28 °C Singapore, SG
August 5, 2022
Latest News
Polestar CEO Wants to Build O2 Electric Roadster Joanne Khew shifts from Standard Chartered Bank to ESG role at Eastspring Investments HCM City eyes advanced waste-management technologies Transitions to efficient LED lighting can mitigate the energy crisis New biobattery: using bacterial interactions to generate power European passenger plugin car market is still expanding Air Canada takes off with sustainable aviation fuel from San Francisco BrightNight expands into Australia GE Awarded 9HA Gas Turbine Order to Deliver Approximately 2 Gigawatts of Electricity in Guangdong, China Taking Action: Energy-Related Climate Change Mitigation Policies in ASEAN Meralco floats a tender of 850 MW renewable energy capacity Genex starts construction at flagship pumped hydro storage project GM bets on fuel-cell as battery shortcomings hamper clean energy transition Masdar and Cosmo Energy to explore renewable initiatives in Japan El Salvador Eyes Major Renewables Push Under New Partnership with IRENA Iberdrola eyes 3.5GW offshore wind in Philippines BP and Maersk successfully carry out marine biofuel trials The Korean way towards green growth Exxon Following Blockbuster Video to Oblivion, Investment Exec Warns Getting real about the hydrogen economy Electrification to decarbonise Singapore’s energy system New method of scoring carbon emissions to power sustainable software GoodFuels and REG collaborate on marine biofuel development SP Group and Banpu NEXT partner on smart city solutions across Asia Pacific North Sea Oil Faces ‘Death Knell’ after Shell Quits Cambo Oilfield Three Studies Predict More Frequent, Devastating Storms as Temperatures Rise China Briefing, 2 December 2021: Quarterly emissions fall; Power shortages’ impact; China-Russia energy cooperation A renewable energy company in Thailand has electric vehicle dreams China Briefing, 18 November 2021: Xi-Biden meeting; Methane emissions; ‘Historic new high’ for coal Asian Youth Demand Real Climate Action

Lack of RET stunting Australia investment

Australia’s COAG Energy Council – made up of Australia’s federal and state-level energy ministers – is meeting for the first time in over a year on 22 November.

The CEC, the country’s leading renewable energy lobby group, has issued a list of recommendations it wants the council to adopt in order to get Australia’s clean energy transition back on track.

According to the CEC, in 2019 an average of 500MW of new renewable energy capacity received financial backing in each quarter. This is down from an average of 1.6GW per quarter in 2018.

On top of grid connection challenges and underinvestment in the transmission system, CEC claims the policy vacuum beyond the expiring renewable energy target (RET) is affecting investor confidence.

“New large-scale generation is urgently needed to keep power prices down and ensure the ongoing stability of our energy system,” said CEC chief executive Kane Thornton.

“A sustained slowdown in the level of new investment will have a significant impact on Australia’s energy prices and reliability, at a time when existing coal-fired generation is becoming less reliable and is increasingly exiting the system.”

The CEC has written to each of the energy ministers calling on them to back new programmes to reverse the investment decline.

The recommendations include to simplify grid connections and transmission planning, develop ancilliary services markets to support the investment in new storage projects, and agree a new long-term policy plan to enhance investor confidence beyond 2020.

“This reduction in new investment is the result of increased risk and barriers relating to challenging grid connection processes, underinvestment in electricity transmission, lack of long-term energy policy and an energy market no longer fit-for-purpose,” Thornton added.

Source

Leave a Reply

Your email address will not be published.