“Genesis Energy continues the review of its retail operating model with a specific focus on sales and service,” chief retail officer Stephen England-Hall said in a short statement to the Herald.
“This is part of the review of the retail operating model announced late in 2023 to simplify the retail business and ensure resources are directed in the right areas to support our customers,” he said.
“Our focus is on supporting employees through the process which will be confidential to them until the outcome is confirmed.”
According to the latest annual report, Genesis has 1214 fulltime employees.
At yesterday’s annual meeting, chairwoman Barbara Chapman said the last financial year had been affected by three major events – the loss of the Unit 5 gas-powered turbine at Huntly for seven months, declining gas supply nationally, and low hydrology, especially in the South Island storage lakes.
Lower-than-forecast national gas supply, coupled with lower hydro inflows, saw generation fuel costs rise by more than $100 million during 2024.
This meant that 2024′s ebitdaf (earnings before interest, tax, depreciation, amortisation and financial instruments) was $407m, down 22% on FY23, and net profit after tax was $131m, down 33%.
Looking ahead, Genesis expects full year 2025 ebitdaf to increase to around $460m, subject to hydro inflows, plant availability “and any other unforeseen events”.
- Staff Reporter
