Following the announcement by New Zealand Aluminium Smelters that the Tiwai Point smelter would close in August 2021, there were major adjustments in financial markets. The share prices of the five major gentailers decreased by between 3% and 14% and wholesale electricity futures prices (for 2023) decreased by between 18% and 25%. These relative price changes were largely overturned with the subsequent announcements by the National and Labour parties that the life of the smelter would be extended. Find out how financial markets responded to these various announcements in TDB’s briefing note.