The NZ Battery Project was set up in 2020 to explore possible renewable energy storage solutions for when our hydro lakes run low for long periods. A pumped hydro scheme at Lake Onslow was one of the options being explored. The Government stopped the Lake Onslow investigations in late 2023.
The Government will progress to the next stage of the NZ Battery Project, looking at the viability of pumped hydro as well as an alternative, multi-technology approach as part of the Government’s long term-plan to build a resilient, affordable, secure and decarbonised energy system in New Zealand, Energy and Resources Megan Woods says.
New Zealand is transitioning to a highly renewable electricity system. This change will require increased and accelerated investment in new electricity generation to match demand growth and the retirement of thermal power plants.
There is also a list of 145 investment projects which have been publicly announced (as at June 2024), with information on each project’s status. Projects range in size from 1MW to 1000MW and are predominantly wind and solar, but also geothermal, hydro and battery. They are geographically spread, but mostly in the North Island to match demand.
Transpower New Zealand, the state-owned operator of the national grid, said the battery will play a pivotal role in the reduction of emissions in the Waikato and will move the nation closer to its goal of becoming 100% renewable by 2030.
The mean charging spot price was $123/MWh and the median was $132/MWh. As New Zealand electrifies, more grid-scale batteries will support the growing renewable energy supply. Meridian Energy is building a 100MW (200MWh) battery near Ruakākā in sunny Northland. This battery is expected to be commissioned in September 2024.