 |
Louisiana Light • 2 days | 71.81 | +1.53 | +2.18% | ||
|
Bonny Light • 25 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 72.42 | +1.58 | +2.23% | ||
|
Mars US • 315 days | 75.54 | -1.36 | -1.77% | ||
|
Gasoline • 7 hours | 1.930 | +0.003 | +0.17% |
|
Bonny Light • 25 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 25 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 72.42 | +1.58 | +2.23% |
|
Peace Sour • 22 hours | 64.72 | +1.66 | +2.63% | ||
|
Light Sour Blend • 22 hours | 65.97 | +1.66 | +2.58% | ||
|
Syncrude Sweet Premium • 22 hours | 70.22 | +1.66 | +2.42% | ||
|
Central Alberta • 22 hours | 65.97 | +1.66 | +2.58% |
|
Eagle Ford • 2 days | 65.50 | +1.75 | +2.75% | ||
|
Oklahoma Sweet • 2 days | 65.50 | +1.75 | +2.75% | ||
|
Kansas Common • 2 days | 59.25 | +1.75 | +3.04% | ||
|
Buena Vista • 2 days | 75.72 | +1.41 | +1.90% |
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Low Hydro Storage Forces New Zealand to Boost Fossil Fuel Power Generation
Low hydro storage following months of dry weather has forced power generators in New Zealand to boost fossil fuel electricity output by 67% so far this year, according to data from energy think tank Ember.
As hydro storage slumped this year, hydropower generation fell to the lowest level in about a decade, per the data reported by Reuters columnist Gavin Maguire.
At the same time, power generation from the backup coal and gas power stations jumped by 67% between January and July 2024 compared to the same period last year.
Hydropower is the single largest source of electricity supply in New Zealand, accounting for around 60% of all power generation.
In 2022, New Zealand saw one of the highest renewable electricity generation in recent decades, as autumn and winter rain ensured hydro inflows remained high. As a result, renewable sources generated 95% of electricity in the fourth quarter of 2022 — the highest quarterly share from renewables since 1980, the government said in estimates last year.
However, dry weather in recent months has lowered the levels of water storage at hydro dams, and July hydro output accounted for only 48.6% of all power generation in New Zealand, the lowest hydropower share in at least a decade, per Ember’s data.
The power supply crunch was one of the reasons why New Zealand’s government announced on Monday that it intends to pass legislation by the end of 2024 to reverse a ban on offshore oil and gas exploration that has been in place since 2018.
The cabinet has committed to act with urgency to reverse the ban and remove regulatory barriers to the construction of critically needed facilities to import Liquefied Natural Gas (LNG) as a stopgap.
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New Zealand also plans to ease restrictions on electricity lines companies owning generation and improve electricity market regulation, the government said in measures outlined in an urgent action plan to boost energy security.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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