Congratulations to the New Zealand Parliament who passed the first reading of the Offshore Renewable Energy Bill on the 17th December.
This Bill proposes to establish a legislative regime for the construction, operation, and decommissioning of offshore renewable energy developments. It aims to do this by creating:
- A two-stage permit regime for developers.
- Consultation requirements.
- Decommissioning and financial security obligations.
- Safety zones around offshore renewable energy infrastructure.
- Provisions for administration, monitoring, and enforcement of the regime and associated offences and penalties.
The Bill introduces two dedicated offshore renewable energy permits, being:
1. Feasibility Permits – which will give exclusive certainty for investors to undertake feasibility studies, in a specified area.
2. Commercial Permits – which will enable the construction and operation of offshore renewable energy infrastructure over a 40-year term.
This is great news for our NZWEA offshore members and investors, Parkwind, Sumitomo Corporation, Oceanex Energy, Copenhagen Infrastructure Partners, and the Elemental Group Limited.
The next stage is the Select Committee process, where NZWEA will be providing submissions on behalf of all our members before the 6th February. For more information, go to NZ Parliament ORE.