Energy security deteriorating according to international report

Energy security worldwide, including New Zealand, has deteriorated in the last year, according to the World Energy Council’s latest report.

While the latest Energy Trilemma report still has New Zealand in the top ten countries for balancing energy issues amid significant shifts in global energy markets, the report says the aftermath of Covid-19 lockdowns and Europe’s energy crisis has contributed to deteriorating energy security around the world.

New Zealand’s downgraded energy security ranking was partly caused by perceptions of a potential future shortfall in gas supply.

Each year the World Energy Council ranks nations based on three key aspects in energy; equity, security and sustainability.

New Zealand’s Business Energy Council executive director Tina Schirr says although our energy system remains exemplary, there are areas in need of urgent improvement.

"Like other countries, New Zealand’s security score was downgraded in the 2024 report.

“This can be attributed partly to our gas sector on the brink of a shortfall and the electricity sector grappling with rising peak demand and blackout risks.

“Businesses transitioning to electrified processes bear the brunt of high wholesale electricity and gas prices. Consumers are also feeling the pressure with their costs increasing.

Collaboration between the government, the energy sector, and the community is key to navigating these challenges and achieving a sustainable energy future, Schirr says.

The full World Energy Trilemma Report 2024: Evolving with Resilience and Justice is available to read now.