Saturday, December 15, 2018
Companies ยป Genesis Energy

Genesis Energy

Genesis Energy is a state-owned enterprise with a diverse electricity generation portfolio.

We own and operate 1,640MW of electricity generation, including New Zealand's largest thermal power station at Huntly, a high efficiency 48MW open gas cycle turbine at Huntly, hydro stations at Tongariro and Lake Waikaremoana, the Hau Nui Wind Farm in the Wairarapa and co-generation facilities at large industrial sites at Te Awamutu and Kinleith.

We are New Zealand's largest energy retailer, with more than 700,000 electricity and gas customers located predominantly in the North Island.

The company is also heavily involved in gas exploration and production to secure future fuel supplies for New Zealand. It has a 31 percent equity interest in the Kupe oil and gas field and a 40 percent equity stake in the Cardiff deep gas prospect.

Our Aim

Our aim is to Make a Difference to New Zealand. This underpins the way we operate and do business, how our staff interact with stakeholders, and can be seen in our efforts to reduce our impact on the environment.

Shareholder Objectives

The principal statutory objective we have, as stated in the State-Owned Enterprises Act 1986, is "to operate as a successful business." We are committed to corporate social responsibility, extending beyond profit maximisation and to achieve the ends goals of:

  • To be as profitable and efficient as comparable businesses that are not owned by the Crown.
  • A good employer.
  • An organisation that exhibits a sense of social responsibility by having regard to the interests of the community in which it operates and by endeavouring to accommodate or encourage these when able to do so.

Details of our plans, including five-year targets, to achieve shareholder and company objectives are provided in the 2004/05-2009 Statement of Corporate Intent . See our website (link below).

Company Objectives

To achieve sustainable business growth that is consistent with our vision of making a difference to New Zealand, we are committed to the following objectives:

  • Deliver on shareholder value expectations by achieving a return that is greater than the company's weighted average cost of capital
  • build more generation capacity
  • bring more fuel to market
  • optimise the generation and trading business
  • provide more customers with electricity, gas and a choice of energy-related products
  • take the Genesis Energy brand to all of New Zealand
  • continue to build our understanding of stakeholder expectations
  • successfully retain and develop our intellectual knowledge
  • have the right people doing the right things
  • enhance our systems and processes

By delivering on these objectives across the energy value chain (fuel, generation, retail) we will work towards achieving our vision, delivering on shareholder value while contributing positively to New Zealand's energy sector and the broader community in which we operate.

Working hard to achieve this balance will bring success to Genesis Energy and New Zealand.

Useful Links

Genesis Energy websiteGenesis Energy website - All you need to know about Genesis Energy

 

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