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Genesis Energy Limited ( (DE:1G6) ) has issued an announcement.
Genesis Energy has approved a second-stage Battery Energy Storage System at its Huntly Power Station, committing to add 100MW/200MWh of capacity and doubling the site’s total storage to 200MW/400MWh, enough to power about 120,000 homes for two hours. Leveraging existing land, infrastructure and grid connections, Genesis aims to deliver New Zealand’s lowest-cost committed grid-scale BESS while boosting portfolio flexibility and system security.
The NZ$106 million project, targeting an internal rate of return of about 10%, will be funded on balance sheet, supported by a recent NZ$400 million equity raise to preserve the company’s BBB+ credit rating and financial flexibility. The investment forms part of Genesis’ NZ$2 billion Gen35 growth plan to meet rising electricity demand, reduce reliance on baseload gas and enhance security of supply, reinforcing Huntly’s role as a key firming asset in the country’s transition to a lower-carbon power system.
More about Genesis Energy Limited
Genesis Energy is a diversified New Zealand energy company that sells electricity, reticulated natural gas and LPG, and is one of the country’s largest energy retailers with about 500,000 customers. It generates power from a mix of thermal and renewable assets across New Zealand and holds a 46% stake in the Kupe Joint Venture, which owns the Kupe oil and gas field offshore Taranaki.
Learn more about 1G6 stock on TipRanks’ Stock Analysis page.