Diversified generation portfolio Balanced portfolio of generation and retail load Highly rated and supportive shareholder Financial profile is forecast to weaken because of investment in new generation capacity and gas development projects Fuel risk Poor thermal efficiency of Huntly power station The ratings on Genesis Power Ltd., trading as Genesis Energy (Genesis), reflect its 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 investment in the Huntly e3p power station and fuel development projects, such as Kupe and Cardiff. The ratings factor in an element of support from Genesis' owner, the New Zealand government (local currency, AAA/Stable/A-1+;
