Genesis to retire coal generators

Company News


Genesis Energy Limited (ASX:GNE) says it will retire its last two coal-burning electricity generators in New Zealand’s Huntly Power Station by the end of 2018. 
 
The company has been phasing out the coal/gas fired units since 2009 with two existing gas fuelled units deemed sufficient to generate enough electricity for the power station resulting in annual savings of up to $25 million. 
 
The units were responsible for approximately 5 per cent of New Zealand’s total greenhouse gas emissions bringing the electricity sector closer to its 90 per cent renewable target. 
 
The company plans to use stock piled coal and existing coal supply contracts till June 2017 and then operate solely on gas till the end of the units operational life. 
 
Genesis Energy reported a first half net profit of $65.18 million dollars to end December 2014.