New global ranking highlights our energy vulnerability
The latest global rankings for energy confirm warnings over New Zealand’s energy security, according to Energy Resources Aotearoa.
The World Energy Council has rated New Zealand 9th in their annual energy trilemma framework which ranks countries on how they balance the three key elements of energy security, equity, and sustainability.
"It’s pleasing to see we are still in the world’s top 10 overall, but it’s a real worry to see our energy security rating slip to 28th," says chief executive John Carnegie.
"Based mainly on 2019 and 2020 datasets, this year’s ranking will only get worse when the events of this chaotic year in energy are included.
"We’ve seen the pain caused by energy shortages this year with extremely high electricity and natural gas prices, caused by low levels in the hydro lakes and temporary natural gas supply issues.
"This has led to job losses and closures across the industrial sector, and we’re importing record levels of coal just to keep the lights on.
"The power cuts in August were a symbolic warning of the challenges we face.
"New technologies and renewable energy sources are coming, which is great, but they are years away.
"In the meantime, we need to make it easier to develop our domestic natural gas supplies to keep the lights on and our factories running. Natural gas has half the emissions of coal and can help smooth the transition we all want.
"It’s time for the sector and the Government to work together before these early warning signals become a stark reality."
The report is available here.