$16 billion saved already

Radio NZ reports:

The new government has axed the $16 billion pumped hydro scheme at Lake Onslow, which had been championed by its Labour predecessors.

Energy Minister Simeon Brown said it was a wasteful project, and scrapping it was part of the new government’s plan for its first 100 days.

“This hugely wasteful project was pouring money down the drain at a time when we need to be reining in spending and focussing on rebuilding the economy and improving the lives of New Zealanders,” Brown said in a statement.

Excellent. A scheme that would have cost every household $8,000 is not what we need.