gentailers increasing again because of fed decision? 2 potential rate cuts https://edition.cnn.com/2019/06/19/e...ion/index.html
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gentailers increasing again because of fed decision? 2 potential rate cuts https://edition.cnn.com/2019/06/19/e...ion/index.html
big increases :O up to 7.730 before OCR rates decision tomorrow
They are not ooutstanding for all customers however !! https://www.stuff.co.nz/business/opi...sible-to-reach
No surprises here. According to the latest member survey of the consumer magazine do Contact and Genesis have the least happy customers of any electricity provider in New Zealand (both at 46% customer satisfaction - Powershop on the other end of the spectrum reaches 66% satisfied customers, Nova Energy 65%).
https://www.consumer.org.nz/articles/energy-providers
In a nutshell - go with one of the big providers and be unhappy - or go with one of the small providers and be happy ;);
To somewhat balance this statement ... I am Genesis customer for many years and never had problems related to the gentailer (but yes, I never needed their customer support). If we have power outages (we do, hey - this is NZ) is it anyway the network provider who has a quite mediocre service, but we can't choose them. I tried some years ago a stunt with Powershop - and learned after signing up (but before switching) that their their advertisements and claims are misleading at best. I changed back to my old provider before they made the switch.
This is nuts...check out 5 yr charts.
From today's press release:
"Contact has secured 4.5PJ of gas for this winter and access to new Maui gas until the end of 2024 as the field is progressively invested in. Our perspective is that gas is getting more expensive and less reliable at a time when it’s facing increased competition from renewables. To maintain its share of energy production it should be doing the opposite. This unreliability has also impacted our ability to call on energy under a long-standing insurance product which has significantly devalued its future worth. On a more positive note the Ahuroa Gas Storage facility expansion is progressing well with completion expected in early 2020 and we understand there is a long term contract with another user imminent.
The increased price and reducing reliability of gas is accelerating the case for the long-term economic substitution of thermal plant with new baseload geothermal."
Those bold bits sound bad!
"After successfully lowering the cost of geothermal since our last build, we are taking the next step in developing the geothermal project we have consented at Tauhara by committing to drill a series of four appraisal wells. In gas equivalent terms Tauhara is a 20PJ per annum resource, and that’s just the currently consented portion. The drilling will lay the groundwork for a final investment decision for a new power station in early 2020. The results of the drilling will further define the extent of the reservoir and its characteristics and confirm our initial assessment that along with steam turbine technology cost improvements Tauhara is New Zealand’s lowest cost new generation build."
But a solution is at hand?
SNOOPY
We shouldn't be surprised about the "increased price and reduced reliability of gas". Isn't this what current govt policy aims to achieve?
:rolleyes:
ASB economists say the latest gloomy business confidence survey means the Reserve Bank will need to cut interest rates two more times this year- with a cut in August now "a done deal."
"With economic momentum continuing to slow, we now expect the RBNZ will cut the OCR twice more, in August and November, bringing the Official Cash Rate (OCR) to 1 per cent," ASB economist Jane Turner said.
https://www.nzherald.co.nz/business/...ljw8wGfOPUy6Fo
Looking like 2 further rate cuts, expect to see continued rises in CEN, MEL, GNE, MCY, TPW
Just a thought. I live in Central Otago and so far this year, the snowfall is light. Very light.
The primary base for Contact is hydro dams and right now I'm wondering if there will be a lean year. Shallow lakes and not much generation.
Any thoughts?