My guess is they are facing massive losses as renewables are eating into every profit margin, hence the need for fast track approval. Its happening here in Aus. Transgrid is desperately trying to shore up its finances while its biggest shareholders are dumping stock.While I still have concerns about Minister's fast-tracking developments (especially for mining), it's interesting that NZ's two approved BESS (Battery Energy Storage System) schemes both had their Resource Consents fast-tracked: the Meridan BESS (which is now operational) at Ruakākā Energy Park, Whangarei was approved under the previous Government's COVID Fast Tracking Scheme while Genesis Energy has just received fast-track approval under the current government's scheme to develop a BESS at Huntly.
Both are designed to provide up to two hours back up power during peak demand times off early morning and evening.
Amazing, fast-tracked projects helping with renewal energy power projects.... now if only the current government had removed the ability for mining companies to use the fast-track scheme and I'd be 100% behind it.
Singapore’s GIC to acquire $1b-plus stake in NSW’s Transgrid
UTA’s sale has played out in parallel with fellow shareholder OMERS’ negotiations to sell a 19.99 per cent stake, acquired for $2 billion-plus in 2020, to the Future Fund.