A leading energy analyst estimates this year's power crisis cost the economy $300 million in lost exports.
The actual cost will be revealed next week when quarterly GDP figures come out.
Enerlytica's head of research John Kidd has crunched numbers, including MBIE data, to reach his estimate.
Figures just released by the Ministry of Business, Innovation and Employment, show a 10 per cent drop in industrial electricity use for the June to September quarter compared to the same time last year.
Following the spot price soaring in that quarter, three North Island mills closed, resulting in the loss of hundreds of jobs. John Kidd says the industrial sector contracted production in response to what was happening.
Business leaders in the upper North Island met last week, where it was agreed high energy costs were one of the biggest handbrakes on the New Zealand economy.
The group is working on a proposal to reform the electricity sector.
Northern Infrastructure Forum executive director Barney Irvine was there and talks to Kathryn, along with John Kidd, about what the sector needs to change.
Photo: Lynn Grieveson
