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

 

Group Chairman Calls for Rethink Energy Strategy

MEDIA RELEASE – 18 November 2005

L&M Group Chairman Calls for Rethink of National Energy Strategy

L&M Group Chairman, Geoff Loudon, predicts “energy problems if the New Zealand government focuses solely on renewable energy resources as part of its proposed National Energy Strategy.”

“The speech from the throne states that the new Labour government will develop a National Energy Strategy and priority will be given to renewable energy resources. This focus on renewable energy will not solve New Zealand’s imminent energy crisis” says Geoff Loudon.

The L&M Group of companies are conducting an aggressive exploration programme in New Zealand. L&M exploration permits covering coal, lignite brown coal, petroleum and coal seam gas represent the largest volume of identified energy resources in New Zealand. L&M’s lignite resources alone are the equivalent of 5 Maui gas fields.

Geoff Loudon, an international mineral investor, is a key speaker at the 2005 New Zealand Minerals Conference in Auckland. He gave a presentation outlining the risks for international investors. These risks included the lack of a coherent and cohesive national energy strategy. The lack of co-ordination between New Zealand government departments is also identified as a major barrier to the development of New Zealand’s energy resources.

“While Crown Minerals and the Ministry of Economic Development are doing a wonderful job attracting international investors to invest in developing New Zealand’s energy resources, other government departments are doing their best to make it difficult” says Geoff Loudon.

“New Zealand’s recent commodity boom has been on the back of low energy prices. Increasing costs in energy and a reliance on imported energy means the cost of production of agricultural commodities will rise. New Zealand is moving from the bottom quartile of cost of energy to the top quartile of cost of energy in the OECD. Unless New Zealand develops its own energy resources New Zealand’s economy will suffer.”

“New Zealand has the largest energy resource per capita in the OECD. There is no reason why an energy crisis should develop. The Government needs to signal to the international energy industry that it wants us here. Renewable energy alone will not solve New Zealand’s immediate energy problems” says Geoff Loudon.

Geoff Loudon is Chairman of the Christchurch based L&M Group of energy companies. He is also Chairman of Nautilus Minerals Inc., a Canadian based seabed minerals explorer; founder and Director of Lihir Gold Limited, a world class PNG gold mine; a Director of Sterilox Technologies Inc., a US high tech medical firm; a founder and investor in Peru Copper Inc.; and a founder and member of Warintza Copper Syndicate (Ecuador). He is a cornerstone investor in European based fuel cell, information technology and industrial companies.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>


NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>

Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>



Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>



Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>