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


Thermal Co: Enabling Aotearoa’s Transition To 100% Renewable Electricity Generation

Contact has released a report outlining the benefits of establishing of an industry-wide, market-based solution to manage the retirement of thermal electricity generation.

The ‘Crafting a path for New Zealand’s 100% renewable electricity market’ report supports a key pillar of the company’s strategy to lead the decarbonisation of New Zealand. It outlines what Contact believes is the most effective way to decarbonise thermal generation at the lowest cost.

New Zealand currently relies on thermal electricity generation from gas, coal and diesel during periods of peak demand or when there is insufficient water, wind and sun to meet demand from renewable sources.

Contact CEO Mike Fuge said the Climate Change Commission had highlighted the significant challenge ahead to reduce New Zealand’s emissions rapidly and meet our climate obligations.

“Renewable electricity has a key role to play in supporting decarbonisation across the economy. Electricity generation is currently responsible for five per cent of New Zealand’s carbon emissions.

“Our proposal focuses on how we can expedite the transition away from the current reliance on electricity generated from fossil fuels, without disrupting the secure, affordable supply of electricity to New Zealanders.

“We have proposed the establishment of a new, industry-wide entity which we have called ‘Thermal Co’. This could own, operate and retire all of New Zealand’s major thermal generation assets as new renewable generation is built, reducing carbon emissions into the atmosphere by 1.2 million tonnes per annum by 2030.”

Mr Fuge said Contact’s view was that adopting a market-led, co-operative approach would result in significant benefits for New Zealand.

“Getting the transition towards a fully renewable electricity system right could unlock a significant opportunity for New Zealand with benefits for the environment, people and communities. It will also deliver a competitive advantage for NZ businesses.”

“And on the flipside, ad hoc and uncoordinated closures of thermal generation assets could be problematic and create a raft of potential issues. This includes market uncertainty which would delay investment in renewables at precisely the time when we need this to be proceeding with pace.

“We’re looking forward to constructive engagement from key stakeholders across the sector as we consider how best to deliver a low-carbon electricity system.”


Full report: 'Crafting a path for New Zealand's 100% renewable electricity market'

Exec summary: 'Crafting a path for New Zealand's 100% renewable electricity market'

© Scoop Media

Business Headlines | Sci-Tech Headlines


Dairy NZ: ‘More Milk From Fewer Cows’ Trend Continues In A Record Year
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Statistics: Consents Remain At Record Levels
There were 47,715 new homes consented in the year ended October 2021, up 26 percent compared with the year ended October 2020, Stats NZ said today. "The year ended October 2021 marks another record for the annual number of new homes consented,” construction statistics manager Michael Heslop said... More>>

Foodstuffs: New World & Four Square Trial NZ’s First Grocery Delivery Offer With Uber Eats

New World & Four Square have partnered with Uber Eats to unlock the first grocery offering available on the platform in Aotearoa. For New World and Four Square it’s yet another way to put New Zealanders first, particularly with those inevitable last-minute grocery needs... More>>

Canterbury Museum: New Research - Bald Haast's Eagle Feasted On Moa Guts

New Zealand’s extinct Haast’s Eagle (Hieraaetus moorei), the largest known eagle, gulped down viscera like a vulture and may even have been bald, new research suggests... More>>

ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>