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Assessment of the Costs of Geothermal Power Generation in New Zealand The costs developed here relate to a 2007 base and have been internally calibrated against costs incurred at New Zealand geothermal developments, of which there were (and are) a number in progress at the present time, and several overseas geothermal projects currently in progress. Due to the state of the global economy, which over the period 2003 to 2007 was dominated by strongly rising commodity and metals prices, and high fossil fuel costs, there was appreciable upwards pressure on geothermal development costs and they were expected to rise further for the foreseeable future while the China boom continued. It was anticipated that there could have been similar cost increases across a wide range of non-geothermal development options also. The New Zealand and geothermal community had for quite some years been comfortable with the view that Greenfield geothermal power could be developed in New Zealand at a cost of about NZD 3,000.kW-1. The results of the study show that this was no longer the case in 2007 and under even the best possible development scenario where wells were drilled into a 300oC reservoir, and with very high flow rates of 150 kg.s-1, specific capital costs of at least 3,500 NZD.kW-1 for development of a 50 MW plant would have been incurred. Under more typical geothermal resource conditions for New Zealand, of 260°C reservoir temperatures and with well flow rates as for less than 100 kg.s-1, development costs in the order of 4,000 to 4,500 NZD.kW-1 were anticipated. As noted, for several years prior to 2007, geothermal development costs rose steadily in line with global market commodity and equipment price rises. These rises continued until the middle of 2008 when the current global financial crisis occurred and commodity prices fell back to 2003 levels. It is not certain that there is enough market data available yet to determine what is currently happening to geothermal power plant, steamfield and well costs to be able to compare current (2009) costs with the 2007 estimates used in this study. Nevertheless, when this situation clears it would be useful to update this report to a current (2009) basis, and to include brownfield cases in the range 50 – 100 MW. A typical 50 MW project schedule is given in Section 6 which shows that 24 months is required to complete a project from the time that consents and approval to proceed are obtained (and EPC contracts are ready to execute, subject only to approval to proceed). Given the ongoing rising cost structure of the geothermal industry over the past few years, developers need to be aware of the potential for significant cost increases to occur during the course of a 24 month project. The local and overseas cost components of a geothermal power development in New Zealand have been examined from which it is concluded that approximately 56% of the capital cost for a new project would be required for foreign purchases and about 50% of this foreign cost would be required for procurement of items relating to the power plant. This allocation of funds should Sinclair Knight Merz SKM Cost of Geothermal Power Report (2007 Cost Basis)R1.doc PAGE 64PDF Image | Current Costs of Geothermal Power Generation in New Zealand
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