Diversified generation portfolio Balanced portfolio between generation and retail load Highly rated and supportive shareholder Financial profile is forecast to weaken as a result of significant planned investment in new generation capacity and fuel-development projects Fuel risk Poor thermal efficiency of the Huntly power station The ratings on Genesis Power Ltd., trading as Genesis Energy (Genesis), reflect the company's reasonably diversified generation portfolio and the strong market position of its retail base. These strengths are offset by the recent and forecast weakening of its financial profile, as a result of substantial planned investment in additional generation capacity and potentially some further investment in fuel development projects such as Kupe and Cardiff. The ratings factor in an element of support from
