Genesis buys stake in coal research company

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

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.


Got a question about this story? Leave it in Comments & Questions below.

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

Comments & Questions

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 0.7294 0.0000 0.00%
AUD 0.9338 0.0000 0.00%
EUR 0.6616 0.0000 0.00%
GBP 0.4711 0.0000 0.00%
HKD 5.6661 0.0000 0.00%
JPY 88.7080 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1204.0 -0.520 2015-05-22T00:
Oil Brent 65.9 1.310 2015-05-22T00:
Oil Nymex 59.7 -1.040 2015-05-22T00:
Silver Index 17.0 -0.081 2015-05-22T00:

Indices

Symbol Open High Last %
NZX 50 5769.3 5785.2 5769.3 0.12%
NASDAQ 5085.4 5103.8 5090.8 -0.03%
DAX 11881.5 11881.8 11864.6 -0.42%
DJI 18286.9 18286.9 18285.7 -0.29%
FTSE 7013.5 7061.7 7013.5 0.26%
HKSE 27723.7 28041.3 27523.7 1.70%
NI225 20208.8 20278.3 20202.9 0.30%