GNE
28/01/2016 10:24
QUARTER
PRICE SENSITIVE
REL: 1024 HRS Genesis Energy Limited (NS)
QUARTER: GNE: Genesis Energy Q2 2016 Operational Report
A continued focus on delivering smart, simple services and attractive offers
for new customers helped Genesis Energy grow its electricity customer account
base in the Quarter ending 31 December 2015 (Q2).
The improvement in customer acquisition resulted in electricity customer
numbers increasing by 1,500 ICPs in Q2 to 522,586 as at 31 December 2015. In
the first six months of FY2016 electricity customer numbers have increased by
more than 6,000 ICPs, or 1.2% compared to the end of June 2015. Gas customer
numbers also grew over the last six months by 546 ICPs to 106,809 gas
customers at 31 December 2015.
Total electricity sales volumes in Q2 were up 5% versus Q2 2015 helped by a
35% year on year increase in Time of Use (TOU) volumes. Total retail gas
sales volumes were up 5% in Q2 versus Q2 2015, driven by a 15% increase in Q2
TOU gas sales volumes.
Increases in the wholesale electricity price in November and December 2015
provided opportunities to utilize thermal generation at the Huntly site. For
the whole of Q2 thermal generation of 1,025 GWh was 10% higher than a year
ago, despite a 12 day maintenance outage of Huntly's Unit 5 in November 2015.
The Huntly Rankine units were used to cover the Unit 5 outage and higher
utilization in December meant over 150,000 tonnes of coal were burnt in Q2.
The coal stockpile received its last delivery of coal in October 2015 and was
600,000 tonnes at 31 December 2015, 31% lower than the year before.
Renewable generation of 622 GWh was 4% higher than in Q2 2015 due to improved
hydro storage levels for Lakes Tekapo and Waikaremoana, whose power schemes'
generation output was up 13% and 52% year on year, respectively.
A planned outage of the Kupe oil and gas field to coincide with the Unit 5
outage reduced output from the onshore production facility. Genesis Energy's
share of oil production from the Kupe field in Q2 was 81kbbl, 24% lower than
Q2 2015, while natural gas sales of 1.3PJ were 15% lower and LPG sales of
5,700 tonnes were 19% lower.
Oil sales of 57kbbl were down 65% year on year due to only one shipment being
made during the quarter in November 2015.
Genesis Energy expects to announce its preliminary results for the six months
ended 31 December 2015 prior to the market opening on Wednesday, 24 February
2016. There will be a briefing for analysts and investors at 10.30am NZT
which will be webcast live at www.genesisenergy.co.nz/presentations.
End CA:00276899 For:GNE Type:QUARTER Time:2016-01-28 10:24:44
