Gas anxiety weighs on Genesis, pushes up power prices and fears of shortages

Trouble at the Kupe oil rig. (Image: Genesis)

Wed, 24 Apr 2024

Forsyth Barr says ongoing problems at the Kupe gas field appear to be overly weighing on Genesis Energy’s share price.Genesis reported on Monday that production at Kupe remained curtailed, with an ongoing drilling programme to lift gas extraction being delayed.It comes at a time when anxiety about gas supply in New Zealand remains high, pushing up wholesale electricity future prices due to concerns about a potential energy shortfall this winter and in the coming years.Forsyth Barr said in a note that Kupe’s problems continued.&ldquo...

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