Genesis Energy (GNE) Q1 2027 TU earnings summary

Executive summary

• Strong FY27 start as high national hydro storage lowered wholesale prices; portfolio flexibility supported lower thermal generation, market purchases and gas redirection to industrial customers.

• Customer growth continued from Q4 FY26, while the first Huntly BESS stage was commissioned and Leeston Solar reached FID.

Financial highlights

• Retail electricity sales were 1,766 GWh, down 108 GWh YoY; reported electricity retail sales revenue was $580m versus $575m in Q1 FY26.

• Electricity netback was $184/MWh, up 1.4% YoY; gas netback was $28.8/GJ, up 5.9%, and LPG netback was $1,768.3/t, up 7.5%.

Outlook and guidance

• Tihori Solar remains on budget for Q1 FY28 COD; Leeston construction is expected to start in Q2/Q3 FY27, while Rangiriri remains pre-FID.

• Huntly BESS Stage 2 design and procurement are underway, with construction expected to start in Q2 FY27; Unit 5's planned shutdown was extended to mid-February 2027.

• Digital programme Releases 2 and 3 remain on track; major digital investment remains within the $145m envelope.