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Maui Gas report bad news for consumers, economy

Maui Gas report bad news for consumers, economy

Confirmation that the Maui Gas field will run out much sooner than expected is bad news for gas and electricity consumers, says National's Energy spokesperson Gerry Brownlee.

"This comes just a week after news that the undeveloped Pohokura gas field in Taranaki will be half it's original size.

"Gas supply has a direct effect on the supply of electrical energy. Today's announcement confirms that the price of gas will go up dramatically, with a consequential flow-on for electricity prices.

"You can't grow an economy without the energy to run it on. New Zealand needs an expanded supply of energy to achieve sustainable economic growth.

"The announcement on Maui is bad news for our major industries who are some of the biggest consumers. Already Contact Energy and Genesis are delaying projects because of concerns over the guaranteed supply of gas.

"The Government should be doing more to encourage further exploration of gas, and clearing the path for new energy projects to proceed.

"The Minister of Energy is shirking his responsibilities if he still insists there is no problem with New Zealand's short-term energy supply," said Mr Brownlee.

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