New Zealand is to explore supercritical geothermal resources in a bid to help replace dwindling gas reserves and control energy prices.
Electricity prices, particularly wholesale, in New Zealand are trending upward, driven by low hydro storage, high inflation, and increasing network investment costs.
The price in Auckland spiked to $229.1 per megawatt hour in August 2024, according to the Electricity Authority.
The costs are having a devastating effect on the country’s industrial sector.
Winstone Pulp International shut down its pulp and paper mill sites in August 2024 due to unsustainable electricity prices, which had increased 600 percent since 2021.
Pan Pac Forest Products also suspended pulp production for similar reasons, and the Business Energy Council has warned of more closures to come unless prices fall and supply stabilises….
New Zealand Looks to Supercritical Geothermal as a New Energy Source
