GNE - Genesis Energy

[horus1]

What a rort. They will not get away with it with this Govt,probably would with National. Offshore expansion is dead and was before the bann,not economic any more.

[Zaphod]

What a rort. They will not get away with it with this Govt,probably would with National. Offshore expansion is dead and was before the bann,not economic any more.

Given offshore expansion was dead before the ban (as you have stated), therefore the ban was not required, thus the legislative change was a waste of time and money. Perhaps Labour should also consider a ban on hunting of Dodo's.

[Jerry]

To quote from the NZ Herald;
DRILLING BOUNTY
* 273PJ of natural gas - enough to fuel NZ homes for 40 years.
* 1,114,000 tonnes of LPG - NZ uses 180,000 tonnes a year.
* 18.6 million barrels of oil - enough for 11 years' use in NZ.

Last time they put up drilling rights for tender there was very little interest. I think one of eleven areas was taken up. The Taranaki field probably has more promise on land and drilling in the Great South Basin would be more expensive than anyone wants. Besides which, if we don't leave off burning coal and gas, it is going to cost us far more in coping with sea level rise and storm damage.
I am quite sure you are right about Genesis milking the Kupe price. I thought the reason for separating generators from retailers was to prevent this kind of rort.

[Bobdn]

This is the first increase in gas prices by Genesis since 2013.

https://www.nzherald.co.nz/business/...ectid=12114369

Wouldn't it be great if we could say the same thing about our local authority rates?

Every year, without fail, property rates go up. If you add my Sky bill together with my phone, and my gas and power, and my petrol bill, add all of these together, they still don't come close to my rates bill. Local Government gets a free pass. No one destroys wealth like local government.

Anyway, time to get back to the Sopronos. I missed it first time around all those years ago.

[Marilyn Munroe]

Anyway, time to get back to the Sopronos. I missed it first time around all those years ago.

You may be struck by the similar business ethics used in the waste management business in New Joisey and energy retailing in Nuu Zelund.

Boop boop de do
Marilyn

[Bobdn]

Waste management looks more profitable with a lot less competition

[Sideshow Bob]

Waste management looks more profitable with a lot less competition

Or easier to deal with (or should I say TO) the competition.

[Bobdn]

I see Genesis' unit 6 is now on duty on a daily basis as unit 5 gets it yearly physical.

Unit 6 is a 50.8MW open cycle gas turbine, which was commissioned in 2004. This unit can burn 100% gas or diesel to generate electricity. Unit 6 is operated as a Peaking unit when wholesale electricity prices reach high levels or when it is economic to operate it over short periods.

This video made by GE really helped me to understand how these things work.

https://www.youtube.com/watch?v=zcWkEKNvqCA

[Timesurfer]

Looks like I might be getting some of Beagle's "free electricity" today.
They say "we are performing while transforming" and long may it continue.

[Bobdn]

Timesurfer, you are referring to the presentation, right?

http://nzx-prod-s7fsd7f98s.s3-websit...408/290004.pdf

Section 3, about the diverse generation assets, is particularly interesting. Because I'm a real worry wort and a bit nutty, I started thinking the other week "what if someone forget to put the right hedges/insurance in place before these high spot prices hit?" I don't know how these things work of course but clearly, looking at the presentation, all is well.

I like this quote on page 36. "People don’t value earthquake insurance...until there’s an earthquake. The value of risk products is apparent in the wholesale markets right now". It got me thinking of that Buffet quote (if indeed he said it) about the tide going out and discovering who has been swimming naked.