Genesis Energy, a New Zealand-based power generator and energy retailer, has moved to secure its long-term energy supply by signing a non-binding term sheet to keep one of its Huntly Rankine units operational until 2035. Genesis is focused on generating electricity from a diverse portfolio of renewable and thermal sources, as well as retailing electricity, natural gas, and LPG. This agreement, which involves Huntly Firming Options and a jointly funded coal reserve, was a key highlight of the company’s June quarter update, released on Tuesday.
The company reported strong operational results across its generation assets, including the return of Huntly Unit 1 and the completion of a major overhaul at the Rangipo hydro plant, ensuring all hydro assets were online before winter. Genesis also leveraged flexible thermal generation and short-term gas supply agreements to effectively respond to market price fluctuations. The business has begun construction on its 100MW/2hr battery storage project at Huntly.
Smart technology trials, such as shifting household hot water load, continue to provide measurable demand-side benefits. The Ecobulb programme has now distributed over 260,000 units. Total electricity sales for the quarter reached 1,696GWh, a 10 per cent increase compared to the same period last year, and customer accounts grew by 4.8 per cent to 520,519.
Despite these gains, Rankine output decreased by 38 per cent year-on-year, reflecting increased reliance on renewables and market-driven flexibility in thermal dispatch. Genesis has maintained high asset availability across its generation fleet and reaffirmed its commitment to reliability and peak readiness in anticipation of the winter demand peak.
