New Zealand declines approval for Contact Energy's wind farm project
An independent Expert Consenting Panel convened under the country's COVID-19 Recovery (Fast-track Consenting) Act 2020 (FTCA) declined resource consent for the project.
Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.
Under the act, the panel is advised and provided administrative support by the country's Environmental Protection Authority, which is not involved in the panel's decision-making process.
The decision "represents a significant setback for New Zealand's decarbonisation, Contact's mission to improve electricity security of supply and the country's economic development," Contact Energy CEO Mike Fuge said.
"During construction, the New Zealand economy would benefit from the creation of up to 240 new jobs, with around NZ$230 million ($133 million) to NZ$280 million in domestic spend," he said.
The panel, in its report, acknowledged the project's potential to support the goal to double the overall volume of electricity from renewable sources by 2050.
However, it was "not satisfied adverse effects on significant indigenous vegetation and the significant habitats of indigenous fauna on Jedburgh Plateau can be offset or compensated for in a way that will achieve the purpose of the FTCA," it said.
The panel's decision can be appealed to the High Court within 15 working days. Contact will review the decision and assess the next steps available, Fuge said.
($1 = 1.7188 New Zealand dollars)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
10 minutes ago
- Reuters
State-run Oil India's profit drops as fuel prices tank
Aug 12 (Reuters) - State-run explorer Oil India ( opens new tab reported a sharp drop in first-quarter profit on Tuesday, while falling short of analysts' expectations, due to softer oil prices, even as demand remained upbeat. Increased fuel demand in two out of three months of the quarter, led by gasoline and aviation fuel, could not offset the sharp fall in oil prices. The company's crude oil price realization, or price at which it sells, dropped 22% compared to the previous year, reaching $66.20 per barrel. Global Brent crude oil prices, a key raw material for refiners, dropped 9.5% in the April-June quarter, following a 1.2% decline last year. That led revenues from the crude oil segment, which forms two-thirds of the topline, to drop 21%, with overall revenue falling 14%. Oil India's standalone net profit, which excludes earnings from its joint ventures and overseas operations, decreased 45% to 8.13 billion rupees ($92.8 million) in the quarter ended June 30. Analysts, on average, had estimated a profit of 13.2 billion rupees, as per data compiled by LSEG. Rival Oil and Natural Gas Corp ( opens new tab is scheduled to report later in the day. ($1 = 87.6310 Indian rupees)
Scottish Sun
12 minutes ago
- Scottish Sun
Famous English club change name to ‘Red Bulls' after takeover by energy drinks giant – and fans are happy about it
HAVING A BALL Famous English club change name to 'Red Bulls' after takeover by energy drinks giant – and fans are happy about it Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) RUGBY giants Newcastle Falcons have been renamed following a takeover by Red Bull. The Premiership side will be known as Newcastle Red Bulls going forward. Sign up for Scottish Sun newsletter Sign up 2 Newcastle Falcons have been named Newcastle Red Bulls following a takeover Credit: Getty 2 The change will take place from the 2025-26 season Credit: PA They will continue playing at Kingston Park and Steve Diamond will keep his role as Director of Rugby for the foreseeable future. A statement from the club read: "Newcastle Rugby Ltd are pleased to announce that Red Bull has taken full ownership of the club. "The newly-named Newcastle Red Bulls will proudly remain at Kingston Park and will build for sporting success with a commitment to developing local rugby talent through a strengthened academy program, delivering a world class fan experience and embracing the innovative approach that Red Bull has brought to its sports initiatives across the world. "Steve Diamond will remain in his role of Director of Rugby, ensuring continuity and expertise as he prepares the team for the new season and helps to set the foundations for a club that aims to compete for trophies in England and Europe in the coming years." READ MORE IN SPORT FINAL WHISTLE Shamed Premier League ref David Coote slapped with ban for Jurgen Klopp rant Meanwhile, Oliver Mintzlaff, Red Bull CEO Corporate Projects and Investments, said: "Together, we aim to elevate rugby to new heights and deliver unforgettable moments for our fans. "We're delighted to have acquired Newcastle Red Bulls and look forward to empowering the club to reach its full competitive potential." Rugby Football Union CEO Bill Sweeney added: "Red Bull's investment in Newcastle is a very positive development and demonstrates the confidence in and potential of the Gallagher Prem, which is experiencing growing attendances, increased youth audiences and rising TV viewership. "We've been pleased to support the club, the league and Red Bull in the process which will be the first major new investment in a Prem club since 2016. "Having a Gallagher Prem club in the north of England is critical to rugby in the region both for preserving a rugby fanbase and its role in talent development and community outreach. "We look forward to Newcastle Red Bulls going from strength-to-strength next season and congratulate all those involved in making today's announcement a reality." Fans are also thrilled about the news, with one person taking to X to write: "Delighted for all the Newcastle fans and will strengthen the Prem and English rugby. Newcastle would have been relegated and probably gone had many got their way. "Rugby correctly ring fenced and after the dreadful Covid impact, the sport can start to build and move toward financial sustainability. "I look forward to the dynamism and energy that the Red Bull marketing team will bring to our sport and hope this shows the way for other top brands to associate themselves with the game." Another commented: "Absolutely fantastic news for the Premiership, European Rugby, club Rugby in England and most importantly, for Newcastle Falcons and Rugby in the North. "I really hope Red Bull is allowed the opportunity to create Newcastle as one of Europe's best Rugby sides." While a third said: "As a Wasps fan this is fantastic news for Newcastle fans who have stuck with them through tough times. Look forwards to seeing a lot of upsets this season."
Reuters
15 minutes ago
- Reuters
Most Gulf bourses fall on lower oil, corporate earnings
Aug 12 (Reuters) - Most Gulf equities ended lower on Tuesday, led by the Dubai index, as investors evaluated a slew of mixed earnings reports, while weaker oil prices also weighed on market sentiment. Dubai's benchmark stock index (.DFMGI), opens new tab slipped 0.6%, after two straight sessions of gains, with almost all sectors in the negative territory. Toll operator Salik ( opens new tab dropped 2.6% and blue-chip developer Emaar Properties ( opens new tab lost 1.3%. "The market could remain exposed to a correction after weeks of gains and a period of consolidation", said Joseph Dahrieh, managing principal at Tickmill. Saudi Arabia's benchmark stock index (.TASI), opens new tab was down for a fourth day, falling 0.2% to 10,770, its lowest level in nearly two months. IT, materials and consumer discretionary stocks were the biggest losers while communication, industry and utilities gained. Methanol Chemicals Co ( opens new tab slumped 9.9% after the chemicals producer posted a second-quarter net loss. Qassim Cement ( opens new tab slid 3.6% after reporting a 14.5% fall in second-quarter net profit on Monday. Oil prices, a catalyst for the Gulf's financial markets, slid 0.6% amid uncertainty ahead of a crucial meet between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska on Friday to discuss an end to the war in Ukraine. Brent was trading at $66.2 a barrel by 1250 GMT. The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell for a fifth day, down 0.1%. E7 Group ( opens new tab dropped 2.7% after the printing and packaging solutions provider reported an 82.1% drop in second-quarter net profit, while investment firm Agility Global ( opens new tab shed 0.9% as it posted a 19% decrease in second-quarter profit attributable. In contrast, ADNOC Logistics & Services ( opens new tab climbed 7.5%, its biggest intraday percentage gain in over two years. Maritime logistics company ADNOCLS reported a 14% rise in second quarter net profit, beating expectations per data compiled by LSEG. The Qatari benchmark index (.QSI), opens new tab rose 0.4%, with most constituents posting gains, led by communication and finance shares. Qatar National Bank ( opens new tab, the region's largest lender, added 0.7% and Qatar Navigation ( opens new tab advanced 2.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.3%, lifted by a 1% gain in Emaar Misr for Development ( opens new tab and a 1.3% rise in Belton Financial Holding ( opens new tab. Financial services provider Belton reported on Monday its second-quarter net profit attributable has almost doubled.
