According to GlobalData’s latest report, ‘Australia Power Market Outlook to 2030, Update 2019: Market Trends, Regulations, and Competitive Landscape’ the growth of variable renewable energy and distributed energy resources has changed the market dynamics of the electricity system in Australia.
To meet the increasing demand for power in the country and have an uninterrupted power supply, stakeholders prefer battery-backed wind and solar farms. The share of renewable energy in the country had reached 21.5% of the country’s power mix in 2018 and is expected to surpass thermal power by 2030 contributing 55.7% of the capacity mix.
GlobalData’s latest report details that, in 2018, thermal power dominated Australia’s power mix, with an overall share of 67%, with coal holding the maximum share of 36%. Solar PV contributes the maximum among the non-hydro renewable energy sources, with a share of 12.7%, followed by wind and bio power, with a share of 7.1% and 1.6% respectively. Hydro power also holds a share of 11.6% in the same year.
The falling cost of renewable energy installations and introduction of strong policies to cut down pollution have led policy makers to focus more on renewable energy. The government has set a 20% renewable energy target by 2030 and the incentives attached to the target will drive significant investments.
In addition, Australia has a high potential of clean energy sources and the country is expected to generate 43.5% of the electricity from renewable energy by 2030. National Energy Guarantee (NEG) is another promising opportunity to reduce emissions and ensure reliability in dispatchable energy supply.
To read more on GlobalData's latest report, please click here.
Read the article online at: https://www.energyglobal.com/special-reports/29102019/wind-and-solar-with-battery-storage-to-ease-energy-transition-in-australia-says-globaldata/