Strong market position as New Zealand's largest electricity and gas retailer, with a modest generation position Limited growth investment opportunities from generally flat demand, and the current surplus generation in the New Zealand market Exposure to volatile oil-and-gas sector through joint venture with Kupe Flat earnings over the medium term due to muted electricity demand and continued depressed oil prices Low capital spending requirements, which should result in positive free operating cash flow generation Reduced financial flexibility due to expected increase in dividend payouts over the next couple of years Modest positive discretionary cash flow generation that should drive marginal deleveraging over the medium-term The stable outlook on Genesis Energy Ltd. reflects our expectations that the company will continue to
