Ten year anniversary for Gas Industry Company

Energy and Resources Minister Simon Bridges has congratulated the Gas Industry Company (GIC) on ten years of successful operation as a regulator in the downstream gas sector in New Zealand.

“The GIC has worked closely with industry and Government to support investment, competition, and the efficient supply of gas to consumers.”

Since the GIC was established in 2004, competition at the retail level has increased, with ten gas retailers now competing for customers and the prospect of more new entrants.

“Increased choice is good news for consumers,” says Mr Bridges.

“New Zealand has a diverse and resilient supply of gas, which is an essential component of our energy supply.

“There was a 31 per cent increase in gas reserves in 2013.  Gas reserves currently stand at 2,642 petajoules, representing approximately 15 years of demand at 2013 demand levels.  This is the highest level since 2001.

“New Zealand’s gas industry is at an exciting stage.  Planned exploration activity means that there is always the possibility of further commercially-sized reserves.  Gas has an important role to play as we transition to a low-carbon future.

“I would like to thank the GIC for their valuable contribution to the gas industry in New Zealand.”