New Zealand natural gas reserves decline to lowest level in 20 years
New Zealand's proven natural-gas reserves have fallen to their lowest level in 20 years, RNZ reported. The decline of a fuel critical for industry and electricity raises new questions over prices and climate policy.
New Zealand's proven natural-gas reserves have dropped to their lowest level in two decades. According to RNZ, the decline reflects the maturing of existing fields and limited new discoveries. Industrial customers fear serious supply pressure during the coming winter.
Natural gas plays a balancing role in the country's electricity mix, kicking in when wind and hydro output is low. Official data show wholesale power prices swung sharply over the last year and that costs for gas-reliant industrial sites have climbed.
The government is weighing options that include reviewing the rules for upstream gas exploration, building new LNG import infrastructure and bolstering storage. On the climate side, the reserve decline is also raising the risk of a temporary swing back to coal. Calls for additional protection of consumer bills are growing louder.
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