Methanex is shutting down its Taranaki plant after 40 years of operation, and there's growing discussion about what this means for the energy sector and wider economy.

The methanol producer is selling most of its natural gas entitlements from the first quarter, and it says continued decline in domestic natural gas, and no clear pathway to meaningful new supply means it isn't sustainable to continue operations in New Zealand.

Former CEO of Methanex Bruce Aitken says Labour's decision to ban oil and gas exploration in 2018 was bad for the sector, with many companies paying the price for it now.

"It's a pretty sad day in a lot of ways, but it's a consequence of one silly ideological decision." 

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