Mike Fuge: Contact Energy CEO on Methanex temporarily shutting down New Zealand operations

Heather du Plessis-Allan Drive

There's praise for a deal to free up gas to help keep the country's lights on.

The nation's biggest gas user, Methanex, will shut down Kiwi operations until October - and is selling its gas to Contact Energy and Genesis Energy.

It'll let them generate more power to combat a supply shortage that's sent power prices skyrocketing.

Contact Energy CEO Mike Fuge says it will cost Methanex some export earnings.

He says that's outweighed by the benefit to the country.

"In terms of the security of supply - that's what our focus is at the moment and we're very confident that we'll be able to see the country through."

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