Genesis Energy Ltd (NZSE:GNE)
NZ$ 2.26 -0.025 (-1.09%) Market Cap: 2.47 Bil Enterprise Value: 3.72 Bil PE Ratio: 18.53 PB Ratio: 0.91 GF Score: 70/100
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Full Year 2024 Genesis Energy Ltd Earnings Call Transcript

Aug 21, 2024 / 10:00PM GMT
Release Date Price: NZ$2.27 (-0.66%)
Malcolm Johns
Genesis Energy Ltd - Chief Executive Officer

Kia ora, and welcome to Genesis Energy's FY24 results presentation. I am Malcolm Johns, Chief Executive; and I'm joined by Emma Oettli, our Interim CFO. FY24 was challenging but we're delivering our strategy. We were challenged by hydrology, major unplanned outages, and New Zealand's gas shortage.

However, the portfolio showed its resilience with earnings down but defended. We delivered all the Gen35 strategic objectives we said we would in FY24. Retail reset for OpEx growth arrested, more renewables, HFOs, and the Stage 1 battery at Huntly Power Station.

What was already clear to us, but became clear to everybody in 2024 was that energy security is essential even in a high renewables grid. Under current strategy, Genesis can move another 500 megawatts of baseload generation to flexible generation at Huntly Power Station and make it available for energy security by FY28.

Executing our strategy is the fastest and most economic way for New Zealand to deliver greater energy security for winter peaks and dry years with

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