Fonterra: 'significant cost' from high energy prices

Fonterra is the largest company in NZ and a major energy user. (Image: NZME)

Fri, 09 Aug 2024

Fonterra and its shareholder farmers are incurring significant extra costs due to high energy prices, which have been blamed for a string of manufacturing sector closure announcements this week.According to data from the Electricity Authority, wholesale electricity prices were trading above $800/MWh on Thursday, up from about $150/MWh a year ago.The sustained high prices, due to low hydro lake levels and a shortage of gas, have taken their toll on the manufacturing sector in particular, with Pan Pac becoming just the latest company to announce...

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