| Details | |||
|---|---|---|---|
| Website | Genesis Energy | ||
| Credit Agency Name | Credit Rating | Outlook | |
| Corporate credit rating(s) | Standard & Poors (S&P) | BBB+ | Stable |
| Description |
Genesis Energy is a New Zealand-owned energy company that fosters strong links with its customers and community stakeholders.
Formed in April 1999, Genesis Energy is a state-owned enterprise with a diverse electricity generation portfolio. Genesis Energy supplies 19 per cent of New Zealand’s electricity from its thermal and renewable power stations. It is also a significant energy retailer supplying electricity, natural gas and LPG to more than 658,100 customers across the country. Our aim is to operate as a commercially-focused sustainable company providing responsible energy solutions to our customers. This underpins the way we operate and do business, how we interact with our customers and stakeholders, and can be seen in our efforts to reduce our impact on the environment. We own and operate 1,996MW of electricity generation, including New Zealand’s largest thermal power station at Huntly including a high efficiency 400MW combined cycle gas cycle turbine, hydro stations at Tongariro and Lake Waikaremoana, the Hau Nui Wind Farm in the Wairarapa and a co-generation facility at Kinleith. The company has also invested in a new gas field - the Kupe Oil and Gas Project - in order to secure gas and LPG for its generation business and gas customers. It has a 31 per cent equity interest in the Kupe Project which is due to produce commercial sales gas in the second half of 2009. |