NZ Government Pledges Capital For New Electricity Generation
A sheep grazes near wind turbines at the Te Uku wind farm, operated by Meridian Energy, in Raglan, New Zealand.
Photographer: Brendon O'Hagan/Bloomberg
New Zealand’s government said it will support the three power companies in which it has a majority shareholding to raise capital for new electricity generation, even if it is not renewable.
Additional infrastructure is required to ensure electricity supply in dry years — when there isn’t sufficient rain to rely solely on hydro-power dams — and keep prices from surging, Finance Minister Nicola Willis and Energy Minister Simon Watts said Wednesday in Wellington.