26 Oct 2010

Retail sector competition expected to remain aggressive - Genesis

12:41 pm on 26 October 2010

Genesis Energy expects competition in the retail sector to remain aggressive.

The publicly-owned power company held its annual public meeting in Wellington on Tuesday morning.

Previously-issued financial results showed its underling earnings in the year to the end of June rose 7% to $88 million.

Chief executive Albert Brantley says Genesis will issue its half yearly results in February, and based on first quarter production, they should meet or exceed financial targets.

Meanwhile, the company says an agreement to purchase the Tekapo A and B stations from Meridian has been negotiated, but it can't divulge the purchase price.

Genesis expects the sale to go ahead later this year, or early next year.