Tuesday, July 2, 2019

New Zealand: Eastland Group’s New Geothermal Power Plant is a “Significant” Factor Behind a Rise in Company Profits

Kawerau plant played significant role (Gisborne Herald)

(Courtesy Gisborne Herald)
Getting the new Te Ahi O Maui geothermal power plant operational was an “enormous” achievement, Eastland Group chief executive Matt Todd says.
“This is New Zealand’s first major renewable power plant in almost four years.

“It synced to the national grid on October 1, 2018, and is generating around 25 MW of clean, renewable energy — enough to power 25,000 homes. It was delivered alongside our iwi partners and co-investors the A8D Ahu Whenua Trust.

Mr Todd said energy generated was sold on the spot market and through a power purchase agreement. “Revenue from our two geothermal plants will be roughly $20m or 20 percent of total Eastland Group revenue. The reason we sell some of our output on fixed prices is to eliminate some of the spot market volatility.”

Some residents were already benefiting from lower power bills as a result.