Methanex Corporation temporarily halts NZ methanol operations until Oct 2024, switching to gas supply for the electricity market.

Methanex Corporation, the world's largest methanol supplier, temporarily shuts down its NZ operations until Oct 2024. The company will supply natural gas to NZ's electricity market instead, expecting Q3, Q4 2024 earnings to benefit, and after-tax proceeds to surpass the lost methanol production income. This move is due to New Zealand's energy strains caused by high demand, low hydro levels, and lower gas supply. Methanex will sell gas to power companies Contact and Genesis over the next three months.

August 12, 2024
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