Crown scientists are hoping to drill deeper than ever into New Zealand's crust to make the most of our geothermal energy potential.
But they say the first well needs around $40 million in public funding.
It comes amid the Government's concerns about spot pricing from weather-dependant renewables such as wind, solar, and hydro power.
A team of 30 GNS scientists have been researching what's known as 'supercritical' geothermal energy resources in New Zealand which are not weather-affected.
They have discovered the potential for an extra t30,000 gigawatt hours of electricity generation annually from this form of geothermal energy, which would be three-quarters of New Zealand's total energy consumption per year currently.
"We know we have those resources, we know we've been modelling them, but we need to prove it by drilling," GNS Science geothermal leader Isabelle Chambefort told 1News.
She said funding this well was "absolutely essential" to de-risk investment for private companies to drill subsequent wells, and eventually start electricity generation.
NZ Geothermal Association chief executive Kennie Tsui said they're "asking the Government to continue that effort to explore further geothermal resources like what we did in the '50s and '80s".
About 20% of our power currently comes from geothermal wells about 3km deep, but the new wells would be 4 to 6km deep to temperatures over 373C.
This would be world-leading work.
'A tremendous future'
Resources Minister Shane Jones told 1News he believes there is a "tremendous future for expanding our geothermal energy".
"Wouldn't it be great if we were the first nation in the world to draw from a new energy source — supercritical, deep-seated, infinite source of geothermal energy?" he said.
The renewable source is also pitched as a way to reach our carbon-zero 2050 emissions goals.
"So on average, coal emits 1000 grams of CO2 per kilowatt hour, compared to geothermal which emits 68 grams per kilowatt hour output," Tsui said.
Jones said he is now "looking at proposals with my colleagues to see what the Crown can do".
"This is a lot of money. But unless we invest in science ... then over time, we're going to beggar the nation."
He was open to funding Crown work but not private, stating: "We will not be subsidising any energy company to start drilling."
GNS has also emphasised the importance of having support from mana whenua and private landowners, as well as appropriate consenting before any drilling work.
The Government wants to double renewable generation to stop using coal but it says tens of billions of dollars of infrastructure investment is needed.
It expects electricity demand to rise nearly 70% in the next 30 years.
The Government's new energy policy statement raises concerns about pricing volatility from weather-dependant wind, solar, and hydro sources.
However, scientists emphasise geothermal sources are not weather-affected.
Energy Minister Simeon Brown said ultimately, the Government believes geothermal energy "can play and should play an increasingly important role, particularly around baseload power".
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