Genesis Energy posts strong Q1 FY26 performance with retail growth

Genesis Energy reported a strong operational performance for Q1 FY26. Total electricity sales reached 1,874 GWh, an increase of 188 GWh on the prior comparative period (pcp), while total customers grew to 502,765, up 0.9% on pcp. Electricity netback also saw a significant rise of 14.7% to $181/MWh. The wholesale segment demonstrated robust hydro generation of 904 GWh, a 218 GWh increase on pcp, with PPA electricity generation at 258 GWh, up 135 GWh on pcp.

However, thermal generation decreased by 498 GWh to 784 GWh compared to pcp. The Kupe segment experienced a slight decline, with Kupe gas sales at 1.6 PJ, a 0.2 PJ decrease on pcp, and oil production at 32 kbbl, down 17.7% on pcp. LPG sales were 7.6 kt, a 0.4 kt decrease. The company continues to advance its "Gen35 8by28 Progress" initiatives, with the Leeston Solar Farm reaching completion in October and foundational work for BESS deliveries progressing. Digital investment in billing, CRM, and finance system upgrades remains on track within the $145m envelope.