The Wellington-based commission this morning announced it would not be releasing its draft determination today, as previously scheduled, but on May 15.

It appears the complexities of energy trading are behind the commission's decision as it says the extension will allow further consideration of the application - by Preussag Energie, Shell New Zealand and Todd Energy - for authorisation to enter into arrangements to jointly market and sell gas produced from the Pohokura field off north Taranaki.

Commission communications manager Jackie Maitland said the revised Pohokura timetable was: draft determination issued, May 15; deadline for submissions on draft determination, to be advised; commission conference, July 2-4; final determination, August 7.

Earlier this year the Pohokura partners painted a grim picture - of possible power blackouts and soaring electricity and gas prices - if the commission refused their application. However, they said commission approval should bring national benefits worth at least $NZ204 million, and possibly up to $NZ451 million if methanol manufacturer Methanex kept operating its plants at full production.

Production from the 500-600 bcf Pohokura field is seen as a partial replacement for the dwindling Maui resource which could be exhausted from 2007.

Most of the other energy companies which made submissions to the commission agreed joint marketing and selling should be allowed. However, NGC, a likely bidder for Pohokura gas, opposed the Pohokura partners' plan, saying any combined approach would lessen competition and increase gas prices.