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Finance Minister says the closure of Tiwai Point had been on the cards for some time. The government has promised to support the Southland economy after the closure of Rio Tinto’s Tiwai Point aluminium smelter. Comments from Energy Minister Megan Woods and Finance Minister Grant Robertson dispelled speculation any further government lifelines would be thrown to the smelter, instead they focused on the coming “ transition”. Rio Tinto, the majority owner of NZ Aluminium Smelters (NZAS), said in a statement it would be planning to wind down operations over the next 14 months and eventually shut down the asset by August 2021. ....
“This is more of the same track record of the authority failing to create rules that protect consumers, he said. “The impact is complete loss of confidence in the market. It is consumers who will pay for this at the end of the day.” The Government should now move to structurally separate ‘gentailers’ and break up Meridian’s generation assets, he said. “At some point the minister has got to make a decision about whether she has got the right regulatory body.” Woods responded that the authority had her confidence. “It is important to note that the Electricity Authority is an independent agency which I cannot direct to regulate in specific ways,” she said. ....
There is no need to panic : Electricity industry takes first steps to prepare for shortages 15 Apr, 2021 11:00 PM 7 minutes to read According to one analyst, the Huntly Power Station is expected to burn 1 million tonnes of coal over four months. Photo / Doug Sherring According to one analyst, the Huntly Power Station is expected to burn 1 million tonnes of coal over four months. Photo / Doug Sherring New Zealand s electricity system is taking steps to prepare for the risk of conservation measures, with Energy Minister Megan Woods acknowledging soaring wholesale prices are putting some companies in jeopardy. Transpower has begun publishing daily reports on the security of New Zealand s electricity supply, with water levels in hydro lakes - the key driver of New Zealand s day-to-day power needs - at unusually low levels. ....
Government was preparing to directly subsidise Rio Tinto s transmission costs 16 Apr, 2021 05:00 PM 9 minutes to read Within an hour of Rio Tinto announcing a strategic review of Tiwai Point, Labour ministers promised there would be no financial assistance from the Government. Photo / Gregor Richardson Within an hour of Rio Tinto announcing a strategic review of Tiwai Point, Labour ministers promised there would be no financial assistance from the Government. Photo / Gregor Richardson In public the Government was clear: whatever Rio Tinto might threaten to do with the Tiwai Point aluminium smelter, taxpayers were not going to simply write a cheque to stave off closure. ....
But dry weather, gas shortages, and a long spell of relatively low investment in new generation have combined to send spot market prices soaring above 30 cents a kilowatt-hour for much of this year. Spot market prices have been reflected in steep rises in electricity futures prices, which are threatening to flow though into broader price rises for small businesses and consumers. The proportion of electricity generated by renewables has slipped below 80 per cent as the Huntly Power Station burns more coal to keep the lights on. Woods acknowledged the share of electricity produced by renewables would have fallen in both 2019 and 2020 but said it was too soon to say if it would fall for a third consecutive year, this year ....