Long term benefits could justify the Crown pouring more money into Genesis Energy.  

The company's revealed a $400 million capital raise to up its investment in renewables. 

Now the Crown's purchasing $200 million worth of new shares to maintain its 51% shareholding.  

Major Electricity Users' Group Chair John Harbord told Ryan Bridge Genesis is focused on storing electricity for dry years. 

He says that backup supply is the most important electricity for the system.  

But Harbord says the investment doesn't do much in the short term for affordability issues. 

LISTEN ABOVE 

Long term benefits could justify the Crown pouring more money into Genesis Energy. &nbsp;
The company's revealed a $400 million capital raise to up its investment in renewables.&nbsp;
Now the Crown's purchasing $200 million worth of new shares to maintain its 51% shareholding. &nbsp;
Major Electricity Users' Group Chair John Harbord told Ryan Bridge Genesis is focused on storing electricity for dry years.&nbsp;
He says that backup supply is the most important electricity for the system. &nbsp;
But Harbord says the investment doesn't do much in the short term for affordability issues.&nbsp;
LISTEN ABOVE&nbsp;

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

John Harbord: Major Electricity Users' Group Chair on Genesis Energy announcing a $400m capital raise

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/59397845-5315-499f-9e22-b3fa016ba8cc/transcript