Genesis Energy launches new strategy

MARKET RELEASE


Date: 30 November 2023

NZX: GNE / ASX: GNE

Genesis Energy to use Kupe profits to deliver 95% renewable generation by 2035 under strategy
reset

Genesis Energy will use profits from the Kupe gas field to support a $1.1 billion programme to build
new renewable generation and grid scale battery storage between now and 2030.
As part of a strategy reset, Gen35, investment will be made into solar, grid scale battery storage and
wind that will help grow Genesis’ renewable portfolio to around 8,300 GWh. This is a 160% increase
on Genesis’ current 3,200 GWh of renewable generation. Genesis’ proportion of renewable
generation is targeted to rise to 95% by 2035, the same level as New Zealand’s overall generation.
Details on the development pipeline, the new lower-cost Retail operating model and a 10-year
financial plan will be outlined today to capital market participants by Chief Executive Officer,
Malcolm Johns and the executive team.
“Electrifying the economy is the pathway to achieving net-zero 2050. New Zealand needs to move
from 40% of energy drawn from electricity today to more than 70% by 2050. That means electrifying
our homes and businesses much faster than we are currently.”
“Genesis has a key role to play in achieving all of this and we have a long-term vision and strategy for
growth and value creation for shareholders,” Johns said.
“On the demand side, we will be focused on partnering with our customers to accelerate electrifying
how they live, work and move. On the supply side, this includes optimising existing generation assets
to take them deeper into the transition, developing more renewables and investing in grid scale
firming and flexible generation.”
Huntly Power Station by virtue of its location, firming capability and connection to critical national
infrastructure will continue to be a centre piece of the company’s supply side plans together with
hydro assets and more solar and wind.
Progress is being made toward biomass replacing coal and this may open up some interesting
regional economic development opportunities and jobs. Staged development of up to 400MW (800
MWh) of battery capacity is underway. Unit 5 may be adapted in future to generate on hydrogen,
and operate as a fast-start peaker to advance Genesis’ grid scale firming and peaking capabilities.
“Huntly Power Station is a generation site of national value that will ensure electricity flows
uninterrupted as demand increases and the sector builds new renewables,” Johns said. “The size and
scale of the transition is known; the demand growth is less clear but there is no market segment or
political constituency for cold showers by candlelight.

“Huntly is a portfolio of assets, fuels and unique human skills, available to secure the grid today and
fill the portfolio option in the NZ Battery project. It is a logical and cost-effective option to support
the country through the energy transition and beyond. It already delivers hundreds of jobs to
regional New Zealand and can use fuels procured from within New Zealand.”

Genesis will move from focusing on pure offtake agreements to a portfolio of development options
including PPA’s, JV’s with PPA’s and building generation and storage assets on its own balance sheet.

Securing four solar sites to generate around 450MW and investing in grid scale batteries are the first
stages. Beyond that, the Kupe field provides the option of developing offshore wind.
“The Genesis of the future is now a very different investment than the Genesis of today,” Johns said.

Financial Outlook

Genesis is forecasting Gen35 to drive growth in earnings. In the Gen35 base case plan, EBITDAF is
expected to be around $500m in FY25 and in the mid-high $500 millions between FY26 and FY28.
Operating Expenditure is forecast to be lower than current levels by FY28. Stay-in-Business capital
expenditure is expected to be around $70 million per annum for FY25 to FY27.

The Board has updated the dividend policy, to direct free cash flow from Kupe to renewables
development. As a consequence, total FY24 dividends have been guided at 14.0 cents per share. The
Company will aim to maintain dividends in real terms and grow where appropriate.

FY24 EBITDAF guidance remains unchanged at $430 million, subject to hydrological conditions, gas
availability and any material adverse events or unforeseeable circumstances.

The financial impact of the Huntly Unit 5 outage, based on current market conditions, plant and fuel
availability, and mitigating factors is estimated to be $25 million, net of insurance proceeds. This is
included in EBITDAF guidance, and is consistent with previous guidance.

FY24 operating expenditure is expected to be around $380 million. Capital expenditure in FY24 is
expected to be around $165 million.

Investor Day 2023

The presentation from Genesis Energy’s 2023 Investor Day is attached.


ENDS

Caption: Illustration of how batteries can be installed at Huntly Power Station

For investor relations enquiries, please contact:
Tim McSweeney
GM Investor Relations & Market Risk
M: 027 200 5548
For media enquiries, please contact:
Chris Mirams
GM Communications and Media
M: 027 246 1221

About Genesis
Genesis (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells electricity, reticulated
natural gas and LPG through its retail brands of Genesis and Frank and is one of New Zealand’s largest energy
retailers with more than 480,000 customers. The Company generates electricity from a diverse portfolio of
thermal and renewable generation assets located in different parts of the country. Genesis also has a 46%
interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand.
Genesis had revenue of $NZ2.4 billion during the 12 months ended 30 June 2023. More information can be
found at www.genesisenergy.co.nz

---

Investor Day
2023: Gen35
30 NOVEMBER

Disclaimer
This presentation has been prepared by Genesis Energy Limited
(“Genesis Energy”) for information purposes only. This disclaimer
applies to this presentation. For these purposes, “presentation”
means this document and the information contained within it, as
well as the verbal or written comments of any person presenting it.
This presentation is of a general nature and does not purport to be
complete nor does it contain all the information required for an
investor to evaluate an investment.
This presentation contains forward-looking statements. Forward-
looking statements include projections and may include
statements regarding Genesis Energy’s intent, belief or current
expectations in connection with its future operating or financial
performance or market conditions. Forward-looking statements in
this presentation may also include statements regarding the
timetable, conduct and outcome of the general strategy of
Genesis Energy, statements about the plans, targets, objectives
and strategies of Genesis Energy, statements about the industry
and the markets in which Genesis Energy operates and statements
about the future performance of, and outlook for, Genesis
Energy’s business. Any indications of, or guidance or outlook on,
future earnings or financial position or performance and future
distributions are also forward-looking statements.
Forward-looking statements in this presentation are not
guarantees or predictions of future performance, are based on
current expectations and involve risks, uncertainties, assumptions,
contingencies and other factors, many of which are outside
Genesis Energy’s control, are difficult to predict, and which may
cause the actual results or performance of Genesis Energy to be
materially different from any future results or performance
expressed or implied by such forward-looking statements. This risk
of inaccuracies may be heightened in relation to forward-looking
statements that relate to longer timeframes, as such statements
may incorporate a greater number of assumptions and estimates.
Genesis Energy gives no warranty or representation in relation to
any forward-looking statement, its future financial performance or
any future matter. Forward-looking statements speak only as of
the date of this presentation.
Forward-looking statements can generally be identified by the use
of words such as “approximate”, “project”, “foresee”, “plan”,
“target”, “seek”, “expect”, “aim”, “intend”, “anticipate”, “believe”,
“estimate”, “may”, “should”, “will”, “objective”, “assume”,
“guidance”, “outlook” or similar expressions.
Genesis Energy is subject to disclosure obligations under the NZX
Listing Rules that requires it to notify certain material information
to NZX for the purpose of that information being made available to
participants in the market. This presentation should be read in
conjunction with Genesis Energy’s periodic and continuous
disclosure announcements released to NZX, which are available at
www.nzx.com.
While all reasonable care has been taken in compiling this
presentation, to the maximum extent permitted by law, Genesis
Energy accepts no responsibility for any errors or omissions, and
no representation is made as to the accuracy, completeness or
reliability of the information, in this presentation. This presentation
does not constitute financial, legal, financial, investment, tax or
any other advice or a recommendation and nothing in this
presentation should be construed as an invitation for any
subscription for, or purchase of, securities in Genesis Energy.
All references to “$” are to New Zealand dollars, unless otherwise
stated.
Except as required by law, or the rules of any relevant securities
exchange or listing authority, Genesis Energy is not under any
obligation to update this presentation at any time after its release,
whether as a result of new information, future events or otherwise.

Welcome
TimeMinsSectionPresenter
9:55 –10:005Opening KarakiaTe Awha Leevey
10:00 –10:3030Gen35 OverviewMalcolm Johns
Chief Executive
10:30 –11:1040Energy Transition ValuationRob Koh
Equity Research Analyst (Morgan Stanley)
11:10 –11:2515Coffee break
11:25 –12:55
(3 x 30 min)
90Deep Dive Breakouts:
Championing electric lifestyles
Huntly Portfolio
Renewables growth
Stephen England-Hall
Chief Retail Officer
Tracey Hickman
Chief Wholesale Officer
Craig Brown
General Manager Commercial Development
12:55 –3:15140Lunch, site tour and demonstrations
3:15 –3:3520Setting up for successEdward Hyde
Chief Transformation and Technology Officer
3:35 –4:1035Financial planningJames Spence
Chief Financial Officer
4:10 –4.3020Q&A SessionExecutive Team

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Introducing our new leadership team
Malcolm Johns
Chief Executive
BMS
Joined as Chief Executive in March 2023.
Previously Chief Executive of Christchurch
Airport. Has held governance roles in transport,
infrastructure and tourism.
Tracey Hickman
Chief Wholesale Officer
MA (Hons), AMP (Harvard)
Over 29 years energy sector
experience, including ten years in
executive roles in generation,
trading, fuels and retail.
Matthew Osborne
Chief Corporate Affairs Officer
BCom, LLB
Corporate counsel/executive
with over 20 years' experience
across legal, regulatory,
sustainability, communications
and governance.
Edward Hyde
Chief Transformation
and Technology Officer
BSc
Experienced senior executive with
over 20 years' experience in
commercial, technology, and
telecommunications related roles.
James Spence
Chief Financial Officer
BSc, CA
Experience as Chief Financial
Officer at three integrated
energy companies in Australia
and North America.
Claire Walker
Chief People Officer
BA, Dip Business Admin
20 years' human resource
management experience.
Deputy Chair of Sustainable
Business Council.
Stephen England-Hall
Chief Retail Officer
MBA (Cambridge)
Over 20 years’ experience,
including 10 as chief executive
across customer strategy, digital
transformation and industry
disruption.

Gen35 Overview
Moving strategic value to financial value
through electrification, flexibility, and renewables

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Net-zero will shape the energy sector’s future
The electricity sector will decarbonise, grow and become more critical - the transition may be lumpy
Progression through the transition will move strategic value to financial value
Electrification creates demand growth,
customer relationships and contracts
underpin long-term sales
Generation flexibility is the key to
meet customers' needs with
renewable energy and manage risks
Investment in renewables is
unlocked by long-term revenue
confidence from customer sales
> > >
> > >
> > >
> > >
New demand from
Electrification
Flexibility connects
Demand to supply
Renewables
delivers new supply
+12 TWh
+4 GW
+21 TWh
Data: BCG Future-is-electric – Genesis analysis of opportunity to 2035

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
ELECTRIFICATION
Grow value and leverage strategic
strength of customer base
Genesis’ capabilities and assets give it a unique role to play
FLEXIBILITY
RENEWABLES
Retail business
490k customers
(140k dual fuel customers)
and strong brand equity
OUR
STRENGTHS
OUR
PLAN
Leverage value from volatility and
connect new demand and supply
on commercial terms
Flexible assets
Diversity of generation,
fuels and markets
Huntly Power Station
Efficient use of Genesis’ capital for growth,
working with partners where valuable for
additional capital and capability
Renewables growth
Solar JV progressing options and
relationships to support further
partnering

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Market solutions – or – regulatory/policy intervention
Energy Security
Central North Island location
Strong grid and infrastructure
Fuel optionality, and flexibility as a portfolio
The former government felt compelled to solve dry-year risk challenge, but Onslow was an expensive solution
Energy Affordability
Energy Sustainability
Existing site, generation, and technical capability
Opportunity to 2040+ if holding costs can be
covered
Less frequent operation in highly renewable grid
Opportunity for new fuels; biomass or others
Huntly is an existing portfolio that can provide peaking and
firming across hours, weeks, seasons or in natural disasters.

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Renewables growth reduces generation
emissions to 2030. Renewable fuels,
batteries, and emerging technologies can
further reduce future emissions.
Thriving in the long term, means planning for net-zero
Genesis to align to Science Based Targets Initiative – net-zero by 2040
Falling wholesale gas sales lead change
in the near term and electrification of
mass market gas and LPG expected in
longer-term.
Forecast gas production from Kupe
declines as Genesis’ gas needs reduce.
All of Kupe gas can be used to support
stable transition to net-zero.
0.0
0.1
0.2
0.3
0.4
0.5
0.6
FY20
(Actuals)
FY25FY30FY35FY40
SCOPE1 -GENERATION INTENSITY FORECAST
(tCO
2
/MWh)
Foreca st generation inte nsitySBTi target inte nsity
-
50 0,00 0
1,0 00 ,0 00
1,50 0,00 0
FY20
(Actuals)
FY25FY30FY35FY40
SCOPE 3 EMISSIONS -RETAIL GAS, WHOLESALE GAS,
LPG -FORECASTS (tCO2)
Retail L PG emissionsMass Market sales emissions
C&I sa les emissionsWholesale sale s e missions
SBTi target emissions
0
5
10
15
20
25
30
FY25FY30FY35FY40
KUPE GAS FORECASTS (PJ)
Kupe ROFR PJ
Kupe Contracted PJ
SBTi target aligne d pathway
Combined scope 1 and 3 emissions

Genesis Investor day -November 202310.
Our Impact:
Our Mission:
Our Purpose:
Gen35
Powering a Sustainable & Thriving Aotearoa
People
Planet
Profit
&&
Our Manaaki to customers,
communitttees and team
Being great Kaitiaki, for us
and those after us
How we invest in the future and
reward our shareholders
Electrification
Helping our customers electrify more
of their lives and businesses
Flexibility
Create value from the present
and build options for the future
Renewables
Renewables Growth
and Net-zero 2040 SBTi
400k
[Electrification Product sales
supporting electric lifestyles]
2GW
[Flexible assets to
deliver peaking and firming]
9TWh
[Wholesale electricity portfolio delivered
through renewables growth]

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Planning for three horizons of transition
To succeed long-term, near-term focus is on getting future-fit
‘Getting Future Fit’,
focused on sweeping our
own front yard at a group
and business unit level.
‘Accelerated Transitions’,
focused on Customer,
Company, and Country
activating Gen 35 at a
business unit level.
‘The Future State’,
moving past the transition
and into the next generation
of Genesis.
Horizon 1
FY24
Horizon 2
FY25-28
Horizon 3
FY29-35
Cost out
Solar investment joint ventures
Battery investment
Renewables investment on balance sheetBiomass option refined

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Upstream production revenuesdedicated
to renewable investment
0
0.5
1
1.5
2
202420252026202720282029203 0203 1203 2203 3203 4203 5
0.0
0.5
1.0
1.5
2.0
202420252026202720282029203 0
Ba la nce sheet r enewab lesJoint venture solar
$1.1b investment programme to 2030 in
new renewables and grid scale batteries
Kupe cashflow valued at $290m directed
to transition as production declines
... at 14 cps in FY24, strong
dividend maintained
Renewables investment (TWh)Genesis share of Kupe gas as
generation through Unit 5 (TWh p.a.)
Gross dividend yield comparisons
at 27 November 2023
0%
5%
10%
ContactMeridianMercuryPeer
Average
Gen esis
@17. 6 cps
Genesis @
14. 0 cps

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Genesis is changing as an investment
To...
From...
Growth opportunities
with reliable dividend returns
Limited growth outlook
and high dividend pay out
40% renewable generation
with PPA focused renewables strategy
Transition to biomass and battery,
used for firming solar, wind, and hydro
Huntly reliant on fossil fuels,
used for dry period firming
95% renewables by 2035 driven by
solar development and owned renewable assets
High-cost retail and technology strategy,
focused on innovation and customer growth
Focused retail and technology strategy
prioritising efficiency, electrification, and value

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Championing
electric
lifestyles
STEPHEN ENGLAND-HALL
CHIEF RETAIL OFFICER
Moving strategic value to financial
value through electrification

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Our brands are
strong and well
placed to champion
electric lives for all
our customers.
Most Considered
Energy Brand in NZ
Market leader in meeting the
needs of EV owners in NZ
Winner of People’s Choice
Award for Energy
490k customers
Residential
448k
SME
41k
C&I
1.3k
Electricity
505k
Gas
108k
LPG
95k
connections
excludes Ecotricity connections
Value their
customers and
put them first
First to market with
new technology
Recognise and
reward their
customers
The market
leader
Is perceived as
being the most
expensive
Our brand image amongst
residential customers

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Championing 500k electric lives
Building our customer relationship to be the trusted partner through the transition
WHERE
WE PLAY
HOW WE
DELIVER
WHAT WE’LL
DELIVER
Home
Residential
GROW
CORE VALUE
CREATE
TRANSITION
VALUE
EXPAND
RELATIONSHIP
VALUE
Business
Business, Commercial & Industrial
•No.1 brand equity in energy market
•Cost efficient core
•Balanced demand shape
•Lead in EV adoption
•Maximise gas/LPG value
•Demand flex
•Energy adjacencies
•Non-energy adjacencies
Helping our customers to
transition and generating
value while doing so
Deepen and lengthen our
customer relationships
Increasing our margin
contribution

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Getting more value from our electric core
STRONG
BRANDS
EFFICIENT
CORE
BALANCE
DEMAND
•Use our strong brand equity to win
preference & trust
•Grow share of margin

and
maintain
market share
of connections
•Smarter retention & acquisition
using data
•Streamlining our operations
•Optimise our core through
digitisation & automation
•Rationalise our products & pricing
•Targeting customers with
the right demand profile
•Create more products to
encourage demand shifts
HORIZON 1
HORIZON 2
HORIZON 3
Brand equity in energy market
No. 1
Total Retail & Technology
operating expenditure
1
by FY28
$153m
Of assets on Demand Flexibility
100 MW
++
1
Excluding non-recurring tech investment

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
An efficient Retail business that’s Future Fit
Focus on fewer, more
impactful things
Our initial focus is to simplify our retail business
1.
2.
3.
Rationalise our
operating model
Simplify our processes
and products
To deliver a step-change in Retail OPEX
1
We are
pulling
three
levers to
simplify
our retail
business.
1
Excluding non-recurring tech investment
2
Subject to a review process
Competitive Capability
Adjacent Opportunites
Core simplificationCore Functions
Focus +
Rationalise
Simplify
Benefit Realisation
Our pathway to a ~200 FTE reduction
2
Jun FY24Dec FY24June FY25June FY26
0
20
40
60
80
100
120
140
160
180
FY24
FY28
170
153
(32)
14
2
Retail
simplification
Inflation
ICP growth
Retail & Technology OPEX
1
FY24 – FY28
$m
73
56
24
87
61
23
Customer
Technology
LPG
HORIZON 1
HORIZON 2
HORIZON 3

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Maximising value through the transition
We are the largest
residential gas retailer
in New Zealand
HORIZON 1
HORIZON 2
HORIZON 3
Gas/LPG will continue to provide value for Genesis, now and into the future
Churn is 8 ppts lower
in dual fuel customers
Our dual fuel customers
churn significantly less
Annualised average customer churn (%)
0%
2%
4%
6%
8%
10%
12%
14%
16%
electricdual fuel
7.1%
15.1%
Maximise value from
gas/LPG through churn
reduction and margin
108k Gas
connections
95k LPG
connections
Average annual energy consumption
is 61% higher in dual fuel customers
And they consume more
energy on average
Average annual energy consumption (kWh)
-
2,00 0
4,0 00
6,0 00
8,00 0
10 ,00 0
12,00 0
electricdual fuel
6.9k
11.1k

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Electrification provides Genesis a transition revenue stream
HORIZON 1
HORIZON 2
HORIZON 3
Value
Time
Gas
Transitioned Elec
New Customers Transitioned Elec
Transition Services
1.0
An example: Electrifying gas
heating and hot water on
average saves (per year):
11.51982.2
tCO
2
e per housetCO
2
e per businesstCO
2
e per Industrial
The greatest reduction of emissions for the average NZ consumer is to electrify emission-intensive assets
We will transition our
gas value by way of
asset transition &
contracts underpinned
by longer term sales
Leveraging our Gas/LPG portfolio to transition to electric future
Our Gas/LPG customers provide a direct avenue for electrification & decarbonisation

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
EV Customer Profiles (comparing EV consumption profiles)
Unlocking value and sharing it with our customers
0
0.2
0.4
0.6
0.8
1
12am6am12pm6p m11.30p m
Consumption (
KWh
)
Non-EV
Energy EV Plan
EV Sync
of assets with demand flexibility
100 MW
Long term target of
HORIZON 1
HORIZON 2
HORIZON 3
Demand Flexibility
will improve our
management of peak load
while delivering value
Access to devices
across
Home & Business
EV’s are a big growth area
Total Customers on
Energy EV Plan
0
2,000
4,000
6,000
8,000
Our FY24 goal is
to double our
customers on an
Energy EV Plan
FY22FY23
FY24
YTD
3k
Customers on
EVerywhere
We
share value
back
to customers for
participating
Genesis
creates value
when electricity is
consumed or not
Genesis
shapes
consumption
(shifting)
and responds to events
(reduces, switches off)

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
What we’re changing
To...
From...
Total Retail and Technology
operating expenditure
1
$153m by FY28
Total Retail and Technology
operating expenditure
1
$170m
ICP growth orientated
Brand equityBrand preference
Margin growth orientated
EV growth
EV growth and
100 MW of assets with demand flexibility
Dual fuel valueElectric and transition value
Genesis: 15% digital sales mix
Frank: 60% digital sales mix
Genesis: 70% digital sales mix
Frank: 100% digital sales mix
1
Excluding non-recurring tech investment

23. 29 NOVEMBER 2023
Huntly
Portfolio
TRACEY HICKMAN
CHIEF WHOLESALE OFFICER
Moving strategic value to
financial value through flexibility

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Huntly Investor Day: link to video

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Average MW output
WindHydro
% of average price
20242040
% of average price
20242040
Decarbonisation increases volatility and dependence
The increasing need for flexibility will create value in the provision of firming and peaking products
•Growth of intermittent renewables increases market volatility
•Peak capacity issues remain a challenge
•Lack of energy in dry years will remain an issue for years to come
•Major disruption risk for New Zealand likely to increase
•Different assets and fuels needed to meet different needs
INTRA-HOUR: WIND v HYDRO
Flexibility
value
Market
value
Risk
management
Generation
optimisation
INTRA-DAY: AVERAGE PRICESEASONAL: AVERAGE PRICE
3 hours
24 hours
12 months
Based on EnergyLink data
Based on EnergyLink data
Hours
Weeks
Years
Disruptions

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Genesis provides flexibility for NZ, delivering value today
Using flexible plant and fuel to respond to hydrology/wind and price volatility
•Huntly flexibility enables responsiveness to changing market
conditions, and benefits from both wet and dry periods
•Proven portfolio management and trading capability
leverages different plant and fuels to extract market value
•With greater market need, we are well placed to leverage
greater value
-60%
-40%
-20%
+0%
+20%
+40%
+60%
+80%
0
5
10
15
20
25
Water Storage Above / Below Average
Generation (GWh)
HUNTLY GENERATION AND
NZ WATER STORAGE
3 years
Huntly GenerationWater Storage
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
Gen esisOther Gentailers
Generation Variation
GENERATION VARIANCE VS AVERAGE
0
20
40
60
80
100
120
140
160
180
200
$/MWh
OTAHUHU AVERAGE SPOT PRICES
12 months
12 months

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Huntly Portfolio can deliver future flexibility needs
Genesis will invest in more flexible plant and fuels and provide peaking and firming products
Timeframe
Capacity
constraints
Minutes /
HOURS
Days /
WEEKS
Months /
YEARS
Inter-year /
DISRUPT
Horizon 3
Additional
batteries
New fuels,
peakers,
reconfigure
HLY U5
Current
State
HLY U5 /
U6
HLY U5 /
Rankines
HLY U5 /
Rankines
Rankines
(coal/gas)
Hydrogen,
new
biomass
plant
BECCS
Horizon 1 and 2
Thermal
plant
improvement
Battery(s)
Gas
flexibility
Biomass
Energy
constraints
Trading
capability,
new
products,
portfolio
optimisation

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Huntly is the natural home for grid scale batteries
Flexibility across minutes and hours
•Physical space at Huntly site now for up to
400MW / 800 MWh; more land available in time
•250 MW connection capacity from retired
Rankine
•Broad portfolio value - price arbitrage, portfolio
optimisation and ancillary products
•First stage will be at least 100 MW / 200 MWh
•Indicative cost $1m to $1.5m / MW
HORIZON 1
HORIZON 2
HORIZON 3
Hours
Weeks
Years
Indicative timeline
Disruptions

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Gas flexibility is valuable in the transition
A sector issue that has yet to be unlocked
•Commercial options for ongoing supply and
flexibility unlocks value of existing and new plant
•Alternatively, biomass becomes the preferred
weekly/monthly support fuel
•No one fuel, including flexible gas, can practically
cover dry year risk
HORIZON 1
HORIZON 2
HORIZON 3
Hours
Weeks
Years
GAS SUPPLY
•Supply for electricity
generation expected to
reduce to mid-2030s
•KS9 drilling: first gas
expected in Q3 FY24
•Security of supply with
flexibility via ROFR
•Supply side
(e.g., contractual
flexibility)
•Demand side
(e.g., large industrials)
•Storage
FLEXIBILITY
+
Fuel feasibility factorsFlexible Gas
Carbon ReducingCarbon impact around half of coal
Cost Competitive
Cost relative to alternatives
yet to be determined
Convenient to Procure
Tension between producers who want to
maximise production, and users wanting flex
Commercially ViableRevenue certainty over lifetime of plant
Disruptions

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Biomass through Rankines - a low carbon dry year solution
Flexibility across months and years
HORIZON 1
HORIZON 2
HORIZON 3
Hours
Weeks
Years
Fuel feasibility factorsBiomass
Carbon Reducing
Carbon impact expected to be
>90% reduction
1
of fossil emission on coal
Cost CompetitiveCompetitive with imported coal
Convenient to Procure
Formal discussions underway with
multiple potential suppliers
Commercially Viable
MSO/Swaption negotiations to
commence in 2024 (interest exists)
•Genesis will displace coal use as soon as practical
•Huntly remains the most economic option for dry
year support, with near net-zero carbon using
biomass
•To progress biomass, it must be commercial
•Nil EBITDAF on Rankine Units assumed from
FY28 with biomass as potential upside
Indicative timeline
$ -
$ 100
$ 20 0
$ 300
$ 400
$6 0$80$1 00$1 20$1 40$1 60
Generation Cost $/MWh
Carbon ($/tCO
2
)
BIOMASS EXPECTED TO BE COMPETITIVE WITH COAL
Coal Indicative RangeBi om ass Ind icati ve R a nge
Disruptions
Costs based on discussions underway and shown for black pellets,
sourced domestically and delivered to Huntly
1
Excludes biogenic emissions from the combustion of biomass

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
What we’re changing
To...
From...
Low carbon flexibility across all timeframesCoal generation supporting dry years
Operational constraints
Huntly PortfolioUncertainty about the future of Huntly
A truly flexible generation portfolio
Value seen in dry and wet periodsDiversified fuel and plant maximises value in any year
Traditional trading tools
Innovative tools and capabilities to create value
from deeper energy markets

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Renewables
growth
CRAIG BROWN
GENERAL MANAGER
COMMERCIAL DEVELOPMENT
Moving strategic value to financial
value through renewables

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
280028002800
450
2650
5500
3000
1500
400
0
3000
6000
9000
Tod ayFY28FY35
HydroNew Re newablesThermal
Indicative portfolio change (GWh)New renewables targets (GWh)
c. 95%
Renewable
c. 80%
Renewable
26502650
5500
0
2000
4000
6000
FY23FY25FY27FY29FY31FY33FY35
Fut ure-gen targetGen35 target
New generation needed for growth and to offset thermal decline
Significant portfolio growth proposed beyond future-gen targets

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Global context for renewable energy
•Increasing demand from electrification andambitious renewable energy targets across the globe
•Significant continued investment in renewables across Europe, North America, Asia Pacific
•Challenges to global supply chain in recent years impacting project costs and timelines
•Larger, more efficient
turbines have driven
down cost
•Current supply chain and
OEM financial challenges
•Remains an important
source of renewable energy
Solar
•Significant cost reductions
through technology /
manufacturing
•High levels of deployment
•Widely considered the
cheapest form of new
renewable energy
Wind
•Grid connection
bottlenecks globally
•Key balance of plant
equipment have long
lead times
Balance of plant
Interest rates
•Increasing interest rates placing pressure on developments globally

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Ongoing contracts with others
Genesis approach to renewable growth
Leveraging our strengths to access development pipeline and deliver quality projects at pace
•Prioritising solar pipeline delivery due to speed to market and cost to develop
•Building wind development pipeline for delivery to market in late 2020s
•Actively monitoring changes in technology for 2030 and beyond
Future
20232024202520262027202820292030+
Solar JV
Lead time ~2y
Focus on advanced development and delivery
Balance sheet
Lead time ~4-8y
Focus on developing options
Active review of future options
PPA

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
New Zealand’s renewable energy pipeline
Genesis uniquely placed to access pipeline as an off-taker, co-developer and developer
0
2
4
6
8
10
12
14
16
ContactMercuryMeridianGenesisOther
Estimated generation volume (TWh)
Under constructi onConsentedFinali sing/awaiting consentEarl y s tag e
Pipeline estimated generation by stage (TWh)
40 TWh of sector pipeline, is
enough to double New Zealand’s
electricity grid and double what is
estimated to be required by 2035
Substantial independent
developer pipeline needs offtake
partner and firming energy to
unlock these developments
Source – Forsyth Barr

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Suitability
of land (size and
type) and cost to
acquire
Proximity
to strong
transmission /
cost to connect
LCOE
optimization
($/MWp)
Irradiation /
resource
-
$ 20
$ 40
$ 60
$ 80
$ 100
Ex pected LCOE (FY23 real)
ConstructionSt ructureOther CAPE XO&MOther OP EX
(10) (5) - 5 10 15 20 25
Interest rate
(-/+ 100bps)
Debt/Equity
(5 0%-9 0%)
Gen eration
Op timis ation
Capex
(1.3m-1. 8m $/MW)
LCOE Base Sensitivities
Wind
•While wind has historically been the lowest cost
variable renewable energy source, it is currently high
•Significant lead time in developing wind
•Costs expected to come down again
Solar
•Component costs at record lows and significant
deployment continues globally
•Levelised Cost of Electricity (LCOE) sensitive to
key factors:
•Performance ratio (sun-to-wire)
•Engineering optimisation - $/MWp
•Debt levels (and resultant lower cost of capital)
•Connection costs
NZ context and cost to build
Solar LCOE Price Scenarios ($/MWh)

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
SolarGen Joint Venture and Genesis local position
•FRV Australia is one of the largest
solar developers, asset owners and
renewable energy platforms in
Australia
•Was one of the first developers to
enter the Australian marketwith
over 800 MW of solar developed
•The JV was established to jointly
develop and deliver up to 500 MW
of solar capacity over five years
•FRV’s experience in solar
development, LCOE optimisation
and access to global supply chains
provides significant competitive
advantage to the JV
HORIZON 1
HORIZON 2
HORIZON 3
FRV's Sebastopol Solar Farm, NSW

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Lauriston solar project positioning for solar leadership
•Target Final Investment Decision: H1 FY24
•Target Commercial Operations Date: H1 FY25
•Size: ~ 60 MW, 90 GWh annually
(up from 50 MW / 80 GWh)
•Location: Canterbury
•Site size: 90 ha
•Strong first project with highly
experienced delivery partners, strong
lending arrangements
•First project positions JV well for the
next ~500 MW
•Overseas Investment Office Approval
•Preferred EPC Contractor selected, and Early Works Agreement signed
•Preferred project lenders selected
•Key equipment selected (invertor, modules, trackers)
•Connection equipment procurement well advanced
HORIZON 1
HORIZON 2
HORIZON 3

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
What we’re changing
To...
From...
Renewable growth with market and transition portfolio
(95% renewable by 2035)
Displace thermal over time
Resourced to displace
Multiple development pathways across timeframes
and deployment of capital above WACC
PPAs
Resourced to grow
Short to medium term time horizon
Long term focus
with delivery, development

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Setting up
for success
EDWARD HYDE
CHIEF TRANSFORMATION
AND TECHNOLOGY OFFICER
Business simplification
and technology

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
A transformation towards a focused and simplified business
ELECTRIFICATION
Activity focused on developing capabilities needed to deliver on the strategy and long-term goals
Platform
FLEXIBILITY
RENEWABLES
Delivery
•Digitise core services to drive efficiency
•A simpler, faster and cheaper landscape
•Ability to leverage world class partners
Data
•Delivering efficiently across time, cost and quality dimensions
•Focused on Billing / CRM, Trading capability and General Ledger
•Leveraging the strengths of others – less in-house
•Using data to enhance customer lifetime value and CX
•Data to optimise our generation and fuels portfolio
•Enabling smarter decision making across supply and demand

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
$61
$60
$55
$55
$56
$30
$39
$36
$12
$10
FY24FY25FY26FY27FY28
TechnologyDigital Projects
Review of Technologybudgets for FY24 and FY25
with a focus on executing a smaller number of
activities more effectively.
Key projects over the next 3 years include:
a) Billing and CRM re-platform
b) General ledger upgrade
c) Trading and risk platform implementation
Non 'project'costs are forecast to reduce due to a
simpler, more streamlined business.
Anticipate long term technology costs to stabilise at
FY23 levels with inflation adjustment (c. $65m p.a.).
HORIZON 1
HORIZON 2
HORIZON 3
Opex forecast – Technology ($m)
Peak in Digital projects spend due to
billing/CRMimplementation costs
and investment in tech systems
Unless otherwise stated, all $ are nominal. All numbers are directionally indicative and estimates only
A more focused and efficient technology programme

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Billing and CRM re-platform
•Vendors selected: Salesforce (CRM) / Gentrack (Billing)
•World leading, cloud enabled capability
•In build – Frank live aroundlate 2024
•Total build for all customer segments is $70m
•c. 90% out of the box requirements
HORIZON 1
HORIZON 2
HORIZON 3
Retail strategy enablement
•Continued focus on simplification, automation and digitisation
•Support reduction of c. 200 roles across FY24/25
•Total Retail and Technology operating expenditure $153m by FY28
•Maintain position as NZs most preferred retailers
•Straight through processing
Market-leading capability to enable the Retail strategy
Creating a simpler, smarter and faster customer business
DESIGNDELIVERY
Billing, Customer
and Sales System

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Technology helping drive a future fit Genesis
First stage focusing on streamlining around core - Less OPEX more impactful
PlatformDelivery
Enabling the reduction of around
200 retail orientatedroles
Key activities include:
a) Billing and CRM re-platform
b) General ledger upgrade
c) Trading and risk platform
Improve gross margin per customer
through enhanced customer analytics
Rationalisation of projects:
focus on smaller number of
impactful activities
Implementation of Gentrack /
Salesforce re-platform for market
leading cost base
Careful phasing of enterprise
modernisation to drive further
efficiency
Optimisation of the evolving
generation and fuels portfolio
Finalise blueprint for a simpler
Genesis technology architecture
leveraging new technologies
Continue to manage data privacy /
security within group risk policies
Data
HORIZON 1
HORIZON 2
HORIZON 3

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
What we’re changing
To...
From...
A large program managing numerous inter-dependencies
Technology playing a key enablement role for Gen35The role of technology notclearly defined
To a streamlined and focused technology operation
Rubikstransformation programA tightly defined Billing / CRMre-platform
Having unclear emphasisStategic focus being placed in Platform, Delivery and Data

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Financial
planning
JAMES SPENCE
CHIEF FINANCIAL OFFICER

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
EBITDAF growth to mid-high $500m’s in Horizon 2 (base case)
FY24FY25FY26FY27FY28
Gen 35 Plan (base case)Ex istin g por tfoli o
Unless otherwise stated, all $ are nominal. Numbers shown represent base case estimates and are indicative only.
EBITDAF estimates assume average hydrology and successful completion of Kupe KS-9 project.
FY24 EBITDAF guidance
around $430m
FY25 EBITDAF around
$500m (base case)
Gen35 base case EBITDAF mid-high $500m’s
Existing portfolio EBITDAF mid-high $400m’s
FY25 EBITDAF growth, factors including:
Retail cost savings; Kupe volumes post KS-9;
Tauhara and Lauriston PPAs starting Q3 FY25;
improved LPG performance
$ millions
FY25-FY28 EBITDAF
outlook only
Central long-term wholesale
price planning assumption of
$102/MWh (2023 real).
Higher prices expected
to FY28 (per ASX)
Nil EBITDAF on Rankines assumed from FY28,
with potential upside from biomass opportunities

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Gross margin growth
from FY24 – FY28
616
0
200
400
60 0
800
20242028
•Grid scale battery (FY26)
•Tauhara geothermal PPA, Lauriston solar PPA + new solar JV PPAs
•Additional value from flexibility (trading / optimisation of Huntly)
•Improved retail margin and volumes, (incl. revenue adjacencies/EVs)
•Benefits from the billing/CRM upgrades
Gas and LPG
Improving gas and LPG retail margins /
pricing, offsetting a decline in retail demand.
Reduced production from
decreasing gas reserves.
46
0
20
40
60
80
100
202 4202 8
59
0
20
40
60
80
100
20242028
82
0
20
40
60
80
100
20242028
Electricity Gross Margin ($m)
LPG Gross Margin ($m)
Gas Gross Margin ($m)
Kupe Gross Margin ($m)
Despite falling wholesale price and
reducing gas and LPG volumes
FY24FY28
FY24FY28
FY24FY28
FY24FY28

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
109
104
9696
97
53
54
53
53
52
28
29
29
28
29
99
108
112
117
117
61
60
55
55
56
30
39
36
12
10
381
393
381
360
361
FY24FY25FY26FY27FY28
Customer & LPGCorporateKupeWholesaleTechnologyDigital Projects
Opex controlled in inflationary environment
Unless otherwise stated, all $ are nominal. Numbers shown represent base case estimates and are indicative only.
Peak in Digital projects spend due to
billing/CRMimplementation costs
and investment in tech systems
200 FTE reduction by FY26
Increasing
spend from
investment in
renewable
generation,
optimising
trading and grid
scale batteries
FY24 vs FY28 ForecastOpex movements ($m)
Opex forecast over time by segment ($m)
Note FY28 Opex
forecast reflects
a 6% decline in
real terms vs
FY22 actuals
$ millions$ millions
(39)
11
29361
381
(20)
FY24 Opex
Savings Initiatives
Digital Projects
Wholesale Initiatives
Inflation
FY28 Opex

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
$50
$100
$150
$200
$250
$300
$350
$400
FY24FY25FY26FY27FY28FY29FY30
Stay In Business Capex - ThermalStay In Business Capex - All otherExisting Growth Capex
Forest Partner (Associate)First Grid Scale BatterySolar (FRV JV)
New Renewables / grid scale battery
A long-term programme of investment planned
•New renewable investment programme
of $1.1 billion (indicative) through to
2030 including:
•Solar through FRV JV
•Grid Scale Batteries
•Owned new renewables
•Stay-in-Business capital expenditure of
~$70 million p.a. for FY25-FY27,
including Thermal of less than $10
million p.a. FY28 Thermal turnaround
costs of c.$25 million
•FY27-FY30 includes early works costs
for Huntly Rankine life extension to
2040 – FID dependent on the Rankine
Units being profitable in FY28+
Grid Scale
Battery
Kupe
KS-9
Wind / Solar / Other +
additional battery capacity
Total Capex and investment in associates ($m)

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Kupe is a valuable asset providing gas + cash flows
to finance Genesis' transition
•From FY25 the Offtaker (Genesis) pays for gas
exclusive of carbon and provides carbon
credits (i.e., Offtaker bearsthe cost of carbon)
•Gas price assumption starts at $7.80/GJ (FY25)
•Production assumes 2P reserves, including KS9
•Production up to 77 TJ/day
-
5
10
15
20
25
-
$20
$40
$60
$80
$100
$120
FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Gas Production Profile
-
100% of field (PJ)
Source: MBIE 'Petroleum Reserves' 2023
Genesis Financial Modelling ($m)
EBITDAF ($m)Post-tax cash flowGas Production (PJ)
~$190m NPV (10.8% post-tax)
(46% interest)
Cash flows from 1 July 2024, includes field decommissioning
•Field decommissioning expected in FY36;
discounted provision included in Genesis Balance
Sheet based on independent valuation.
•Kupe location and infrastructure could support
Offshore Wind (no value attributed to this option).
46% Kupe Joint Venture (EBITDAF and post-tax cash flows - nominal)
~$290m FCFFY25-FY30

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Our NZU investments manage ETS risk
and offer long term value potential
InvestmentGenesis
Investment
Capital Deployed
(FY23)
Forestry
Planted
Future Land
Secured
Genesis carbon
supply
Drylandcarbon
Partnership
(Genesis 25%)
$30.5m100% Deployed10,300 HaComplete3.2m NZUs
Forest Partners
(Genesis 28%)
$75m
Deployed by FY26
34% Deployed6,000 Ha7,600 Ha7.7m NZUs
0
500, 000
1,000,000
1,500,000
2, 000, 000
2, 500,000
3, 000,000
2023202420252026202720282029
Forecast ETS Obligation
Hedged UnitsForecasted Units at SpotHighLow
$20 - $40
WAC
$60 - $80
WAC
-
100,000
200,000
300,000
400,000
20242026202820302032203420362038204020422044204620482050
Total NZUs/year
DrylandcarbonForest Partners
Genesis targets for Net
Zero emissions by 2040
Long term estimates from carbon forestry investments through to 2050.
Approximately 3.8m unit potential beyond 2050.
Forecast calendar year ETS obligations, assuming expected gas availability and market renewables
development. High and Low demand scenarios are P75 and P25 annual hydrology respectively.
Units from Carbon Forestry
•Genesis remains well hedged to ETS price risk as the
portfolio decarbonises to net-zero 2040.
•ETS obligations are met through purchase of carbon units
and long-term investments in forestry. Both sources provide
units below current carbon pricing.
•Genesis has invested $57m in forestry through to the end of
FY23, a further $48m is planned across FY24 and FY25.
Carbon Hedge Position
Forestry Investments

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Flexible approach to funding underpins ability to grow
The net debt / EBITDAF range is based on projected Debt and projected EBITDAF within a range of plus/minus 10% EBITDAF in each year
1.5
2.0
2.5
3.0
3.5
FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33
Net Debt/EBITDAFTop of S&P Range for BBB+Bottom of S&P Range for BBB+
•Our approach to funding growth is flexible
including:
•Power purchase agreements (PPA)
•Strategic partnerships with development
and equity partners (incl. PPA)
•On balance sheet
•ROIC target > WACC
(currently estimated at 8.5%)
•Funding mix balanced to target BBB+
Debt/EBITDAF Trend
We will build Balance Sheet
resilience during FY25 to FY27
Balance Sheet is resilient during
Gen35 investment phase

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Dividend reset to fund growth
1.5
2.0
2.5
3.0
3.5
FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33
Net Debt/EBITDAF - Dividend RebasedNet Debt/EBITDAF - Current dividend
Top of S&P Range for BBB+Bottom of S&P Range for BBB+
Net Debt/EBITDAF Trend
Credit metrics not resilient to
stress scenarioswith Gen35
investment programme at
current dividend levels
Gen35 - investment delivers
strong cashflows in 2030’s, with
optionality for further investment
•Updated dividend policy; 14 cps in FY24 with aim
tomaintain in real terms and grow when appropriate
•Funding Growth - greater level of Free Cash Flow (FCF) to
be retained for investment in renewables
•100% of Kupe FCF directed to renewables
•Rationale for dividend reset:
•Balance sheet stress (late 20's / early 30's) with Gen35
investment programme at current dividend levels
•Reset dividend provides balance sheet greater
resilience to stress case scenarios
•At reset level, earning reduction at Kupe will not require
further dividend reset
•Dividends reduced to fund investment which will
increase EBITDAF and cashflows in 2030’s
•At reset level dividend yield top end of peer group
Gross Dividend Yield Comparisons at 27 Nov 2023
0%
5%
10%
ContactMeridianMercuryPeer AverageGen esis
@17. 6 cps
Genesis @
14. 0 cps

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
GoalTargetFY28 GoalStatus *
Grow
Profitability
EBITDAFGroup EBITDAF ~ $550 million
Debt/EBITDAFRatio less than or equal to 2.5
Operating ExpenditureOperating Expenditure ~ $361 million.
Retail and
Technology
Brand preferenceNumber 1 brand equity in energy market
Total Retail and Technology Operating Expenditure
1
~ $153 million
Delivery of core billing platformImplementation of billing platform upgrade across all brands
and sales channels by FY27.
HuntlyBattery Development200 MWh of battery operational onsite at Huntly.
BiomassBiomass supply secured and commercial arrangements in
place. Biomass use > coal use.
RenewablesSolar Development~ 500 MW of solar developed and operational in JV structure
Total capital deployed at ROIC > WACCOn track for totaldeployment of $1.1b (Genesis share) by FY30
FY28 Scorecard
* to be reported each half year
1
Excluding non-recurring technology investment.
Unless otherwise stated, all $ are nominal. Numbers shown represent base case estimates and are indicative only

© GENESIS ENERGYINVESTOR DAY NOVEMBER 2023
Compelling investor rationale
To...
From...
Earnings growth and strongyield
Limited growth outlook
and high dividend pay out
Expanding OPEX and tech project delays
Leading the decarbonisation journeyESG discount applied by investors
OPEX reduction, clear pathway on tech projects
Low capital deployment into renewablesPlan to deploy $1.1b at ROIC > WACC

Thanks!