A US$11.8 billion investment for NZ (population 4.2 million) is equivalent to US$843 billion for the US (population 300 million) and $59 billion for climate criminal Australia (population 21 million).
Dr Nick Smith, NZ Climate Change Minister, 2009: “[100% renewable electricity by 2020] would first require writing off $4.5 billion of thermal generation assets It would also require $11 billion for the replacement capacity of 2500 MW and an additional $2 billion for additional renewable peaking stations to ensure security of supply in a dry year. This amounts to a total capital cost of $17.5 billion, excluding the additional transmission investment that would be required, and would lead to a 30% power price increase for all consumers.” .
. Press release, New Zealand Government, Dr Nick Smith, Minister for Climate Change Issues, 4 August 2009; Scoop, “Bold 2020 target comes at a high price”: http://www.scoop.co.nz/stories/PA0908/S00043.htm .