The Government is aiming to bolster our geothermal supply.
It announced $50 million in new funding, with $23 million has been committed so far – including two $10 million loans for new plants near Rotoma and Kawerau.
The aim is to cut upfront risk whilst doubling generation by 2040.
Contact Energy CEO Mike Fuge told Mike Hosking that New Zealand is a world leader in geothermal, and if we can maintain that edge, that’s a good thing.
He says what excites them is the potential growth in the electricity market, which could supply new industries and attract new investment.
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The Mike Hosking Breakfast