Major integrated generator-retailer with significant and diversified generation capacity in the market Prudent management of debt refinancing, trading, and operational risks Highly rated and supportive owner—the government of New Zealand Weakening competitive position due to fuel base and carbon charge Exposure to volatile wholesale and retail energy markets, including oil prices through the Kupe joint-venture Opaque risk appetite and growth strategy over the medium-to-long term The ratings on Genesis Power Ltd. (trading as Genesis Energy) reflect our opinion of the company's market position as a major integrated electricity generator-retailer (also known as gentailer) in the New Zealand electricity market. Also underpinning the ratings is Genesis Energy's reasonably diversified generation portfolio and its 100% ownership by the government of New Zealand
