New Zealand's gas production has decreased from 415 million m³/month in 2017 to 215 million m³/month by 2025, leading to a structural supply tightness. The reliance on thermal generation has increased due to reduced hydro output, causing significant spikes in electricity and gas prices. The government has initiated steps to revive upstream investment, but new supply is not expected to alleviate the situation before 2027.
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