BusinessNZ Energy Council Welcomes $60m Investment In Geothermal R&D

The BusinessNZ Energy Council (BEC) has expressed its support for the Government's announcement of up to $60 million in funding to explore supercritical geothermal technology. The initiative aims to enhance New Zealand's energy security by harnessing the potential of this advanced renewable energy source.

The Government has allocated an initial $5 million to design and drill the first of three exploratory wells in the Taupō Volcanic Zone. This project, led by GNS Science and the Ministry of Business, Innovation & Employment, is expected to contribute to the country's energy objectives and emissions reduction targets.

BusinessNZ Energy Council executive director Tina Shirr endorsed the moves towards a more secure and sustainable energy future.

"Geothermal is already deeply anchored in the New Zealand energy landscape with the potential to generate up to three times more energy than current geothermal sources in the future. This investment underscores New Zealand's commitment to renewable energy."

With just under 20% of electricity supply coming geothermal it is already providing a stable and reliable source of power. However, the sector has not yet reached its full potential. The new technology aims to tap into deeper geothermal resources, which could significantly increase energy output and efficiency.

This initiative is one part of a broader strategy to enhance energy security, reduce greenhouse gas emissions, and provide a reliable, always-on baseload electricity supply.

"We look forward to collaborating with GNS Science, the Ministry of Business, Innovation & Employment, and other stakeholders as this project comes to fruition," Tina Schirr said.

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