Genesis Power
 |
|
| Public | |
| Traded as |
NZX: GNE ASX: GNE |
| Industry | Energy |
| Predecessor | Electricity Corporation of New Zealand |
| Founded | 1999; 18 years ago |
| Headquarters | Auckland, New Zealand |
|
Key people
|
Dame Jenny Shipley, Chairman Marc England, Chief Executive |
| Services | Electricity, Natural Gas, LPG |
| Revenue |
 NZ$2,011M |
|
NZ$335M |
|
| Profit |
 NZ$184M |
| Total assets |
NZ$3,778M |
| Total equity |
NZ$1,991M |
|
Number of employees
|
860 |
| Parent | New Zealand Government |
| Website | genesisenergy |
Genesis Energy Limited, formerly Genesis Power Limited, is a New Zealand publicly listed electricity generation and electricity, natural gas and LPG retailing company. It was formed as part of the 1998–99 reform of the New Zealand electricity sector, taking its generation capacity from the breakup of the Electricity Corporation of New Zealand (ECNZ) and taking retail customers from three local power boards in the Lower North Island.
Genesis Energy is the largest electricity and natural gas retailer in New Zealand, with 26% and 39% market share respectively in the 2015–2016 financial year. In 2015, Genesis produced 14% of New Zealand's electricity, and is the third largest electricity generating company in New Zealand in terms of MW capacity, GWh generation and revenue (see comparison table at New Zealand electricity market).
Genesis Energy began business on 1 April 1999, after the reform of the New Zealand electricity market and the breakup of the Electricity Corporation of New Zealand (ECNZ). It took over the Huntly Power Station, Tongariro Power Scheme and Waikaremoana Hydro Scheme from ECNZ, and the Hau Nui Wind Farm and the Kourarau Hydro Scheme from Wairarapa Electricity. It also inherited the retail arms of Powerco, Central Power and Wairarapa Electricity, while Powerco and Central Power concentrated on electricity distribution (the distribution arm of Wairarapa Electricity merged with Powerco on the same day).
During 2000 to 2002 Genesis Energy purchased several electricity and gas retailing entities, following changes to laws governing the electricity industry. These included electricity retail businesses of Todd Energy, and electricity and gas customers from NGC (now Vector Limited) and Energy Online.
In September 2013, the company announced a change of name from Genesis Power Limited to Genesis Energy Limited.
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