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10 stories mentioning ASX:GNEUpdated 7d ago

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Asia

New Zealand Shares Rise Slightly; Spark New Zealand Appoints COO

New Zealand shares ended slightly higher on Thursday as most Asian markets saw gains amid an escalating Middle East conflict.The S&P/NZX 50 Index rose 0.23% or 32.13 points to close at 13,795.31.The Houthis, Yemen's Iran-backed group, struck two Saudi oil tankers on Thursday under a naval blockade of the kingdom, raising the prospect of simultaneous disruptions to oil flows through both the Red Sea and the Strait of Hormuz, according to a Reuters report.In corporate news, Spark New Zealand (ASX:SPK, NZE:SPK) appointed Tommy Bjorkberg as chief operating officer, effective Oct. 1.Genesis Energy (NZE:GNE, ASX:GNE) reported total retail electricity sales of 1,543 gigawatt-hours (GWh) for the fiscal fourth quarter ended June 30, down from 1,696 GWh in the same quarter a year earlier.

^NZ50ASX:GNEASX:SPKNZE:GNENZE:SPK
Asia

Genesis Energy Posts Lower Fiscal Q4 Retail Electricity Sales

Genesis Energy (NZE:GNE, ASX:GNE) reported total retail electricity sales of 1,543 gigawatt-hours (GWh) for the fiscal fourth quarter ended June 30, down from 1,696 GWh in the same quarter a year earlier, according to a Thursday filing with the Australian and New Zealand bourses.The company's retail customers fell to 490,227 in the quarter from 520,519 a year earlier, and wholesale electricity sales declined year over year to 1,343 GWh from 1,835 GWh.The company's total retail gas sales were 1 petajoule in the June quarter, down from 1.7 petajoules in the same quarter last year.Genesis Energy's New Zealand shares shed about 1% in recent Thursday trade.

ASX:GNENZE:GNE
Asia

Awareness of Power Support Services Grows in New Zealand, Electricity Authority Says

New Zealand's Electricity Authority on Wednesday published a post-implementation review that found increasing awareness of services that help consumers with utility disputes and price comparisons following measures implemented in 2021.The review showed that the majority of retailers and distributors are in compliance with requirements in the country's Electricity Industry Participation Code, making information about the support services generally available to consumers.Although awareness of dispute resolution services is still relatively low, there are signs of improvement as the latest Utilities Disputes annual report pointed to a 62% year-over-year increase in complaints, the Electricity Authority said.It added that retailers will be required to furnish information about utilities disputes on power bills starting from Oct. 30, as opposed to providing it only with billing communications.The review further found that roughly 60% of consumers are familiar with comparison and switching services, but awareness is lower among modest-income households.The New Zealand-listed shares of Genesis Energy (ASX:GNE, NZE:GNE) and Mercury NZ (ASX:MCY, NZE:MCY) were marginally lower in recent Wednesday trade, while Contact Energy (ASX:CEN, NZE:CEN) fell 2% and Meridian Energy (ASX:MEZ, NZE:MEL) shed past 1%.

ASX:CENASX:GNEASX:MCYASX:MEZNZE:CENNZE:GNENZE:MCYNZE:MEL
Asia

New Zealand's Electricity Authority Probes Genesis Energy's Alleged Consumer Care Obligations Breach

New Zealand's Electricity Authority started an investigation into an alleged breach of the Electricity Industry Participation Code by Genesis Energy (ASX:GNE, NZE:GNE) in relation to the disconnection of a residential consumer who depended on mains electricity for critical medical support, according to a Thursday statement from the regulator.The regulator also alleged that Genesis breached several provisions in the Consumer Care Obligations related to protections for medically dependent consumers.Genesis self-reported an additional alleged breach on Feb. 27 when it failed to request an application for medically dependent consumer status after becoming aware of a medically dependent consumer.The firm did not immediately respond to an emailed request for comment from.

ASX:GNENZE:GNE
Asia

Echelon Resources Extends Kupe Gas Supply Deal With Genesis Energy

Echelon Resources (ASX:ECH) amended its gas supply agreement with Genesis Energy (ASX:GNE, NZE:GNE), extending sales of Kupe gas for an additional three years, according to a Wednesday Australian bourse filing.The revised agreement reflects current market pricing and incorporates inflation-based adjustments throughout the contract period, the filing said.Beach Energy (ASX:BPT) operates the Kupe permit with a 50% interest, alongside Genesis Energy holding 46% and Echelon Resources holding 4%, the filing added.Echelon Resources' shares rose past 1% in recent Wednesday trade. Genesis Energy's Australian shares gained 1%, while its New Zealand's shares shed 1%. Beach Energy's shares tumbled 4%.

ASX:BPTASX:ECHASX:GNENZE:GNE
Asia

New Zealand Regulator Imposes New Rules on Top Energy Companies to Boost Competition in Electricity Sector

New Zealand's Electricity Authority on Tuesday imposed non-discrimination obligations on the country's four largest energy companies in a bid to level the playing field for hedging contracts in the electricity sector.Under the new rules, which are effective from July 1, Contact Energy (NZE:CEN, ASX:CEN), Genesis Energy (NZE:GNE, ASX:GNE), Mercury (NZE:MCY, ASX:MCY), and Meridian Energy (NZE:MEL, ASX:MEZ) will be required to provide risk management contracts to all buyers on an even-handed basis. This will prevent the companies from favoring their own retail divisions on price or non-price terms.The four power generation-retailer, or gentailer, firms will need to furnish compliance plans to the Authority each year, and also submit six-monthly assessments justifying their retail price offers relative to their expected cost of electricity supply.Electricity Authority Acting Chair Erik Westergaard said the new rules will boost competition, enhance transparency, and can be implemented quickly without a material cost increase for gentailers.Shares of all four companies rose less than 1% in recent Tuesday trade on the New Zealand bourse.

ASX:CENASX:GNEASX:MCYASX:MEZNZE:CENNZE:GNENZE:MCYNZE:MEL
Asia

New Zealand Shares Fall; Genesis Energy Posts Lower Fiscal Q3 Retail Electricity Sales

New Zealand shares ended lower on Thursday as most Asian indexes saw losses after shipping worries continued around the Strait of Hormuz.The S&P/NZX 50 Index fell 0.47% or 60.67 points to close at 12,884.93.Iran seized two ships in the Strait of Hormuz, tightening its control over the strategic waterway after US President Donald Trump said he was indefinitely suspending attacks, with no indication that peace negotiations would resume, according to a Thursday Reuters report."Markets look very on edge here. We are still in a no-war, no-peace zone, and that means even an ⁠unverified scare of escalation can jolt oil and knock risk assets lower," said Charu Chanana, chief investment strategist at Saxo, as quoted by Reuters.In domestic news, Moody's has revised its outlook on New Zealand's AAA credit rating to negative from stable in a move that again signals a need for checks on spending and borrowing, Finance Minister Nicola Willis said.Further, credit card spending in New Zealand increased by 0.7% month on month to NZ$4.87 billion in March after a 0.1% increase in the previous month, while credit card balances fell 0.5% to NZ$6.08 billion in March, data from the Reserve Bank of New Zealand showed.Also, sales volumes continued to decline across New Zealand's housing market for the third consecutive month in March, down 2.4% year-over-year, Cotality saidIn corporate news, Genesis Energy (ASX:GNE, NZE:GNE) reported total retail electricity sales of 1,380 gigawatt-hours (GWh) for the fiscal third quarter ended March 31, down from 1,474 GWh in the same quarter a year earlier.Comvita (NZE:CVT) launched a pro-rata renounceable rights offer to raise up to NZ$30 million to support bank refinancing.

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Asia

Genesis Energy Posts Lower Fiscal Q3 Retail Electricity Sales; Raises Fiscal 2026 EBITDAF Guidance

Genesis Energy (ASX:GNE, NZE:GNE) reported total retail electricity sales of 1,380 gigawatt-hours (GWh) for the fiscal third quarter ended March 31, down from 1,474 GWh in the same quarter a year earlier, according to a Thursday filing with the New Zealand bourse.The company's retail customers fell to 491,532 in the quarter from 526,327 a year earlier, and wholesale electricity sales declined year over year to 998 GWh from 1,434 GWh, the filing said.The company's total retail gas sales were 0.8 petajoules in the March quarter, down from 1.2 petajoules in the same quarter last year.The company raised its fiscal 2026 guidance for normalized earnings before interest, taxes, depreciation, amortization, and fair-value adjustments to a range of NZ$515 million to NZ$545 million from its previous forecast of NZ$490 million to NZ$520 million.

ASX:GNENZE:GNE
Asia

New Zealand Shares End Slightly Higher Amid Rising Middle East Tensions; Channel Infrastructure Secures Deal to Expand Diesel Storage at Marsden Point

New Zealand shares ended marginally higher on Monday after tensions rose in the Middle East, as the end of the two-week US-Iran ceasefire draws near.The S&P/NZX 50 Index edged up 0.1% or 9.8 points to close at 12,915.45.Tensions rose in the Middle East as the US seized an Iranian cargo ship and Iran's top military command vowed to retaliate. US President Donald Trump said he was sending envoys for talks in Pakistan. However, Iran rejected new peace talks with the US, its state news agency reported.Trump said he would launch new strikes on Iran if it didn't agree to his terms.In domestic news, New Zealand recorded a goods trade surplus of NZ$698 million in March, compared with a deficit of NZ$364.7 million in February, Stats NZ data showed. Goods exports rose 7.3% to NZ$7.94 billion, while imports rose 9.6% to NZ$7.25 billion..New Zealand's first-quarter consumer price index is anticipated to rise by 0.8% quarter on quarter and 2.9% year on year, which is slightly below the Reserve Bank of New Zealand's revised April forecast of 3%, brokerage firm BofA Securities said.In corporate news, Channel Infrastructure (NZE:CHI, ASX:CHI) confirmed an agreement with the New Zealand Government to add 93 million liters of diesel storage at its Marsden Point Energy Precinct, equivalent to around nine more days of national diesel demand.Genesis Energy (NZE:GNE, ASX:GNE) reached a final investment decision on the second stage of its battery energy storage system program at Huntly Power Station on New Zealand's North Island, with an estimated project cost of about NZ$106 million.Lastly, Fletcher Building (NZE:FBU, ASX:FBU) said the planned sale of Fletcher Construction to Vinci Construction has cleared key regulatory approvals in New Zealand, including Overseas Investment Office consent and confirmation from the Commerce Commission that it will not further review the transaction.

^NZ50ASX:CHIASX:FBUASX:GNENZE:CHINZE:FBUNZE:GNE
Asia

Genesis Energy Reaches Final Investment Decision on North Island Battery Energy Storage System Program

Genesis Energy (NZE:GNE, ASX:GNE) reached a final investment decision on the second stage of its battery energy storage system (BESS) program at Huntly Power Station on New Zealand's North Island, with an estimated project cost of about NZ$106 million, according to a Monday filing with the New Zealand bourse.The project will be funded on balance sheet and will add 100 megawatts/200 megawatt-hours of BESS capacity to raise the station's installed capacity to 200 megawatts/400 megawatt-hours, which is sufficient to power roughly 120,000 homes for two hours, per the filing.The company said it will leverage existing land and infrastructure, coupled with a shared plant from the program's first stage, "to deliver the lowest cost committed grid scale BESS in New Zealand to date."Second-stage construction is expected to start in the second quarter of fiscal 2027 and the system is scheduled to become operational by the third quarter of fiscal 2028.

ASX:GNENZE:GNE

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