Associate Professor Janet Stephenson, from the Centre for Sustainability, ponders the excitement about the recent announcement by Energy Minister Megan Woods that the government is allocating $30 million to develop a detailed business case for pumped hydro to address New Zealand's dry-year storage problem. Associate Professor Stephenson asks the reader to consider the changing profiles of supply and demand in the energy sector and how these changes may offer an alternative opportunity for energy policy and investment in New Zealand.