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


Impact on the economy due to electricity crisis

Impact on the economy as a result of the wholesale electricity market crisis – to 23 March 2003

”Since 1 March this year a limited survey of some major electricity users’ have reported lost sales of approximately $3.7 million as a result of having to respond to the extraordinary high prices in the wholesale market,” said Ralph Matthes, Executive Director of the Major Electricity Users’ Group (MEUG). Forced demand reductions in response to these prices by these large users’ have year to date totalled approximately 14,200 MWh.

“Last week spot prices averaged over 20 c/kWh (final figures are not yet available so this is just an estimate). In comparison an average household pay about 7 c/kWh for energy as part of their power bill (and just over 13 c/kWh including line charges).

“In most cases the lost production reported cannot be recovered because these manufacturers had planned to operate 24 hours a day, 7 days a week.

“We are waiting for a response from Government to our request of 19th March to appeal to all classes of consumer to conserve electricity immediately, examine means to manage the uncertain supply situation and to investigate profit levels of SOE generators. We are also waiting for a response to our request to Meridian Energy on 19th March on why their offer prices have increased so drastically,” concluded Mr Matthes.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>