New Zealand: Renewable Energy Cheaper than Gas

1 by Timothy Hurst on June 8, 2008

manawatu, wind-energy, wind-farm, new-zealand

Investment in renewable energy generation in New Zealand, especially geothermal and wind power, is already more attractive than investment in gas-fired generation, according to a story in Friday's New Zealand Herald.

"Renewables are by far the most economic proposition, especially geothermal," said Bruce Parkes of Wellington-based Contact Energy. "But the cost of wind and baseload gas is roughly equal with a carbon price of $23 and gas at $7 a petajoule, which is around the current price."

Last December, lawmakers in New Zealand proposed a 10-year moratorium on the construction of any new fossil fuel-burning power plants. But officials from Contact Energy believe that goal can be met without the need for the moratorium - simply because the economics are favorable.

Other Posts on Energy Costs:

New Zealand Herald
Photo: Robyn Gallagher

Samantha Jacoby

With a focused and sustained effort on the part of investors, project developers, and policymakers, the U.S. will soon see cheap, reliable, mainstream renewable electricity.

If you’d like to learn more about what companies like BP, JPMorgan, First Solar, and Boeing are doing to make the United States a renewable energy leader, you should check out the Renewable Energy Finance Forum-Wall Street (http://www.REFFWallStreet.com), held June 18-19 in NYC. Speakers will include over 40 high profile industry leaders, discussing topics such as solar power, wind energy, advanced biofuels, and the economic and policy factors fueling renewable energy development.