State-owned Genesis Energy said it experienced reduced demand due to mild early winter conditions and strong national hydro inflows in the quarter ended June 30.Genesis Energy supplies 19 percent of New Zealand's electricity from thermal and renewable pow
State-owned Genesis Energy said it experienced reduced demand due to mild early winter conditions and strong national hydro inflows in the quarter ended June 30.
Genesis Energy supplies 19 percent of New Zealand's electricity from thermal and renewable power stations and previously reported a net profit after tax of $64 million in the six months to December 30, 2009.
Today it said market conditions during its latest fourth quarter provided for higher hydro generation but lower output from Huntly Power Station unit five.
Genesis Energy's thermal generation was down 8 percent for the year, reflecting lower generation from Huntly, while renewable generation rose 3 percent.
Genesis said the retail business environment has experienced strong competition over the last 18 months affecting both electricity and gas customer numbers.
The company had 32,421 fewer electricity customers at the end of the fourth quarter compared to a year ago and said gas customer numbers were slightly down.
The company is a shareholder in the Kupe oil and gas field, which recently increased its reserves estimate.
