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17.4.2 SupportInitiativesandMarketStimulationIncentives Normal market forces are deemed sufficient to drive investment in geothermal, so, at present, the New Zealand Government does not support geothermal directly in the form of renewable energy feed-in tariffs or subsidies. However, New Zealand participates in the Clean Development Mechanisms programme under the Kyoto Protocol, and a carbon emission trading scheme was implemented in 2010. In future, it has been estimated that carbon prices could rise from the existing value of NZ$ 25 to as much as $50/t CO2, and this would provide an incentive to further reduce fossil-fuelled electricity and encourage geothermal direct use. 17.4.3 Development Cost Trends Geothermal is recognised as a resource vital to New Zealand‘s future energy mix and is economically competitive at the current average wholesale electricity cost of about NZ$ 80/MWh (about US$ 60/ MWh). Spot market prices vary with demand and hydro-lake capacity fluctuations. Long-run marginal costs for new geothermal developments are in the range of NZ$ 60-75/MWh (at 0.82 $NZ/US) (www.med.govt.nz), currently amongst the cheapest of all new generation options (see Figure 17.8). The total capital costs of generation from a new geothermal plant now average ~NZ$ 3-4 M/MWe installed (US$ 2.5-3.2 M/MWe). In recent years, drilling costs have increased significantly to ~NZ$ 4 M (US$ 3.2 M) per 2 km deep well, due to a shortage of rigs, shortage of skilled manpower and increasing consumable costs (steel and cement). Prices and costs have been quite variable, however, mainly as a result of the global financial crisis, commodity price swings and changes in the availability of rigs and operators. A recent contract for an imported Icelandic rig to drill five deep wells and four monitor wells at Ngatamariki over two years amounted to US$ 25 M, suggests that drilling costs may have stabilised at an average of ~ US$ 3 M per well. 17.5 Status of Geothermal Industry in New Zealand In general, the geothermal industry in New Zealand is in a strong growth stage. The two major players (Contact Energy and MRP) have been investing heavily in new capacity (at a cost of NZ$ 2-3 billion over a decade). Other geothermal players, in particular: Tuaropaki Power Co., Rotokawa Joint Venture, Ngati Tuwharetoa Geothermal Assets, Top Energy, and Eastland Group, are also planning for growth. Within a few years, it is expected that several more companies, joint ventures and Maori Trusts will become actively involved. To summarize, the following achievements were noted for 2010. New research into hotter and deeper resources and low enthalpy resources was initiated. Rotokawa NAP 140 MWe triple flash plant and Te Huka 23 MWe binary plant were successfully commissioned. The Te Mihi 166 MWe project to replace 45 MWe of old Wairakei plant was confirmed. A direct use expansion (32 MWth, 300 TJ/yr) at Kawerau for the SCA paper mill was commissioned. Construction of a further direct use application (270 TJ/yr) at Mokai, for a dairy milk processing factory, commenced. At Ngatamariki, construction plans were confirmed for an 82 MWe binary plant. At Tauhara, a 250 MWe consent application was approved. There has been an on-going high level of deep geothermal drilling. Promising results came from exploration drilling of a new 'greenfield' prospect at Taheke. Plans were confirmed for an embedded 20 MWe expansion at Kawerau (NSK). Other future plans include: 50 MWe at Kawerau (Ka22), 35 MWe at Rotoma, 45 MWe at Tikitere and possibly 50 MWe at Taheke. Finally, environmental management plans and allocation procedures for geothermal fields in Bay of Plenty, Waikato and Northland Regions have commenced a process of public revision. 193PDF Image | Geothermal Research and Tech IEA
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