Genesis Energy may cut 200 roles over next two years, reviews retail operating model

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Genesis building at Wynyard Quarter, Auckland.
Photo: Supplied

Genesis Energy is reviewing its retail operating model, which may result in 200 roles being cut over the next two years.

Chief retail officer Stephen England-Hall said part of the company’s strategy review involved considering how it could simplify the retail business to ensure resources would best support customers.

“Focus will be on supporting staff through the process which will be confidential to them until the new operating model is confirmed,” he said.

The company would provide further details on its future stategy at its investor day next month, he said.

Genesis this year annouced its full-year net profit had dropped to $195.7 million after a reduction in thermal generation and higher costs due to inflation.

The company expected operating earnings for the 2024 financial year to be about $430m, subject to hydrological conditions, gas availability, and any material adverse events or unforeseeable circumstances.