The share of renewable energy in New Zealand's grid hit record high, the country's energy minister said in a statement on Thursday.
"The share or renewable hits its record and it's been in close to 20 years," Simon Bridges, the energy minister of New Zealand said.
He emphasized that New Zealand's share of renewable electricity generation is the fourth largest in the world and the share of electricity generated from renewable resources last year was 79.9 percent, a 5 percent increase from the previous year.
Minister Bridges said geothermal energy contributed more to the New Zealand grid than natural gas last year.
"This is a clear sign that when a government enables a market with direction and certainty, it results in real investor confidence." he added.
Meanwhile, the country held an auction for oil and gas exploration in Dec. 2014. Around 149 million barrels of oil reserves remain in the country.
According to International Energy Agency, IEA, the country benefits the advantage of a diverse and balanced portfolio of renewable energy resources, which contribute over 70 percent of electricity output – the third highest portion in IEA member countries.
This resource base in New Zealand has the potential to deliver greater volumes of energy and the government aims to increase this proportion to 90 percent of electricity generation by 2025.
By Gulsen Cagatay