Photo: RNZThe government is brushing off accusations of naivety from the opposition over plans to pursue a liquefied natural gas (LNG) terminal as prices spike worldwide. QatarEnergy has suspended production of LNG, prompting prices to rise by around 50 percent in Europe, and nearly 40 percent in Asia. The New Zealand government is proceeding with plans to build a billion dollar LNG import facility in Taranaki, as a back-up to address dry year risk. Labour's energy spokesperson Megan Woods said the global spike in LNG prices was the concern Labour had been warning the government about all along. Asked later about Woods' comments around naivety, Watts said future energy prices in 2027, 2028, and 2029 were all down following the government's announcement.

Source: Otago Daily Times March 03, 2026 18:51 UTC