Genesis Energy Limited
| 200px | |
| Public | |
| Traded as | NZX: GNE ASX: GNE |
| Industry | Energy |
| Predecessor | Electricity Corporation of New Zealand |
| Founded | 1999 |
| Headquarters | Auckland, New Zealand |
|
Key people
|
Dame Jenny Shipley, Chairman Albert Brantley, Chief Executive |
| Services | Electricity, Natural Gas, LPG |
| Revenue |  NZ$2,098M[1] |
| NZ$345M[1] |
|
| Profit | NZ$105M[1] |
| Total assets |  NZ$3,528M[1] |
| Total equity | NZ$1,825M[1] |
| Parent | New Zealand Government |
| Website | genesisenergy |
Genesis Energy Limited, formerly Genesis Power Limited, is a New Zealand publicly listed electricity generation and electricity, natural gas and LPG retailing company. It was formed as part of the 1998–99 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.
Genesis Energy is the largest electricity and natural gas retailer in New Zealand, with 26% and 42% market share respectively in the 2013–2014 financial year. In 2013, Genesis produced 14% of New Zealand's electricity,[2] 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).
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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 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.[3]
On April 17, 2014 the National Government sold a 49% stake in Genesis Energy through an Initial Public Offering at NZ$1.55 per share.
On August 25 2015, CEO Albert Brantley announced he would retire from seven years in the role by June of 2016.[4] Genesis Energy names Marc England as the next CEO on December 14 2015.[5]
Power stations
Genesis Energy owns and operates a diverse portfolio of assets that includes hydroelectic, thermal and wind generation.
Genesis Energy operates three hydroelectic generating stations on the (361.8 MW) Tongariro Power Scheme – Rangipo (120 MW) Tokaanu (240 MW) and Mangaio (1.8 MW). The company also operates the (138 MW) Lake Waikaremoana hydro scheme including the Tuai (60 MW), Kaitawa (36 MW) and Piripaua (42 MW) stations.
On 1 June 2011, Genesis Energy purchased Tekapo A (25 MW) and B (154 MW) hydroelectric power stations from Meridian Energy.[6]
Genesis Energy operates the Huntly Power Station, a (953 MW) coal- and gas-fired thermal plant on the Waikato River. In addition to two gas/coal-fired generating units, Huntly has a 50 MW open-cycle gas turbine unit, and a (403 MW) combined cycle gas turbine commissioned in June 2007 as a NZ$500 million project.
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.[7] In August 2015, Genesis announced a timetable to end coal-fired electricity generation in New Zealand by closing the last two coal fired units in 2018.[8]
The company also operates the (7.3 MW) Hau Nui windfarm in the North Island.
| Name | Fuel, type | Location | Commissioned | Installed capacity (MW) |
Annual average generation (GWh) |
|---|---|---|---|---|---|
| Hau Nui | Wind | south-east of Martinborough, Wellington | 1996 | 7.3 | 22 |
| Huntly Units (2 Units) | Coal/gas, steam turbine | Huntly, Waikato | 1983 | 500 | 5695 |
| Huntly e3p (Unit 5) | Gas, combined-cycle turbine | Huntly, Waikato | 2007 | 403 | 2410 |
| Huntly P40 (Unit 6) | Gas, open-cycle turbine | Huntly, Waikato | June 2004 | 50.8 | 335 |
| Kaitawa | Hydroelectric | Lake Waikaremoana, Hawke's Bay | 1948 | 36 | 91 |
| Mangaio | Hydroelectric | south of Turangi, Waikato Region | 2008 | 1.8 | 5.8 |
| Piripaua | Hydroelectric | Lake Waikaremoana, Hawke's Bay | 1943 | 42 | 133 |
| Tekapo A | Hydroelectric | Lake Tekapo | 1955 | 25 | 160 |
| Tekapo B | Hydroelectric | Lake Pukaki | 1977 | 154 | 800 |
| Rangipo | Hydroelectric | south of Turangi, Waikato Region | 1983 | 120 | 580 |
| Tokaanu | Hydroelectric | Tokaanu, Waikato Region | 1973 | 240 | 763 |
| Tuai | Hydroelectric | Lake Waikaremoana, Hawke's Bay | 1929 | 60 | 218 |
| Total | 1889.9 | 11,212.8 |
Future generation developments
Castle Hill
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Genesis Energy has resource consents for a wind farm at Castle Hill, 20 km north-east of Masterton in the northern Wairarapa. It is planning up to 286 turbines over a 30 km2 (12 sq mi) area, with a total installed capacity of up to 860 MW and potentially generating over 2000 GWh per year.[10][11]
Rodney
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Genesis Energy has resource consent for the 480 MW Rodney Power Station, a planned gas fired combined cycle power station midway between Helensville and Kaukapakapa.
Slopedown Wind Farm
In 2010, Genesis Energy purchased the Slopedown wind from Wind Prospect CWP Ltd. It is 15 km east of Wyndham. Genesis Energy has not yet applied for resource consents.[12]
Community and environmental investments
Genesis Oncology Trust
The Genesis Oncology Trust was set up in 2002 to fund a broad range of cancer-control research, training and education. The trust is funded by Genesis customers who donate through their monthly energy bill and endowment grants from Genesis. It is the trust’s policy that 100% of all money donated by its donors is applied to the fight against cancer, and all administrative costs are covered by Genesis Energy.[13]
Schoolgen
Genesis Energy began its Schoolgen programme in 2006 to teach students about solar power, renewable energy and energy efficiency. The Schoolgen program has created extensive teaching resources, including eBooks that are free for any school in New Zealand. It has also provided 85 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 Schoolgen 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.[14]
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.[15]
Foundation for Youth Development
Genesis Energy has teamed up with the Foundation for Youth Development to support the roll out of their Kiwi Can programme in three Huntly primary schools. FYD’s Kiwi Can programme teaches primary school children with life skills, values, and self-confidence so they can grow up with a positive outlook.
Curtain Bank
Genesis Energy is the major sponsor of the Huntly Curtain Bank, Wellington Curtain Bank and 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.
Other developments
- Genesis Energy is a founding member of Awatea, the New Zealand marine energy association.
- The Gasbridge LNG project is a 50:50 joint venture between Genesis and Contact Energy.
Subsidiaries
Energy Online
Genesis Energy purchased Energy Online in December 2002 from the Newcall Group Limited. After continued growth Energy Online now services 70,000 customers with a primary focus on retailing energy services to an expanding customer base in the North Island.
Infogen
Genesis energy retailed internet services to its customers through its Infogen service. The service was outsourced and provided by Orcon until it was purchased by Orcon in 2009.[16]
See also
References
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