power prices

Harry from Waikanae

while all nz is struggling with power costs the power companies are ripping us off. Genesis Energy plans to increase its electricity prices for residential customers in January despite posting a 600% increase in its annual profit and signalling a further increase in its operating profit ahead.
Chief executive Marc England said it hadn’t yet decided how much prices would go up, as it would consider that strategically and make a call on that later this year.
Genesis posted a bumper $222 million profit for the year to the end of June, which was six times higher than its $32m profit the year prior and almost four times its $46m profit in 2020.

Fellow state-controlled ’gentailer’ Mercury Energy reported earlier this week that it had more than tripled its annual profit to $469m, with the largest of the gentailers, Meridian Energy, due to report its annual result next week.