By the Blouin News Business staff

New Zealand’s energy plan: innovative and pragmatic

by in Asia-Pacific.

Pohokura oil field, Taranaki, New Zealand. (Source: rob tucker/flickr)

Pohokura oil field, Taranaki, New Zealand. (Source: rob tucker/flickr)

New Zealand is hoping to boost hydrocarbon production and royalties even as the country embraces renewable energy for its own domestic use. On Monday, Energy Minister Simon Bridges announced the annual Block Offer, with four “underexplored” offshore areas and one onshore area open to bids by oil and gas firms.

Meanwhile, utility company Genesis Energy announced last year it will shut down its last two coal-fired power plants by December 2018, marking the end of coal power in New Zealand. According to CEO Albert Brantley, the writing on the wall came from the development of lower cost renewable options, “principally wind and geothermal,” coupled with low demand for coal-fired electricity.

By 2025 the government aims to get 90% of its electricity from renewables…

…the rest of this article lives on Blouin News. Read it here.