Thursday, July 18, 2024

Renewables share at near record high

An increase in hydro and wind generation has helped lift the share of electricity generated from renewable sources in the first three months of 2022 compared to the same quarter a year ago, according to data published today by the Ministry of Business, Innovation and Employment (MBIE).

The latest New Zealand Energy Quarterly covers January to March 2022, and provides quarterly data and analysis on energy supply, demand, prices and associated greenhouse gas emissions.

“The renewable share of electricity for the first quarter of 2022 increased to almost 83%. This is the second highest share for this quarter since 1996,” says MBIE Markets in the Digital, Data & Insights Group Manager, Mike Hayward.

“Hydro lake levels and inflows for the quarter were above historical averages with above average rainfall in catchment areas helping lift hydro generation by more than 5%.

“There was also more wind generation compared to a year earlier with a 21% jump helping to reduce our reliance on electricity generated from fossil fuels,” he said.

According to the new analysis, coal-fired generation, which was called upon last year with low hydro levels and a tight gas supply, fell by 57% and fossil fuel generation overall dipped by almost 18%.

“Nationally, demand for electricity fell by just over 1% on the same quarter in 2021 reflecting a decline in demand from the primary sector while residential demand rose to partially offset that fall,” said Mr Hayward.

“The quarter coincided with Russia’s invasion of Ukraine and the volatility in global energy markets. This was reflected in domestic fuel prices, with regular 91 up 33% and diesel rising 55% compared to the same quarter last year,” he said.

“The period also captured the wind down of the refining operations at Marsden Point with imports of crude oil falling by 755 in March compared to the previous month.”

MBIE has added quarterly data into the New Zealand Energy Dashboard which offers a host of energy-related data insights:

New Zealand Energy Dashboard(external link)

New Zealand Energy Quarterly

Electricity cost and price monitoring

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