Australia makes huge strides in renewable energy
After years of investment in renewable energy, Australia has started to see significant progress towards reducing carbon emissions from power generation.
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Australia's renewable energy sector has seen a remarkable year. In the third quarter, renewables supplied 38.9% of the country's average energy demand. In the past year alone, emissions from Austrialia's energy sector fell 11%, and revenue generated from gas dropped by a third.
Similarly remarkable is the decrease in price for consumers. The average cost in the third quarter was $63 per megawatt hour, which is 41% lower than the second quarter and 71% lower than the price this time last year. While this price decrease is impressive, its impacts could be short-lived depending on the wholesale price in the coming months.
In a landmark moment, for thirty minutes on a Sunday afternoon in September, renewable energy supplied 98.6% of all electricity demand in eastern Australia. South Australia, New South Wales, and Victoria all set minimum operational demands this quarter, and the country has had no issues with closing one of their remaining conventional power plants.
With plans to add up to 11.7GW of power in the coming years, Australia is well on its way to having a fully renewable grid. However, the dawn of a hot El Nino summer will likely test this progress, as electricity demand is expected to grow dramatically as the temperature rises. Despite this, energy executives remain optimistc on the situation in Australia and remain committed to continuing the country's transition to renewable energy sources.
