Genesis Energy sees customers fall, electricity sales rise

Company News

by Jessica Amir

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.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.