Customer numbers fall at Genesis Energy, but LPG sales soar

Wednesday 25th January 2017

Genesis Energy, the country's largest energy company by customer numbers, says electricity retail connections fell by 1.2 percent to 514,155 between the end of September and the end of December 2016.

In an update to the NZX, Genesis said the fall in connections, combined with reduced national demand, saw electricity volumes sold fall by 3.2 percent in the mass market, and 3.6 percent in the time of use market.

Retail gas sales were flat on a quarter to quarter basis, but were up 1 percent on the previous year.

LPG sales were a bright spot however, with the number of connections rising 5 percent between the end of September and the end of December to 17,513. Connections were also up 22 percent on a year earlier. Retail sales volumes rose 25 percent to 1,101 tonnes.

The average price received for electricity generation was $47.07 per gigawatt hours, down by almost a third from a year ago. This reflects a wet spring, with hydro generation up 22 percent on a year earlier. Thermal generation was down 37 percent, while total coal generation fell 92 percent on a year earlier.

Genesis shares rose 0.7 percent to $2.165, and are up 23 percent from a year earlier.

BusinessDesk.co.nz

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