By CHRIS DANIELS
The answer, my friend, to the current power crisis and low hydro-storage lake levels is blowing in the wind.
So says Windflow Technologies, a new Christchurch company which is hoping that the inevitable inquiries, recriminations, finger-pointing and re-evaluations of power generation will point New Zealand in one direction -
wind power.
Windflow this week announced it had raised $2 million from investors interested in its plans to make wind turbines in New Zealand.
The company had hoped for $3 million to begin its design and construction work.
Despite the shortfall, director and chief executive Geoff Henderson said the company was now officially up and running, looking to hire staff and find office space.
Mr Henderson, a mechanical engineer who has worked with wind generation for 20 years, said a combination of proven technology and a new type of gearbox made Windflow different.
Windflow holds the patent for the special "torque limiting gearbox" that will make the turbines cheaper and lighter than others on the market.
"We'll just have to tighten the budget in a few areas to get the first machine built," he said.
"Obviously once we're up and running with the first machine built, things will be a lot easier."
The worldwide wind generation market is worth $10 billion annually and growing at 30 per cent a year, said Mr Henderson.
Financial projections for the company hinge on the wholesale price of electricity being higher than 6c a kilowatt hour.
Low hydro lakes have pushed wholesale prices up to 30c a kWh this winter but they have recently dropped to just under 12c a kWh.
The Windflow share offer has been extended until September 28.
The company will not be listed.
Feature: Electricity
Energy Efficiency and Conservation Authority
