Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Major Electricity Users’ Group (MEUG)


Major Electricity Users’ Group (MEUG)

Energy user’s angry at lack of advice on rolling Maui gas outages ”Major users’ of gas and electricity have incurred lost production and additional energy costs in the order of millions of dollars due to the rolling outages on the Maui-A platform over the last week,” said Ralph Matthes, Executive Director of the Major Electricity Users’ Group (MEUG).

Members of MEUG yesterday identified a range of costs they had borne because of the rolling Maui outages:

· Being requested to shed gas demand when the duration of the outages was relatively short considering gas line-pack could have been used;

· Shedding electricity demand (and hence losing production) because of extremely forecast high electricity spot prices - prices that in the final prices were much lower but still high relative to average prices for this time of year;

· Having to pay high spot electricity prices because some load could not be shed;

· Some electricity retailers calling in force majeure clauses on hedge contracts thereby stranding consumers onto spot prices; and

· Widespread uncertainty as to the status of the outages and expected timing for restoration of supply - creating problems for users’ managing production.

“We have sought information from a number of parties including the Maui operator on the likelihood for these outages to reoccur and the NZEM Market Surveillance Committee about the lack of confidence by the demand side in forecast spot electricity prices during these events. Another issue to be considered is if some generators benefited from high spot prices while their retailing divisions failed to inform consumers of events.

“The most pressing issue is to fix the lack of useful and timely information being available to all downstream affected parties in case these outages continue. The Government has also been asked to use any influence it has as the purchaser of Maui gas from the field owner to urgently improve the flow of information so that end consumers can make informed decisions,” concluded Mr Matthes.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news