David Parker Minister of Energy Petroleum and the New Zealand Energy Strategy March 2008.

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Presentation transcript:

David Parker Minister of Energy Petroleum and the New Zealand Energy Strategy March 2008

Renewable electricity target 90 per cent of electricity from renewable sources by 2025

Renewables future makes economic sense New Build Generation Costs

Role of fossil fuel generation All new electricity should be renewable except that for security of supply. Fossil fuel generation continues to play a critical role (particularly gas).

Carbon capture and storage (CCS) CCS can provide low emissions supplies of energy from existing and new fossil-fuel generation. CCS still poses questions Much international research underway. Government policy group established to consider issues and regulatory options.

10-year restriction on new baseload thermal Restriction does not preclude new thermal generation below 10MW Small gas resources (e.g., coal seam gas) present opportunities to meet localised demand 10-year restriction on the construction of new thermal generation above 10 MW whose fuel source contains 20% or more fossil fuels

Emissions Trading Scheme (ETS) ETS allows market to seek lowest-cost ways of reducing carbon emissions Internationally favoured measure, ETS in line with others globally Will eventually include every sector of economy – forestry, liquid fossil fuels, stationary energy/ industrial processes, agriculture/ waste/ others Linked to Kyoto trading markets internationally

Future cost of carbon

Global carbon markets - DEMAND Estimates for the Total Global Demand for Kyoto Units over (Mt CO 2 e) Source: World Bank (May 2007) Country or RegionDemand for Kyoto Units EU EU ETS1,140 Japan350 ROW60 Total2,000

Global carbon markets - SUPPLY Estimates for the Global Supply of Kyoto Units over (Mt CO 2 e) Source: World Bank (May 2007) Type of Kyoto UnitSupply of Kyoto Units CDM1,500 JI200 Total CDM/JI1,700 AAUs (Russia)3,200 AAUs (Ukraine)2,200 AAUs (other)1,700 Total AAUs7,100

More gas discoveries needed A continuing demand for gas supplies Current supplies are being consumed Clear that new discoveries need to be made in order to meet our future domestic demand Onshore Taranaki Blocks Offer: - Enabling new gas discoveries - Opening up opportunities to maximise chances in the New Zealand gas market

Fossil energy remains part of the global energy supply chain Opportunities to discover world- class oil and gas deposits Potential overseas trading of large petroleum finds Positive indications: Tui and Maari oil fields Government actively encourages petroleum exploration and development Realising the potential of New Zealand’s petroleum estate

Great South Basin (GSB) exploration GSB is around 500,000 square kilometres Government seismic survey indicated potentially large petroleum plays in GSB $1.2 billion of exploration in first five years for GSB Further recent seismic survey indicates the Raukumara sub- basin is also of material size and is prospective for oil Offshore Raukumara sub-basin

David Parker Minister of Energy Petroleum and the New Zealand Energy Strategy March 2008