Tiwai fallout: What the deal means for power prices, politicians and investors?
18 Jan, 2021 04:27 AM
6 minutes to read
A new electricity deal means the Tiwai Point aluminium smelter will continue to operate until at least 2024. Photo / Otago Daily Times
A new electricity deal means the Tiwai Point aluminium smelter will continue to operate until at least 2024. Photo / Otago Daily Times
Few single issues impact the New Zealand economy like the future of the Tiwai Point aluminium smelter. When Rio Tinto announced it was conducting a strategic review of the smelter in late 2019, billions were wiped off the value of the NZX, more than 1000 people feared for the jobs and Treasury warned that investment in renewable energy could be put off for years.
Market watch: Energy stocks flat after news Tiwai Point smelter given two more years
14 Jan, 2021 03:48 AM
4 minutes to read
Auckland Airport shares fell by 3.41 per cent in another down day for the sharemarket. Photo / Peter Meecham.
Auckland Airport shares fell by 3.41 per cent in another down day for the sharemarket. Photo / Peter Meecham.
NZ Herald
By: Graham Skellern Energy stock prices remained muted after the announcement that the Tiwai Point aluminium smelter will remain open for at least another two years as investors pondered the impact of earnings and dividend yields on the affected companies.
Shane Solly, portfolio manager with Harbour Asset Management, said Contact and Meridian no doubt provided electricity pricing discounts for the smelter s owner Rio Tinto to remain operating through to December 2024.