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Rising electricity bills have customers looking at options. Photo: 123RF Things are looking grim in particular for gas users as the wholesale power crunch continues, Powerswitch says. The electricity sector has been hit by a surge in wholesale power prices due to a shortage of gas supplies and a dry winter. Powerswitch general manager Paul Fuge expects that households will eventually be exposed to the price increases, which have already forced some large businesses to shut. "Retailers will be hedged to varying degrees. But as hedges progressively run out, there will be increasing pressure to put up prices. "There will also be a lag as retailers generally have to give their customers advance notice of any price increases. But we have received a flurry of price change requests for Powersw...

Auckland Airport's passenger numbers rose 17 percent to 18.5 million, driven by a strong rebound in international passengers. Photo: Auckland Airport's bottom line profit fell 87 percent as it faced a large tax bill, but leaving aside one-off items, its underlying profit rose sharply as overseas travellers returned. Key numbers for the 12 months ended June compared with a year ago: Net profit $5.5m vs $43.2m Revenue $895.5m vs $625.9m Underlying profit $276.6m vs $148.1m Taxation expense $337.8m vs $1m Final dividend 6.5 cents per share vs 4 cps The airport said the significant tax expense reflected a change in government policy on depreciation of building structures. Passenger numbers rose 17 percent to 18.5 million, driven by a strong rebound in international passengers, contributi...

Photo: 123RF The prime minister, mayors, and local iwi have met to try and hash out a way to keep mills threatened with closure in operation. Soaring electricity prices means Tangiwai Sawmill and Karioi Pulpmill face being shuttered. The mayors from Ruapehu, Kawerau and Taupō said they were "cautiously optimistic" after discussions with Christopher Luxon and Regional Development Minister Shane Jones. The mayors all expressed concerns for the central North Island economy and their communities following the proposed closure announcement by Winstone Pulp International. They warned the impending shutdown is only the tip of the iceberg unless urgent solutions are found to help with the unsustainable energy costs. The government has invited the mayors to collaborate with the mill to put togeth...

The High Court has penalised a former insurance group head $1.4 million. Photo: RNZ / Angus Dreaver Head of failed CBL insurance group ordered to pay $1.4m Admitted accusations of not disclosing key information to investors Judge says rule breaches serious and undermine integrity of markets. The head of the failed CBL Insurance group has been ordered to pay $1.4 million for breaching financial market rules. The High Court penalty followed a settlement between the Financial Markets Authority and Peter Harris over not disclosing key information about the state of the group's finances. The FMA had alleged that Harris did not disclose that CBL needed to strengthen its reserves; that the group had a large amount of insurance premiums owed which had not been paid; and that regulators in ...

SkyCity has reported a full year loss of $143.3 million, on flat revenue growth of $928.5m. The casino operator's bottom line was eroded by a number of extraordinary items, including a more than $94m [https://www.rnz.co.nz/news/business/525561/skycity-warns-shareholders-of-94-point-3m-writedown writedown in the value of Adelaide Casino's assets] and a tax adjustment of nearly $130m. When these items were excluded the company made an underlying net profit of $123.2m, in the year ended June, which was 7.2 percent down on the year earlier. Chief executive Jason Walbridge said it was a solid result given the economic circumstances, with cost of living pressures in New Zealand and Adelaide, as well as ongoing regulatory issues. SkyCity said the Auckland casino will be closed for five days next ...

Genesis Energy's head office in Auckland. Photo: Supplied / Genesis Energy Genesis Energy says it is doing its bit to deliver energy to New Zealand and sudden changes to power market rules can be unfairly costly. This comes after Transpower, the grid operator, announced it would allow generators to access more water from hydro lakes to combat the country's power supply problem. Genesis has posted its full-year profit, which fell to $131 million due to low gas, hydro and wind levels and an outage at its Huntly power station. Costs increased for the company as it had to burn more coal to make up for the shortages. Chief executive Malcolm Johns said his company's customers have been protected from the volatility in the sector. "We've put $160m more into fuel in the last 12 months... We've ...