Contact Energy has announced a one-for-nine renounceable rights issue to raise around $350m to help fund new geothermal power station.

Power will be cut for a whole day in much of the Far North next week.

Soaring wholesale power prices last week have prompted complaints from 14 organisations, including ASB bank, Telecom, Vodafone and the owner of the Marsden Point oil refinery.

Scott Technology has bought a controlling stake in a local electromagnet maker and said it is looking at a rights issue to help fund the deal.

All elective surgery has been postponed at Auckland and Starship Hospitals as technicians scramble to fix a back-up power failure at Auckland and Starship hospitals.