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Knee-jerk reaction already costing power consumers

Knee-jerk reaction already costing power consumers

A Government promise of 'significant change' in the electricity market is already threatening our future generation potential, according to the National Party Energy spokesman Gerry Brownlee.

"Contact Energy has resource consents in place for three large, new gas-fired power stations that could be in operation within two years, now those projects are in doubt because of the Government's posturing.

"Contact was poised to green light the spending as soon as it had certainty about gas supplies, but announcements from the Prime Minister have jeopardised the investment," says Mr Brownlee.

"Clearly this is a Government that doesn't know the first thing about the complex nature of the energy market, nor has it considered what impact its plans for re-regulation will have on the major players.

"After de-regulation of the electricity industry, the market was always supposed to be managed, as fine-tuning in any commercial environment is often necessary, but the Government's done nothing in four years.

"Instead Energy Minister Pete Hodgson's let New Zealand slide into yet another electricity crisis, despite repeated warnings," Mr Brownlee says.

"The Government's knee-jerk reaction to the crisis has introduced more uncertainty to the market.

"It'll almost certainly put the brakes on investment in new generation capacity, at a time when New Zealand needs it more than ever," Mr Brownlee says.

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