View source for Genesis Energy Limited

{{short description|New Zealand electricity generating and retailing company}}
{{Use dmy dates|date=November 2016}}
{{Use New Zealand English|date=November 2016}}
{{Infobox company
| name = Genesis Energy Limited
| logo = GENESIS Master Logo COLOUR.png
| type = [[Public company|Public]]
| traded_as = {{NZX|GNE}}<br/>{{ASX|GNE}}
| foundation = {{start date|1999}}; {{years ago|1999}} years ago
| founder = 
| predecessor = [[Electricity Corporation of New Zealand]]
| location_city = [[Auckland]]
| location_country = [[New Zealand]]
| locations = 
| area_served = 
| key_people = Barbara Chapman, Chairman<br />Malcom Johns, Chief Executive
| industry = [[Energy industry|Energy]]
| products = 
| services = [[Electricity]], [[Natural Gas]], [[liquid petroleum gas|LPG]]
| revenue = {{increase}} [[New Zealand dollar|NZ$]]3,040M<ref name=":1" />
| operating_income = {{increase}} [[New Zealand dollar|NZ$]]407M<ref name=":1" />
| net_income = {{decrease}} [[New Zealand dollar|NZ$]]131M<ref name=":0" />
| assets = {{increase}} [[New Zealand dollar|NZ$]]3,778M<ref name="Report2016">{{cite web| url=https://nzx.com/files/attachments/242918.pdf| archive-url=https://web.archive.org/web/20200923152141/https://nzx.com/files/attachments/242918.pdf| url-status=dead| archive-date=23 September 2020| title=Annual Report 2016| author=Genesis Energy| publisher=NZSX| date=September 2016}}</ref>
| equity = {{increase}} [[New Zealand dollar|NZ$]]1,991M<ref name="Report2016" />
| owner = [[New Zealand Government]] (51%)
| num_employees = 860<ref name="Report2016" />
| parent = 
| divisions = 
| subsid = 
| homepage = {{URL|genesisenergy.co.nz}}
| footnotes = 
}}

'''Genesis Energy Limited''', formerly '''Genesis Power Limited''' is a [[New Zealand]] publicly listed [[electricity generation]] and [[electricity retailing|electricity]], [[natural gas]] and [[Liquefied petroleum gas|LPG]] retailing company. It was formed as part of the 1998&ndash;99 reform of the New Zealand electricity sector, taking its generation capacity from the breakup of the [[Electricity Corporation of New Zealand]] (ECNZ) and taking retail customers from three local power boards in the Lower North Island. The New Zealand Government owns a 51% share of the company.

Genesis Energy is the largest electricity and natural gas retailer in New Zealand with 26% and 39% market share respectively in the 2015&ndash;2016 financial year. In 2015, Genesis produced 14% of New Zealand's electricity,<ref>{{cite web| url=http://www.mbie.govt.nz/info-services/sectors-industries/energy/energy-data-modelling/publications/energy-in-new-zealand| title=Energy in New Zealand| publisher=MBIE| date=August 2016| access-date=8 November 2016| archive-url=https://web.archive.org/web/20160215114526/http://www.mbie.govt.nz/info-services/sectors-industries/energy/energy-data-modelling/publications/energy-in-new-zealand/| archive-date=15 February 2016| url-status=dead}}</ref> and is the third largest electricity generating company in New Zealand in terms of MW capacity, GWh generation and revenue (see comparison table at [[New Zealand electricity market]]).

{{TOC limit|limit=3}}

== History ==
Genesis Energy began business on 1 April 1999, after the reform of the New Zealand electricity market and the breakup of the Electricity Corporation of New Zealand (ECNZ). It took over the [[Huntly Power Station]], [[Tongariro Power Scheme]] and Waikaremoana Hydro Scheme from ECNZ, and the [[Hau Nui Wind Farm]] and the Kourarau Hydro Scheme from Wairarapa Electricity. It also inherited the retail arms of [[Powerco]], Central Power and Wairarapa Electricity, while Powerco and Central Power concentrated on electricity distribution (the distribution arm of Wairarapa Electricity merged with Powerco on the same day).

During 2000 to 2002 Genesis Energy purchased several electricity and gas retailing entities, following changes to laws governing the electricity industry.  These included electricity retail businesses of [[Todd Corporation Ltd|Todd Energy]], and electricity and gas customers from NGC (now [[Vector Limited]]) and Energy Online.

In September 2013, the company announced a change of name from Genesis Power Limited to Genesis Energy Limited.<ref>{{cite web| url=https://www.nzx.com/companies/GPL/announcements/240893| title=Genesis Energy Limited - Name and address change| publisher=NZX| date=9 September 2013}}</ref>

On 17 April 2014, the National Government sold a 49% stake in Genesis Energy through an [[initial public offering]] at NZ$1.55 per share.

In February 2018, Genesis Energy announced a pathway to a coal-free electricity future for New Zealand by 2030.<ref>{{Cite web|url=https://www.genesisenergy.co.nz/about/media-centre/news/genesis-establishes-a-pathway-to-a-coal-free-elect|title={{!}} Genesis NZ|website=Genesis|language=en|access-date=2018-02-21|archive-date=21 February 2018|archive-url=https://web.archive.org/web/20180221161330/https://www.genesisenergy.co.nz/about/media-centre/news/genesis-establishes-a-pathway-to-a-coal-free-elect|url-status=dead}}</ref>

In 2024, the company downgraded the reserves at Kupe by 81 petajoules of gas resulting in a $64 million writedown.<ref name=":0">{{Cite web |date=21 August 2024 |title=Genesis profit falls as it downgrades gas reserves |url=https://www.stuff.co.nz/business/350387073/genesis-profit-falls-it-downgrades-gas-reserves |access-date=2024-08-23 |website=www.stuff.co.nz |ref=stuffincome}}</ref> This, along with other factors including a power station outage, resulted in a steep decline in profits although revenue was up.<ref name=":0" /><ref name=":1">{{Cite web |date=2024-08-22 |title=Genesis Energy's full year profit drops a third |url=https://www.rnz.co.nz/news/business/525860/genesis-energy-s-full-year-profit-drops-a-third#:~:text=Genesis%20Energy's%20full%20year%20profit%20dropped%20a%20third%20with%20low,$3.04b%20vs%20$2.3b |access-date=2024-08-23 |website=[[RNZ]] |language=en-nz}}</ref>

== Power stations ==
[[File:Huntly Power Station.JPG|thumb|right|250px|Genesis Energy owns and operates the coal- and gas-fired [[Huntly Power Station]], New Zealand's largest power station.]]
Genesis Energy owns and operates a diverse portfolio of assets that includes hydroelectric, thermal and wind generation.

Genesis Energy operates three [[hydroelectricity|hydroelectric]] generating stations on the (361.8 MW) [[Tongariro Power Scheme]] &ndash; Rangipo (120 MW), Tokaanu (240 MW) and Mangaio (1.8 MW). It also operates the (138 MW) Lake Waikaremoana hydro scheme, comprising the Tuai (60 MW), Kaitawa (36 MW) and Piripaua (42 MW) stations.
 
On 1 June 2011, Genesis Energy purchased  Tekapo A (27 MW) and B (160 MW) hydroelectric power stations from [[Meridian Energy]].<ref name=powergen160511>{{cite news
 | url = http://www.powergenworldwide.com/index/display/articledisplay/2543243669/articles/hrhrw/News-2/2011/05/genesis-energy_set.html
 | title = Genesis Energy set to acquire Meridian Energy hydro plants
 | work = Power-Gen Worldwide
 | publisher = [[PennWell Corporation]]
 | date = 2011-05-16
 | access-date = 2011-06-04
 }}{{Dead link|date=December 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

Genesis Energy operates the [[Huntly Power Station]], a (953&nbsp;MW) coal- and gas-fired thermal plant on the [[Waikato River]]. In addition to two gas/coal-fired generating units, Huntly has a 50&nbsp;MW open-cycle gas turbine unit that runs as base load, and a (403&nbsp;MW) [[combined cycle]] [[gas turbine]] commissioned in June 2007 as a [[New Zealand dollar|NZ$]]500 million project. Huntly also has a third coal unit, which can be taken out of storage within 90 days. The coal units are mainly used as hydro firming when New Zealand is in a dry winter.<ref name=":1" />

The first of the four coal-fired units at the Huntly Power Station was taken out of service in late 2012. A second unit was placed into long-term storage in December 2013 and permanently retired in June 2015.<ref>{{cite web|url=http://www.genesisenergy.co.nz/genesis/index.cfm?12706128-16C3-D74B-FCCC-2879948B19D0|title=Statement of Corporate Intent|date=30 June 2010|publisher=Genesis Energy|access-date=12 November 2013|archive-date=14 October 2013|archive-url=https://web.archive.org/web/20131014172934/http://www.genesisenergy.co.nz/genesis/index.cfm?12706128-16C3-D74B-FCCC-2879948B19D0|url-status=dead}}</ref>

The company also operates the (7.3&nbsp;MW) Hau Nui [[wind turbine|windfarm]] in the North Island.

{| class="wikitable" align="center"
|+Genesis Energy power stations<ref name="EA Generating Stations">{{cite web |url= http://www.emi.ea.govt.nz/Datasets/Wholesale/Generation/Generation_fleet/Existing/ |title= Existing Generation Plant 2015 - New Zealand Electricity Authority |access-date= 2016-11-08}}</ref>
! Name !! Fuel, type !! Location !! Commissioned !! Installed capacity <br/> (MW) !! Annual average <br/> generation (GWh)
|-
| [[Hau Nui Wind Farm|Hau Nui]] || [[Wind power|Wind]] || south-east of [[Martinborough]], [[Wellington Region|Wellington]] || 1996 || 7.3 || 22
|-
| [[Huntly Power Station|Huntly Units]] (2 units) || [[Coal]]/[[natural gas|gas]], steam turbine || [[Huntly, New Zealand|Huntly]], [[Waikato]] || 1983 || 500 || 2850
|-
| [[Huntly Power Station|Huntly e3p]] (Unit 5) || Gas, combined-cycle turbine || [[Huntly, New Zealand|Huntly]], [[Waikato]] || 2007 || 403 || 2410
|-
| [[Huntly Power Station|Huntly P40]] (Unit 6) || Gas, open-cycle turbine || [[Huntly, New Zealand|Huntly]], [[Waikato]]|| 2004 || 50.8 || 335
|-
| Kaitawa || [[Hydroelectric]] || [[Lake Waikaremoana]], [[Hawke's Bay Region|Hawke's Bay]] || 1948 || 36 || 91
|-
| [[Lauriston Solar Farm|Lauriston]] || [[Solar power|Solar]] || [[Lauriston, New Zealand|Lauriston]], [[Canterbury Region|Canterbury]] ||2025 || 63 || 47
|-
| [[Tongariro Power Scheme|Mangaio]] || [[Hydroelectric]] || south of [[Tūrangi]], [[Waikato]] region || 2008 || 1.8 || 5.8
|-
| Piripaua || [[Hydroelectric]] || [[Lake Waikaremoana]], [[Hawke's Bay Region|Hawke's Bay]] || 1943 || 42 || 133
|-
| [[Tongariro Power Scheme|Rangipo]] || [[Hydroelectric]] || south of [[Tūrangi]], [[Waikato]] region || 1983 || 120 || 580
|-
| [[Tekapo A Power Station|Tekapo A]] || [[Hydroelectric]] || [[Lake Tekapo]] || 1955 || 27 || 160
|-
| Tekapo B || [[Hydroelectric]] || [[Lake Pukaki]] || 1977 || 160 || 800
|-
| [[Tongariro Power Scheme|Tokaanu]] || [[Hydroelectric]] || [[Tokaanu]], [[Waikato]] region || 1973 || 240 || 763
|-
| Tuai || [[Hydroelectric]] || [[Lake Waikaremoana]], [[Hawke's Bay Region|Hawke's Bay]] || 1929 || 60 || 218
|-
| '''Total''' || || || || '''1647.9''' || '''8,367.8'''
|}

===Future generation developments===

====Castle Hill====
{{main|Castle Hill Wind Farm}}
Genesis Energy has resource consents for a wind farm at Castle Hill, 20&nbsp;km north-east of Masterton in the northern Wairarapa. It is planning up to 286 turbines over a {{convert|30|km2|abbr=on}} area, with a total installed capacity of up to 860&nbsp;MW and potentially generating over 2000&nbsp;GWh per year.<ref>{{cite news| url=http://www.nzherald.co.nz/business/news/article.cfm?d=3&objectid=10748389| title=Genesis planning massive windfarm| date=30 August 2011| work=[[The New Zealand Herald]] }}</ref><ref>{{cite web |url= http://www.genesisenergy.co.nz/generation/our-projects/castle-hill |title= Project Description Castle Hill Wind Farm - Genesis Energy |access-date= 9 July 2011 |archive-date= 14 October 2013 |archive-url= https://web.archive.org/web/20131014171909/http://www.genesisenergy.co.nz/generation/our-projects/castle-hill |url-status= dead }}</ref>

In March 2023 Genesis applied to extend the resource consent for the wind farm and vary its conditions.<ref>{{cite web |url=https://times-age.co.nz/wind-power-wind-back/ |title=Proposed wind farm is back on the table |publisher=Wairarapa Times-Age |date=17 March 2023 |access-date=17 March 2023}}</ref> Its proposal involves reducing the size of the windfarm to 300MW.<ref>{{cite web |url=https://www.stuff.co.nz/business/131709256/genesis-slashes-size-of-proposed-wairarapa-wind-farm |title=Genesis slashes size of proposed Wairarapa wind farm  |publisher=Stuff |date=7 April 2023 |access-date=7 April 2023}}</ref> Consent was granted in October 2023, and now expires in 2031.<ref>{{cite web |url=https://times-age.co.nz/environment/wind-farm-halves-in-size/ |title=Wind farm halves in size |publisher=Wairarapa Times-Age |date=28 October 2023 |access-date=23 October 2023}}</ref>

====Slopedown Wind Farm====
In 2010, Genesis Energy purchased the [[Southland Wind Farm]] aka Slopedown wind from Wind Prospect CWP Ltd.  It is 15&nbsp;km east of [[Wyndham, New Zealand|Wyndham]].  Genesis Energy has not yet applied for resource consents.<ref>{{cite news| url=http://www.stuff.co.nz/southland-times/news/4890683/| title=Slopedown wind farm not a priority: Genesis|date=15 April 2011| first=Alana| last=Dixon| publisher=[[Southland Times]] }}</ref> This appears to be a Contact Energy project now as stated in [[Southland Wind Farm]].

==Community and sustainability investments==

=== Science Based Targets ===
Genesis has created Science Based Targets to align their sustainability goals to. They aim to reduce scope 1 and 2 emissions by 36% and reduce scope 3 emissions 21%.

===School-gen and School-gen Trust===
Genesis Energy began its School-gen programme in 2006 to teach students about solar power, renewable energy and [[Efficient energy use|energy efficiency]]. The School-gen programme has created extensive teaching resources, including Maker Projects and eBooks that are free for any school in New Zealand. It has also provided 92 New Zealand schools with either a 2, 4 or 6 kilowatt photovoltaic (PV) solar panel system, at no cost to the schools. The largest solar array on a School-gen school is 16 kilowatts on Vauxhall School in Auckland. The PV system allows these schools to generate a portion of their electricity from the sun while also teaching students about solar energy.<ref>{{cite web| url=http://www.schoolgen.co.nz/| title=School-gen| access-date=22 June 2012| archive-date=30 January 2018| archive-url=https://web.archive.org/web/20180130215745/http://schoolgen.co.nz/| url-status=dead}}</ref>

=== Duffy Books in Schools ===
Duffy Books in Homes aims to encourage reading and supports students in lower socio-economic areas where the children are more likely to come from homes without access to books.

=== Whio Forever Project ===
Genesis Energy has partnered with the New Zealand Department of Conservation to help save the endangered native ''whio'' or [[blue duck]]. The Whio Forever Project includes a national recovery plan that will double the number of fully operational secure breeding sites throughout New Zealand and boost pest control efforts.<ref>{{cite web| url=http://whioforever.co.nz/whio-forever/| title=Whio Forever Project| access-date=22 June 2012| archive-url=https://web.archive.org/web/20120415134013/http://www.whioforever.co.nz/whio%2Dforever/| archive-date=15 April 2012| url-status=dead}}</ref>

===Curtain Bank===
Genesis Energy is the major sponsor of the Wellington Curtain Bank and the Christchurch Curtain Bank. The curtain banks take donated second-hand curtains or fabric and re-cut and line them for distribution to households in need. This helps households in saving money on their energy bills and to create warmer, healthier homes. Some retailers offer a service in which they take down and donate your old curtains when installing new ones.

=== Ngā Ara Creating Pathways ===
This Genesis developed programme creates transformational education, training and employment opportunities to prepare young people in our local communities for the future of work.

=== Pou Ltd at Huntly ===
Pou Ltd is a marae-owned entity that delivers facilities maintenance services to Huntly Power Station.

== Retail focus areas ==
*Genesis is focusing on electricity management tools for its customers including their app that has been around since 2016 - app functions include energy usage graphs, bill payments and moving home tools
*The Genesis website was updated in 2022 and focuses messaging on Energy IQ, joining and moving house through their website content

== Other developments ==
*Genesis Energy owns a 46% interest in the [[Kupe field|Kupe natural gas field]].
*Genesis Energy is a founding member of [[Aotearoa Wave and Tidal Energy Association|Awatea]], the New Zealand marine energy association.
*The Gasbridge LNG project was a 50:50 joint venture between Genesis and [[Contact Energy]].

==Subsidiaries==

===Frank Energy (previously Energy Online)===
Genesis Energy purchased Energy Online in December 2002 from the Newcall Group Limited. 
Energy Online was rebranded to Frank Energy in 2021.<ref>{{cite web| url=https://frankenergy.co.nz/medianews/media-release--launch-of-frank-energy| title=Media Release: Launch of Frank Energy}}</ref>
After continued growth Frank Energy now services more than 110,000 customers<ref>{{cite web| url=https://www.emi.ea.govt.nz/Retail/Reports/R_MST_C?DateFrom=20040101&DateTo=20240831&ParentCompany=N&seriesFilter=GEOL&_rsdr=ALL| title=Market Share Trends}}</ref> with a primary focus on retailing energy services to an expanding customer base in the North Island.

In June 2025, Frank Energy announced that its brand would be wound down and stopped accepting new customers. Existing customers would be moved to Genesis Energy or another retailer of their choice.<ref>{{Cite web |title=Frank Energy to close |url=https://www.stuff.co.nz/business/360718091/frank-energy-close |access-date=2025-06-10 |website=www.stuff.co.nz}}</ref> The announcement came a few days after [[Consumer NZ|''Consumer'']] magazine gave Frank Energy their People's Choice Award (jointly with Flick Electric) for the power company with the highest customer satisfaction.<ref>{{Cite web |last=Harvey |first=Kate |date=2025-06-07 |title=Best and worst power companies |url=https://www.consumer.org.nz/articles/best-and-worst-power-companies |access-date=2025-06-10 |website=Consumer NZ |language=en}}</ref>

===Infogen===
Genesis energy retailed internet services to its customers through its Infogen service. The service was outsourced and provided by [[Orcon Internet Limited|Orcon]] until it was purchased by Orcon in 2009.<ref>{{cite news |url=http://www.nbr.co.nz/article/orcon-acquires-two-isps-making-it-our-fourth-largest-isp-107486 |publisher=[[National Business Review]] |date=14 August 2009 |title=Orcon acquires two ISPs, making it our fourth largest ISP |first=Chris |last=Keall |url-status=dead |archive-url=https://web.archive.org/web/20090816211055/http://www.nbr.co.nz/article/orcon-acquires-two-isps-making-it-our-fourth-largest-isp-107486 |archive-date=16 August 2009 |df=dmy }}</ref>

==See also==
* [[Electricity sector in New Zealand]]

== References ==
{{Reflist}}

== External links ==
*{{official|http://www.genesisenergy.co.nz/}}

{{Genesis Energy Limited}}
{{Electricity companies in New Zealand}}

{{authority control}}

[[Category:Companies based in Auckland]]
[[Category:Companies listed on the Australian Securities Exchange]]
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[[Category:Electric power companies of New Zealand]]
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[[Category:New Zealand companies established in 1999]]