WELLINGTON, Jan. 23 (Xinhua) -- The amount of new renewable electricity generation that has been committed in New Zealand has almost doubled in 18 months, a government report said on Tuesday.
According to the Generation Investment Survey, there is now, based on annual output once built, 5,000 gigawatt hours (GWh) of new generation committed, which is up from 2,600 GWh in the previous survey in July 2022.
The majority of the newly committed investments are geothermal, solar or wind projects, said the report commissioned by the Electricity Authority, an independent government entity aimed to promote competition in, reliable supply by, and the efficient operation of the electricity industry.
"Demand for electricity is growing as the country moves away from fossil fuels and more renewable sources of energy take their place," said Electricity Authority Chief Executive Sarah Gillies.
It is vital that this level of investment continues to support the economy's electrified future, Gillies said, adding it is encouraging that many of the new developments are being undertaken by generators that are new to the market.
All currently committed projects are expected to be built by 2026, according to the Electricity Authority's Concept Consulting survey, which also found that the annual development rate, based on projects that have either been completed or committed, for the period 2021-2025 is more than three times the rate from 2011-2020.
The survey has identified an additional 20,800 GWh of projects that are being actively pursued and could be completed by 2027, which is up from 12,700 GWh at the last survey.
The Electricity Authority has work underway to reform distribution network settings and distribution pricing to enable innovation and investment, which seeks to reduce any regulatory barriers and encourage efficient pricing for all consumers, said the report. ■