Despite challenging conditions, Genesis Energy has seen customer growth rise as well as sales volumes by 6.4 per cent.
Construction activities also commenced on the 63MW Lauriston solar farm, with first generation remaining on track for the first half of FY25.
Work continued on stage one of the 400MW battery for the Huntly portfolio, with stage one final investment decision targeted for later this year.
Genesis Energy chief executive officer Malcolm Jones said energy security is crucial for New Zealand as the country navigates the energy transition.
“New Zealand’s gas production has declined faster than forecast across the market, while gas demand has not,” Jones said.
“There’s never been a better time to think about electrifying our homes and businesses.”
Jones said new gas supply and flexibility is needed.
“Although gas is half the emissions of coal, tight gas markets may push electricity generation back to needing some coal to back up intermittent renewable generation, major generation plant outages and growing winter peaks,” Jones said.
“Biomass can be an alternate fuel to generate electricity and it is more carbon efficient than coal.”
Elsewhere, the company noted that commissioning of the Kupe KS-9 gas well also remains ongoing.
Well intervention activities have been further delayed, in part due to unfavourable weather conditions, and completion is now expected late May.
Subscribe to Energy Today for the latest project and industry news.