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Wind power the answer to power cuts

Media Release: 30 July 2001

Wind power the answer to power cuts

The threat of power cuts and soaring electricity prices show the folly of relying on hydropower, says Geoff Henderson, Chief Executive, Windflow Technology Ltd. "Wind power can complement hydro and enhance security of supply. On a monthly and annual basis wind is more reliable than rain! Wind power will enable water to be held back in the lakes. A serious commitment to wind power is the climate-friendly way to prevent future power cuts."

"The wind resource in New Zealand is huge. 30-40% of our generation could come from wind power. Together with hydro and geothermal, this would give us 100% renewable electricity. Wind power is the fastest growing form of generation world-wide, and New Zealand has the best wind resource in the world. It is time to stop treating it as a bit player."

"Wind power, at 5-6 c/kWh, is our cheapest renewable option. On a fully-costed basis it is already cheaper than hydro (historically taxpayer-subsidised) ever has been. Marginally cheaper gas-fired power is free-riding on the costs of climate change and risks to future generations. But the recent international progress at Bonn on the Kyoto Protocol means that the days are numbered for gas-fired power to remain competitive. In any event the price of gas-fired power will rise as New Zealand's cheap Maui gas runs out".

"Of course it is too late to do anything this winter, thanks to government inaction in the last decade. And it will take a few years to gear up for substantial wind farm installations. But the government needs to honour its pre-election pledges and not just stand by while we increase our gas-fired capacity at Huntly, Otahuhu and Stratford. Continued free-riding by those players (including the SOE, Genesis) will exacerbate our CO2 emissions and increase our dependence on finite resources of gas. That would be a truly stupid outcome. Instead, the government should be embracing wind power for the double solution it offers to the problems of hydro-dependency and climate change".

Windflow Technology Ltd is presently raising $3 million from the general public to fund the first stage of its local-manufacturing wind turbine venture. It has already raised about 80% of its minimum target of just over $2 million. The Windflow Investment Statement is available from www.windflow.co.nz/shareoffering. The offer closes August 10th.

-ends-

Further information: www.windflow.co.nz .

Above media release and an additional fact sheet are available (to recipients of this e-mail only) at the following web-address: http://www.windflow.co.nz/latestnews/release_july30_01.html

Contact: Tim Armitage, Armitage Consultancy Tel: 03 351 8090, e-mail: tim@armi.co.nz

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