GrowthNZ proposes government-owned company to run remaining gas and coal plants

Bi-partisan business group GrowthNZ is proposing a government-owned "Thermal NewCo" to run New Zealand's remaining gas and coal plants and sell cover to all industry participants on equal terms. Co-chair Bowen Pan says bills are high because the system runs on shortages, with expensive coal and gas setting the price. The proposal would mark major state intervention in a market privatised since the 1990s reforms.