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- Genesis Energy (GNE) has reported lower electricity and gas sales from its retail business for the June quarter of 2022 compared to the same time last year
- The company says its quarterly retail electricity sales fell by 7.9 per cent to 426 gigawatt-hours (GWh) and total gas sales fell by 5 per cent to 1.9 petajoules (PJ) year-on-year
- Meanwhile, Genesis’ wholesale business increased renewable energy generation by 32 per cent and decreased CO2 emission generation by 48.5 per cent
- The company’s Kupe joint venture saw a 12 per cent increase in gas production and sales, though oil production fell by 5.4 per cent compared to the same time last year and oil sales by 4.4 per cent
- Shares in Genesis Energy are up 0.39 per cent to $2.57 at 10:20 am AEST
Genesis Energy (GNE) has reported lower electricity and gas sales from its retail business for the June quarter of 2022 compared to the same time last year.
The New Zealand-based electricity and gas supplier said in its quarterly report for the three months to the end of June that retail electricity sales fell by 7.9 per cent to 1426 gigawatt-hours (GWh) and total gas sales fell by 5 per cent to 1.9 petajoules (PJ) compared to the June quarter of 2021.
However, the electricity and gas sales figures represent respective increases of 13.3 per cent and 46.2 per cent compared to the March quarter of this year.
Meanwhile, the company reported a net customer churn for its retail business of 12.2 per cent — a 2.1 per cent decrease on the prior corresponding period (pcp), being the June 2021 quarter.
For reference, customer churn refers to the rate at which customers stop doing business with a company over a period of time. The higher the churn rate, the more customers stop buying from your business and the lower the churn rate, the more customers you retain.
Genesis’ total customers increased by a slight 0.7 per cent quarter-on-quarter to 471,000 customers.
Chief Customer Officer Tracey Hickman said the company focused on engaging with customers and supporting them to make more sustainable choices over the quarter.
“It was pleasing to see increasing customer satisfaction and loyalty through the quarter, as well as growing our customer numbers by 3400,” Ms Hickman said.
“With the launch of our new Genesis brand campaign and the continued success of Frank Energy, we are expecting this momentum to continue.”
Genesis’ liquefied petroleum gas (LPG) volumes were down across its residential and business segments, driven by warmer weather conditions.
As for its Wholesale segment, Genesis said strong rainfall across the North Island during the quarter allowed it to increase hydro generation, which contributed to a 32 per cent increase in total renewable energy generation to 755 GWh.
Genesis decreased generation emissions of carbon dioxide by 48.5 per cent on the pcp.
However, the company reported an 87 per cent year-on-year decline in wholesale gas sales after a roll-off of long-term sales contracts that weren’t renewed.
Genesis Energy’s Kupe segment, a 46-per-cent-owned joint venture which owns the Kupe oil and gas field in the offshore Taranaki basin, saw a 12 per cent increase in both gas production and sales.
Kupe gas production and gas sales grew to 2.8 petajoules, though oil production fell by 5.4 per cent on the pcp as well as oil sales by 4.4 per cent.
LPG production increased 7.2 per cent to 11.9 petajoules and sales followed suit with an 11.2 per cent growth on the pcp.
Shares in Genesis Energy were up 0.39 per cent to $2.57 at 10:20 am AEST.
