Total revenue was $NZ1430 million, up from $NZ1094 million, reflecting the growth in revenue from the acquisition of NGC's retail gas business and increased generation during autumn 2003.
The electricity generator and retailer also announced a final dividend of $NZ16.2 million had been paid to the shareholding Ministers at the end of September 2003, bringing the total dividend for the year to $NZ24.4 million.
Chairman Brian Corban said the full year profit compared favourably with earlier years, reflecting the continued growth of the company.
High hydro storage inflows for the first five months of the period contributed to low wholesale electricity prices, but from last December to May Genesis was called on to cover hydro generators against hydro shortfalls, and to provide additional hedge cover to large industrial customers exposed to high volatile spot prices.
Unavailability of other thermal plants, plus reduced Maui gas availability, forced Genesis to use much higher quantities of coal at its duel-fueled 1000MW Huntly plant than previously.
"The ability to operate on dual fuel demonstrates the critical importance of Huntly power station in ensuring security of supply to New Zealand,"
Corban said.
The shortfall of Maui gas - which had seen Genesis' gas entitlement under a third party contract from Maui reduce by 25% and spot gas purchases cease - was of significant concern to Genesis.
Chief executive Murray Jackson said Genesis now had more than 585,000 electricity and gas customers following the acquisition of NGC's residential gas business, comprising 95,000 customers last October; the acquisition of Energy Online retail electricity business from Newcall, with 20,000 customers; and acquisition earlier this year of the FreshStart retail customer base from Todd Energy, with 24,000 customers.
Genesis had been able to provide hedge cover to its retail business from a diverse generation portfolio and simultaneously provide TransPower's national grid with frequency control and spinning reserve.
Jackson confirmed, as he has already done to EnergyReview.Net, that Genesis was proceeding with the development of the Kupe oil and gas field, with first gas from early 2007 that will partly fuel the 365MW combined-cycle gas turbine plant planned to be commissioned at Huntly during early 2006.
As reported earlier, Genesis is investigating a number of 100MW co-generation sites, has called tenders for expansion of the Wairarapa Hau Nui wind farm, and plans to develop a new 25MW wind farm on the Awhitu Peninsula southwest of Auckland. The company is also commissioning a 48MW open-cycle gas plant at Huntly before next winter.
