FY19 Q1 Performance Report

FY19 Q1 PERFORMANCE REPORT Genesis Energy today released to the NZX its FY19 Q1 Performance Report for the three months ended 30 September 2018. The report is available from the Genesis Energy page at www.nzx.com or https://www.genesisenergy.co.nz/investors/reports-and-presentations#quarterly . Towards the end of the quarter and coming into October, Genesis has noted a material change in wholesale electricity and fuel market conditions due to declining hydro storage and a drier outlook, gas field production constraints, increased international coal prices and a falling exchange rate. This has resulted in elevated wholesale electricity and gas prices which has led to hydro conservation, and Genesis being called on to support the gas and electricity markets with our flexible dual fueled thermal assets. Genesis continues to monitor market conditions and will ensure we are able to meet the energy needs of our customers and existing contracts. FY19 Q1 PERFORMANCE SUMMARY CUSTOMER - Customer churn improved by 5 percentage points to 16% compared to the previous year, with total customer numbers down 890 on Q4 FY18. - Change in netback is flat in electricity at $107/MWh on pcp, 2% increase in gas netback to $8.7/GJ, and 5% increase in LPG netback to $862/t. - Total electricity sales volume was up 4% to 1,725 GWh, B2B increased 14%, offset by a 3% fall in residential sales volumes. - Total gas sales volume was up 8% to 2.7 PJ, with B2B up 16% on pcp. WHOLESALE - Average generation price received was $86/MWh, down 12% however remains elevated based on historical levels. - Total generation volume was down 15% on pcp to 1,781 GWh. Carbon emissions were down 32% on pcp to 392 ktCO2. - Thermal generation down by 29% to 784 GWh due to lower swaption calls and market gas shortages as a result of Pohokura outages. Renewable generation flat at 997 GWh. KUPE - Field production was 94% of maximum capacity, down 2 percentage points on pcp. Genesis' share of gas sales was down 5% to 3 PJ due to contract rebalancing. - LPG production was up 21% on pcp to 13.5 kt with LPG yield at 4.43 t/TJ of gas produced, up 23% on pcp. - Oil production was down 11% to 130 kbbl, due to natural decline in yield. 70 kbbl of oil sales were recorded, up 20% on pcp. "Genesis' customer churn rate continues to improve following a foundational FY18, with our integrated portfolio and fuel mix providing benefits in the first quarter of FY19" said Marc England, Chief Executive Officer. ENDS For media enquiries, please contact: Emma-Kate Greer Group Manager Corporate Relations M: 027 655 4499 For investor relations enquiries, please contact: Cameron Parker Investor Relations Manager Genesis Energy P: 09 951 9311 M: 021 241 3150 About Genesis Energy Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. It sells electricity, reticulated natural gas and LPG through its retail brands of Genesis Energy and Energy Online. It is New Zealand's largest energy retailer with around 500,000 customers. The Company generates electricity from a diverse portfolio of thermal and renewable generation assets located in different parts of the country. Genesis Energy also has a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand. Genesis Energy had revenue of $NZ2.3bn during the 12 months ended 30 June 2018. More information can be found at www.genesisenergy.co.nz End CA:00325083 For:GNE Type:MKTUPDTE Time:2018-10-10 08:30:25