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

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)
Ian Llewellyn
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...

More Markets

NZ sharemarket drops after weak GDP data
Markets Market Close

NZ sharemarket drops after weak GDP data

Stats NZ data showed NZ's gross domestic product fell 0.9% in the June quarter.

Tom Raynel 18 Sep 2025
Craigs beefs up in Hawkes Bay, eyes further expansion
Finance

Craigs beefs up in Hawkes Bay, eyes further expansion

Craigs looks to further expansion as it confirms the Somerset Smith Partners deal.

Staff reporters 18 Sep 2025
NZ dollar on watch ahead of 3Q GDP, Fed signals
Markets

NZ dollar on watch ahead of 3Q GDP, Fed signals

Economists expect NZ GDP to shrink 0.3% in the June quarter after March growth.

Rebecca Howard 18 Sep 2025
Seeking a faster, sharper ComCom
Economy

Seeking a faster, sharper ComCom

A ‘gold standard’ approach and siloed structure slow the ComCom down.

Pattrick Smellie 18 Sep 2025