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Genesis Energy announces interim result

March 2006

Genesis Energy announces interim result

Electricity generator and energy retailer Genesis Power Ltd, trading as Genesis Energy, has posted a net profit after tax of $47.5 million for the six months from 1 July 2005 to 31 December 2006.

Announcing the results today, Genesis Energy chairman Brian Corban and Chief Executive Murray Jackson, said the result was an increase of $2.4 million over the corresponding period in 2004.

The profit increase reflected greater revenues from electricity generation and a reduction in overall operating costs. Total operating revenue increased to $969 million from $715 million.

Huntly Power Station ended the year with an annual record output of 6,047 gigawatt hours.

Mr Jackson said, “Huntly was able to break this record because of the professionalism of its operating and maintenance staff and the ability of the coal transport system to bring a seamless flow of coal to Huntly from local and off shore mines.”

A record coal consumption figure of 2.4 million tonnes was also registered.

Genesis Energy is planning to meet New Zealand’s energy growth and a significant element of this strategy is the construction of e3p, a 385MW combined cycle gas turbine (CCGT) at Huntly. The most important milestone of the development during this period was the arrival of large components for e3p at Ports of Auckland. E3p is on track for commissioning in December this year.

The company also announced another CCGT project north of Auckland and initial work and consultation commenced on the proposed 360MW Rodney Power Station which will be situated on a site adjacent to State Highway 16, north of Helensville.

During the period Awhitu Wind Farm, an 18-turbine wind farm development near Waiuku in Franklin Country, was granted resource consent by the Environment Court and the Kupe Oil and Gas Project moved another step forward with the granting of a drilling contract to ENSCO Oceanics International.

ENDS

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