Energy boss calls for calm, says the sector will sort out shortfall

Contact boss Mike Fuge said kneejerk reactions will make things worse. (Image: Contact)

Mon, 12 Aug 2024

Contact Energy’s boss has called for calm heads as the sector deals with an energy crunch causing extraordinarily high wholesale electricity prices.The power company's chief executive, Mike Fuge, said he knew businesses exposed to the wholesale spot price were “doing it tough”, but the sector was working on solutions that will emerge this week.'Solutions'Wholesale electricity prices have recently been consistently above $800 a megawatt-hour (MWh), with spikes above that. When prices were above $200MWh this year, it...

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 }}

Policy

Auckland’s Milldale housing project approved

The project is the third approved since applications opened in February.

Michael Neilson 6:15pm

Markets Market Close

Leaders, property sector helps drive NZ stocks higher

The S&P/NZX 50 Index was 62.33 points or 0.46% higher at 13,514.09.

Jamie Gray 6:10pm

Leaders, property sector helps drive NZ stocks higher

Infrastructure

Northport expansion gets green light, updated conditions

Shares in Port of Tauranga, which owns 50% of Northport, rose 2% after the news.

John Anthony 4:50pm

Northport expansion gets green light, updated conditions

Sponsored

Fiji’s exclusive side revealed

Private islands and 5-star luxury, closer than you think.

Tourism Fiji

Sponsored

The double edge of AI in cyber security

Artificial intelligence has the potential to become both a lifeline and a liability for modern organisations, as a revolutionary tool capable of spotting threats at lightning speed, but also the ultimate weapon in the hands of cybercriminals.

Spark