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

 

Investigation Into Natural Gas Supply Welcomed

A new investigation into the security and certainty of New Zealand’s natural gas supply has been welcomed by the Petroleum Exploration and Production Association of New Zealand (PEPANZ).

"Natural gas is a vital energy source for New Zealand but there is real pressure on our long-term supply. It is a good move by Energy and Resources Minister Dr Megan Woods to request this work from the Gas Industry Company (GIC)," says PEPANZ chief executive John Carnegie.

"Natural gas provides over 20% of New Zealand’s total energy, powering our key industries and keeping electricity prices down. It also enables renewable electricity by providing an affordable back-up for when demand is high and supply can’t keep up.

"There are no clear affordable alternatives ready yet, which means we could end up importing LNG from Australia instead of producing our own local natural gas.

"PEPANZ members are continuing to invest in their existing assets to enhance supply in the short and medium term, but beyond that exploration is required.

"Like other forms of energy, natural gas requires ongoing investment to maintain existing supply let alone add new reserves. For this to happen we need the right regulatory and commercial conditions.

"These are important issues for the GIC to consider. We look forward to engaging with them and helping the Government ensure we have affordable, reliable and sustainable energy."

Further information on the GIC’s investigation is available here.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>