New Zealand Update - Gas Shortages
Sell everything and leave before it's too late
Like frogs in a pot of water that has not yet reached the boiling point, it’s BAU in New Zealand. Many have left for Australia however most believe a solution will be found so remain on the Titanic even though it is listing heavily.
The barnyard animals have been fed bullshit that solar panels on ponds are a solution. Any anxiety these dumb beasts might be feeling as their bills soar ever higher have also been assuaged by the MSM telling them LNG will save the day. Of course no mention that LNG is crazy expensive and would drive their power bills even higher.
Trusting the MSM can be a dangerous game. Believing that experimental vaccines are Safe and Effective can cost you your health or your life. Believing New Zealand can solve it’s energy crisis will lead to financial ruin.
The time to exit is NOW.
Gas supply shrinkage sparks fears of suburban shortages
Auckland electricity and gas network company Vector is warning that in a worst case scenario it might have to stop supplying gas to some suburbs.
Its chief executive is calling on the government to make a plan so that households can stay connected if gas use dwindles and it is no longer economic to repair and maintain old pipelines.
Labour was working on a plan to manage a gradual exit from fossil gas by 2050, prompting Vector to make a plea for a smooth and managed transition off gas.
Even though the current coalition government has no goal to exit gas, and is re-opening for oil and gas exploration, gas supplies are still shrinking fast.
Vector chief executive Simon Mackenzie said there was no replacement source of gas coming soon enough to rely on, including LNG imports, which he said would have "volatile prices" if they arrived.
He said that after last winter's revelations about dwindling offshore gas fields, the issue probably had "more urgency" now than it did under Labour.
Smit said some industrial customers can not get gas now, and it was forcing them to switch to electric processes faster than they budgeted for.
"Industrial customers who are rolling off contract are seeing enormous price increases, and that drives a need economically to electrify. There are business out there who have been unable to procure gas at all."
Some companies were having to lay off staff because there was not enough. Source
Related
NZ is running out of gas - literally
This is what Peak Cheap Energy looks like
World crude oil extraction reached an all-time high of 84.6 million barrels per day in late 2018, and production hasn’t been able to regain that level since then. Source
Bus and train fares may surge by up to 70% to meet NZTA targets
It would mean a Wellingtonian spending $10 a day on Metlink fares would have to spend $17 a day under the new rates.
In the past two years, Wellington fares had already increased by 6 percent and then 10 percent in order to keep up with rising costs and inflation.
https://www.rnz.co.nz/news/national/534941/bus-and-train-fares-may-surge-by-up-to-70-percent-to-meet-nzta-targets
How did you bleed out? Slowly at first then... it gushed out
Full Blown Panic Now.... they just cut 50 points a month ago.....
The Reserve Bank of New Zealand has cut the Official Cash Rate by 50 basis points, taking it from 4.75% to 4.25%.
Some banks have reacted quickly, with Kiwibank cutting its variable home loan and business lending rates and ASB dropping interest rates across personal, business and rural lending by 0.50%.
Now, much of the focus will be on new economic forecasts and where the RBNZ sees the OCR landing next year.
A consensus of economists and financial markets had expected the cut which has now been delivered, with long odds on a cut of 25bps or an outsize one of 75bps.
https://www.nzherald.co.nz/business/official-cash-rate-live-updates-reserve-bank-to-reveal-ocr-decision-how-far-will-rates-fall/XWGHKVVH5ZCOPF7LTQZY33BPA4/