New Zealand’s leading power supplier, Genesis Energy (ASX:GNE) has announced a fall in oil sales, while its electricity sales grew in the first quarter of FY18.
It’s gas production operated at 95.4 per cent capacity in the first quarter of FY18 and it met market conditions. Its total generation rose over 23 per cent, both in thermal and renewal power.
Over the same period, it saw gas prices rise 2.1 per cent, and demand slightly fall.
The company also saw its total customers fall by over 1,100 in the period.
Shares in Genesis Energy (ASX:GNE) closed about 0.9 per cent higher yesterday at $2.20.