ACT backs energy package for affordable power

ACT Energy spokesman Simon Court welcomes the announcement of sensible energy reforms today, addressing the burden of high power bills on households and firms.

"These changes are intended to provide confidence to market, rather than upend it like some have called for," says Mr Court.

“ACT in government is fixing rules that have blocked investment in new energy projects. We’re telling energy companies: bring us your proposals for new generation, and we’ll back them with investment.

“A significant win for ACT is opening the door for Mixed Ownership gentailers to raise their own capital through equity markets, in addition to debt. This change means they are no longer constrained by what the taxpayer alone can afford to contribute, helping them finance new coal and gas-fired generation. Such thermal firming is critical to support the expansion of renewables. This one simple change to investment rules will go a long way to solving energy security and setting power prices back on an affordable trajectory.

"We're removing bureaucratic and regulatory barriers that have made energy projects costly or unfeasible. Whether it's hydro, gas, wind, geothermal, solar, or even one day nuclear, a new resource management system will make it easier to build.

"We're also ensuring energy companies have confidence to invest by protecting against political interference. We scrapped Labour’s disruptive Lake Onslow project and ended the oil and gas ban. We’re also offering to absorb sovereign risk if future governments reverse this progress.

“Energy abundance means lower power bills, reliable electricity, thriving industries, and warm homes for all Kiwis."