Buried treasure off Canterbury coast could cut your power bill

ACT is backing a new offshore prospecting application in the Canterbury Basin as a sign New Zealand’s energy sector is finally back in the fight, says ACT Energy spokesperson Simon Court.

“After years of sending investors packing, we’re finally seeing someone willing to have a go again. That’s good news for anyone struggling with power bills or worried about the lights going out.

“New Zealand Petroleum & Minerals has opened a competitive process after CBX Energy applied to study the Canterbury Basin. It’s one of the least explored parts of the country, even though it’s long been seen as promising.

“Instead, we banned exploration, scared off investment, and ended up more reliant on imports. That hasn’t made energy cheaper or more secure.

“You can’t make good decisions in the dark. Shutting down exploration before you know what’s there just doesn’t make sense.

“The Canterbury Basin is one of 18 sedimentary basins with potential, but we’ve barely scratched the surface compared with other countries.

“We should be a country that can actually build things, including energy projects. That means clear rules and sticking to them.

“The 2018 ban sent the message that New Zealand changes the rules halfway through the game. Investors noticed, and they left.

“If we want jobs, growth, and lower power prices, we need to show we’re serious again.

“At the moment, families are paying the price for those decisions. Power is expensive because supply is tight and investment has dried up.

“More exploration means more options. It means more supply, more competition, and ultimately lower costs.

“It also means jobs, regional development, and less reliance on fuel shipped in from overseas.

“If we want a stronger economy and affordable energy, we need to stop saying no to everything and start letting projects happen.”