Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Contact takes next step in developing geothermal project


Contact Energy is drilling a series of appraisal wells on the Tauhara geothermal field as it builds towards a final investment decision for a new power station in 2020.

“We will be working with Tuaropaki Trust-owned MB Century to drill four appraisal wells on the Tauhara geothermal field, which is a high quality and globally significant resource,” Chief Executive Dennis Barnes said.

“A potential new geothermal power station at the foot of Tauhara Maunga is New Zealand’s cheapest and most attractive option for renewable baseload electricity generation,” he said.

Mr Barnes said geothermal energy was important in the transition to a low-carbon future as it provides baseload generation unlike weather dependant wind, solar or hydro generation.

“Geothermal energy can also provide a low carbon supply of direct heat for industrial processes and we are working with a number of interested parties on prospective developments.”

Mr Barnes said Contact was proud of its historic links to the local Taupō community which goes back more than 60 years to the commissioning of the Wairakei geothermal power station in 1958.

“Geothermal development and production is economically significant to regional New Zealand economies. This drilling investment is expected to cost approximately $30 million, the vast majority of which will be spent in New Zealand.”

The drilling programme will commence in August and complete in early 2020.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Primary Sector Council Report: Vision To Unite The Primary Sector Launched

Agriculture Minister Damien O’Connor has welcomed the release of a bold new vision for the country’s vital food and fibre sector. More>>

ALSO:

Crown Accounts: Treasury HYEFU Sees Deficit Then Rising Surpluses

An operating balance before gains and losses deficit of $0.9 billion is forecast in the current year, before returning to a small surplus in 2020/21 which then grows to reach $5.9 billion (1.5% of GDP) in 2023/24. More>>

ALSO:

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO: