“We’ve maintained momentum through the March quarter after a very strong half-year result and the lakes are looking really good as we get closer to winter,” chief executive Mike Roan said at the time.
Genesis, Meridian and Mercury are 51% owned by the Government.
Genesis, in its update today, said hydro generation over the third quarter to March came to 745 gigawatt hours (GWh), up 264GWh on the previous comparable period, supported by favourable hydrology and above-average water storage levels.
Thermal generation over the quarter came to 236GWh, down 716GWh.
Genesis Energy’s gas-fired Unit 5 turbine at Huntly remained largely offline because of market conditions and disciplined fuel management.
Available gas was redirected to higher-value industrial customers, the company said.
Total customers came to 491,532, down 6.6%, reflecting ongoing portfolio optimisation “as Genesis prioritises margin quality over volume”.
Genesis said total electricity sales of 1380GWh, down 94GWh, primarily reflected lower customer numbers and a deliberate shift towards higher-value segments.
The company said its coal stockpile remained high at over one million tonnes, with supply chains stable and replacement coal not currently impacted by export restrictions supporting security of supply.
In its gas operation, Genesis’ Kupe production was impacted by unplanned outages, but with its underlying performance otherwise in line with expectations, it said.
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
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