Power Generation and Cumulative Capacity of Geothermal Power Plants in New Zealand (2017 – 2021)
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Net electricity generated by Geothermal power plants in New Zealand reached 7,789.8 GWh in 2021, declining 0.6% YoY
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During the same year, the cumulative capacity of Geothermal power plants in New Zealand reached 1,264.8 MW, declining 0.0% YoY
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Power generation recorded a historical growth at a CAGR of 0.0% between 2017 and 2021, while the cumulative capacity growth at 1.2% between 2017 and 2021
Power Generation and Cumulative Capacity of Geothermal Power Plants in New Zealand (2017 – 2021)
With the increasing demand for energy, rising levels of pollution, fear of global warming, scarcity of fossil fuels, and increasing levels of greenhouse gas (GHG) emissions, many countries opted for sources of clean renewable energy. Several countries signed protocols with pre-defined emission reduction targets. The Paris Agreement is the most recent initiative in this direction, whereby each country voluntarily determined and presented its emission reduction target and pledged to achieve GHG reduction according to this target. Several countries that are party to the Paris Agreement devised plans to reduce conventional power and aid the growth of renewable power to reduce emissions. The main renewable energy sources are Hydro, Geothermal, Wind, Solar, and Biopower.
Geothermal energy is the thermal energy formed in Earth’s crust due to radioactive decay of material. This energy is extracted using a geothermal heat pump where water or anti-freeze solution is pumped in to absorb the heat and then converted to electricity using turbines. Geothermal energy only produces one-sixth of carbon dioxide in comparison to a natural gas powerplant and is constantly available unlike other renewable sources such as solar and wind.
New Zealand is one of the five major producers of geothermal energy, along with Turkey, the Philippines, US, and Indonesia. The cumulative installed capacity for geothermal power in New Zealand was 1,207 MW in 2017 which increased to 1,265 MW by 2021, growing at a CAGR of 1.2%. It is expected to reach 1,452 MW by 2030 growing at a CAGR of 1.39% during 2020 and 2030. The geothermal power generation was 7.79 TWh in 2021 and is expected to reach 9.16 TWh by 2030.
New Zealand’s renewable power sector has grown rapidly in recent years, on account of several incentive programs and subsidies rolled out by the government in the form of tax reliefs, capital cost grants and favorable power tariffs for renewable power. Apart from these incentives, government also ensures priority dispatch for power from renewable sources and enforces quota obligations on the stakeholders. A significant share of domestic energy demand in the country, is being met by power generated from various renewable energy sources.
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