The pumped hydro scheme being proposed by the government is a bid to redesign the electricity market and risks putting dry-year risk management back in the hands of one agency, Fonterra chief operating officer Fraser Whineray says.Whineray, previously chief executive of power retailer Mercury NZ, said if the government had concerns about the ability of the market to provide secure power supplies from an increasingly renewable generation it should focus on that. In the meantime, the uncertainty it is creating is slowing investment, he said&...
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