New Zealand Wants to Double Use of Geothermal Energy by 2040
The government has begun consultation on a refreshed strategy to tap the South Pacific nation's geothermal potential, Resources Minister Shane Jones said Wednesday in Wellington.
'Our unique geographic position on the boundary of both the Australian and Pacific tectonic plates, coupled with the Earth's thin crust along that rift, gives us a significant geological advantage in expanding the use of this abundant natural resource,' Jones said. 'This strategy aims to build on the great work already under way and provide a clear direction for future endeavors.'
New Zealand built the world's second geothermal power plant in the late 1950s and is the fifth-largest geothermal power producer in the world, according to the strategy document produced by the Ministry of Business, Innovation and Employment. While companies like Contact Energy Ltd. and Mercury NZ have opened new plants, the overall development of the industry has been fragmented and exploration of potential fields has stagnated, creating the need for a fresh direction, the ministry said.
The government wants to see more electricity generated from renewable sources like steam, hydro and wind so it can reduce carbon emissions from coal and gas-fired plants. Officials expect domestic power demand to climb 68% in the next 15 years, creating the need for more investment in new generation including geothermal.
It also wants to explore how geothermal energy can be used directly in industrial, commercial and agricultural applications to replace existing coal-fired boilers.
Jones wants to develop technology to tap so-called supercritical geothermal fluids, which are deeper and hotter and contain significantly more energy than existing sources. He also sees scope to extract minerals from geothermal fluid and to develop technology and sciences that can be exported to other nations.
Initially the government wants to improve the regulatory framework and access to data that will allow more developers — including indigenous Maori groups who may own land above the steam resource — to consider their options. Eventually there may be scope for the government to get involved in further exploration, according to the document.
More stories like this are available on bloomberg.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
16 minutes ago
- Business Standard
Lupin shares advance 5% after Q1 results; should you buy in?
Shares of Lupin gained nearly 5 per cent on Thursday as analysts remained bullish after the firm posted a 52 per cent year-on-year increase in net profit in the first quarter of the current financial year (Q1FY26) The pharma major's stock rose as much as 4.65 per cent during the day to ₹1,937.9 per share, the biggest intraday rise since April 28 this year. The stock pared gains to trade 3.8 per cent higher at ₹1,919 apiece, compared to a 0.32 per cent decline in Nifty 50 as of 9:57 AM. Shares of the company snapped a two-day losing streak and currently trade at 5.9 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 18 per cent this year, compared to a 3.6 per cent advance in the benchmark Nifty 50. Lupin has a total market capitalisation of ₹88,332.65 crore. Lupin Q1 results The drug maker reported a profit after tax (PAT) of ₹1,221 crore in the April-June quarter, marking an increase of 72 per cent year-on-year (Y-o-Y). Revenue rose to ₹6,164 crore in the first quarter as against ₹5,514 crore in the year-ago period. The company said its sales in the US stood at ₹2,404 crore in the June quarter, registering a growth of 24 per cent as compared to ₹1,934 crore in the year-ago period. India sales for Q1 FY26 stood at ₹2,089 crore, up 8 per cent from ₹1,938 crore. "We continue to build strong business momentum, anchored by a robust product portfolio, improved efficiencies, and effective use of assets and investments," Managing Director Nilesh Gupta said. "As we begin the year, our sharpened focus on compliance, innovation, and technology positions us to further unlock sustainable growth," he added. Analysts on Lupin Q1 results Antique Stock Broking noted that Lupin delivered a strong first-quarter performance for FY26. Ebitda rose 28 per cent Y-o-Y despite a 38 per cent increase in R&D expenses. The quarter marked the launch of Tolvaptan (gJynarque) under sole FTF exclusivity in the US, boosting US sales to $282 million, it said, adding that the base US business saw single-digit price erosion. A further ramp-up is expected in the second quarter, analysts said. It maintained a 'Buy' rating on the stock with a revised target of ₹2,450 per share (earlier ₹2,395). Systematix Institutional Equities said that while revenue and Ebitda came in below expectations, net profit was in line. The revenue and Ebitda miss was primarily due to lower-than-expected US sales, it noted. The brokerage has revised its estimates to reflect a higher contribution from generic Mirabegron over the year. Systematix maintains a 'Hold' rating on Lupin with a target price of ₹2,050. Lupin's superior performance was driven by 180-day exclusivity in tolvaptan and continued running in gSpiriva and gMyrbetriq, according to analysts at Nuvama Institutional Equities. FY26 is a strong year for Lupin with further launches of glucagon and liraglutide over the next few months, it said. They retained 'Buy' with a target price of ₹2,340 per share.
Mint
16 minutes ago
- Mint
JP Morgan, Commerzbank and ING to Support European Defense Bank
(Bloomberg) -- JP Morgan Chase & Co, Commerzbank AG and ING Group NV have given their backing to a new Europe-wide bank designed to boost security spending across the region, according to the development group guiding its creation. The banking heavyweights are among the largest finance firms to endorse the Defense, Security and Resilience Bank (DSRB), which is hoping to raise £100 billion ($132.9 billion) to turbocharge rearmament and counter threats, development group chief executive Rob Murray said Thursday. The idea is to allow European nations to rapidly invest in defense procurement without causing soaring government debt, at a time when US President Donald Trump has threatened to curtail military support to the continent. The bank hopes to address systemic problems in defense financing, particularly among smaller companies, which struggle to secure the credit needed to produce critical components. The DSRB would provide guarantees for commercial banks to unlock credit for suppliers. It would also issue bonds backed by an AAA rating, which would lower state borrowing costs. 'We're trying to get armaments into our nation's inventories as quickly as possible, such that we can deter, at least from a European perspective, Russia, and from an Indo-Pacific perspective, China,' Murray, the former head of innovation at NATO, said in an interview. RBC Capital Markets and Landesbank Baden-Württemberg are also endorsing the initiative, which will be internationally governed. Other advisers to the DSRB development group include Stuart Peach, former chairman of the NATO Military Committee, and John Cummins, former chief executive officer of Aviva Capital Partners. The bank will be another tool for nations to leverage, Murray said. If each country in NATO follows through with spending 5% of their GDP on defense, it would result in an extra $1.9 trillion in spending, he said. 'The question is, how do we finance that?' An example of a project that could benefit from the bank is the Global Combat Air Programme, a tie-up between the UK, Italy and Japan that aims to produce a next-generation stealth aircraft by 2035. If those countries were shareholders in the bank, they could secure multiyear financing without being tied to the funding cycle of government defense departments. 'The companies can do their capex and actually get on and start building,' Murray said. The bank in September will launch working groups with the finance firms, who are operating on a no-fee basis, Murray said. Their main focus will be areas including designing the bank's capital structure, advising on investor engagement and ratings advisory. More stories like this are available on
Economic Times
an hour ago
- Economic Times
XL Express closes after 35 years in operation, leaving 200 jobless; transport industry hit again after Don Watson's fall
Around 200 workers axed in Australian trucking sector as XL Express folds after 35 years, weeks after collapse of Don Watson group (Image: XL Express) XL Express, a major Australian transport and logistics company, has collapsed after 35 years in business, leaving around 200 workers without jobs and owing nearly $42 million in debts. The Brisbane-based company, which operated depots in the country's east coast, including major cities such as Sydney, Melbourne, Adelaide, Perth and Darwin, went into voluntary administration in late June 2025. According to on August 4, the Australian Securities and Investments Commission issued a notice to wind up the company and its 17 associated entities.A report by The Courier Mail confirmed that XL Express ceased operations without notice. Administrators confirmed the shutdown of multiple sites and the standing down of all staff. On June 23, the Western Sydney premises were locked due to unpaid company began in Brisbane in 1990 and offered national delivery services to homes and businesses. It also partnered with the Brisbane Lions football club in 2019. FTI Consulting's administrators – Kelly-Anne Trenfield, Ross Blakely and Joanne Dunn – were appointed to review the company's financial position and oversee the liquidation process. According to a Daily Mail report quoting the administrators' report, XL Express owes an estimated $41.9 million. This includes $5.3 million owed to employees, $3.4 million to the Australian Taxation Office, and $18.9 million to lenders such as NAB, ScotPac, and Judo Bank. Around $12.4 million is also owed to other unsecured company had reportedly been facing ongoing cash flow issues since January 2023, incurring losses over the last three financial years. Administrators also noted several active injury compensation its collapse, XL Express began working with Manheim Auctioneers to sell its vehicle sudden shutdown left customers unable to access their deliveries. Some reported locked gates and unanswered calls at distribution centres, while others said they received minimal communication from company Consulting stated that arrangements were being made for customers to collect goods from XL Express facilities where possible. As per the Courier Mail article, the first creditors' meeting was scheduled to be held before July 9. XL Express' downfall follows the collapse of another longstanding transport firm, Don Watson Group, which shut down in June 2025 after 77 years. That company cited economic conditions for its closure and also began liquidating its fleet.
