Genesis Energy Limited

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Genesis Energy Limited
TypePublic
NZX: GNE
ASX: GNE
IndustryEnergy
PredecessorElectricity Corporation of New Zealand
Founded1999 (1999); 23 years ago
Headquarters
Auckland
,
New Zealand
Key people
Barbara Chapman, Chairman
Marc England, Chief Executive
ServicesElectricity, Natural Gas, LPG
RevenueDecrease NZ$2,011M[1]
Decrease NZ$335M[1]
Increase NZ$184M[1]
Total assetsIncrease NZ$3,778M[1]
Total equityIncrease NZ$1,991M[1]
Number of employees
860[1]
ParentNew Zealand Government
Websitegenesisenergy.co.nz

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. 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 2015–2016 financial year. In 2015, 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).

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 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.[4]

Power stations[]

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 hydroelectric generating stations on the (361.8 MW) Tongariro Power Scheme – 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.[5]

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 that runs as base load, and a (403 MW) combined cycle gas turbine commissioned in June 2007 as a 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.

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.[6]

The company also operates the (7.3 MW) Hau Nui windfarm in the North Island.

Genesis Energy power stations[7]
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 2850
Huntly e3p (Unit 5) Gas, combined-cycle turbine Huntly, Waikato 2007 403 2410
Huntly P40 (Unit 6) Gas, open-cycle turbine Huntly, Waikato 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
Rangipo Hydroelectric south of Turangi, Waikato region 1983 120 580
Tekapo A Hydroelectric Lake Tekapo 1955 27 160
Tekapo B Hydroelectric Lake Pukaki 1977 160 800
Tokaanu Hydroelectric Tokaanu, Waikato region 1973 240 763
Tuai Hydroelectric Lake Waikaremoana, Hawke's Bay 1929 60 218
Total 1647.9 8,367.8

Future generation developments[]

Castle Hill[]

Main article: Castle Hill Wind Farm

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.[8][9]

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.[10]

Community and environmental investments[]

School-gen[]

Genesis Energy began its School-gen programme in 2006 to teach students about solar power, renewable energy and energy efficiency. The School-gen program 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.[11]

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.[12]

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.

Other developments[]

  • Genesis Energy owns a 46% interest in the Kupe natural gas field.
  • Genesis Energy is a founding member of Awatea, the New Zealand marine energy association.
  • The Gasbridge LNG project was 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.[13]

See also[]

References[]

  1. ^ a b c d e f Genesis Energy (September 2016). "Annual Report 2016" (PDF). NZSX.
  2. ^ "Energy in New Zealand". MBIE. August 2016. Archived from the original on 15 February 2016. Retrieved 8 November 2016.
  3. ^ "Genesis Energy Limited - Name and address change". NZX. 9 September 2013.
  4. ^ "| Genesis NZ". Genesis. Retrieved 21 February 2018.
  5. ^ "Genesis Energy set to acquire Meridian Energy hydro plants". Power-Gen Worldwide. PennWell Corporation. 16 May 2011. Retrieved 4 June 2011.[permanent dead link]
  6. ^ "Statement of Corporate Intent". Genesis Energy. 30 June 2010.
  7. ^ "Existing Generation Plant 2015 - New Zealand Electricity Authority". Retrieved 8 November 2016.
  8. ^ "Genesis planning massive windfarm". The New Zealand Herald. 30 August 2011.
  9. ^ "Project Description Castle Hill Wind Farm - Genesis Energy". Retrieved 9 July 2011.
  10. ^ Dixon, Alana (15 April 2011). "Slopedown wind farm not a priority: Genesis". Southland Times.
  11. ^ "School-gen".
  12. ^ "Whio Forever Project". Archived from the original on 15 April 2012. Retrieved 22 June 2012.
  13. ^ Keall, Chris (14 August 2009). "Orcon acquires two ISPs, making it our fourth largest ISP". National Business Review. Archived from the original on 16 August 2009.

External links[]

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