Is our energy supply in crisis? What's the National Electricity Market? Can it be fixed?
2 years, 6 months ago

Is our energy supply in crisis? What's the National Electricity Market? Can it be fixed?

ABC  

We saw something unprecedented last week. The NEM supplies around 10.7 million customers, Factsheet: the National Electricity Market, December 2021) The entities that generate electricity for the system use a range of energy sources and that "generation mix" is transforming rapidly. Australia's energy spot market suspended by market operator Photo shows roofs of houses, most of them with solar panels The electricity market operator takes the extraordinary step of suspending the spot market for wholesale electricity. As AEMO describes it, power generators are constantly making offers to supply the market — called the "spot market" — with a certain amount of electricity for a certain price, at different periods throughout the day. Last week, South Australia's Energy Minister, Tom Koutsantonis, told ABC radio that profit-maximising generators were "acting rationally" under the rules, which just exposes the system's shortcomings.

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History of this topic

Booming renewable energy generation halves wholesale power prices across national grid
11 months ago

Booming renewable energy generation halves wholesale power prices across national grid

ABC  

Rapid growth in renewable generation slashed the wholesale cost of power in the national energy grid late last year, and dramatically reduced reliance on coal-fired power. Key points: ​​​​​Power supplied by large-scale renewables and rooftop solar soared in the last three months of 2023 The influence of renewables on the grid will only grow Renewables are more regularly pushing the …

Electricity reliability and blackouts remain big challenges as the energy landscape changes
1 year, 3 months ago

Electricity reliability and blackouts remain big challenges as the energy landscape changes

ABC  

An Australian summer usually means sun, sand and sea. "This is strong language, this time around — it's probably the strongest language we've seen from the market operator," Grattan Institute energy expert Tony Wood explained. "When the South Australia-New South Wales interconnector comes online that reliability will improve, and that's certainly an important aspect to making sure our electricity grid …

Australia adding green energy at less than half the required rate to keep grid stable: UNSW
1 year, 10 months ago

Australia adding green energy at less than half the required rate to keep grid stable: UNSW

ABC  

Australia is adding renewable energy at less than half the pace required to replace retiring coal-fired generation and meet its own 2030 climate targets, one of the country's top energy experts says. Key points: University of NSW research shows the growth rate of green energy needs to more than double A senior researcher says grid stability is at stake as …

Energy transition will lead to lower power prices but getting there could be costly, reports warn
2 years, 2 months ago

Energy transition will lead to lower power prices but getting there could be costly, reports warn

ABC  

After a turbulent year in the energy sector, two major reports released today have highlighted energy affordability as a significant challenge in Australia's transition away from fossil fuels to renewable power. Key points: The State of the Energy Market looks back on a year of change, including the unprecedented suspension of the wholesale electricity spot market in June It has …

Consumer confidence in Australia's energy system suffers steepest-ever plunge
2 years, 3 months ago

Consumer confidence in Australia's energy system suffers steepest-ever plunge

ABC  

Confidence in Australia's main electricity market has suffered its sharpest ever collapse as the crisis engulfing the east coast energy industry hits home for consumers. Key points: There are predictions households face multiple price hikes in the coming year amid the energy crisis Experts say the pricing system is "regressive" and that governments need to try to help consumers Confidence …

Australia's energy crisis makes winners out of fossil fuel exporters and losers of everyone else, expert says
2 years, 4 months ago

Australia's energy crisis makes winners out of fossil fuel exporters and losers of everyone else, expert says

ABC  

This month, Australia's third-biggest power provider EnergyAustralia revealed it had plunged to a $1.6 billion loss for the first six months of this year. Key points: Australia's biggest power provider AGL on Friday reported a 58 per cent drop in benchmark full-year profit The fall follows similar slumps for the electricity and gas retailer businesses of Origin Energy and EnergyAustralia …

Australia 'on track' to generate half its electricity from renewable sources by 2025, report finds
2 years, 5 months ago

Australia 'on track' to generate half its electricity from renewable sources by 2025, report finds

ABC  

Australia is on track to generate half its electricity needs from renewable sources within three years, according to a report highlighting the extraordinary pace of change underway in the country's energy system. Key points: The Australian Academy of Technological Sciences and Engineering says the country's renewable energy share will rise to 69 per cent by 2030 The academy is calling …

Confidence collapses as desperate consumers vent fury at failing National Electricity Market
2 years, 5 months ago

Confidence collapses as desperate consumers vent fury at failing National Electricity Market

ABC  

For Ian Davies, the run of ill-fortune over the past few years has been almost too much to bear. Key points: An Energy Consumers Australia survey finds confidence in the national electricity market is collapsing among users Just one in four consumers believes the market is delivering in their interests The NEM has been hit by record high prices, a …

Australian Energy Market Operator signals it will likely end its market intervention this week
2 years, 6 months ago

Australian Energy Market Operator signals it will likely end its market intervention this week

ABC  

The unprecedented suspension of Australia's east coast energy market could be lifted as early as Thursday but the market operator is warning the challenges managing supply and demand may continue. Key points: The AEMO suspended the wholesale electricity spot market last week It intervened in the market amid reliability and blackout fears The AEMO will gradually lift its suspension if …

Explained | Why is Australia facing an electricity crisis despite being a top exporter of coal and gas?
2 years, 6 months ago

Explained | Why is Australia facing an electricity crisis despite being a top exporter of coal and gas?

The Hindu  

The story so far: On Thursday, June 16, Chris Bowen, the Energy Minister of Australia — the world’s biggest exporter of coal and Liquified Natural Gas — asked the residents of its most populous state New South Wales, to conserve power as much as possible during the peak demand hours of 6 pm to 8 pm to prevent blackouts. This …

Australia's energy system is failing. It needs an 'insurance' fix to manage the green transition
2 years, 6 months ago

Australia's energy system is failing. It needs an 'insurance' fix to manage the green transition

ABC  

Amid the din of a prolonged and sometimes bitter debate over Australia's energy future, many proposed fixes have come and gone. Mr Warren said the fact that renewable energy's share of the national electricity market on the east coast has risen from negligible levels 20 years ago to about a quarter of capacity now is remarkable. "It has been, by …

Energy market intervention will last 'as long as it needs to', Chris Bowen says
2 years, 6 months ago

Energy market intervention will last 'as long as it needs to', Chris Bowen says

ABC  

The Federal Energy Minister insists the unprecedented market intervention to avoid blackouts across the east coast will continue for as long as necessary, throwing his full support behind the nation's energy regulators. Key points: The energy market operator yesterday took an unprecedented step to take control of the market The federal government says it backs the decision and the AEMO …

Australian Energy Market Operator suspends spot market for wholesale electricity to ensure reliability and avoid blackouts
2 years, 6 months ago

Australian Energy Market Operator suspends spot market for wholesale electricity to ensure reliability and avoid blackouts

ABC  

The Australian Energy Market Operator has taken the extraordinary step of suspending the spot market for wholesale electricity across the country. Key points: The electricity sector has been dealing with soaring costs It forced AEMO to cap prices and compel generators to offer their services Now the spot market for wholesale electricity has been suspended to try and ensure reliability …

Labor has inherited an imperfect National Electricity Market, with a wealth of energy but a poverty of power
2 years, 6 months ago

Labor has inherited an imperfect National Electricity Market, with a wealth of energy but a poverty of power

ABC  

Australia's east coast has a wealth of energy sources, but a poverty of electricity being generated. Price caps lead to fears of gaming the system Coal and gas-fired power generators are facing big spikes in their input costs due to both international and local factors, sending wholesale electricity prices in Australia soaring. What the price cap means for your energy …

What is load shedding and why is it a sign that Australia's largest electricity market is in crisis?
2 years, 6 months ago

What is load shedding and why is it a sign that Australia's largest electricity market is in crisis?

ABC  

In the electricity industry no two words instil a greater sense of fear or failure as load shedding. According to the Australian Energy Market Operator, which runs the National Electricity Market on the east coast, load shedding is a way of keeping the system stable. Photo shows Black transmission towers under sunset sky When the demand for electricity is set …

Solar panels, cooler summer drive power prices into negative territory in South Australia
3 years, 7 months ago

Solar panels, cooler summer drive power prices into negative territory in South Australia

ABC  

South Australia's high uptake of renewables has led to another national energy milestone, with record low daytime wholesale prices in the first three months of the year. Key points: Daytime wholesale prices were consistently in negative territory in SA That was driven by renewable energy, but gas generators were needed to help stabilise the grid Wholesale prices across the country …

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