Genesis Energy increases customers, electricity sales down

NZPA

Friday 29th July 2011

Genesis Energy today reported higher customer numbers but lower retail electricity sales.

Retail electricity sales of 1,390GWh in the quarter to June 30 were down by 132GWh on the same period last year due to the generally mild weather which reduced demand.

Fourth quarter gas sales were up 0.2PJ on the same period last year due to an increase in gas customers.

Warm and wet conditions during the quarter resulted in low to moderate average prices in the wholesale market over the period.

The number of electricity customers rose by 14,100, or 2.6 percent, to 549,300. Gas customer numbers rose 3.4 percent to 112,200.

The company said a marketing campaign attracted 42,500 electricity customers in the South Island by June 2011.

The state-owned enterprise will report its annual result in the week ending August 26.

The government has instructed the Treasury to conduct preparatory work to enable an extension of the mixed ownership model to Genesis Energy and other state-owned enterprises.

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