This is edition 2026/057 of the Ten@10 newsletter.
Hi all,
This is the Ten@10, where I collate and summarise ten news items you generally won't see in the mainstream media.
Enjoy!
1. The Energy insurance that NZ never bought
Bryce Edwards
- ⚡ The energy crisis debate has shifted from current actions to past decisions ministers failed to make when warned
- 🛢️ Investigations reveal New Zealand was left exposed after ignoring advice to strengthen fuel reserves
- 🏭 After the 2022 closure of Marsden Point refinery, officials planned a 70 million litre diesel reserve—but it was never funded or completed
- ❌ In 2024, Associate Energy Minister Shane Jones cancelled the reserve plan citing cost pressures, despite warnings it would increase vulnerability until at least 2028
- 💸 The $84M cost once seen as expensive now appears cheap after global fuel prices surged as a result of geopolitical conflict
- 📉 Consultants repeatedly warned of diesel shortages in a prolonged disruption, but the Government delayed action and shifted responsibility to fuel companies
- 🧯 Critics argue New Zealand has effectively “risked it” rather than investing in fuel security
- 🏗️ Alternative resilience options—like maintaining refinery capability or using existing Marsden Point storage—were available but not pursued
- 🚨 The Government is now considering accessing emergency fuel reserves from overseas, signalling the crisis may last months
- 🚢 Limited domestic storage means officials may need floating tankers, highlighting failures in infrastructure planning
- ⚠️ A contradiction is emerging: officials publicly downplay risk while privately preparing for supply disruptions
- 🌏 Export restrictions from key fuel-supplying countries have already triggered escalation thresholds, suggesting the crisis response is lagging reality
- 🔌 The Government’s proposed LNG terminal—meant to secure electricity supply—is now in doubt due to soaring global gas prices and supply disruptions
- 🧭 Leadership concerns are growing, with criticism that Prime Minister Christopher Luxon has been absent while the crisis escalates
- 🧾 Overall, both Labour and the current Government share blame, but the decision to cancel the diesel reserve is seen as a critical failure that worsened New Zealand’s position
