Genesis Energy strengthens customer base

27 April 2012

Genesis Energy reported a strong growth in customer numbers and in generation output in its Third Quarter (Q3) Operational Performance Report released today. As well, the Company passed the milestone of 250,000 installed Advanced Meters during Q3.

The growth in electricity, gas and LPG customers in the face of aggressive retail competition indicated the success of the Company’s strategy to be the leading customer-focused New Zealand energy company.

Genesis Energy’s Chief Executive Albert Brantley said the Company’s transformation into a leading energy retailer was progressing well as Customer Satisfaction improved from 90% to 93% in Q3 compared to the same quarter in 2010/2011, and customer market share was growing, despite continued strong retail competition.

“We are working harder to get closer to our customers and to provide them with the information and tools that improve their energy experience. We are at the beginning of a new era of marketing energy services that deliver our customers more choice and control over their energy usage,” he said.

Total customer numbers grew to 665,831 in Q3; electricity customers were up 1.5% to 552,315, gas customers were up 0.7% at 113,516 and LPG customers were up 69% to 7,137 from 4,220 in Q3 2010/2011.

Total generation output for Q3 was up significantly (37%) on the previous comparable period, reflecting dry conditions in the South Island. Total generation for Q3 was 1,888GWh compared to 1.377GWh in 2010/2011. Coal-fuelled generation was up 217% and hydro was up 56% due to the acquisition of Tekapo A and B stations.

In the nine months to the end of March 2012, the Company’s total generation was up 19.5% and the average wholesale price received for generation increased 16.8% from $73.47 to $85.81 compared to the same period in 2010/2011.

For more information contact:
Richard Gordon
Public Affairs Manager
Genesis Energy
P: 09 580 4782
M: 021 681 305