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New Zealand's industrial electricity demand decreased by 9% in the October-December 2024 period compared to the same period a year ago. The reduction was mainly due to Rio Tinto's decision to cut production at its Tiwai Point aluminum smelter in late July 2024.

The smelter, which consumes 572 MW of power and accounts for 12-13% of national electricity demand, reduced its energy use by 205 MW at the request of Meridian Energy, the largest energy generator in New Zealand.

By late September 2024, Tiwai Point smelter had resumed production at a lower level, resulting in the smelter accounting for about 10% of total demand during the quarter. This decrease in industrial electricity demand, combined with increased geothermal generation, led to a significant reduction in coal- and gas-fired generation.