Methanex, New Zealand’s largest gas consumer, is shutting down its plant next year and selling off its contracts — freeing up critical supply in a tight market. Genesis Energy has swooped in to secure those deals through 2029, marking a major shift for the Taranaki region after decades of Methanex’s presence. While households may see some short-term relief and businesses could avoid shutdowns thanks to increased competition, long-term prices remain uncertain. Declining domestic gas fields mean future scarcity, and with fixed pipeline costs, North Island homes won’t see immediate savings. In fact, Methanex’s exit might even push prices higher as local production dwindles and exploration support fades.
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