Australia, with its world foremost renewable energy resources, mainly solar and wind, has the opportunity to come to be a world energy superpower in a global economy that is committed to speedy de-carbonisation. Is this a chance Australia is likely to seize? Certain people believe, probably not.
Renewable Energy Resources
The country has a chance to accelerate that change at a critical meeting of the state and central energy ministers on Friday, but it is improbable that the status quo will be troubled; plus there are quiet too many powerful vested interests at play.
For example, let’s take the South Australian condition. The July energy disaster where the state experienced a huge price hike that used to be common before solar and wind come to be popular, was predicted, and even likely hoped for certain people in the hope of displaying the limitations of renewable energy. In its place, it has basically proved that the fossil industry is holding Australia’s evolution to a clean energy economy to ransom and that customers are being extorted at each level of the energy production. There also have been reports pointing to the market operation by a small number of powerful parties. The Melbourne Energy Institute define how a few generators “fixed” the system, using their normal market power to charge monopoly rents.
The Clean Energy Council has protested about the stratospheric prices removed by fossil fuel producers in the name of “energy security”, whereas Renew Economy’s David Leitch and the MEI have pointed to the large boost in margins. A study out by Bruce Mountain of research group CME will show that 1/3 of capacity was purposely withheld at the peak of the South Australian energy crisis at a time while the generators knew that they could cash in on high values.
Obviously, there’s also the network charges. While regulators attempt to cut spending plans for extra poles and wires, the owner of network and the New South Wales Government are taking the controllers to court to allow them to spend more and pass the costs to the businesses and consumers.
According to Tom Quinn, the future of the national energy market is quiet 100 percent renewable, said by Future Business Council CEO. The grid must be re-imagined and built to allow various power generation and simple export and import throughout the national energy marketplace. He as well added that Australia essentials to transition from its old grid to an adaptive grid and acclimate the new technologies, which will comprise wind, solar, solar battery storage, pumped hydro, ocean energy and electric vehicles. He added that Australia has the world’s top renewable energy resources and the chance to generate the lowest cost base of energy for industry in the world.
The part of mainstream media is also significant and so far it has been intimidating. The media have turned a blind eye to the exploitation of power of a few main players in the energy market. In the meantime, the fossil fuel industry is like a juggernaut doing as it satisfies – demonising renewables, abusing market holes to push prices greater, withholding capacity, suppliant for subsidies to make fossil fuel generation leave the market, pleading for other subsidies to warranty the retention of other fuel generators, fighting the rule changes and taking the regulators to court in an effort to further take full control of the grid.