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New South Wales, Australia
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IEEFA
Renew Economy: One cent a megawatt hour. That was the average price of wholesale power for most of the daytime hours in the state of Victoria in August and September. Record amounts of renewable energy generation on Australia’s main grid, and an abundance of rooftop solar, sent the average spot electricity price in Victoria down […]
Trista Rose and Press Release
Climate policy failure will shrink Australia’s GDP by 6% and increase net debt in NSW to 100% by 2060, with taxpayers footing the bill
20 October 2021 (IEEFA Australia): Australia’s failure to commit to net zero targets or any credible climate policy is a growing economic threat to New South Wales and other states, argues a new report by the Institute of Energy Economics and Financial Analysis (IEEFA). The Reserve Bank of Australia’s deputy governor Guy Debelle last week […]
IEEFA
Renew Economy: The combined output of rooftop and large scale solar met more than half of Australia’s grid demand for the first time on Sunday, as records for renewable output and share of demand continued to tumble across the country and coal output hit a record low. As the National Party met on Sunday to […]
IEEFA
Renew Economy: One of Australia’s largest transmission network operators, presiding over the nation’s most coal dependent state, says the national grid could – and should – be 100% renewable powered by 2035, with all coal generation phased out completely by 2032. Transgrid, which manages and operates the high voltage electricity transmission network in New South […]
Johanna Bowyer and Guest Contributor: Tristan Edis
Energy Security Board claims Dunkelflaute is a key reason for a capacity mechanism – where is the evidence?
The Energy Security Board (ESB) has cited periods of scarce wind and solar resources as a key reason to implement the contested capacity mechanism, which will see payments from energy consumers to primarily conventional power generators for their capacity to generate electricity, rather than for actually generating electricity. The ESB has claimed the market is […]
IEEFA
Renew Economy: Alinta is planning to build a huge 1 gigawatt offshore wind farm to tap into Australia’s main grid – the first major utility in the country to make such a commitment – as part of a massive spending spree on renewables and storage. CEO Jeff Dimery says Alinta is also poised to announce […]
IEEFA
Renew Economy: Renewables delivered a record 35.4 per cent share of generation on Australia’s main grid in the month of September, one of many new benchmarks set in this transformative spring, and underlining the accelerating pace of the energy transition. The fact that a record share is set in September is not surprising, given that […]
IEEFA
Renew Economy: Fortescue Metals Group has become one of the first of Australia’s major industrial operators to commit to fully decarbonise its operations and supply chains, including a shift to coal-free steel processing and hydrogen-fuelled shipping. In a statement released to the ASX on Tuesday, the iron ore giant said it would adopt a net […]
IEEFA
Renew Economy: The NSW Coalition government has dramatically increased its emissions reduction targets for 2030, setting a new goal of a 50 cut from 2005 levels as part of plans to be a “renewable energy superpower” and attract more than $37 billion in clean energy investment by the end of the decade. The new 50 […]
Johanna Bowyer and Guest Contributor: Tristan Edis
There are many options to manage the energy transition that don’t involve capacity payments
Uncertainty in the national electricity market is driving investment risk, due to high levels of uncertainty around coal exits, short term market contracting, early mover disadvantage in power technologies subject to deflation, and unpredictable government intervention, among other things. The Energy Security Board’s capacity mechanism has been proposed as a solution to these challenges. It […]
IEEFA Australia: Port of Newcastle’s roadblock on the path away from thermal coal
Planned fossil fuel exit by the world’s largest coal port is paralysed by lending constraints and a secret NSW government dealThe Port of Newcastle’s planned exit from fossil fuels suffered further setback last month after ANZ withdrew financing from the terminal, presently the world’s largest port for exporting thermal coal. ANZ had previously been a major lender to the port, however divested its position during the latest round of refinancing of approximately A$900 million in […]