Genesis (NZX:GNE): How did it perform in FY22 Q2 period?

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Genesis (NZX:GNE): How did it perform in FY22 Q2 period?

 Genesis (NZX:GNE): How did it perform in FY22 Q2 period?
Image source: Copyright © 2022 Kalkine Media

Highlights

  • Genesis Energy released its FY22 second quarter report, where key enhancements were observed amid hydro generators like modernisation of Piripaua Power Station.
  • The Company’s wholesale prices declined below generation costs; the Huntly Power Station exhibited adjustability by powering down in intervals.

Genesis Energy Limited (NZX:GNE; ASX:GNE) has announced its FY22’s second quarter report.

NZX energy company- Genesis

Source: © 2022 Kalkine Media®

How did the retail division perform?

The Company kept on aiding the consumers throughout the lockdown phase. Net consumer churn fell to 12.6% while Brand Net Promoter Score increased to the elevated record level.

Netback kept on rising throughout all products and gas rose by 53% on pcp. Frank Energy was released in the market, as a tier 2 competitor to give New Zealanders easy to comprehend energy proposition.

What was the role of the wholesale division?

When wholesale prices declined below generation costs, the Huntly Power Station exhibited adjustability by powering down in intervals. The Waipipi wind farm, elevated hydro inflows along with wholesale market hedging propelled lower emissions.

Throughout the period, key enhancements were observed amid hydro generators like modernisation of Piripaua Power Station. It is projected that the Piripaua power station would increase efficiency of the 42 MW plant by 3.3%.

Related article; Genesis (NZX:GNE): How did it perform in last month?

The update from Kupe

Kupe kept on performing post the smooth inlet compression project with gas, LPG, and oil production, which increased when compared to the previous quarter.

Bottom Line

The Company’s portfolio showed elasticity during the quarter by moving between giving back-up power to the market at increased prices and buying lower cost renewable power from the market at lesser prices.

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