Genesis Energy said it planned to raise $400 million after reporting a record first-half profit.
The power generator and retailer 鈥 51% owned by the government 鈥 reported record first-half normalised earnings before interest, tax, depreciation, amortisation and financial instruments of $307m.
Genesis said the result demonstrated the strength and resilience of Genesis鈥 diversified portfolio of assets and the company鈥檚 ability to deliver strong earnings under variable market conditions.
The company, which runs the coal and gas-powered Huntly Power Station, continued to actively manage its gas position into the third quarter of its 2026 financial year.
鈥淐urrent expectations are that winter 2026 conditions will revert toward more normal seasonal patterns, with thermal baseload and firming capacity available to support system security,鈥 it said.
The $400m equity raise would be used to accelerate the development of its growth opportunities across renewable generation and dispatchable firming capacity, and underpin delivery of its 鈥淕en35鈥 strategy.
The offer comprises an underwritten placement of $100m at $2.15 per share and an underwritten 1 for 7.9 pro rata renounceable rights offer to raise $300m at a price of $2.05 per share.
The Government has committed to subscribe to $198m worth of new shares, which will enable it to maintain its 51% stake.
The proceeds from the offer will initially be used to reduce net debt.
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