Methanex Shutdown Supports Winter Energy Supply Amid Gas Transfers

Methanex Corporation (NZX: MEO) has agreed to temporarily shut down its operations for eight weeks to help stabilize New Zealand's energy supply this winter. During this period, Contact Energy (ASX: CEN) will receive 2.8 petajoules (PJ) of gas from Methanex's reserves, while Genesis Energy (ASX: GNE) will acquire up to 1.26 PJ of unused gas not required by other contracted users. The gas allocated to Genesis is expected to replace coal for power generation, contributing to a cleaner energy approach. Methanex had previously been reselling its surplus gas to other users, further supporting energy availability. The agreement reflects heightened cooperation between major energy players to manage potential shortages during the colder months and highlights political involvement in safeguarding the nation's energy stability.

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