Genesis Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

12 February 2021 - Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners.

Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to develop 2,650 GWh per annum of new renewable electricity generation by 2030, enough to power more than 400,000 homes. Genesis aspires to have at least 1,350 GWh of new generation in market by 2024 as an outcome of this RFP.

Genesis Chief Trading Officer, Shaun Goldsbury, says the RFPs deliberately cover a number of generation options.

“The Future-gen strategy is to economically displace baseload thermal electricity generation with reliable and affordable renewable electricity to support the country’s transition to a low carbon future. We have intentionally kept our options open across a variety of technologies and a number of partners, with a focus on solar, wind and geothermal generation,” he said.

In November, Genesis called for expressions of interest which drew a strong response with options for more than 12,000 GWh received from developers all over the world. These have now been shortlisted and invited to participate in the RFP process which closes on March 12. Successful bidders will be notified in early May and will then enter negotiations for long form contracts.

Next month, the first Future-gen project will be completed with the formal opening of Waipipi Wind Farm in South Taranaki. This will deliver 450 GWh per annum of zero emissions, 100% renewable electricity, and will reduce carbon emissions between 250,000-350,000 tonnes annually.

In December Genesis committed to remove at least 1.2m tonnes of annual carbon emissions over the next five years (Scope 1, 2 and 3), tied to limiting global warming to below 1.5°C by 2025. The targets are verified by the internationally recognised Science Based Targets initiative (SBTi) with Genesis the only electricity generator and retailer outside of Europe to tie its targets to the ambitious 1.5°C with the SBTi.

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