The second quarter of the 2024 financial year saw a number of key milestones for Genesis Energy including the launch of its new Gen35 strategy.
As part of a strategy reset, Gen35, investment will be made into solar, grid scale battery storage and wind that will help grow Genesis’ renewable portfolio to around 8,300 gigawatt hours (GWh).
This is a 160 per cent increase on Genesis’ current 3,200 GWh of renewable generation. Genesis’ proportion of renewable generation is targeted to rise to 95 per cent by 2035, the same level as New Zealand’s overall generation.
The Kupe KS 9 drilling programme was completed, with first gas expected in FY24 Q3.
Huntly Unit 5 returned to service in late January, months ahead of the original anticipated date.
Genesis chief executive officer Malcolm Johns said the business continues to perform well while managing two key priorities.
“We continue work to set ourselves up for future growth while remaining focused on delivering for customers on a daily basis,” he said.
“Our teams are juggling these priorities well and that is underlined by the performance this quarter.”