Overview Key strengths Key risks Solid market position as New Zealand's major electricity and gas retailer, with modest generation capacity. Strong retail competition. Vertically integrated business provides some natural hedge against volatile market prices. Exposed to volatile domestic wholesale electricity markets and global commodity prices. Sizable positive free operating cash flow. We expect Genesis Energy Ltd.'s debt-to-EBITDA ratio to improve to 2.2x-2.5x in fiscal 2023 (year-end June) and increase to 2.5x-2.8x in subsequent years as it steps up capital expenditure (capex). Support for the company?s fiscal 2023 earnings will come from favorable hydrological conditions and lower thermal generation. In subsequent years, Genesis should also benefit from fuel cost savings as its renewable investments and power purchase agreements (PPAs) displace higher-cost
