Mighty River gets Kyoto credits for Kawerau project

The move is part of the government's Projects to Reduce Emissions programme, where internationally tradeable emmissions units are awarded to projects that lead to a net reduction in emissions.

The programme is designed to support businesses that would not otherwise be financially viable.

"Climate change is a direct threat to New Zealand's economy, environment and way of life," Pete Hodgson, the minister in charge of climate change policy, said.

"Kyoto and the projects programme are enabling hundreds of megawatts of generation to be brought forward and millions of tonnes of greenhouse gas emissions to be saved."

The steam for the proposed Kawerau geothermal electricity scheme will be drawn from land owned by the Putauaki Trust and Norske Skog Tasman.

Mighty River Power, the country's third largest electricity generator, aims to have the Kawerau plant on stream at the end of 2007. It has an anticipated life of 25 years.

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