Genesis Energy adds customers in Q4

Monday 29th July 2013

State-owned electricity generator and retailer Genesis Energy says it is continuing to grow its customer base, thanks to new electricity and gas offerings, new energy-saving products, and ongoing acquisition of customers in the South Island.

At June 30, Genesis had added 3 percent to its total customer base, with 543,774 electricity customers, 114,961 gas customers and 9,708 LPG customers, with some customers taking more than product from Genesis, making it by far the country's largest electricity retailer by customer numbers.

A combination of dry conditions in the North Island and a scheduled maintenance outage for the Tekapo A and B hydro stations in the South Island saw total hydro generation down 27 percent in the three months to June 30, compared to the same period a year earlier. That was the main driver behind a total generation output decline of 19 percent for the quarter, against the prior period, at 2,094 Gigawatt hours.

During the period, Genesis launched new products such as the MyMeter smart phone and tablet 'app', the MyEnergyCoach online service, and the commercial launch of advanced variable tariffs to customers in Christchurch and the Waikato.

The Genesis quarterly update statement contains far less detail than its NZX-listed or soon-to-be-listed peers, Contact Energy, MightyRiverPower, and Meridian Energy, the last of which is scheduled for partial privatisation by Sept. 30.

MRP was partially privatised in May, and Contact was privatised fully in 1999. All three release a combination of detailed monthly and quarterly operating metrics.

At this stage, the government has yet to indicate whether it will forge ahead with a partial sale of Genesis, having indicated only that a sale would be likely in the first half of next year, were it to proceed.

BusinessDesk.co.nz

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