New Zealand Looks to Supercritical Geothermal as a New Energy Source

New Zealand Looks to Supercritical Geothermal as a New Energy Source

New Zealand is to explore supercritical geothermal resources in a bid to help replace dwindling gas reserves and control energy prices. Electricity prices, particularly wholesale, in New Zealand are trending upward, driven by low hydro storage, high inflation, and increasing network investment costs. The price in Auckland spiked to $229.1 per megawatt hour in August 2024, according to the Electricity Authority. The costs are having a devastating…