More investment in long-term renewable energy required, Infrastructure Commission says
New Zealand's Infrastructure Commission said long-term investment in renewable sources must be significantly increased to secure the country's energy supply. According to RNZ Business, the report's main recommendation is to support an annual investment target of NZ$5 billion. Wind, geothermal, and drought-resilient grid infrastructure were among the key topics highlighted.
New Zealand's Infrastructure Commission released its national assessment report stating that the country's energy generation capacity must be increased by 40% by 2035. According to RNZ Business, Commission Chair Peter Goodfellow said annual investment of NZ$5 billion was essential to expand hydropower, wind, and geothermal capacity. The report detailed measures to improve grid resilience in seasons with high drought risk.
The CEOs of major utilities such as Meridian Energy and Contact Energy said the government needed to provide a more predictable regulatory framework for long-term capital planning. Environment and Climate Change Minister Simon Watts said the Commission's recommendations would be considered in the upcoming budget discussions. Finance Minister Nicola Willis said private sector investment would be prioritised within the fiscal discipline framework.
The Ministry of Business Innovation and Employment stressed that the report's important point on submarine cable connection presents regional energy integration opportunities with Australia. The New Zealand dollar traded steady against the US dollar after the announcement. Meridian Energy and Contact Energy shares listed on the ASX rose slightly during the day. This is not investment advice.
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