Investors Welcome Lake Onslow Cancellation

The cancellation of the $16bn Lake Onslow pumped hydro scheme in New Zealand may boost investor confidence in the country's energy sector, according to Energy Resources Aotearoa Chief Executive John Carnegie. Lake Onslow had cast a shadow over investment in natural gas, renewable gases and renewable electricity generation, he said. However, the scrapped project may now allow investors to diversify fuel sources and build a more resilient energy system, including fast-start gas peakers, necessary to balance the grid as renewable energy capacity grows.