Genesis has cleared a solid profit after a testing second half marred by gas and transmission outages, low rainfall and the Covid-19 lockdown.
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Chief executive Marc England said the lockdown did cause disruption to industrial and commercial consumption but was offset somewhat by increased residential demand.
Revenue was down 4 percent on last year, and profit was down 22 percent to $46 million.
"Despite those uncontrollable events, Genesis people demonstrated great resilience and adapted quickly to support our customers through difficult conditions."
England said the period period January to June was the second-lowest [hydro levels] experienced in 95 years.
"Overall, hydro generation fell [18 percent] versus the year prior. This meant Huntly Power Station's back-up generation was called upon more regularly to stabilise wholesale electricity prices for all market participants."
Thermal fuel costs rose 7 percent, but did started to decline again near the end of the year.
Profit was boosted by a fair value increase of $11 million for its Waipipi Wind Farm as well as lower costs due to interest rates.
He said once Tiwai had left the market, and planned wind farms came into the market, demand for thermal would remain, but at about half the current levels.
He also said the company remained on track for its plan to phase coal out completely by 2030.
Genesis declared an increased final dividend of 17.20 cents per share.
