You are using an older browser version. Please use a supported version for the best MSN experience.

BOP gets cash to spark geothermal use

NZ Newswire logoNZ Newswire 22/08/2017

Champagne Pool, a geothermal spring in the geothermal area of Wai-O-Tapu, Bay of Plenty. © imageBROKER/REX/Shutterstock Champagne Pool, a geothermal spring in the geothermal area of Wai-O-Tapu, Bay of Plenty. The government is set to spend $150,000 on sparking the demand for geothermal heat resources in the Bay of Plenty.

The industry is expected to be worth more than $60 billion in under four years according to Economic Development Minster Simon Bridges.

"Currently only 5 per cent of geothermal energy is being used in New Zealand," he said.

"There is significant potential for greater use both across the Bay of Plenty and other regions in New Zealand."

The money will be spent on supporting work in stimulating demand for geothermal heat resources, including promoting it and attracting investment from industry.

Revenue Minister Judith Collins says renewable geothermal energy costs are comparatively cheaper than gas and coal and New Zealand could be at the forefront.

"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," she said.

image beaconimage beaconimage beacon