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Kawerau geothermal project's Kyoto boost

6 September 2005

Kawerau geothermal project's Kyoto boost

The government has awarded over 1.2 million internationally tradable emissions units to Mighty River Power's proposed 70 MW Kawerau geothermal electricity scheme. The steam for the proposed scheme will be drawn from under land owned by the Putauaki Trust and Norske Skog Tasman under agreements with Mighty River Power.

"Climate change is a direct threat to New Zealand's economy, environment and way of life. Our ratification of the Kyoto Protocol means that the government can award emissions units to projects such as this that would otherwise not be financially viable at this time," says Convenor of the Ministerial Group on Climate Change Pete Hodgson.

Under the government's Projects to Reduce Emissions programme, units are awarded to projects that lead to a net reduction in emission against business as usual and that would not otherwise be financially viable. Units are awarded through a tender process. New Zealand's net emissions position is improved as under the programme fewer emissions units are awarded than the total amount of emissions abated.

"Kyoto and the Projects programme are enabling hundreds of megawatts of generation to be brought forward and millions of tonnes of greenhouse gas emissions to be saved. Our economy, business and the environment all win."

Mighty River Power's proposal is for the project to come on stream at the end of 2007 with an anticipated life of 25 years. The project is subject to the normal resource consents process.

ENDS

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