Genesis buys stake in coal research company

State-owned energy generator Genesis Energy is buying a 50 percent stake in CRL Energy, a company researching low-emission coal technologies.

The involvement of Genesis, which runs the coal and gas-fired Huntly power station, meant CRL Energy could advance its coal research programmes to eventual commercial application, CRL chairman Alan Broome said.

Research and development projects included high efficiency coal gasification, carbon capture and storage, and hydrogen manufacture. Burning coal creates greenhouse gas emissions.

Genesis Energy bought the stake from the National Institute of Water and Atmospheric Research (Niwa).

The other 50 percent is owned by the Coal Association of New Zealand, which welcomed Genesis Energy's investment.

"Genesis Energy's decision to invest is recognition of the long term potential for New Zealand's coal resources to provide a sustainable, low-emissions energy source," association executive chairman Chris Baker said.

Coalminer Solid Energy has previously said that New Zealand's 10 billion tonnes of economic coal reserves could last 1000 years at current annual production levels, if environmental constraints can be met.

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7745 -0.0034 -0.44%
AUD 0.9512 -0.0004 -0.04%
EUR 0.6336 0.0008 0.13%
GBP 0.4955 -0.0009 -0.18%
HKD 6.0050 -0.0275 -0.46%
JPY 92.5640 0.0190 0.02%

Commods

Commodity Price Change Time
Gold Index 1198.3 8.880 2014-12-18T00:
Oil Brent 59.3 0.110 2014-12-18T00:
Oil Nymex 54.4 -2.250 2014-12-18T00:
Silver Index 15.9 0.006 2014-12-18T00:

Indices

Symbol Open High Last %
NZX 50 5518.5 5545.0 5518.5 0.17%
NASDAQ 4752.6 4782.1 4748.4 0.36%
DAX 9901.3 9901.3 9811.1 -0.25%
DJI 17778.0 17874.0 17778.2 0.15%
FTSE 6466.0 6566.9 6466.0 1.23%
HKSE 23158.3 23189.6 22832.2 1.25%
NI225 17511.0 17621.4 17210.0 2.39%