Genesis Energy secures 20 PJ fuel supply deal
- Genesis Energy secures up to 20 petajoules of additional natural gas supply through two long-term agreements.
- Following the announcement, the Genesis Energy share price was unchanged at $2.20.
- The expanded fuel portfolio aims to meet forecast retail demand and support the company's transition away from baseload gas generation.
Genesis Energy (ASX:GNE) secured approximately 11.4 petajoules of third-party gas supply alongside rights to an additional 8.6 petajoules from the Kupe field.
The 11.4 petajoule third-party agreement covers supply from March 2027 to December 2029.
“This additional gas gives us greater choice in how we manage our generation mix and respond to customer demand and changing market conditions,” said Genesis Energy Chief Wholesale Officer Tracey Hickman.
The Kupe field transaction involves exercising a right of first refusal with subsidiaries of Beach Energy to access gas from January 2027 to December 2028, subject to final documentation and ministerial approval.
The agreements strengthen the energy provider's gas position through fiscal year 2029 to assist in transitioning away from baseload gas generation.
Following the announcement, the Genesis Energy share price was unchanged at $2.20.
Genesis Energy operates as a New Zealand power generator and retailer supplying electricity, natural gas, and LPG to residential and commercial customers.
The company maintains a diversified energy generation portfolio that includes hydro, thermal, and wind generation assets across New Zealand.
