Photo: GENESIS ENERGY
Power generation and retailer Genesis Energy says it has had a better than expected start to the current financial year due to favourable trading conditions.
In a stock exchange announcement the company updated its underlying earnings expectations for FY23 from $455 million to around $500m.
"This remains subject to hydrological conditions, gas availability, and any material adverse events or unforeseeable circumstance," it said.
The improved performance was the result of higher hydro inflows and lower reliance on more costly thermal - coal and gas - generation over the first quarter, the company said.
Lower levels of thermal generation also meant the company had to fork out less for carbon credits, which had the added bonus of cutting its emissions by half when compared to the same quarter a year ago, Genesis said.