Latest news with #JamieGray
NZ Herald
2 days ago
- Business
- NZ Herald
Shane Jones unveils plan to double geothermal energy by 2040
Jones said he saw potential for the geothermal sector to expand and diversify into areas such as the extraction of minerals from geothermal fluid, and more use of direct geothermal energy to power industrial, commercial and agricultural applications. Among the proposals were improving access to geothermal data and ensuring regulatory settings were fit for purpose. The draft strategy paper said 'supercritical' geothermal technology – which involves drilling deeper into the Earth's crust – could offer up to three times more energy than current geothermal energy. The Government has ring-fenced $60 million from the Regional Infrastructure Fund to fund research into the 'super' resource. Jones said $5m of that funding has been drawn down for work on the detailed design and cost to drill the first of three exploratory deep wells in the Taupō Volcanic Zone. New Zealand's first, and the world's second, geothermal power station was Wairakei, near Taupō, which started generating electricity in 1958. Wairakei is now one of 17 geothermal power plants across eight geothermal fields in New Zealand – which deliver a combined generation capacity of 1207 megawatts. Unlike wind and solar, geothermal energy is consistently available. In 2024, geothermal energy accounted for 8741 GWh, or 19.9%, of New Zealand's annual electricity generation. The country's geothermal reservoirs (up to 350C and located between 1km and 3.5km deep) have long powered renewable energy. The Taupō Volcanic Zone offered a rare opportunity to access superhot fluids at depths beyond 5km and temperatures exceeding 400C, the paper said. Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.
NZ Herald
15-05-2025
- Business
- NZ Herald
NZX welcomes rules easing financial disclosure requirements for IPOs
NZX and other New Zealand market participants have been engaging the Government on ways to improve the efficiency and effectiveness of the capital markets. 'Creating flexibility on how the future performance of a business can be portrayed in disclosure documents, is one of the initiatives we have been seeking,' Peterson said. Making the requirement optional would provide investors more choice of investable product and enable better access to capital for New Zealand businesses. 'The change removes unnecessary red tape and will assist in New Zealand's capital markets being more competitive with international peers,' he said. NZX, and representatives of New Zealand's capital markets sector, continued to engage with the Government on removing further regulatory roadblocks hindering investment and access to capital for New Zealand companies and projects, Peterson said. This included changes to director-liability settings, 'right-sizing' mandatory climate-related disclosures, specific changes to disclosure documents, and the NZX exploring possible tax reforms that would encourage greater investment. 'As a package, these reforms will materially improve the viability for companies wanting to meet their growth aspirations via the listed market,' he said. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
NZ Herald
13-05-2025
- Business
- NZ Herald
Vector appoints Barrenjoey Capital to advise on fibre business
In January, Vector completed the sale of its LPG business Vector Ongas, and the group's 60.25% shareholding in Liquigas Ltd. This followed the sale of the group's natural gas trading business last July. Last month, Vector said the nine months to March 31 saw connection numbers continue to grow across Vector's Auckland electricity and gas networks. In the year to 31 March 2025, total electricity connection numbers grew by 1.3%. 'However, new connections in the nine months ended 31 March 2025 have been 23.0% lower than in the comparative nine months to 31 March 2024, reflective of the broader economic slowdown,' the company said. Electricity distributed volume for the period was down 1.5% compared with the nine months ended March 31, 2024. Residential volumes were down 2.5% while business volumes were down 0.8%. The company's shares last traded at $4.23, having gained 14.6% over the past 12 months. Jamie Gray is an Auckland-based journalist, covering the financial markets, he primary sector and energy. He joined the Herald in 2011.
