High energy prices hitting meat processors

Sustained high electricity prices have led to some businesses halting operations. (Image: Alliance)

Mon, 12 Aug 2024

Rising wholesale energy prices are putting some of the country’s largest red meat companies under significant financial pressure.It comes at a time when the processors are already struggling with weak product prices in overseas markets.According to data from the Electricity Authority (EA), wholesale electricity prices were trading above $800/megawatt hour (MWh) late last week, up from about $150/MWh a year ago.The sustained high prices, due to low hydro lake levels and a gas shortage, have taken their toll, with a string of businesses hal...

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