Govt considering importing LNG as dire energy shortfall bites

Energy Minister Simeon Brown blamed the problem and called for bipartisanship. (Image: NZME)

Wed, 07 Aug 2024

Energy Minister Simeon Brown says the government is seriously considering importing liquefied natural gas to fill an energy shortfall.A shortage of supply has sent gas prices soaring. This, combined with low hydro lake levels, has sent wholesale electricity prices to sustained record highs, trading above $800 a megawatt hour this week with numerous spikes higher.Brown said these were the highest electricity prices in the Western world. He blamed Labour’s ban on new oil and gas exploration and other policies for a “dire loss of confi...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Primary Sector

Bega seeks merger regulator review for Fonterra Oceania

Fonterra has 650 farmers in Australia.

Riley Kennedy 7:45pm

Markets Market Close

THL buyout offer lifts NZX 50

Tourism Holdings helped the NZX 50 rise 1.09%.

Gregor Thompson 5:55pm

Property

Court to decide Du Val asset seizure orders

Charlotte and Kenyon Clarke will get to have their say ten months on.

Maria Slade 5:35pm

Court to decide Du Val asset seizure orders

Sponsored

New Zealand’s AI imperatives: Transparency and the human touch

Hard-hitting report warns uncertainty could block progress.

One NZ

Sponsored

You might not need a bigger budget – just a bolder mindset

Challenger brands don’t always outspend – they outthink. Here’s why bold ideas often win.

YoungShand

More Energy

Energy

Household electricity bills increase by 10%

Ministers consider whether to modify the market structure.

Ian Llewellyn 3:00pm

News in Brief

Powerco says biomethane production feasible

North Island energy distributor Powerco says two feasibility investigations into upgrading biogas to biomethane for use in its gas network have shown it is feasible.In April 2024, Powerco launched initiatives with Manawatū District Council (MDC) and Midwest Disposals to conduct t...

Ian Llewellyn 11:15am