Genesis Energy Limited (GNE) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Kia ora and welcome to the FY24 half year results presentation for Genesis Energy. I'm Malcolm Johns, Chief Executive, and I'm joined by James Spence, our CFO. After a year in the job, it has been exciting to learn about the sector and the company as we took stock of our position and looked out into the future, while also delivering on key projects and continuing to serve our customers well. The highlight for me was the launch of our new strategy, Gen35. The executive team, the board, and many people inside and outside Genesis worked hard over many months to drill into the first principles of the sector, the company, and the energy transition opportunity. We looked at where scarcity sat, where value sat, the company's capabilities and assets, and we ultimately developed our strategy to leverage our strong strategic value into financial value across three key value pools. The first is electrification, how we use our strong demand side position of almost 500,000 customers to drive faster organic demand growth through accelerated electrification of homes and businesses. The second is flexibility, how we optimise and develop our diverse generation fleet across both islands to leverage value from growing volatility across an hour, a week and months. The third was renewables, how we utilise our strengths to partner and directly invest to deliver new renewable generation for the future, driving Genesis to 95% renewable generation by 2035. I'll talk more about strategy later in the presentation. There were, of course, challenges during the period, with the forced outage of New Zealand's largest generating unit, Huntly Unit 5, being key among them. We also saw other thermal generation experience unplanned outage, and this only served to remind us that our thermal insurance po...