Market Security Options Update

Genesis Energy confirms that a number of parties have registered formal expressions of interest in respect of the Market Security Option (MSO) product offered to the market on 30 August. The MSOs were designed to offer gentailers, retailers and major energy users a means to achieve greater price stability and support security of supply for 2023 and 2024 through reserving Rankine capacity. Looking ahead to 2023 and 2024, there remains the potential for increased price volatility in the wholesale electricity market as the impact of unprecedented increases in international fuel prices reaches New Zealand. Significant increases in the cost of carbon will exacerbate this issue. The level of responses indicates other market participants share this concern. Negotiations with the relevant parties to formalise agreements will now follow. ENDS For investor relations enquiries, please contact: Tim McSweeney GM Investor Relations & Market Risk M: 027 200 5548 For media enquiries, please contact: Chris Mirams GM Communications and Media M: 027 246 1221 End CA:00399469 For:GNE Type:GENERAL Time:2022-09-27 10:52:03