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It's official, Kiwirail is pulling the plug on its electric ferries and is now having to back pedal out of its agreement with its Korean Shipbuilders.
The operator of the Interislander still held out hope the project could be rescued, or a least somewhat salvaged, after the Government turned down its request for an additional 1.47 billion dollars for port infrastructure.
KiwiRail CEO Peter Reidy speaks to Jimmy Ellingham.