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NZ renewable energy sector gains value

NZ Newswire logoNZ Newswire 27/04/2017
wind turbine © Design Pics Inc/REX/Shutterstock/Rex Images wind turbine

New Zealand's renewable energy sector is now valued at $13.8 billion, after recent growth was led by geothermal and wind generation.

The sector's value has risen 22 per cent since 2007 when it was valued at $11.3b, Stats NZ said on Thursday.

As of 2015, geothermal electricity was worth $2.9b , or 21 per cent of the total renewable energy generation, having risen from $1.3b in value in 2007.

The value of wind power jumped from $238 million in 2007 to $884 million in 2015.

"Wind power has emerged as a significant energy asset," statistical services manager Dan Oberhaus said.

"The increased use of wind and geothermal energy resources is showing positive contributions to our economy."

Water remains New Zealand's main source of electricity, accounting for 56 per cent of all generation and being valued at $9.8b in 2015.

The country's combined renewable energy resources contributed 79 per cent of total electricity generation in the year to March 2015.

Total electricity generation increased more slowly than the country's population between 2007 and 2015, suggesting fewer energy resources in the form of electricity are being demanded per person, Stats NZ said.

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