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

 

Greater transparency sought in gas sector

Greater transparency sought in gas sector


By Gavin Evans

Dec. 11 (BusinessDesk) - The government is reviewing information disclosure requirements in the gas industry following the extended shutdown of part of the Pohokura field.

Offshore production from the field, the country’s biggest gas producer, has been halted twice this year for months because repairs were needed.

Major industrial users have complained of the lack of notice they received from their gas suppliers and field operator Shell. The power sector was also roiled by the shutdowns.

The second outage, in late September, coincided with low hydro lake levels and then with planned generation maintenance. That combination saw wholesale power prices soar in October and November, with Dunedin-based power retailer Payless Energy ceasing trading as a result.

Industry co-regulator, the Gas Industry Company, plans to issue a discussion paper early next year on whether additional disclosure arrangements are needed.

In correspondence with Energy and Resources Minister Megan Woods, the GIC says good information is important for efficient operation of the gas market and informed decision-making by participants.

“We agree that it appears that information disclosure in the sector could be improved, although this may not be without commercial and cost implications for some parties,” GIC chief executive Andrew Knight said in an August letter to Woods.

“If we consider that information disclosure is not sufficient we will determine whether industry-led arrangements to improve disclosure are possible or whether regulation is required.”

Woods had asked the GIC to report back, ideally before September, so that its work could feed into work the Ministry of Business, Innovation and Employment is doing on possible changes to the 1992 Gas Act.

That MBIE review will likely include other topical issues, such as how to cater for greater potential use of hydrogen in the sector. It is also expected to get underway early next year.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Stats NZ: Annual Goods Trade Surplus At 28-Year High

New Zealand’s annual goods trade surplus reached a 28-year high of $2.2 billion as imports tumbled in the year ended October 2020, Stats NZ said today. “This is the largest annual surplus since the July 1992 year, driven mainly by much lower ... More>>

ComCom: How Real Is That Bargain?

The Commerce Commission urges retailers and consumers to think hard about the bargains being offered as ‘Black Friday’ and Christmas draw near. Black Friday has now overtaken Boxing Day in terms of retail spending, according to data from electronic ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>