Methanex Idles New Zealand Plant to Support Electricity Market

Temporary shutdown allows natural gas to be redirected to local power generators amid high demand and low hydro levels.

Methanex Corporation will halt New Zealand methanol production until October 2024.
Natural gas from Methanex will be sold to Contact Energy and Genesis Energy.
The move aims to ease New Zealand's electricity market strain caused by low hydro storage and high seasonal demand.
Short-term gas contracts are expected to boost Methanex's Q3 and Q4 earnings.
Methanex is committed to maintaining methanol supply security through its global supply chain.