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Genesis Energy Limited ( (DE:1G6) ) has shared an announcement.
Genesis Energy, along with Mercury, Meridian, and Contact, has signed agreements to establish a strategic energy reserve centered on the Huntly Power Station to support national energy security. These agreements, pending Commerce Commission review, aim to address supply challenges experienced during winter 2024 due to declining natural gas supply, low hydro lake levels, and reduced wind conditions. The agreements include 10-year Huntly Firming Options (HFOs) that cover 150 MW and support the establishment of a solid fuel reserve of up to 600,000 tonnes for dry winters. This initiative is crucial for maintaining energy security and price stability, allowing Genesis to offer future HFOs and risk products to the wider market.
More about Genesis Energy Limited
Genesis Energy Limited is a diversified New Zealand energy company that sells electricity, reticulated natural gas, and LPG. It is one of New Zealand’s largest energy retailers, serving approximately 500,000 customers. The company generates electricity from a diverse portfolio of thermal and renewable generation assets across the country and holds a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand. Genesis reported a revenue of NZ$3.0 billion for the 12 months ended 30 June 2024.
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