7 hours Ago By Mike Fuge
New Zealand’s energy transition isn’t lacking for ambition or action. We know we’ve got the right recipe; we’re just missing a vital fresh ingredient. Urgency.
There’s been no shortage of noise over the past six months about August’s volatility of the electricity market when a combination of limited gas supply and lack of water led to high spot market prices. But what gets lost in the hyperbole is recognition of the huge strides taken to deliver a workable transition, and the billions of capital funding it. New Zealand’s renewable electricity generation reached a record high of 88.
1% as recently as 2023. This reduction in our dependency on gas and coal is an achievement we should stand proudly behind – and continue to build on. Even so, to ensure continuity of supply, fossil fuels will remain an important backstop measure for the next 20 years.
This is core to the transition to make sure we keep the lights on in times of low rainfall, as we have done successfully now for decades..
