Heavy industry closing plant as power prices sky-rocket

Heavy industry closing plant as power prices sky-rocket
Hydro lakes are draining far earlier this winter than is normal.
Pattrick Smellie
Plunging hydro lake levels and a tight supply of natural gas are pushing wholesale electricity prices sky-high and forcing production cuts at some of the country’s largest heavy industrial plants.The Norske Skog Tasman pulp and paper mill is currently shut down and ran at between 40% and 60% of capacity last month, with wholesale power prices on the spot market averaging more than $300 per megawatt-hour (MWh) in the last fortnight of March.That is three to four times higher than the same time a year ago and comes at a time of relatively b...

More Economy

Inflation outcome shores up the view RBNZ will cut by November
Finance

Inflation outcome shores up the view RBNZ will cut by November

Economists say even earlier rate cuts are possible. 

Tom Raynel 17 Jul 2024
Annual inflation now at 3.3%
Economy

Annual inflation now at 3.3%

Inflation is now just above the RBNZ's target range. 

Rebecca Howard 17 Jul 2024
Holidays Act: Our 21-year-old problem child
Economy In-depth

Holidays Act: Our 21-year-old problem child

Successive governments have taken more than 20 years to fail to fix the Holidays Act.

Nikitin Sallee 17 Jul 2024