WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 187
MARKET
DATA
• Australian Government in its Budget October 2024–25 has committed to unlock more than $65 billion of investment in renewable capacity through the Capacity Investment Scheme by 2030.
• Australia is debating a pivot; Liberal National Coalition parties are making nuclear power a central plank of their policy platform to oust the current Labor government, driven in part by their
historic opposition to renewables and a poll by Essential Research in April 2024 found more than 50% of Australians were supportive of Australia developing a nuclear industry.*
AEMO manages electricity and gas systems and markets across Australia, helping
to ensure Australians have access to affordable, secure and reliable energy.
2%
CO2 Emissions (million metric tons of CO2 equivalents)
2023 Electricity Mix
Oil
17%
ARENA is the Australian Renewable Energy Agency aims to support improvements
in the competitiveness of renewable energy and enabling technologies, increase
the supply of renewable energy in Australia.
29%
800
600
429.9
Natural Gas
440.4
437.6
Coal
400
Clean Energy Regulator (CER) is responsible for measuring, managing, reducing
or offsetting Australia's carbon emissions.
Hydro
200
0
2021
Renewable Capacity - Wind (in GW)
60
2022
Others
46%
2023
Source: Statistical Review of
World Energy 2024
Source: Statistical Review of World Energy 2024
47
40
20
Renewables
6%
Renewable Capacity - Solar (in GW)
11
9%
5%
0
2023
2030
Wind Capacity
Source: IRENA and Statista
150
2023 Electricity consumption by sector
4%
122
Residential
100
50
Commercial
34
Others
Industrial
0
2023
The Australian government's new energy strategy
targets
2030
Solar Capacity
82%
Source: Energy.gov.au
Source: IRENA
Expand renewable energy to reach 82% by 2030.
Launch Solar Sunshot Scheme with $1B for domestic solar tech.
Encourage investments in critical minerals and energy storage.
Establish net zero Economy Authority for infrastructure
projects.
2023: Total PPA deals
Carbon tax - Australia has implemented a $70 ‘shadow price’ on
carbon emissions in 2024
172
200
150
142
100
*The Liberal-National coalition announced seven locations where small modular reactors (SMRs) or large-scale units could be installed, all in sites hosting coal-fired
power facilities that have either closed or are scheduled to close, and each of them would have cooling water capacity and transmission infrastructure. A SMR could
start generating electricity by 2035, while a larger plant could come online by 2037, according to the coalition.
Sources: https://www.japantimes.co.jp/news/2024/07/23/world/politics/nuclear-australia-climate-wars/
https://www.argusmedia.com/en/news-and-insights/latest-market-news/2579498-australian-opposition-releases-nuclear-power-plan
https://www.livemint.com/news/one-of-the-last-holdouts-australia-weighs-nuclear-power-pivot-11720644796462.html
CO₂e + Electricity mix
https://www.energyinst.org/statistical-review
Consumption by Sector
https://www.energy.gov.au/sites/default/files/Australian%20Energy%20Update%202023_0.pdf
New generation capacity
https://www.dcceew.gov.au/sites/default/files/documents/australias-emissions-projections-2023.pdf
Import Export
https://www.energy.gov.au/data/energy-trade
https://www.energy.gov.au/data/australian-energy-trade-2020-21#:~:text=The%20figure%20shows%20Australian%20energy,petroleum%20products%20and%20
crude%20oil.
https://www.energy.gov.au/sites/default/files/Australian%20Energy%20Statistics%202022%20Energy%20Update%20Report.pdf
Carbon pricing
https://www.theguardian.com/australia-news/2024/apr/12/carbon-price-should-be-set-at-70-a-tonne-and-rise-six-fold-by-mid-century-says-aemc
PPA
https://climate-kic.org.au/wp-content/uploads/2024/02/BRC-A-State-of-the-Market-2023.pdf
https://climate-kic.org.au/wp-content/uploads/2023/03/SOM22.pdf
Renewable Capacity
https://www.statista.com/statistics/1098770/australia-wind-generation-capacity-projection/
IRENA_RE_Capacity_Statistics_2024.pdf
Others
https://www.iea.org/news/australia-has-raised-its-climate-targets-and-now-needs-to-accelerate-its-clean-energy-transition-says-new-iea-review
https://www.globalaustralia.gov.au/news-and-resources/news-items/australian-budget-commits-a25bn-clean-energy-and-renewablesprojects#:~:text=Australian%20Budget%20commits%20A%2425bn%20to%20clean%20energy%20and%20renewables%20projects&text=The%20
Australian%20Government%20has%20released,net%20zero%20commitment%20by%202050.y
Budget to bankroll phase two of clean energy transition – pv magazine Australia (pv-magazine-australia.com)
50
0
2023
2030
Cumulative PPA deal
Source: Climate-kic.org.au
WEMO 2024
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Australia
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