Economy

Heavy industry closing plant as power prices sky-rocket

Pattrick Smellie
Thu, 08 Apr 2021

Hydro lakes are draining far earlier this winter than is normal.
Pattrick Smellie
Thu, 08 Apr 2021
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...

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