Energy Minister Simon Watts at COP29 in 2024
New Zealand embraces LNG
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
New Zealand’s government on 9 February took a decisive step to support the development of an LNG import terminal that would provide backup gas as domestic supply continues to decline. If delivered within the proposed timeframe, the facility would allow the country to take advantage of forecast lower global LNG prices later this decade, driven by a wave of new supply from the US and Qatar. The move comes as New Zealand’s energy system faces pressure on several fronts. The country has one of the world’s cleanest power mixes, with hydropower and other renewables accounting for about 85% of electricity generation in 2024, according to the IEA. But heavy reliance on these intermittent sources has
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