Genesis Energy guarantees energy supply until 2030s

The New Zealand-based power retail firm, Genesis Energy, has announced its guarantee to provide consumers with power until the 2030s.

The nation’s largest electricity and gas retailer claims it is not currently making plans post the decade, the New Zealand Herald reported.

The company’s Chief Executive Officer, Marc England, claims that even without further development from its Kupe oil and gas field, the offshore field would produce enough natural gas and liquefied petroleum gas (LPG) to supply during the review period.

The CEO claims that the field, located in the nation’s Taranaki region, has provided record production.

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England attributes this success due to a rise in demand for thermal power at the firm’s Huntly power station.

The CEO also addressed the government’s decision to ban new offshore oil and gas exploration in New Zealand.

“It doesn't really affect us - we've got an asset there that is going to be producing into the 2030s - we're not sitting here particularly focused on it,” commented England.

“Without getting into the politics you can import LPG. And it wouldn't be too hard to build an LNG import facility for some point in the future.”