![Genesis float details revealed](/pf/resources/images/placeholders/placeholder_l.png?d=792)
Genesis float details revealed
The Government says shares in Genesis Energy will be priced in a $1.35 to $1.65 range and would include a loyalty bonus share offer.
The Government says shares in Genesis Energy will be priced in a $1.35 to $1.65 range and would include a loyalty bonus share offer.
The average power bill for a family of four will rise by 2.4 per cent this year, Energy and Resources Minister Simon Bridges said yesterday.
Full details of the Genesis Energy float will be released today including the price range for the shares, a bonus share scheme and the timetable for its sharemarket listing.
Investors wanting more certainty around Labour-Greens policy for overhauling the electricity sector before the election appear to be out of luck.
Independent research house Morningstar has valued state-owned Genesis Energy at around $1.69 billion to $1.89 billion in total, or about $3.25 to $3.50 a share.
The structure of the Genesis Energy float is unusual but makes sense given the complexities of the company, says one investment banker.
The sharemarket float of Genesis Energy - the details of which are due out today - is likely to proceed along standard lines.
John Key has confirmed the partial privatisation of Genesis Energy will begin soon but has underlined the sale will be the last one under a National Government.
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