Articles tagged with Genesis
New Rules Ensure Fair Competition and Affordable Energy for All New Zealanders
4 weeks ago | 237 viewsNew Zealand's Electricity Authority will implement new rules from July 1 to prevent the country's four largest gentailers—Contact, Genesis, Mercury, and Meridian—from favoring their own retail arms over smaller competitors in managing wholesale electricity price risk. These rules aim to create a level playing field by requiring equal treatment in hedge contracts, regular compliance reporting, and reflecting actual electricity costs in retail prices, with increased penalties for serious breaches starting in 2027. This initiative complements broader government efforts to enhance energy security, affordability, and competition through infrastructure fast-tracking, funding support, procurement of LNG facilities, and promoting renewable energy adoption.
Tags: Simeon Brown Contact Genesis Mercury Meridian Electricity Authority Energy Competition Task Force New Zealand Electricity market Energy MinisterGovernment to Invest $200M in Genesis Energy to Boost NZ Energy Security
4 months ago | 618 viewsThe Government will invest up to $200 million in new Genesis Energy shares to support secure, affordable energy and maintain a 51% Crown ownership. This investment aims to enhance energy security by enabling Genesis to increase flexible capacity and strengthen the long-term value of the state-owned asset. It is part of a broader Government initiative to improve energy reliability and reduce living costs for New Zealanders.
Tags: Nicola Willis Simeon Brown Simon Watts Genesis Energy Government Finance Minister State Owned Enterprises Minister Energy Minister New Zealand Crown investmentFast-track Approval Granted for Genesis Energy's Tekapo Power Scheme
7 months ago | 794 viewsInfrastructure Minister Chris Bishop and Regional Development Minister Shane Jones have approved the first renewable energy project under the Fast-track Approvals Act, with Genesis Energy's Tekapo power scheme receiving quick consent after facing delays under the standard process. The Tekapo project generates clean electricity for over 228,000 households in Canterbury and showcases the Act's ability to expedite vital infrastructure projects. The Ministers are working on legislative changes to further streamline the fast-track process and encourage more applications to boost job creation, regional prosperity, and economic growth in New Zealand.
Tags: Chris Bishop Shane Jones Genesis Energy Limited Tekapo power scheme renewable energy project infrastructure regional development New Zealand legislative changesNew Zealand Boosts Energy Resilience with Locally Sourced Coal Supply Deal
9 months ago | 908 viewsNew Zealand's Resources Minister Shane Jones praises the reintroduction of domestically sourced coal as a backup fuel for electricity generation, citing benefits for energy resilience and the Waikato regional economy. Genesis Energy's agreement with BT Mining to supply 240,000 tonnes of locally sourced coal to the Huntly Power Station diversifies fuel supply and reduces reliance on imported coal due to tightening gas supply. Mr. Jones emphasizes the importance of sourcing coal locally to safeguard against global disruptions, strengthen the fuel supply chain, and provide economic benefits for the Waikato region.
Tags: Shane Jones New Zealand Energy resilience Waikato Genesis Energy Huntly Power Station Coal Electricity generation Resources Minister BT MiningGenesis, Mercury, Meridian, and Contact Establish Strategic Energy Reserve to Boost Energy Security and Affordability in New Zealand
10 months ago | 1482 viewsEnergy Ministers Simon Watts and Shane Jones welcome the establishment of a strategic energy reserve by major power companies in New Zealand to enhance energy security and maintain affordable prices. The initiative aims to address vulnerabilities in the energy system highlighted by last year's dry winter, which led to high prices and pressure on industries and households. The government is taking steps to strengthen the energy system by ensuring fuel supply security, supporting investment, and enhancing market competition to reduce costs and promote economic growth.
Tags: Simon Watts Shane Jones Genesis Mercury Meridian Contact New Zealand energy reserve energy security affordable energy prices