Hon Simon Bridges
Minister for Economic Development
22 August 2017
Funding to look at geothermal opportunities
The Government will invest $150,000 in stimulating demand for geothermal heat resources in the Bay of Plenty region,
Economic Development Minister Simon Bridges announced today.
“Geothermal energy is a global industry estimated to be worth $62.8 billion by 2020,” Mr Bridges says.
“Currently only 5 per cent of geothermal energy is being used in New Zealand. There is significant potential for greater
use both across the Bay of Plenty and other regions in New Zealand.”
The investment will be used for a Geothermal Business Development Lead to support work in stimulating demand for
geothermal heat resources, including attracting investment from industry and promoting the value proposition and
commercial opportunities.
“The costs of renewable geothermal energy are often comparatively cheaper than gas and coal. New Zealand could be at the
forefront of this as we have a secure and renewable energy source at our fingertips,” Ms Collins says.
“If used for high value products, geothermal heat could add millions to the local and national economy, growing
industries in timber drying, aquaculture/tourism, horticulture and milk drying.”
This work is a significant action from the Start 2 Steam Workshop held in Rotorua in May and also forms part of the Toi
Moana Bay of Plenty Action Plan.
The project will be led by the region with central government support from the Regional Growth Programme.
ends