other services138.0 117.5
Total fees paid to the auditor1 ,1 3 0.0 986.5
G4. Capital commitments
2025
$ million
2024
$ million
Less than one year95.63 7.4
One to five years15.4 0.1
Total 111.037.5
The Group’s capital commitments include the following share of capital commitments in relation to
its share in associates and joint ventures:
2025
$ million
2024
$ million
Forest Partners Limited Partnership0.7 4.3
Lauriston Solar Project (2023) Limited Partnership - 20.8
There were no capital commitments for DrylandCarbon One Limited Partnership, Kupe Joint
Venture and Solar-gen Joint Venture for 30 June 2025 and 30 June 2024.
G5. Contingent assets and liabilities
The Group had contingent liabilities at 30 June 2025 in respect of:
Land claims, lawsuits and other claims
Genesis acquired interests in land and leases from Electricity Corporation of New Zealand Limited
(‘ECNZ’) on 1 April 1999. These interests in land and leases may be subject to resumption claims to
the Waitangi Tribunal and in certain cases may be subject to binding orders by the Waitangi Tribunal
that the Crown resumes the land for the purposes of addressing a well-founded Treaty of Waitangi
claim. Genesis notes that it would not have any standing to be heard in any Waitangi Tribunal hearing
nor does the Tribunal have to have regard to any changes to improvements that have taken place
since the transfer to ECNZ. Should the Waitangi Tribunal make an order for resumption Genesis
would expect to negotiate with the new Māori owners for occupancy and usage rights of any sites
resumed by the Crown. Certain claims have been brought to, or are pending against, ECNZ and
the Crown under the Treaty of Waitangi Act 1975. Some of these claims may affect land and leases
purchased from ECNZ. In the event that land is resumed by the Crown, the resumption would be
effected by the Crown under the Public Works Act 1981 and compensation would be payable. The
Board cannot reasonably estimate the adverse effect (if any) of the claims and cannot provide any
assurance that should a claim be raised it would not have a material adverse effect on the Group’s
business, financial condition or results of operations.
There are no other known material contingent assets or liabilities (2024: nil).
G6. Subsequent events
The following events occurred subsequent to balance date:
•
$78.9 million of dividends were declared on 25 August 2025 (refer to note E4);
•
In August 2025, the Group signed 10-year Huntly Firming Option Agreements with three
counterparties, securing 150 MW of backup generation capacity. These agreements support
national energy security and include a solid fuel reserve of up to 600,000 tonnes. These
agreements are subject to Commerce Commission review and are due to commence in
January 2026.
G2. Related party transactions (continued)
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
H. Business acquisitions and investments
H1. Business acquisitions
The acquisition of a business is accounted for using the acquisition method. The consideration
transferred is measured at fair value. Acquisition related costs are recognised in profit or loss
as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised
at their fair value, except for deferred tax assets or liabilities and assets or liabilities related to
employee benefit arrangements, which are recognised and measured in accordance with the
respective accounting standards for these balances.
If the initial accounting for a business acquisition during the period is incomplete at the reporting
date, the Group reports provisional amounts for the incomplete items. The provisional amounts
are adjusted during the measurement period (no later than one year from the acquisition date), or
additional assets or liabilities are recognised, to reflect new information obtained about facts and
circumstances that existed at the acquisition date that, if known, would have affected the amounts
recognised at that date.
Acquisition of Edgecumbe Solar Development
On 30 August 2024 Genesis Energy Limited acquired 100.0 per cent of the shares of Edgecumbe
Solar Venture Limited (formerly Helios BOP HoldCo Limited) together with its subsidiaries. The
entities were acquired as a result of the Group’s Gen35 strategy to develop up to 500MW of Solar.
The acquisition has been reviewed in accordance with NZ IFRS 3 - Business Combinations; the
conclusion reached was that the underlying assets acquired are considered inputs, however there
is currently no substantive process, including an organised workforce or access to one, capable of
being applied to the inputs to create outputs. Therefore, the acquisition has been accounted for as
an asset acquisition. Refer to note B1 where the assets acquired are included in the additions line.
Acquisition of Ecotricity Limited Partnership and Ecotricity GP Limited
On 29 November 2024, Genesis Energy Limited acquired 30.0 per cent of the interest in Ecotricity
Limited Partnership and Ecotricity GP Limited (together ‘Ecotricity’). Ecotricity is an accredited
climate-positive electricity retailer, selling renewable electricity sourced from wind, hydro, and solar
energy through purchase arrangements with wholesalers and retail customers.
As a result, the Group’s interest in Ecotricity increased from 70.0 per cent to 100.0 per cent, granting
it control of Ecotricity. As a result of obtaining the remaining shares in Ecotricity and gaining control,
Genesis is required to consolidate Ecotricity under NZ IFRS 3 - Business Combinations. This requires
the purchase of the remaining 30.0 per cent to be treated as an acquisition achieved in stages
(‘step acquisition’).
Included in the identifiable assets and liabilities acquired at the date of acquisition of Ecotricity
were inputs, including computer hardware, access to customer-billing SAAS, customer assets
and relationships, and working capital. Additionally, relevant processes to sell retail electricity
and an organised workforce comprising employees and management with relevant experience
and expertise were acquired. The set of acquired inputs and processes significantly contributes
to the ability to generate retail electricity revenue, leading to the conclusion that the acquired set
constitutes a business. The objective of Genesis’ acquisition of Ecotricity is to enhance profitability
for both entities by capitalising on the synergies created through their integration. This strategic
move involves combining Ecotricity’s growing niche customer base with Genesis’ extensive energy
supply and management capabilities.
Upon gaining control of Ecotricity, the previously held 70.0 per cent interest was treated as divested
and reacquired at fair value, with the fair value being used in the calculation of goodwill acquired.
A business valuation of Ecotricity was performed, which fair valued the business based on the
expected discounted cash flows acquired. This valuation derived a total value of $23.4 million for the
total business and $16.4 million for the original investment held. This resulted in a gain on acquisition
of $10.5 million, recognised in Note A5 other gains (losses).
Assets acquired and liabilities recognised at the date of acquisition
Ecotricity
$ million
Current assets
Cash and cash equivalents6.0
Receivables11.6
Total current assets1 7. 6
Non-current assets
Property, plant and equipment0.7
Intangible assets22.3
Total non-current assets23.0
Total assets40.6
Current liabilities
Payables and accruals11.2
Total current liabilities11.2
Non-current liabilities
Borrowings0.5
Deferred tax liability4.9
Total non-current liabilities5.4
Total liabilities16.6
Net assets acquired24.0
The fair value of the receivables acquired in the acquisition has been disclosed above. The gross
contracted amounts receivable are the same as the fair values. All of the cash flows are expected to
be collected.
The accounting for the Ecotricity acquisition was prepared on a provisional basis on 31 December
2024. The acquisition accounting is now complete as at 30 June 2025, with no significant changes
to the provisional calculations for the fair value of working capital, customer assets and goodwill.
No contingent assets or liabilities have been acquired as part of the business acquisition
of Ecotricity.
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Customer Asset
The fair value of the intangible assets associated with the Ecotricity acquisition was determined
using a discounted cash flow model. The valuation requires significant judgment, and therefore,
there is a range of reasonably possible assumptions that could be used in estimating the fair value
of these assets.
Customer volume, customer churn, and gross margin per customer are the key factors that have
a material impact on the fair value. Customer volume was based on estimated volumes at the
acquisition date, reduced by historical churn rates over a six-year period. Gross margin per customer
was based on expected wholesale purchase prices and retail sales prices to derive a margin per
MWh. The model was based on a six-year period using a pre-tax equivalent discount rate of 12.9%.
Goodwill
Goodwill arising on acquisition
Ecotricity
$ million
Purchase price11.6
Fair value of pre-existing interest in Ecotricity16.4
Fair value of identifiable net assets(24.0)
4.0
Goodwill on the acquisition of Ecotricity relates to strategic benefits that are unable to be separately
recognised under the current accounting requirements. The benefits represent the opportunities
that Ecotricity’s technology, operating model, and products provide to Genesis’s portfolio. The
benefits are not recognised separately from goodwill because they do not meet the recognition
criteria for identifiable intangible assets. There were no other changes to the carrying amount of
goodwill. The goodwill has been allocated to the Retail CGU.
None of the goodwill recognised is expected to be deductible for tax purposes.
Consideration Transferred
The consideration of $11.6 million was all transferred on 29 November 2024 as cash. No other forms
of consideration were transferred as part of the business acquisition, and no forms of contingent
consideration are payable as part of the acquisition. As part of the acquisition no indemnification
assets were acquired.
Net cash outflow on acquisition
Ecotricity
$ million
Consideration paid in cash11.6
Less cash and cash equivalents acquired(6.0)
5.6
Acquisition costs
The Group incurred acquisition-related costs of $0.1 million on legal fees and due diligence costs.
These costs have been included in Expenses in the Consolidated Comprehensive Income Statement.
Impact of the
acquisition on the
current year result
$ million
Pro-forma impact of the
acquisition had it taken
place on 1 July 2024
$ million
Revenue141.83,818.5
EBITDAF(1.6)456.5
Depreciation, depletion and amortisation(0.2)(239.1)
Finance revenue0.12.7
Finance expense(0.1)( 79.4)
Profit (loss) before income tax for the year(1.8)230.0
Not included in the pro-forma impact above is $2.8 million of share of associates and joint ventures
for Genesis’ share of Ecotricity’s earnings from 1 July 2024 till acquisition date 29 November 2024.
H1. Business acquisitions (continued)
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INDEPENDENT AUDITOR’S REPORT
To The Shareholders Of Genesis Energy Limited
Auditor General
The Auditor-General is the auditor of Genesis Energy Limited and its subsidiaries (‘the Group’).
The Auditor-General has appointed me, Silvio Bruinsma, using the staff and resources of Deloitte
Limited, to carry out the audit of the consolidated financial statements of the Group on his behalf.
Opinion
We have audited the consolidated financial statements of the Group on pages 76 to 115, that
comprise the consolidated balance sheet as at 30 June 2025, the consolidated comprehensive
income statement, consolidated statement of changes in equity and consolidated cash flow
statement for the year ended on that date, and the notes to the consolidated financial statements
that include material accounting policy information.
In our opinion, the consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 30 June 2025, and its consolidated financial
performance and its consolidated cash flows for the year then ended in accordance with New
Zealand Equivalents to IFRS Accounting Standards as issued by the External Reporting Board and
IFRS Accounting Standards as issued by the International Accounting Standards Board.
Basis for opinion
We conducted our audit in accordance with the Auditor-General’s Auditing Standards, which
incorporate the Professional and Ethical Standards and the International Standards on Auditing
(New Zealand) issued by the New Zealand Auditing and Assurance Standards Board. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the consolidated financial statements section of our report. We are independent of the
Group in accordance with the Auditor-General’s Auditing Standards, which incorporate Professional
and Ethical Standard 1: International Code of Ethics for Assurance Practitioners (including
International Independence Standards) (New Zealand) issued by the New Zealand Auditing and
Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
In addition to the audit, we have carried out assurance assignments in the areas of trustee reporting,
greenhouse gas inventory & sustainability linked loan assurance, review of the interim report,
audit of joint venture special purpose financial statements, agreed upon procedures for insurance
purposes and non-assurance services for the Corporate Taxpayer Group which are compatible with
those independence requirements. These services have not impaired our independence as auditor
of the Group.
In addition to these assignments, principals and employees of our firm deal with the Group on
normal terms within the ordinary course of trading activities of the Group. Other than the audit and
these assignments and trading activities, we have no relationship with, or interests in the Group.
Audit Materiality
We consider materiality primarily in terms of the magnitude of misstatement in the consolidated
financial statements of the Group, that in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’
materiality). In addition, we also assess whether other matters that come to our attention during the
audit would in our judgement change or influence the decisions of such a person (the ‘qualitative’
materiality). We use materiality both in planning the scope of our audit work and in evaluating the
results of our work.
We determined the quantitative materiality for the consolidated financial statements as a whole to
be $19.3 million.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Independent auditor's report
Te Pūrongo A Te Kaitātari Kaute Motuhake
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INDEPENDENT AUDITOR’S REPORT
Key audit mattersHow our audit addressed the key audit matters and results
Valuation of Generation Assets
Generation assets are measured at fair value as set out in note B1 of the consolidated financial statements.
The carrying amount at 30 June 2025 was $3,843.1 million.
The fair value of generation assets is estimated using an internally generated discounted cash flow model.
The significant inputs used to assess the fair value of all the generation assets except for the Huntly
Rankine units are the wholesale electricity price path, generation volumes, and the discount rate. The
wholesale electricity price path is estimated by Genesis Energy as described in note B1 of the consolidated
financial statements.
These valuations also reflect demand assumptions which include those arising from climate change.
During the period the valuation methodology for the Huntly Rankine units changed. The cash flows used
in the valuation reflect estimates of future capacity premiums and the useful economic life was extended
to 31 December 2035. The estimates of the future cash flows and useful life of the Rankine units are
supported by signed agreements with counterparties for some of the capacity. These agreements are
subject to Commerce Commission review.
The estimate of the wholesale electricity price path is the most significant input in estimating the fair
values determined for the generation assets and affects the estimated generation volumes which are also
used in the fair value calculation. Changes to the forecast of the wholesale electricity price path could
significantly change the estimated fair value of the generation assets.
The treatment of the gain on revaluation estimated by Genesis Energy is described in note B1 of the
consolidated financial statements.
We included the valuation of generation assets as a key audit matter due to the level of judgement
required in forecasting the wholesale electricity price path.
Our audit procedures included assessing the key inputs to the models used to estimate the fair value of
the generation assets. Our procedures, which included the use of our internal valuation experts, were
primarily focused on evaluating the process undertaken by Genesis Energy in forecasting the wholesale
electricity price path and challenging whether the forecast was consistent with internal and external data.
We assessed the professional competence of the Genesis Energy valuers involved in the forecasting of
the electricity price path and valuation of the generation assets.
We also compared budgeted performance information from prior periods to actual data to assess the
accuracy of the forecasting process.
We have evaluated Genesis Energy’s methodology in constructing the forward electricity price path
including the aggregation of internal and independent third-party data.
We also evaluated the assumptions used in forecasting the electricity price path to determine whether
they were consistent with assumptions used across the business, including management budgets and
valuations of other assets including certain electricity derivatives.
We have evaluated the appropriateness of the change in valuation methodology for the Huntly Rankine
units and the extension of the useful life assumption.
We have also considered other key assumptions used within the valuation, as described in note B1 of the
consolidated financial statements.
We performed sensitivity analysis on the key assumptions applied in determining the fair value of the
generation assets and considered the adequacy of the Group’s disclosures.
We have found the assumptions and resulting valuation to be reasonable.
Valuation of Electricity Derivatives
The Group’s activities expose it to a number of market risks, including electricity, gas, oil and coal price
risk, currency risk and interest rate risk, which are managed using derivative financial instruments.
At 30 June 2025, derivative assets were $574.6 million and derivative liabilities were $132.6 million as set
out in note F1 of the consolidated financial statements.
A number of the Group’s derivatives are valued using standard valuation techniques based primarily on
observable inputs. However, some electricity swaps, options and PPAs are valued using inputs that are not
based on observable market data, such as the wholesale electricity price path forecast which is prepared
by Genesis Energy valuers.
As explained in the ‘Valuation of Generation Assets’ section above, the wholesale electricity price path
forecast requires significant judgement.
Valuations which reflect significant unobservable inputs are considered to be ‘level three’ valuations. At 30
June 2025, the Group had a net $347.9 million asset of derivatives considered to be within level three as
set out in note F8 of the consolidated financial statements.
We included the valuation of level three electricity derivatives as a key audit matter due to the judgement
involved in evaluating the inputs to the valuation models.
We tested the design and implementation of key controls related to the recording and valuation of the
level three electricity derivative transactions.
We challenged key assumptions applied by management and agreed underlying data to the
contract terms on a sample basis. We have independently recalculated the fair value of a sample of
electricity derivatives.
Our internal valuation experts have evaluated the appropriateness of the methodology applied in
valuation models for the level three electricity derivatives.
We also performed audit work on the wholesale electricity price path as explained above under the
section entitled ‘Valuation of Generation Assets’.
We have found the assumptions and resulting valuations to be reasonable.
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INDEPENDENT AUDITOR’S REPORT
Other Information
The Directors are responsible on behalf of the Group for the other information. The other information
comprises the information included in the Climate Statement and Integrated Report, but does not
include the consolidated financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do
not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.
When we read the Climate Statement, if we conclude that there is a material misstatement therein, we
are required to communicate the matter to the Directors and consider further appropriate actions.
Directors’ responsibilities for the consolidated financial statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with New Zealand equivalents to IFRS Accounting
Standards and IFRS Accounting Standards, and for such internal control as the Directors determine is
necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group
for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the Directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative but to do so.
The Directors’ responsibilities arise from the Financial Markets Conduct Act 2013.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with the Auditor-General’s Auditing Standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of
shareholders taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the Auditor-General’s Auditing Standards, we exercise
professional judgement and maintain professional skepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
•
Conclude on the appropriateness of the use of the going concern basis of accounting by the directors
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the consolidated financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a
going concern.
•
Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
•
Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the Group as a basis for forming an opinion
on the Group financial statements. We are responsible for the direction, supervision and review of
the audit work performed for the purposes of the Group audit. We remain solely responsible for our
audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Our responsibilities arise from the Public Audit Act 2001.
Silvio Bruinsma
Deloitte Limited
On behalf of the Auditor-General
Auckland, New Zealand
25 August 2025
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Corporate governance
Executive remuneration
Director remuneration
Statutory disclosuresGovernance
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CORPORATE GOVERNANCECORPORATE GOVERNANCE
Corporate governance
Corporate governance information
This section of the Annual Report provides
information on Directors' independence,
committees, fees and diversity and inclusion,
Executive remuneration and other activities.
Genesis' governance framework is guided
by the principles and recommendations
described in the NZX Corporate Governance
Code. Genesis considers it has followed these
recommendations in all material respects during
FY25 and as at 30 June 2025¹. Genesis has
reported in detail against the NZX Corporate
Governance Code in its separately published
Corporate Governance Statement, which,
together with other detailed information on
Genesis’ Board of Directors, Executive Team
and corporate governance policies (including
those in the table on this page), practices and
processes, can be viewed on the Corporate
Governance section on the Genesis website
(www.genesisenergy.co.nz/investor/corporate-
governance).
Director independence
Details of the current directors are set out
on Page 61. The Board has assessed the
independence of each of the Directors in
accordance with the NZX Listing Rules and
has concluded that none of the Directors has
a ‘disqualifying relationship’ as that term is
defined in the NZX Listing Rules. All of the
Directors are therefore currently considered to
be independent Directors as none of them are
executives of the Company or have any direct
2. The term ‘Officer’ is defined in the NZX Listing Rules as a person, however designated, who is concerned or takes part in the manage-
ment of the public issuer’s business and reports to the Board or to a person who reports to the Board. At Genesis our Officers are the
Chief Executive and the Chief Executive’s direct reports.
or indirect interests or relationships that could
reasonably influence, or could reasonably be
perceived to influence, in a material way, their
decisions in relation to the Company. See the
Corporate Governance Statement for more
detail on Director independence.
Diversity, Equity and Inclusion Policy and
gender composition
Genesis’ Diversity, Equity and Inclusion
Policy records the Company’s commitment
to an inclusive workplace that embraces
and promotes diversity through a number
of initiatives, including a focus on equal
opportunity. Genesis has sought to establish
measurable objectives for achieving diversity,
including gender diversity, as part of its annual
assessment of its diversity objectives for FY25.
The Board is comfortable with the Company's
FY25 performance with respect to its Diversity,
Equity and Inclusion Policy and objectives.
In accordance with NZX Listing Rule 3.8.1 (c), as
at 30 June 2025:
•
Three out of six Genesis Directors were
women (FY24: three out of seven).
•
Three out of seven officers² were women
(FY24: three out of seven).
1. During the year the Company has not complied with Recommendation 3.6 (takeover protocols) of the Code due to the Crown's share
ownership in the Company making it practically impossible for a takeover offer to be made. The Company has also not previously
published a standalone remuneration policy for its Executives as required by Recommendation 5.2 (Remuneration) of the Code, because
the Company's Remuneration Policy contains sensitive commercial information. Pages 123 to 131 set out Genesis Energy's approach to
remuneration for the Chief Executive Officer and the Executive Team, and further information is set out in the Company’s Corporate
Governance Statement.
Board skillsets
The Genesis skills matrix sets out the skills
necessary on the Board for the Company’s
success. The skills matrix, which is set out
on the following page, shows a good spread
of expertise and secondary skills among
Directors. All Directors held at least a basic
level of expertise in relation to all of the
required skillsets.
Corporate governance documentation
>Genesis’ Constitution
>Board Charter
>Audit and Risk Committee Charter
>Human Resources and Remuneration
Committee Charter
>Nominations Committee Charter
>Corporate Governance Statement
>Code of Conduct
>Diversity, Equity and Inclusion Policy
>Trading in Company Securities Policy
>Market Disclosure Policy
>Audit Independence Policy
>Investor Communication Policy
>Supplier Code of Conduct
>Risk Management Statement
>Director Remuneration Policy
>Disclosure of Non GAAP Performance
Measures Policy
>Information about Genesis'
Ordinary Shares
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityCountryGovernance
Genesis Director skills matrix
Skill/ExperienceDirector ExpertiseGovernance Capabilities
Business strategy and
leadership experience
A proven record of developing and executing
business strategy
Listed company governance
experience
Experience in listed company governance
and driving and assessing the effectiveness of
the executive
Regulated industry
knowledge and experience
Electricity sector experience or experience in
a similarly regulated industry
Government, stakeholder and
iwi relationship experience
A proven record of successfully engaging and
managing key external stakeholder relationships
Finance / Accounting / Audit
Committee experience
Experience in financial accounting, reporting and
internal financial controls
Corporate finance / capital
markets / transactional
/ wholesale markets
experience
Experience in corporate finance related
transactions – such as capital raising and/or
mergers and acquisitions
Large industry operational
(capital) project management
experience
Experience within the electricity sector or similar
large scale industrial business
Health and safety, risk
experience
Deep understanding of excellence in Health &
Safety in strategic and operational context and
applicable legislative framework
Sustainability experience
Deep understanding of environmental and social
sustainability risks and opportunities in strategic
and operational context
Climate change risk and
opportunity management
Understanding of climate-related risks and
opportunities and how they may impact business
outcomes in the near, medium and long-term
Customer insight, data,
marketing and brand
experience
Experience in consumer retail and execution of
marketing and brand strategies to deliver growth
Technology / innovation
/ digitalisation and data
experience
Detailed understanding of the role of technology
and innovation in delivering a superior
customer experience
People / culture / reputation
management
Deep understanding of the strategic importance
of people, values, behaviours and management
style as drivers of organisational culture
and reputation
Primary
Secondary
Board and committee meetings and attendances
Director¹Appointed
Board
Meetings²
Audit
and Risk
Committee
1
Human Resources
and Remuneration
Committee
1
Nominations
Committee
1
Total Meetings
held
13542
Barbara Chapman
(Chairman)
1 May 201813542
Catherine Drayton14 Mar 2019125––
Warwick Hunt22 Sep 2022135––
Tim Miles21 Nov 201613–42
James Moulder10 Oct 2018125––
Paul Zealand
3
19 Oct 201610–3–
Hinerangi
Raumati-Tu’ua
7 Mar 2022125––
1. All Directors are independent Directors. The above numbers do not include attendances at Committee meetings by non-member
Directors. The Chairman is an ex-officio member of the Audit and Risk Committee and attended all meetings.
2. In addition, Directors participated in a number of stakeholder and investor meetings throughout FY25.
3. Resigned 30 May 2025.
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EXECUTIVE REMUNERATION
Letter from the Chair of the Human Resources and Remuneration Committee
Dear Shareholder
On behalf of the Human Resources and
Remuneration Committee and the Board, I am
pleased to present the Executive Remuneration
Report for FY25.
Genesis has delivered strong results for FY25
in what was a dynamic and challenging year,
with normalised EBITDAF for FY25 above
guidance and solid progress made towards
Gen35 activation.
During the year, Genesis has conducted
significant restructuring to align the business
with the Gen35 Strategy, whilst delivering
improved NPS, Brand and Customer
Satisfaction ratings and maintained staff
engagement scores above national and
international benchmarks, including in relation
to safety.
Construction commenced on the Huntly Battery
Energy Storage System, which is on budget and
on track for commissioning, integration, and
trading in CY2026.
We’re delivering solid progress on our solar
targets with Lauriston solar farm completed
on time and on budget, and producing in
line with the investment case. Two advanced
stage developments have been acquired in
Edgecumbe and Leeston, and the Foxton solar
site was accepted for consideration under
the Fast Track Approvals Act. Continued
progress has also been achieved on wind
pipeline development.
Pleasing progress has been made in securing
the future of Huntly Power Station and long
term generation security for New Zealand, with
Huntly Firming Options successfully launched
in market, including 85MW of two year options
sold in 2024, completion of 150MW of 10
year HFO’s, and up to 600kt of reserve coal
funded by the four gentailers. We continue
to drive early work to support and establish a
local biomass supply chain to replace reliance
on coal.
Independent modelling confirmed the growing
importance of flexible firming generation,
with the Huntly Portfolio well positioned
at c1,100MW flexible capacity, able to be
monetised and support energy security across
minutes, hours, days, weeks and months.
Genesis’ technology transformation is
progressing in line with the plan and envelope
set out at Investor Day 2023.
Remuneration outcomes for FY25
The remuneration outcomes for FY25 reflect
progress against the delivery of Gen35
and in particular our financial deliverables
for FY28, as well as external remuneration
market benchmarking.
In summary:
Fixed Remuneration: Increases in Fixed
Remuneration in FY25 ranged between 3.8 and
6 per cent. These increases were applied to the
Executive team on 1 July 2024.
STI: Scorecard outcomes for FY25 STI were
117% of target for the Chief Executive and
ranged from 116% to 119% for other Executives.
The aggregate Executive outcome was
117% of the target, reflecting the outcomes
noted above.
LTI vesting: Over the three year period from
2022 to 2025, Genesis achieved a TSR of 4.6%.
This was below the threshold for vesting for
both relative and absolute TSR. In addition,
Genesis did not achieve its greenhouse gas
emissions targets and as a result, the 2022 LTI
issue has not vested.
LTI awards: LTI grants were made to the
Executive Team with a performance period
of 1 July 2025 to 30 June 2028. The value of
the grants was set at a percentage of fixed
remuneration between a range of 30% to 50%.
Remuneration outcomes for FY26
Fixed Remuneration: Market-determined fixed
remuneration increases across the Company as
a whole are expected to be approximately 3.5%
during FY26, including adjustments to account
for increases to the Living Wage. Increases
for Executives are expected to be similar. The
fixed remuneration increase for the CEO, will
be 3.9%.
Changes to the LTI plan: The following change
was made to the LTI plan for FY25:
The sustainability performance hurdle, based
on achieving carbon emission reductions, that
was introduced in FY23, was removed from the
LTI plan for the FY25 tranche. This change was
implemented for two key reasons:
•
Our emissions are significantly impacted
by external factors such as variability in
hydrological conditions, fuel availability and
the phasing of renewable development. As a
result, our emission reduction journey will not
be linear, making it difficult to set accurate
emission reduction targets for a given year.
•
The revised STI scorecard is heavily weighted
to Gen-35 deliverables which are directly
linked to renewable development and
emissions reduction, increasing the risk of
duplication of the same deliverables in both
short and long term incentive results.
Changes to the vesting conditions for the
FY26 LTI plan:
•
Contact Energy’s acquisition of Manawa
Energy has had an impact on Genesis
Energy’s Relative TSR performance hurdle,
reducing the number of peer group
companies to three.
•
As a result, Genesis is in the process of
determining a revised Relative TSR hurdle for
the FY26 performance rights issue.
Chief Executive Officer RSR Offer
The Board has approved a Restricted Share
Rights Offer to secure Malcolm Johns’
services to ensure not only the delivery of
8by28 objectives, key to delivering near term
shareholder returns, but also the period beyond
FY28, key to long term growth in share holder
returns. The offer will be made in the FY26
year, with rights vesting at the end of FY28 and
FY29 based on Malcolm’s continued service
and maintaining standards of performance and
conduct. Details of the offer and vesting criteria
will be outlined in the FY26 Integrated Report.
The Board’s view is that overall remuneration
outcomes in FY25 and recent years have
appropriately aligned with business
performance and that the remuneration
framework is fit for purpose, requiring
occasional optimisation to deal with the
dynamic business environment.
Tim Miles
Chairman Human Resources and
Remuneration Committee
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityCountryGovernance
EXECUTIVE REMUNERATION
Executive remuneration
The following Remuneration Report sets out
Genesis Energy’s approach to remuneration for
the Chief Executive and the Executive Team and
remuneration information for the year ended 30
June 2025.
Role of the Human Resources and
Remuneration Committee
The Human Resources and Remuneration
Committee assists the Board in the discharge
of the Board’s responsibilities and oversight
relative to the Company’s human resources
strategy and policy, the Company’s Diversity
and Inclusion Policy, and the remuneration and
performance of the Company’s Chief Executive
and senior executives.
The Committee is authorised by the Board to
obtain such outside information and advice
including market surveys and reports, and to
consult with such management and executive
search consultants and other outside advisers
with relevant experience and expertise, as
it deems necessary for the carrying out of
its responsibilities.
Remuneration framework
Genesis' remuneration strategy aims to attract,
motivate and retain talented employees at all
levels of the Company and seeks to align the
interests of its shareholders and employees,
whilst driving performance and growth in
shareholder value and return.
Genesis' remuneration policy for the Executive
Team, including the Chief Executive, is designed
to remunerate with competitive salaries, a
wide range of benefits and use of performance
incentives to achieve outstanding performance
and alignment with our shareholders' interests.
The Human Resources and Remuneration
Committee regularly reviews the Company's
remuneration policy. For the Executive Team,
the policy provides the opportunity to achieve,
where performance has been outstanding,
a total remuneration package in the upper
quartile for equivalent market matched roles.
Each year the Committee reviews and approves
the performance and remuneration appraisals of
the Executive Team, with the Board approving
the Chief Executive's remuneration.
Employee remuneration is also discussed in the
Company's Corporate Governance Statement
which can be viewed at www.genesisenergy.
co.nz/investors/governance/documents.
Remuneration elements
Total remuneration for the Executive Team is
made up of fixed remuneration, short-term
incentives and long-term incentives. These
elements are designed to balance attraction
and retention, and motivate and reward the
Executive Team for the achievement of key
tactical and strategic outcomes together with
shareholder value creation.
Remuneration ElementElement StructureRole of the Element
Fixed Remuneration:
Base salary and benefits
including KiwiSaver, and
insurances such as medical
and life.
Set based on capability,
behaviours, performance and
industry benchmarks.
Key element to attract
and retain critical talent to
deliver short term results
and long term strategies
Variable Remuneration – At Risk Remuneration
Short Term Incentive
Annual cash based Short
Term Incentive (STI).
STI is set annually as a
percentage of the Executive’s
fixed remuneration to target
the third quartile of the
comparator group.
80% of the STI is linked to
Company performance targets
and 20% is linked to individual
performance targets.
A pay for performance
component designed
to attract and retain
high calibre executives
and motivate and
reward performance in
a single financial year
using a combination of
Company and individual
performance measures
linked to core strategic
and tactical priorities.
Long Term Incentive
Performance share rights
Long Term Incentive (LTI)
scheme with a three-year
vesting period.
LTI is set annually as a
percentage of the Executive’s
fixed remuneration to target
the third quartile of the
comparator group.
Rights vest after three years,
subject to meeting the
performance hurdles set at
the time of grant.
A pay for performance
component designed to
attract and retain high
calibre executives and
to align remuneration
outcomes with
shareholder value over
a three-year period.
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EXECUTIVE REMUNERATION
FY25 STI Scorecard Structure
Financial Performance: 40% of the Company
KPI are based on the achievement of the within
year financial performance.
People, Culture, Brand and Customer: 10%
of the Company KPI are based on customer
engagement, employee engagement and safety
and wellbeing outcomes.
Huntly Portfolio: 20% of the Company KPI
are based on the progress of the battery
energy storage system, Rankine strategy,
and the development of the Huntly portfolio
master plan.
Renewables: 20% of the Company KPI are
based on the development of solar and wind
pipeline options.
Business Transformation and Technology: 10%
of the Company KPI are based on progressing
key technology plans. This includes progressing
the delivery of the replacement core retail
technology platform, together with progressing
other core technology replacement projects.
Individual Objectives: Each Executive also
has individual objectives that make up 20% of
their STI goals. These will be set by the Human
Resources and Remuneration Committee for the
Chief Executive and by the Chief Executive for
all other Executives. Typically, each Executive
will have up to four goals which may include
a personal target, a leadership target and
operational targets linked to a clear measurable
end of year deliverable.
The Board retains discretion over the final
STI outcome.
Executive Long Term Incentives
LTI are also a pay-for-performance component
designed to align rewards for the Executive
Team with shareholder value over a three-year
period. Genesis’ LTI scheme was reviewed and a
new performance share rights plan established
in FY20 to ensure Genesis continues to attract,
retain and motivate high calibre Executive Team
members to drive outstanding outcomes for our
customers and our shareholders.
Under the LTI plan, members of the Executive
Team are granted a number of share rights
determined by dividing the gross value of the
grant by the value of one Genesis share at the
beginning of the vesting period. The Executive
may also receive additional share rights
representing the estimated value of dividends to
be paid over the vesting period. The vesting of
share rights is subject to meeting performance
hurdles (set at the time of grant), at which point
each share right is converted to one ordinary
share. The assessment of the performance
hurdles occurs as soon as reasonably
practicable following the assessment date,
usually 30 June, and approval by the Board of
the Company’s financial statements relevant to
the LTI plan. Any performance rights that do not
vest on the assessment date will automatically
lapse. The Executive is liable for tax on any
shares received.
Remuneration Reviews including performance
outcomes and changes to the Executive Team's
remuneration, are reviewed and approved by
the Committee, with the Board approving the
Chief Executive's remuneration.
Fixed Remuneration consists of base salary
and benefits. For the Executive Team, fixed
remuneration is targeted to be in the third
quartile of the market benchmarked to a
comparator group of companies with a
comparable scale of revenues and market
capitalisation value to Genesis. The comparator
group companies are broadly evenly weighted
between larger and smaller companies
relative to Genesis. The Human Resources
and Remuneration Committee reviews the
comparator group from time to time and
external benchmarking is commissioned by the
Committee to be carried out independently
by PwC.
Short Term Incentives (STI) are a pay-
for-performance component designed to
motivate and reward individual and Company
performance. The target value of an STI is set
annually as a percentage of the Executive’s
fixed remuneration. For FY25 the target for
the Chief Executive was 50%, and for other
Executives was between 30% and 40%. The
performance measures to achieve the STI are
then set across Company Key Performance
Indicators (KPI) for financial performance,
people, culture, brand and customer, annual
progress against key Genesis’ FY28 objectives.
and individual KPIs. Within each measure, there
are three performance levels, ‘threshold’, ‘on
target’ and ‘outstanding’. On appraisal at the
end of each year an Executive will be awarded
an STI payment for each objective based on
their performance between a range of 0%
for below threshold performance to 150% for
outstanding performance.
Under the LTI plan, grants are made annually
with performance measured over a three-
year period. The Board retains discretion
over the final outcome.
In FY25, LTI grants were made to the
Executive Team and the value of the
grants was set at a percentage of fixed
remuneration between a range of 30%
to 50%.
The performance hurdles set for the FY25
grant are set out on the following page:
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EXECUTIVE REMUNERATION
Absolute Total Shareholder Return (ATSR) cost of equity
hurdle applying to 50% of Performance Rights
Achievement of a positive absolute TSR for the Performance Period (TSR Gate) and Relative Total
Shareholder Return (RTSR) compared to Genesis’ closest NZX-listed peer companies (Meridian Energy
Limited, Mercury NZ Limited, Contact Energy Limited and Manawa Energy Limited) applying to 50% of
Performance Rights
Genesis ATSR Performance% Performance Rights that vestGenesis RTSR result% Performance Rights that vest
Equal to or below 9.4%0%Equal to or less than the lowest ranked Peer Companies0%
Between 9.4% and 9.9%1% to 49% Between the lowest and the highest ranked Peer Companies 1% - 99%
Equal to 9.9%50%Equal to or above the highest ranked TSR of the Peer Companies100%
Between 9.9% and 10.4%51% to 99%
Equal to or greater than 10.4%100%
Remuneration of the Chief Executive Officer
The following section outlines the remuneration and benefits payable to the Chief Executive, Malcolm Johns.
Remuneration and benefits payable under his employment agreement include fixed annual remuneration of $1,275,000 (inclusive of employer KiwiSaver contributions and insurance premiums), an annual
target incentive payment of 50% of fixed annual remuneration under the Short Term Incentive Plan, and an annual allocation of 50% of fixed annual remuneration under the Long Term Incentive Plan.
Total Remuneration earned by, or paid to the Chief Executive for FY24 and FY25
Fixed RemunerationShort Term Incentive (STI)Long Term incentive (LTI)
Total
Remuneration
PeriodBase SalaryBenefitsSubtotalEarned
Amount Earned
as a % of
maximum Award
Total Cash
Remuneration
Earned
Number
of
Shares
Vested
% of Maximum Awarded
for the relevant
performance period
Market Price
at Vesting Date
Total
Remuneration
@ 30 June 2025
FY251,324,43082,8631,407,293747,15078%2,154,443- 0% -2,154,443
FY241,175,26172,3211,247,582632,77078%1,880,352- 0% -1,880,352
The Base Salary is inclusive of holiday pay paid as per New Zealand legislation. Benefits are employer contributions towards KiwiSaver on the base salary and short-term incentives (STI).
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EXECUTIVE REMUNERATION
Breakdown of Chief Executive pay for performance for FY25
The following LTI Plan was granted to the Chief Executive on 1 July 2024, for vesting in 30 June 2027
Grant YearBasis of AwardFair Value of Award
Three Year
Performance Period
Performance Measure
FY25
50% of Fixed Remuneration
(Base Salary + Benefits)
$812,957 in the form of
372,916 ordinary shares
1 July 2024 -
30 June 2027
50% subject to a Positive TSR Gate with relative TSR measured against the Peer Gentailer Group
50% absolute TSR measured against Genesis’ Cost of Equity
Long Term Incentive summary
The following LTI Plan vested in FY25
Grant yearPlan Summary
Three Year
Performance Period
Performance MeasurePercent AchievedRights VestedValue on Vesting
FY23
245,601 performance rights
were granted under a Long
Term Incentive Plan set at
45% of fixed remuneration
1 July 2022 to
30 June 2025
40% relative TSR measured against the Peer Gentailer Group0%-$0
40% absolute TSR measured against Genesis’ Cost of Equity.0%-$0
20% sustainability hurdles based on reduction of greenhouse gas emissions0%-$0
Total0%-$0
Short Term Incentive summary
STI TargetSTI Awarded
Target STITarget STI $Company / Individual Split
Company Percent of
Target Achieved
Individual Percent of
Target Achieved
Total Percent of
Target Achieved
Total Percent of
Maximum Achieved
$ Awarded
50%637,500
80% based on Company shared KPIs
20% based on individual KPIs
114%130%117%78%747,150
The above STI payments for FY25 were paid in FY26.
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EXECUTIVE REMUNERATION
Summary of Performance Share Rights granted to the Chief Executive
Awarded during the reporting periodShares vested during the reporting period
Vesting Date
Three Year
Performance
Period End Date
Balance of PSRs
at 30 June 2024
PSRs Awarded
Market Price at
Award
PSRs lapsed
during the
reporting period
Shares Vested
Market Price at
Vesting Date
Vesting Date
Balance of PSRs
@ 30 June 2025
1-Jul-2430-Jun-27-372,916$2.18--- - 372,916
1-Jul-2330-Jun-26251,018----- -251,018
1-Jul-2230-Jun-25245,601--245,601-- - -
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EXECUTIVE REMUNERATION
Chief Executive Short Term Incentive outcome detail
Company outcomes
WeightingWeighted
Outcome
Comment
Financial
Deliver FY25 EBITDAF40%45%
The Board applied discretion to the weighted outcome, considering external factors that impacted the business during
the year under review.
People, Culture, Brand and Customer
Gen35 brand strategy drives strong customer
engagement and employee engagement remains positive
as evidenced by key metrics, including Safety & Wellness.
10%14%
During a year of significant restructuring to align the business with our Gen35 Strategy, NPS, Brand and Customer
Satisfaction ratings all improved. Staff engagement scores remained above national and international benchmarking,
including in relation to safety.
Huntly Portfolio
Comprehensive master plan for the Huntly Power Station
moving into execution with a focus on BESS construction,
Huntly Firming Options and Biomass supply chain.
20% 24%
Construction has commenced on the Battery Energy Storage System, which is on budget and on track for
commissioning, integration and trading by CY 2027.
The Heads of Agreement for 10-year Huntly Firming Options is well progressed and credible pathways for Biomass have
been developed by bringing together technology and fibre producers, facilitated by Genesis.
Renewables
Good progress towards development of 300MW of solar
and wind pipeline options, which are on track to be built
by FY28.
20% 22%
Lauriston solar farm completed, and significant progress made in the development pipeline, including acquisition of
two advanced stage developments (Edgecumbe and Leeston), and Foxton accepted for the Fast Track Approvals Act.
Further acquisitions in progress to bolster pipeline towards 8by28 goals.
Continued progress on wind pipeline development including building an investment case for Castle Hill, and other
development and partnership opportunities.
Business Transformation / Technology
Customer, Finance and Trading platform upgrades10%10%
Technology transformation is progressing well, with the development and planned implementation of the new customer
platform, the Finance management transformation and the Enhanced Trading Risk Management System all on track
for delivery.
Sub total100%114%
128
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityCountryGovernance
EXECUTIVE REMUNERATION
Individual performance outcomes
Malcolm JohnsWeighting
Weighted
Outcome
Comment
Effectively lead Genesis stakeholders, including shareholders, staff, executive, regulators, iwi
partners and our communities, to enable the activation of Gen35.
50%75%
It has been a complex year for stakeholder engagement and Genesis is well
positioned across a broad range of stakeholders.
Gen35 capital structure.50%55%
Solid progress on Genesis capital structure has been made, and we are on track
to share more details at the November 2025 Investor Day.
Sub total100% 130%
Total (Company and Individual combined) 117%
129
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EXECUTIVE REMUNERATION
Five-year summary - Chief Executive remuneration
Chief ExecutivePeriodTotal Remuneration
Percentage STI
against maximum %
Percentage LTI
vested against
maximum
Span of LTI Performance Period
Malcolm JohnsFY25$2,154,44378%0%July 2022 To June 2025
Malcolm JohnsFY24$1,880,35278%-
Malcolm JohnsFY23 (from March 2023)$573,52585%-
Tracey Hickman*FY23 (October 2022 to March 2023)$566,97686%-
Marc EnglandFY23 (July 2022 to October 2023)$847,99867%12.5%July 2020 to June 2023
Marc EnglandFY22$2,325,46191%0%July 2019 to June 2022
Marc EnglandFY21$2,357,41489%50%July 2018 to June 2021
Total remuneration including Salary, Benefits, and STI and LTI earned in the year but paid in the following year.
*In addition to the remuneration outlined above which was received in the period Tracey Hickman was Acting CEO, Tracey was also offered $500,000 in retention payments with $250,000 being paid in FY24 and $250,000 being paid in FY25, together with$194,070 in sabbatical
leave after the acting period was completed. The resulting total remuneration received was $1,261,046 excluding LTI received in FY23 which was in relation to the role of Chief Retail Officer.
130
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityCountryGovernance
EXECUTIVE REMUNERATION
Remuneration of employees earning over $100,000 in the year ended 30 June 2025
There were 644 Genesis employees and subsidiary employees (or former employees) who received
remuneration and benefits in excess of $100,000 (not including Directors) in their capacity as
employees during the year ended 30 June 2025, as set out below:
Remuneration of employees
Remuneration EmployeesRemunerationEmployeesRemuneration Employees
$1,980,000 - $1,990,0001$340,000 - $350,0003$210,000 - $220,00011
$1,420,000 - $1,430,0001$330,000 - $340,0001$200,000 - $210,00018
$880,000 - $890,0002$320,000 - $330,0003$190,000 - $200,00026
$710,000 - $720,0001$310,000 - $320,0006$180,000 - $190,00030
$680,000 - $690,0001$300,000 - $310,0004$170,000 - $180,00043
$620,000 - $630,0001$290,000 - $300,0006$160,000 - $170,00054
$610,000 - $620,0001$280,000 - $290,0001$150,000 - $160,00051
$570,000 - $580,0001$270,000 - $280,0001$140,000 - $150,00058
$490,000 - $500,0001$260,000 - $270,0006$130,000 - $140,00052
$400,000 - $410,0002$250,000 - $260,0007$120,000 - $130,00052
$390,000 - $400,0001$240,000 - $250,0006$110,000 - $120,00075
$380,000 - $390,0002$230,000 - $240,0004$100,000 - $110,00098
$360,000 - $370,0001$220,000 - $230,00012
Total employees earning $100,000+644
Employees who are included but who are no longer at Genesis Energy as at 30 June 202577
Remuneration includes base salary, employer KiwiSaver contributions, vested shares from employee
share schemes, short-term performance payments, settlement payments and redundancy payments
for all permanent employees received during FY25. Short-term performance payments are paid in
arrears; therefore the table above includes the STI earned in FY24.
Total Shareholder Return
-15
-10
-5
-20
0
5
10
15
TSR%
Peer Index
GNE
NZX50
1,000,000
500,000
1,500,000
2,000,000
0%
2,500,000
3,000,000
FixedOn TargetMaximum
Five-year summary – TSR performance
Chief Executive performance pay for FY26
LTI
FARSTI
30 June 202230 June 202330 June 202430 June 2025
100%50%44%
34%
22%
25%
25%
131
GENESIS INTEGRATED REPORT 2025
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DIRECTOR REMUNERATION
Director remuneration
Directors’ fees
Directors’ remuneration is in the form of Directors’ fees for non-executive Directors, approved
by shareholders.
The Chairman receives a higher level of fees to reflect the additional time and responsibilities that
this position involves but does not receive any fees for committee membership or attendances.
Directors’ fees were last approved by shareholders at the Company’s 2021 Annual Shareholder
Meeting. Shareholders approved an increase in the total annual pool for Directors’ remuneration of
$132,950, from the $940,000 pool approved at the 2016 Annual Shareholder meeting, to $1,072,950,
with the increase taking effect from 1 November 2021. Table 1 sets out how the approved pool has
been allocated, with effect from 1 July 2025, reflecting the establishment of the Markets and Risk
Committee which assumed responsibility for the oversight of the risk management framework and
market trading risks.
No Director is entitled to any remuneration from the Company other than by way of Directors fees
and the reimbursement of reasonable travelling, accommodation and other expenses incurred in
performing their duties as Directors.
Table 2 sets out the remuneration paid to Directors during the year to 30 June 2025.
Director remuneration is also discussed in the Company's Corporate Governance Statement which
can be viewed at www.genesisenergy.co.nz/investor/corporate-governance/governance-documents.
Directors received no remuneration or other benefits during the period in relation to duties as
Directors of a subsidiary.
Details of Directors of subsidiary entities forming part of the Genesis Group are set out in the
Statutory Disclosures on page 134.
All Directors (and, for completeness, all the Executives) received the benefit of an indemnity from
Genesis and the benefit of Directors and Officers liability insurance cover.
The cover extends to liabilities to persons (other than the Company and its subsidiaries or related
bodies corporate) that arise out of the performance of their duties as Directors, unless the liability is
prohibited from being insured against by law or relates to fraudulent conduct.
Remuneration of Company employees, including those acting as Directors of subsidiary companies,
is disclosed in the relevant banding on page 131.
Table 2 – Directors’ fees paid during FY25
DirectorBoard fees
Audit & Risk
Committee
HR & Rem
Committee
Nominations
CommitteeTotal
1
Barbara Chapman208,000208,000
Catherine Drayton107,33332,667140,000
Tim Miles107,33320,0005,000132,333
James Moulder107,33317,883125,217
Hinerangi Raumati-Tu’ua 107,33317,883125,217
Paul Zealand98,0839,3424,583112,008
Warwick Hunt107,33317,883125,217
To t a l$ 9 6 7, 9 9 2
1. Directors fees exclude GST and reimbursed costs directly associated with carrying out their duties.
Table 1 – Approved Directors’ fees
PositionFees per annumTotal
Board of Directors
1
Chairman212 ,000 212,000
Member (x6)1111,000666,000
Audit Committee
Chairman 20,00020,000
Member (x3)10,00030,000
Markets and Risk Committee
Chairman 20,00020,000
Member (x2)10,00020,000
Human Resources and Remuneration Committee
Chairman20,00020,000
Member (x3)10,30030,900
Nominations Committee
2
Chairman--
Member (x3)5,00015,000
1. The shareholders have approved the above fees based on a Board of eight Directors, including the Chairman.
Until the resignation of Paul Zealand on 30 May 2025, the Board consisted of seven Directors including the Chairman.
2. The Chairman of the Board is the chairman of the Committee and does not receive any fees for Committee membership.
132
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STATUTORY DISCLOSURES
Statutory disclosures
Interests register entries
Dir.PositionCompany
Barbara Chapman
(Chairman)
DirectorBank of New Zealand Group
Deputy ChairThe New Zealand Initiative
Catherine Drayton
ChairMint Innovation Limited
DirectorWarren & Mahoney
1
Director
IAG New Zealand Limited and
IAG (NZ) Holdings Limited
1
Chair
Connexa Limited (and director
of its two holding companies,
Samco Holdings Limited and
Frodoco Holdings Limited)
Dir.PositionCompany
Hinerangi Raumati-Tu’ua
Executive
Committee
Member
Te Whakahitenga o Waikato
Inc. Society
DirectorPouara Farm GP Limited
1
DirectorPouara Farms LP
1
ChairTainui Group Holdings Limited
ChairTe Pou Herenga Pakihi Limited
ChairMaruehi Fisheries Limited
Chair Turangawaewae Trust Board
Director
Guardians of New Zealand
Superannuation¹
Dir.PositionCompany
Tim Miles
DirectoroOh!media Limited
DirectorKhandallah Trust Limited
Chair Fortysouth Limited
1
Warwick Hunt
Executive FellowKings College London
ChairmanBank of New Zealand Group
DirectorNational Australia Bank
1
TrusteeHargreaves Trust
1
1. Entries added due to notices given by Directors during the year
ended 30 June 2025
Dir.PositionCompany
James Moulder
DirectorCybele Capital Limited
DirectorMotupipi Holdings Limited
DirectorMotupipi Offshore Investments
DirectorLycaon Advisory Limited
Director
Tasman Environmental Markets
Pty Limited
Director
Tasman Environmental Markets
Limited Partnership
DirectorTEM Financial Services Limited
DirectorTEM Asia Pacific Limited
DirectorClimate Positive Pty Limited
TrusteeMoulder Family Trust
133
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STATUTORY DISCLOSURES
Directors’ interests in shares
The Directors of the Company held the following relevant interests in the Company’s securities as at
30 June 2025:
DirectorShares
Barbara Chapman13,415
Catherine Drayton12,670
Tim Miles40,410
James Moulder15,000
Paul Zealand
1
19,000
Hinerangi Raumati-Tu’uaNil
Warwick HuntNil
1. Resigned 30 May 2025.
DirectorTransactionNumberPrice per shareDate
Barbara ChapmanDRP395$2.0711 October 2024
Barbara ChapmanDRP411$2.0910 April 2025
Catherine DraytonDRP373$2.0711 October 2024
Catherine DraytonDRP389$2.0910 April 2025
Paul Zealand
On market
purchase
19,300$2.0721 October 2024
Directors of group companies
The table below sets out the names of the persons holding office as Directors of Genesis Energy Limited
and the names of the persons holding office as Directors of its subsidiaries as at 30 June 2025.
The table also sets out the names of any persons who ceased to hold office as a Director of any of those
companies during the financial year ended 30 June 2025.
Disclosures of Directors’ interests in share transactions
During FY25, in accordance with section 148 of the companies Act 1993, the following entries were made
in the Interests Register by Directors regarding the acquisition of relevant interests in the Company’s
ordinary shares:
Name of CompanyDirectors as at 30 June 2025
Directors who ceased to hold
office in the period 1 July 2024
to 30 June 2025
Genesis Energy LimitedBarbara Chapman,
Hinerangi Raumati-Tu’ua,
Catherine Drayton,
James Moulder, Tim Miles,
Warwick Hunt
Paul Zealand
Kupe Venture LimitedMatthew Osborne, Angela OgierN/A
Genesis Insurance Pte Limited
Mathew Osborne,
Warwick Williams,
Nisala Weerasooriya
N/A
Frank Energy Limited
Tracey Hickman,
Matthew Osborne
N/A
Ecotricity GP Limited
Stephen England-Hall,
Matthew Osborne
N/A
Lauriston Solar Venture Limited
Tracey Hickman, Simon FullerN/A
Edgecumbe Solar Project Co
Limited
Tracey Hickman, Craig Brown,
Simon Fuller
N/A
Edgecumbe Hold Co Limited
Tracey Hickman, Craig Brown,
Simon Fuller
N/A
Edgecumbe Solar Venture Limited
Tracey Hickman, Craig Brown,
Simon Fuller
N/A
134
GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityCountryGovernance
STATUTORY DISCLOSURES
Use of Company information
No notices have been received by the Board of Genesis under section 145 of the Companies Act
1993 with regard to the use of Company information received by Directors in their capacities as
Directors of the Company or its subsidiary companies.
Chief Executive share ownership
The Chief Executive's ownership of shares in Genesis at 30 June 2025 is as follows (excluding
performance share rights held under any of Genesis's Long Term Incentive Plans): nil shares.
Donations
In accordance with section 211 (1) (h) of the Companies Act 1993, Genesis records that it made
donations of $1,273,305 during the year ended 30 June 2025. Genesis policy prohibits the making of
political donations. Genesis subsidiaries did not make any donations.
Credit rating
As at the date of this Annual Report Standard & Poor’s long-term credit rating for Genesis was
BBB+ Stable.
Exercise of NZX disciplinary powers
The NZX did not exercise any of its powers under NZX Listing Rule 9.9.3 in relation to Genesis
during FY25.
Appointment of Auditor
Under the Public Audit Act 2001, the Controller and Auditor-General (Auditor-General) is the
independent auditor of Genesis, and the Auditor- General appoints the independent auditor and
ensures that the Key Audit Partner is changed at least every five years.
Auditor’s fees
Deloitte, on behalf of the Auditor-General, has continued to act as auditor for the Company. Audit
fees (including half year review fees) and non-audit fees in FY25, are disclosed in note G3 to the
Financial Statements on page 113.
Stock exchange listings
Genesis' ordinary shares are listed and quoted on the NZX Main Board (NZSX) and the Australian
Securities Exchange (ASX) under the company code ‘GNE’. Genesis has three issues of retail bonds
listed and quoted on the NZX Debt Market (NZDX) under company codes ‘GNE060’, ‘GNE070’
and ‘GNE080’.
Genesis’ listing on the ASX is as a Foreign Exempt Listing. For the purposes of ASX listing rule 1.15.3,
Genesis confirms that it continues to comply with NZX Listing Rules.
Shareholding restrictions
The Public Finance Act 1989 includes restrictions on the ownership of certain types of securities
issued by each “mixed ownership-model company (including Genesis) and the consequences of
breaching those restrictions. Genesis’ constitution incorporates these restrictions and mechanisms
for monitoring and enforcing them.
A summary of the restrictions on the ownership of shares under the Public Finance Act and the
constitution is set out in the separately published document “Information about Genesis Ordinary
Shares” which can be viewed at www.genesisenergy.co.nz/investor/corporate- governance/
governance-documents.
Genesis has a ‘non-standard’ (NS) designation on the NZX Main Board due to particular provisions of
the company’s constitution, including the requirements that regulate the ownership and transfer of
Genesis securities.
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STATUTORY DISCLOSURES
Twenty largest registered shareholders as at 30 June 2025*
Name
Units at
30 June 2025% of Units
The sovereign in right of New Zealand acting by and through his
minister of finance and minister for SOEs
563,867,21251.23
Custodial Services Limited37,843,5463.44
Forsyth Barr Custodians Limited31,325,9492.85
JBWere (NZ) Nominees Limited20,503,8371.86
New Zealand Depository Nominee Limited20,488,1611.86
BNP Paribas Nominees (NZ) Limited20,068,2371.82
FNZ Custodians Limited18,620,1821.69
Citibank Nominees (New Zealand) Limited13,964,4221.27
JP Morgan Chase Bank NA NZ Branch-Segregated Clients Acct13,108,2281.19
HSBC Nominees (New Zealand) Limited10,057,1230.91
HSBC Nominees (New Zealand) Limited A/C State Street8,434,2990.77
ANZ Wholesale Australasian Share Fund7,794,7350.71
TEA Custodians Limited Client Property Trust Account7,385,8820.67
Accident Compensation Corporation6,971,9710.63
JP Morgan Nominees Australia Limited5,532,7800.50
Forsyth Barr Custodians Limited5,374,4820.49
Public Trust Class 10 Nominees Limited4,336,7400.39
Clyde Parker Holland & Rena Holland3,450,0000.31
Public Trust3,247,9070.30
HSBC Custody Nominees (Australia) Limited 2,936,1030.27
Totals: Top 20 holders of Ordinary Shares805,311,7967 3.1 6
1. * In the above table the shareholding of New Zealand Central Securities Depository Limited (NZSCD) has been allocated to the appli-
cable members of NZSCD.
Substantial security holders
The following information is given pursuant to section 293 of the Financial Markets Conduct Act
2013 (FMCA). According to notice given to the Company pursuant to section 280 (1) (b) of the
FMCA, the substantial security holder in the Company and its relevant interests as at the date of
the notice are noted below. The total number of voting shares on issue as at 30 June 2025 was
1,100,616,362
Date of
substantial
security notice
Relevant interest in the
number of shares at
date of notice
% of Shares
held at date
of notice
The Sovereign in right of New Zealand 6 July 2015519,723,78151.97
Genesis Energy Limited (GNE060)
Twenty largest bondholders as at 30 June 2025
RankName Units% Units
1Custodial Services Limited 44,576,00035.66
2HSBC Nominees (New Zealand) Limited17,083,00013.67
3Forsyth Barr Custodians Limited13,162,00010.53
4FNZ Custodians Limited8,908,0007.1 3
5JBWere (NZ) Nominees Limited7,211,0005.77
6Citibank Nominees (New Zealand) Limited5,235,0004.19
7ANZ Fixed Interest Fund4,100,0003.28
8BNP Paribas Nominees (NZ) Limited2,950,0002.36
9Investment Custodial Services Limited2,431,0001.94
10Forsyth Barr Custodians Limited1,798,0001.44
11NZX WT Nominees Limited1,460,0001.1 7
12MT Nominees Limited1,030,0000.82
13Forsyth Barr Custodians Limited1,020,0000.82
14JBWere (NZ) Nominees Limited980,0000.78
15JBWere (NZ) Nominees Limited800,0000.64
16JBWere (NZ) Nominees Limited500,0000.40
17FNZ Custodians Limited Non Resident Account472,0000.38
18Lode Roger Jan Missiaen450,0000.36
19Custodial Services Limited389,0000.31
20Custodial Services Limited337,0000.27
Totals: Top 20 holders of 4.17% Bonds 17/03/2028114,892,00091.92
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GENESIS INTEGRATED REPORT 2025IntroductionPerformanceCompanyCustomerFinancialsSustainabilityCountryGovernance
STATUTORY DISCLOSURES
Genesis Energy Limited (GNE070)
Twenty largest bondholders as at 30 June 2025
RankName Units% Units
1Forsyth Barr Custodians Limited
84,231,000
29.55
2HSBC Nominees (New Zealand) Limited53,792,00018.87
3JBWere (NZ) Nominees Limited32,683,00011.47
4Custodial Services Limited27,430,0009.62
5CML Shares Limited9,572,0003.36
6Forsyth Barr Custodians Limited8,753,0003.07
7Generate Kiwisaver Public Trust Nominees Limited8,269,0002.90
8FNZ Custodians Limited6,461,0002.27
9NZX WT Nominees Limited5,314,0001.86
10Forsyth Barr Custodians Limited4,972,0001.74
11Investment Custodial Services Limited3,937,0001.38
12PONZ Capital Limited3,146,0001.1 0
13Adminis Custodial Nominees Limited2,404,0000.84
14Masfen Securities Limited1,670,0000.59
15Forsyth Barr Custodians Limited1,033,0000.36
16ANZ Custodial Services New Zealand Limited825,0000.29
17Sterling Holdings Limited725,0000.25
18Hugh McCracken Ensor428,0000.15
19Forsyth Barr Custodians Limited400,0000.14
20Commonwealth Bank Of Australia355,0000.1 2
Totals: Top 20 holders of 5.66% Bonds 09/06/2052 (Total)256,400,00089.93
Genesis Energy Limited (GNE080)
Twenty largest bondholders as at 30 June 2025
RankName Units% Units
1Forsyth Barr Custodians Limited
108,975,000
45.41
2Custodial Services Limited40,829,0001 7. 0 1
3JBWere (NZ) Nominees Limited28,545,00011.89
4Forsyth Barr Custodians Limited6,517,0002.72
5FNZ Custodians Limited5,052,0002.11
6Adminis Custodial Nominees Limited2,265,0000.94
7Phazma Holdings Limited2,000,0000.83
8ANZ Custodial Services New Zealand Limited1,412,0000.59
9Forsyth Barr Custodians Limited1,020,0000.43
10Fletcher Building Educational Fund Limited960,0000.40
11KPS Society Limited835,0000.35
12Investment Custodial Services Limited750,0000.31
13Craig John Thompson750,0000.31
14Forsyth Barr Custodians Limited697,0000.29
15Richard Barton Adams & Allison Ruth Adams600,0000.25
16Estate Francis Horton Tuck Deceased600,0000.25
17NZX WT Nominees Limited588,0000.25
18Forsyth Barr Custodians Limited565,0000.24
19Sports Car World Limited550,0000.23
20JBWere (NZ) Nominees Limited500,0000.21
Totals: Top 21 holders of 6.50% BONDS 10/07/2053 (Total) 204,010,00085.02
137
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STATUTORY DISCLOSURES
Distribution of ordinary shares and shareholdings as at 30 June 2025
Holding
Range
Holder
Count
% Holder
Count
Holding
Quantity
% Holding
Quantity
1 to 999 4,123 10.57 2,201,133 0.20
1,000 – 4,999 26,143 6 7. 0 0 63,751,964 5.79
5,000 – 9,999 3,642 9.33 24,778,233 2.25
10,000 – 49,999 4,355 11.1 6 85,333,027 7. 7 5
50,000 – 99,999 471 1.21 31,064,423 2.82
100,000 and over 286 0.73 893,487,582 81.19
Totals 39,020 100.00 1,100,616,362 100.00
Debt listings
Genesis Energy’s subordinated, unsecured capital bonds are listed on the New Zealand Debt
Market Exchange.
Distribution of bond holders as at 30 June 2025
Investor ranges: 30 June 2025
Security Code: GNE060
Holding
Range
Holder
Count
% Holder
Count
Holding
Quantity
% Holding
Quantity
5,000 to 9,9997921.35 473,000 0.38
10,000 – 49,99922460.54 4,111,000 3.29
50,000 – 99,999318.38 1,970,000 1.58
100,000 and over369.73 118,446,000 94.75
Totals370100.00 125,000,000 100.00
Security Code: GNE070
Holding
Range
Holder
Count
% Holder
Count
Holding
Quantity
% Holding
Quantity
5,000 to 9,999749.22 425,000 0.15
10,000 – 49,99953066.00 11,225,000 3.94
50,000 – 99,99911914.82 7,048,000 2.47
100,000 and over809.96 266,302,000 93.44
Totals803100.00 285,000,000 100.00
Security Code: GNE080
Holding
Range
Holder
Count
% Holder
Count
Holding
Quantity
% Holding
Quantity
5,000 to 9,999505.66 264,000 0.11
10,000 – 49,99956563.91 12,315,000 5.13
50,000 – 99,9991581 7. 8 7 9,073,000 3.78
100,000 and over11112.56 218,348,000 90.98
Totals884100.00 240,000,000 100.00
138
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genesisenergy.co.nz
139
GENESIS INTEGRATED REPORT 2025
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GENESIS ENERGY LIMITED
Integrated Report 2025
Hamilton
94 Bryce Street, Hamilton
Huntly Power Station
Cnr Te Ohaki and Hetherington Roads, Huntly
Tokaanu Power Station
State Highway 47, Tokaanu
Waikaremoana Power Station
Main Road, Tuai RD5, Wairoa 4195
Tekapo Power Station
167 Tekapo Power House Road, Tekapo 7999
Office locations
Head/Registered Office
Genesis Energy
Level 6, 155 Fanshawe Street
Wynyard Quarter
Auckland 1010
P: 64 9 580 2094
F: 64 9 580 4894
E: info@genesisenergy.co.nz
investor.relations@genesisenergy.co.nz
board@genesisenergy.co.nz
media@ genesisenergy.co.nz
W: genesisenergy.co.nz
---
Climate
Statement
GENESIS ENERGY LIMITED
CLIMATE STATEMENT
FOR THE REPORTING PERIOD
1 JULY 2024 TO 30 JUNE 2025
25 AUGUST 2025
Table of contents
1.
Message from the Chair and Chief Executive 1
2.
About this report 2
3.
About Genesis and the context
in which we operate 4
3.1 Our business model 4
3.2 The context in which we operate 7
4.
Governance 8
4.1 Oversight of climate-related risks
and opportunities 8
4.2 Management’s role in assessing and managing
climate-related risks and opportunities 11
5.
Risk management 13
5.1 Risk identification 13
5.2 Risk assessment 14
5.3 How we prioritise climate-related risk
relative to other types of risk 14
5.4 How we manage our climate-related risks 14
5.5 Time horizons and how these link to strategic
planning horizons and capital deployment plans 15
5.6 Value chain exclusions 15
6.
Strategy 16
6.1 Scenarios and scenario analysis 16
6.2 Current climate-related impacts 22
6.3 Material climate-related risks and opportunities 23
6.4 Transition plan aspects of our strategy 33
6.5 Managing through the transition
and key dependencies 41
6.6 How we align transition plan aspects of
our strategy with internal capital deployment
and funding decisions 42
7.
Targets 43
8.
Metrics 47
8.1 Our GHG emissions 47
8.2 Transition risk metrics 50
8.3 Physical risk metrics 53
8.4 Climate-related opportunity metrics 54
8.5 Capital deployment metrics 55
8.6 Internal emissions price 56
8.7 Remuneration metrics 56
Appendices 57
Appendix I: Climate scenarios – assumptions
and reference models 57
Appendix II: GHG inventory report 59
Appendix III: GHG inventory assurance report 69
Appendix IV: Description of physical assets
and PPAs linked to physical assets 73
Appendix V: Glossary and definitions 74
Malcolm Johns
CHIEF EXECUTIVE
Barbara Chapman CNZM
CHAIR
1. Message from the Chair and Chief Executive
Powering a Sustainable
and Thriving Aotearoa
Genesis Energy (‘Genesis’) has
a unique role in supporting
New Zealand’s transition to a net
zero future by 2050. Climate change
presents one of the most significant
challenges of our time, and reducing
greenhouse gas emissions is a
strategic imperative that sits at the
heart of our purpose: powering a
sustainable and thriving Aotearoa.
In FY24, we released our Gen35 strategy – a
long-term plan to guide our actions over the
next decade. This strategy focuses on three
key pillars: growing renewable generation,
supporting customers to electrify, and using
our flexibility to help manage the volatility of
generation from New Zealand’s growing pool
of renewable sources.
New Zealand’s climate legislation and
international commitments has made it clear
that net zero 2050 is the country’s destination.
To get there, 60% of New Zealanders’ energy
must come from electricity. Achieving this
will require a step-change in how we power
our homes, businesses, and communities.
Energy underpins our economy, and access
to affordable, reliable electricity is essential
to give people and businesses the confidence
to decarbonise and embrace electrification.
Leading the transition
Genesis plays a central role in enabling this
national transformation. We are committed to
investing in new renewable generation to help
decarbonise the energy system.
The transition of Huntly Power Station to the
Huntly Portfolio gained momentum this year
with the commencement of construction of
our first grid-scale battery and progressing
our investigation into biomass as a sustainable
alternative to coal. We’re also exploring
development of a new fast start multi-fuel
peaker plant to help support grid stability
during peak demand or when supply dips
from renewable generation.
Our renewable portfolio also shifted into a higher
gear. We opened Lauriston, our first solar farm¹
and have three more solar sites advancing in
our pipeline. At the same time, our investment
in ChargeNet is helping grow New Zealand’s
largest electric vehicle charging network.
As the domestic gas supply continues to decline,
we are responding proactively through strategic
agreements such as those with Methanex, and
the development of the Tariki gas field.
Navigating a challenging year
FY25 was a particularly challenging year for
generation. Hydrology conditions fluctuated
significantly, while gas supply continued to
decline. These factors highlight the important
and unique role our thermal assets perform in
New Zealand's electricity market. Our generation
portfolio proved resilient, enabling us to deliver
strong financial results whilst stepping in to
support the stability of the grid during supply
dips from renewable generation.
However, increasing our thermal generation to
support the stability of the grid came with trade-
offs. In the absence of available gas, we had to
rely more heavily on coal to meet demand. This
saw us miss our FY25 greenhouse gas emissions
reduction target for generation – but we were
still below our FY20 baseline. This highlights the
reality that emissions reduction is rarely linear.
Science Based Targets
and long-term goals
Our current SBTs, aimed for a 36% reduction
in generation emissions and 21% reduction in
emissions from sold products (gas and LPG sales)
compared to our FY20 baseline. The emission
reduction target for FY25 from sold products
was met.
Through FY25, we faced several challenges that
impacted our ability to achieve our scope 1 and 2
SBT (generation) target. Actual emissions in FY25
were 6% lower than FY20 baseline, compared to
the target of 36%. A range of factors impacted
our ability to achieve the target, including
the speed at which the market is developing
renewables, hydrology conditions, and most
significantly, the stressed gas market.
Despite the conditions in FY25, we remain
committed to reducing our emissions. We
were proud to receive Science Based Targets
initiative (SBTi) verification of our net zero 2040
goal this year, aligning our strategy to support
New Zealand’s journey to net zero 2050.
While our emissions profile may vary year
to year, the importance lies in the direction
of travel over time, and our long-term
commitment to decarbonisation.
Working together to deliver change
We know the scale of the challenge cannot be
met by any one player alone. Genuine long-term
partnerships between business, government, iwi,
and households are essential. We won’t always
agree, but where there is consensus, we will act,
within and beyond our sector, to ensure progress
while delivering value to our shareholders.
Transparency remains a priority for us. We
are pleased to release our second Climate
Statement, prepared under the Financial
Markets Conduct Act 2013. It describes how
we are managing climate-related risks and
opportunities, and how our strategy to support
the transition is evolving.
Ngā mihi nui,
Malcolm Johns
CHIEF EXECUTIVE
Barbara Chapman CNZM
CHAIR
1. Jointly owned with FRV Australia.
1
GENESIS CLIMATE STATEMENT 2025TargetsMetricsStrategyRisk managementGovernanceAbout GenesisAbout this reportIntroduction
2. About this report
Reporting entity
Genesis is a Climate Reporting Entity (CRE) under the Financial
Markets Conduct Act 2013 and, as such, is required to prepare
a Group Climate Statement. This report includes climate-related
disclosures for Genesis, its subsidiaries, controlled entities
and the Group’s interests in associates and joint arrangements
(together, ‘Genesis’ or the ‘Group’). The Group structure used in
this report aligns with that used for Genesis’ FY25 Consolidated
Financial Statements.
Basis of preparation and
statement of compliance
These climate-related disclosures comply with the Aotearoa
New Zealand Climate Standards (NZ CS) as issued by the External
Reporting Board (XRB).
In preparing these climate-related disclosures, Genesis has
elected to use adoption provision 2: Anticipated financial impacts
contained within NZ CS 2. This adoption provision exempts
Genesis from disclosing the anticipated financial impacts of
climate-related risks and opportunities reasonably expected by
Genesis, the time horizons over which they could reasonably be
expected to occur and why quantitative information is unable
to be provided.
This report was authorised for issue, for and on behalf of the
Board on 25 August 2025.
Barbara Chapman Catherine Drayton
CHAIR OF THE BOARD CHAIR OF THE AUDIT COMMITTEE
Reporting period and currency
This report covers the period from 1 July 2024 to 30 June 2025
(‘FY25’). FY24 refers to the period from 1 July 2023 to 30 June 2024,
similarly for any other financial year referenced in this report.
Any reference to $ in this report refers to New Zealand dollars.
Materiality
Information required by NZ CS must be disclosed if it is material;
this requires us to apply our judgement when determining what to
disclose. NZ CS 3 states that ‘information is material if omitting,
misstating or obscuring it could reasonably be expected to
influence decisions that primary users make on the basis of an
entity’s climate-related disclosures’. NZ CS 3 defines primary users
of this report as our existing and potential investors, lenders and
other creditors.
To aid with making materiality judgements, we determine
materiality by considering internal and external factors, such
as whether the matter:
•
could plausibly have a material impact on Genesis in the short,
medium, and/or long-term;
•
could reasonably be expected to influence an
investment decision;
•
has been consistently raised by our primary users or is
considered of high interest to them or is something they would
expect to see being disclosed;
•
could have a significant impact on our reputation or our
transition to a low emissions future; or
•
is relevant and needed to provide context.
When disclosing current financial impacts, we apply the same
materiality as applied by our auditors for the Consolidated
Financial Statements (refer to Deloitte’s Audit Report in the
FY25 Integrated Report).
The quantitative threshold used for our Consolidated Financial
Statements is not considered appropriate when determining which
climate-related risks and opportunities should be disclosed given:
(i) we are considering the potential impact over multiple years out
to 2050; (ii) the size of our balance sheet; and (iii) the complexity of
our operations.
2
GENESIS CLIMATE STATEMENT 2025TargetsMetricsStrategyRisk managementGovernanceAbout GenesisIntroductionAbout this report
Disclaimer
This report contains forward-looking statements, such as potential
impacts, climate scenarios, targets, forecasts and statements of
our current intentions. Forward-looking statements are statements
that are based on historical experience and various other factors
that are reasonable under the circumstances. They are statements
regarding our intent, belief or current expectations with regard to
our business and operations and other climate and sustainability
related commitments, targets, projections, scenarios, risk and
opportunity assessments, pathways, forecasts, metrics and other
proxy data.
Words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’,
‘continue’, ‘plan’, ‘estimate’, ‘potential’, ‘anticipate’, ‘believe’,
‘risk’, ‘aim’, ‘forecast’, ‘assumption’, ‘projection’, ‘target’, ‘goal’,
‘guidance’ or other similar words, are used to identify forward-
looking statements. These statements reflect our current views
on future events and are subject to change due to certain known
and unknown risks, uncertainties, assumptions and other factors
which are, in many instances, beyond our control, and have been
made based on management’s expectations or beliefs concerning
climate change and its potential impact on Genesis.
This report uses relatively lengthy time frames and plausible
scenarios to assess potential impacts. Statements in this report
use a greater number of assumptions and estimates than our
Consolidated Financial Statements. These assumptions and
estimates are subject to change over time, and, when coupled
with the longer timeframes used in these disclosures, make any
assessment of materiality inherently uncertain. In addition, our
climate scenarios and strategic plan and the data underlying
used to construct them and our climate-related risk and impact
assessment capabilities continue to evolve. The market practice in
relation to these disclosures also remain subject to evolution and
change over time.
The information in this report includes metrics, estimates and
other information that is subject to significant uncertainty.
The uncertainty may relate to the collection of data, and
methodologies to analyse the data, which involves various
estimates and assumptions, and/or underlying data that is obtained
from third parties, some of which cannot be independently
verified. As a result, we expect that certain disclosures made in
this report may be amended, updated, recalculated, and restated
in the future as the quality and completeness of our data and
methodologies continues to improve. For clarity, Genesis makes no
commitment to update the information in this report.
The forward-looking statements made in this report are not
guarantees or predictions of future performance and there is a
risk that estimates, judgements, assumptions, views, scenarios or
projections may turn out to be incorrect and that these risks may
cause actual outcomes to differ materially from those expressed
or implied in this report. In particular, there is inherent uncertainty
around future climate-related policy and legislation, current
scientific understanding of climate change and its impacts.
Accordingly, Genesis gives no representation, warranty or
assurance (including as to the quality, accuracy or completeness
of any forward-looking statements set out in this report), that the
occurrence of the events expressed or implied in any forward-
looking statement made in this report will occur.
Enquiries
For any questions or comments regarding this report, please
contact investor.relations@genesisenergy.co.nz.
2. About this report continued
3
GENESIS CLIMATE STATEMENT 2025TargetsMetricsStrategyRisk managementGovernanceAbout GenesisIntroductionAbout this report
Genesis is a vertically integrated energy business. Our operations
include generation and wholesale procurement of energy, trading
energy and the sale of energy to residential, business and wholesale
customers. We supply electricity, LPG and natural gas to more than
520,000 customers in New Zealand through three retail brands (Genesis,
Frank*Energy and Ecotricity). On 10 June 2025 we announced we will
consolidate our three retail brands into a single unified Genesis brand. In
FY25 34% of our customers used at least one fossil fuel (FY24: 39%) and
the majority of these customers used a combination of fossil fuels and
electricity (FY25: 71%, FY24: 79%).
Genesis also owns a 65.29% share of ChargeNet
NZ Limited (“ChargeNet”). ChargeNet is a
provider of electric vehicle charging solutions
which includes New Zealand’s largest and
most accessible network of national electric
vehicle fast-charging stations. Genesis supply’s
electricity to ChargeNet and offers an EV
EVerywhere add on to EV plans that enables
Genesis customers to use ChargeNet stations
but pay the same price as charging at home.
Genesis gross margin is predominately driven
by the sale of electricity (FY25: 78%, FY24:
73%), sale of gas (FY25: 6%, FY24: 7%), sale of
LPG (FY25: 8%, FY24: 8%) and Kupe (FY25: 8%,
FY24: 8%).
Genesis generates electricity from a diverse
portfolio of assets across New Zealand
2
,
including hydro, solar
3
and fossil fuel thermal
generation. The geographic spread and diversity
of our generation assets provides vital support
to the country’s electricity sector. Genesis sits
at the intersection of supply and demand for
several energy sources as well as providing
back-up generation for New Zealand’s electricity
supply when renewable sources are unable
to meet demand. The Huntly Power Station is
located near three major population centres:
Auckland, Tauranga and Hamilton. Its strategic
position provides access to cooling water and
minimal transmission constraints. The station
plays a critical role supporting the security
of supply in New Zealand’s highly renewable
electricity system.
New Zealand’s renewable energy grid is
significantly influenced by weather conditions. In
FY25, 58% of electricity we generated came from
fossil fuel thermal
4
(FY24: 55%) and 42% came
from hydro (FY24: 45%).
Genesis owns a 46% share of the Kupe Joint
Venture (JV), which owns the Kupe gas field
5
.
Kupe gas field is a vital part of our vertically
integrated gas portfolio, providing Genesis
with access to gas for our operations and our
customers. Diagram 2 provides an overview of
our integrated value chain.
3.1 Our business model
3. About Genesis and the context in which we operate
2. Huntly Power Station, and Tongariro, Waikaremoana and Tekapo Power Schemes. Refer to Diagram 1 for an overview of our
generation asset locations and Power Purchase Agreements (PPAs), Appendix IV for a description of our physical assets and
PPAs linked to physical generation assets and refer to our website for further information on our generation sites.
3. Via Genesis’ 40% share of Lauriston Solar Project Limited Partnership which owns and operates Lauriston solar farm.
4. Based on GWh
5. Refer to Appendix IV for a description of Kupe JV’s physical assets and contractual arrangements.
4
GENESIS CLIMATE STATEMENT 2025TargetsMetricsStrategyRisk managementGovernanceAbout this reportIntroduction
About Genesis
3.1 Our business model continued
We remain focused on evolving our business
model to integrate new grid technologies into
our portfolio (including solar generation, utility
scale batteries and in time new forms of storage
and flexible generation) as well as customer-side
technologies aimed at delivering less expensive
energy to customers with lower emissions
(including electricity plans and offerings for
EV owners, other distributed energy more
resources, and electrification opportunities).
Genesis is a mixed ownership model company,
listed on the New Zealand Stock Exchange and
the Australian Securities Exchange with majority
Crown ownership (51%).
For further information about Genesis, refer to
our FY25 Integrated Report.
46%
WHOLESALEKUPE
Diverse generation options
Hydro, gas, coal, diesel
Wholesale markets we operate in
Electricity, gas, carbon, and LPG
Share in Kupe joint venture
Provides access to fuel
Supports the transition
Power schemes
3 hydro and 1 thermal
Share in Lauriston solar farm
Lenihitatur molupti aciaest
que natus dem et molupta
44
440%
RETAIL
Brands
Genesis, Frank*Energy
and Ecotricity
Fuels
Electricity, gas, LPG
Customers spread
across NZ
LPG depots and delivery agents
delivering from Northland to Southland
3
3
520k+
27
Diagram 1: Generation assets and Power Purchase Agreements (PPAs) linked to physical generation assets
Waipipi wind PPA
Kupe
46
% Share
Huntly
1,204
Peak Capacity/MW
Tongariro
362
Peak Capacity/MW
Tauhara geothermal PPA
Waikaremoana
138
Peak Capacity/MW
Tekapo
190
Peak Capacity/MW
Lauriston
63
Peak Capacity/MW
Thermal
Hydro
PPA linked to electricity
generation from this site
Solar in joint venture
arrangement
Gas
Key
5
GENESIS CLIMATE STATEMENT 2025TargetsMetricsStrategyRisk managementGovernanceAbout this reportIntroduction
About Genesis
Diagram 2: Overview of our integrated value chain
Rain
Sun, wind and
geothermal
Gas sales
LPG sales
Retail sale
520,519
customers
Wholesale
sales
2,594 GWh
731 GWh
16.9 PJ
Genesis’
Kupe share
Gas
LPG
2,594 GWh
731 GWh
Wholesale
electricity
portfolio
6.6 PJ
1 0.0 PJ
8.7 PJ
29 kt
160 kbbl
3,613 GWh
6,289 GWh
6.8 PJ
43 kt
4 k t
1.9 PJ
160 kbblKupe sales
Oil sales
321 GWh
Renewable
generation
PPAs
6
18 kt
Thermal
generation
Coal
InputsElectricity generation process
Electricity generated is transmitted
through the grid
Electricity, gas and LPG is purchased
and onsold to customers
3.1 Our business model continued
6. Power purchase agreements.
6
GENESIS CLIMATE STATEMENT 2025TargetsMetricsStrategyRisk managementGovernanceAbout this reportIntroduction
About Genesis
3.2 The context in which we operate
Through the Zero Carbon Act
7
, New Zealand
has committed to achieving net zero emissions
for most sectors of the economy by 2050
(net zero 2050). This national commitment,
alongside similar global actions is shaping the
long-term operating environment for businesses.
In alignment with this and the business’ long-
term trajectory, Genesis has set a Science
Based Target (SBT) to reach net zero emissions
by 2040 (net zero 2040). This earlier target
reflects the Science Based Targets initiative’s
(SBTi) guidance, which recognises the power
sector’s critical role in enabling economy-wide
decarbonisation. Genesis’ net zero 2040 target
has been independently validated by the SBTi
and aligns with the sector-specific pathway
required to support New Zealand’s broader
climate ambition.
Decreasing New Zealand’s reliance on fossil fuels
for electricity generation and electrification of
activities like transport and heating is expected
to drive a significant portion of the transition to
a net zero economy. Electrification will create
more demand for electricity.
Renewable electricity supply will need to
increase substantially to meet the anticipated
growth in electricity demand. Wind and solar
power are now the cheapest forms of new
electricity generation and are expected to
expand to displace base load thermal generation,
moving the remaining thermal generation to play
a critical firming role for New Zealand.
7. Climate Change Response (Zero Carbon) Amendment Act 2019.
8. Emissions Budget 4 Advice, Climate Change Commission, November
[TRUNCATED]
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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