In what it sees as a pivotal year for the electricity sector and New Zealand’s climate agenda, Genesis Energy says there is significant investment in renewables being made, the Emissions Reduction Plan is due from government and Budget 2022 will allocate capital to the climate response.
Genesis believes it has a key role to play with agreements for wind and geothermal generation, expanding its portfolio into grid-scale solar, and continuing work to ensure back-up generation at Huntly supports the transition.
Reporting its half-year result (a 63% rise in net profit of $84.7m), Genesis said the result underlines the company’s momentum as it invests for future growth in new renewable generation and enhanced customer experiences.
Chief Executive Marc England said Genesis has delivered another strong result while building capability for the future. Continue reading “Genesis expects to play key role in wind and geothermal generation while expanding into grid-scale solar power”
Recriminations flew after the power blackout on Monday, one of the coldest nights in New Zealand.
Energy Minister Megan Woods blamed a market failure and “commercial decisions”. According to the Dominion-Post, she pointed the finger at Genesis Energy, which had not turned on one of the Huntly power station’s units.
The government is said to be demanding answers from the industry.
Genesis chief executive Mark England said the company had been made a scapegoat and he will be asking the minister why.
Transpower has apologised after it asked lines companies to cut power in some areas to handle all-time-high demand for electricity, combined with insufficient generation, on one of the coldest nights of the year.
Transpower CEO Alison Andrew said there was enough generation to cover predicted demand on Monday evening. Continue reading “If recriminations could be turned into energy and stored, maybe the next power blackout could be avoided”
In these days of doom and gloom over the impact of the Covid-19 pandemic, any outfit which can trigger a ray of optimism deserves a salute from the rest of the country.
Fisher & Paykel Healthcare, for example, reported this week that in the four months to July 31 it recorded a 390% lift in the sales of its hospital respiratory care products, compared with sales in the same period the previous financial year. This remarkable performance reflects a changing trend in clinical practice to lead with nasal high flow therapy for treatment of Covid-19 patients in hospital. Global sales for the Auckland-based company of both invasive ventilation and Optiflow consumables in July have returned to similar levels to the peak it saw in April.
No wonder this is the top capitalised company listed on the NZX, valued at over $20bn.
In a very different field, but like the F&P Healthcare report barely getting a mention in the mainstream media, was the announcement that reserves in the Kupe gas and oil field offshore in Taranaki are significantly greater than previously reported. This means the field’s life is likely to be extended beyond the 15-20 years expected when it first came on stream in 2009. Continue reading “Great news from Kupe (if drilling permits could be acquired) – NZ has bigger gas and oil reserves than previously reported”
Fabulous, isn’t it? We mean it’s the stuff of fables, rather than “fab” in the modern idiom.
The country might have to import coal to keep the lights on. And yet the government says we can do without the cleaner-burning gas which may lie undiscovered off the NZ coast.
Latest news on the electricity front is that – because of declining hydro storage, the drier outlook and the shutdown of production from the Pohokura gas field – NZ will have to bring coal in from abroad as fuel for the Huntly power station.
Genesis Energy says it is “close to pushing the button on some coal imports” because it needs to maintain stocks at Huntly so it can keep the lights on. Continue reading “Leave the gas where it is – we can always ship in coal (at a price) to keep the lights on”
Earlier this month Jenny Shipley announced she would step down as chair of Genesis Energy at the annual meeting in October after nine years in the role. Her decision followed a week after Transpower’s chair, Tony Ryall, said he had notified the company’s shareholding ministers he will retire from the board of Transpower effective December 31.
Only people prone to conspiracy theories would see anything other than a coincidence in the timing of these two announcements.
Yet those familiar with political events over the past two decades – or three – may recall both Shipley and Ryall share a bit of history with none other than Winston Peters, who happens to be something more than Deputy PM in the Labour-NZ First government and Minister of Foreign Affairs. He also holds the State-owned Enterprises portfolio. Continue reading “The political power game: energy company resignations suggest the trough has been tipped”