Diversified generation portfolio Balanced portfolio of generation and retail load Highly rated and supportive owner—the government of New Zealand Financial profile is forecast to weaken because of investment in gas development projects and new generation capacity Long-term fuel-supply risks Poor thermal efficiency of Huntly power station The rating on Genesis Power Ltd., trading as Genesis Energy (Genesis), reflects its reasonably diversified generation portfolio and the strong market position of its retail base. These strengths are offset by the likely weakening of its financial profile, as a result of the company's substantial investment in fuel-development projects, such as the Kupe and Cardiff gas fields, to secure long-term fuel supplies. The rating factors in a modest element of support from Genesis' owner,
