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November energy market wrap up

The latest energy news from around the country:


QUEENSLAND

The NEM extension and the opportunity for renewables in the Sunshine state

After reaching record lows in July hovering around 38.9, the spot market is sitting just above 41.9. This is in comparison to 62.9 at the same period last year. This continues to provide good news for Queenslanders within the NEM.

Prior to the election, the Queensland Premier announced further financial support for an extension to the national electricity grid into the outback north-west of the state, known as CopperString 2.0, anticipated to reduce business costs for local businesses and support rare earth mineral mining and protect local jobs.

A new report from the Climate Council revealed that Queensland has the natural resources to be a world leader in renewable energy, while also delivering thousands of jobs and significant energy cost reductions. Read more



NEW SOUTH WALES & ACT

It’s raining renewables!

The NSW spot market dropped sits just above 56.2 compared to 74.5 versus the same period last year.

On a weekend in early October, New South Wales broke a renewable record with more than half the state’s electricity needs powered through solar and wind.

Renewable energy company, Providence Group, is investing $500 million to set up more than 20 solar farms across regional New South Wales with several towns in the North-West to benefit.

The Morrison Government, through the Australian Renewable Energy Agency (ARENA) has announced it will fund a new large-scale, grid connected 50MW battery located in Western Sydney. This follows the Australian and NSW Government Memorandum to jointly fund initiatives that lower prices for consumers, reduce emissions and strengthen grid reliability. Read more


VICTORIA

Safer infrastructure, renewable ambitions and home solar boom

The spot price in Victoria is hovering at around 54.0 down from 81.4 at the same time last year.

The Victorian Government has announced plans to procure a minimum of 600MW of new solar and wind energy capacity for the state, through a second Renewable Energy Target auction, that will take government operations to 100% renewables.

The Government is also investing in the installation of safer electricity infrastructure in high bushfire risk areas under the Private Overhead Electric Line (POEL) Scheme. Directed at areas impacted by the 2019-2020 bushfires, the program will see bare-wire powerlines in the highest bushfire-risk areas buried underground to reduce powerline bushfire ignitions, increase community safety and stimulate local economies through the creation of new jobs. Read more here

Solar continues to boom across the state in the residential space courtesy of the Solar Homes program and the state government’s reduced restrictions allowing installation teams to work on roofs.


SOUTH AUSTRALIA

A world first: One hour completely powered by solar

The spot price is sitting at 52.00 compared to 77.6 at the same time last year.

In a world first, South Australia, the state nce known for not having enough power has become the first major jurisdiction in the world to be powered entirely by solar energy. For just over an hour on 11 October, 100% of energy demand was met by solar panels.

"This is truly a phenomenon in the global energy landscape," Australian Energy Market Operator (AEMO) chief executive Audrey Zibelman said.

"Never before has a jurisdiction the size of South Australia been completely run by solar power, with consumers' rooftop solar systems contributing 77 per cent."

Large-scale solar farms, like the ones operating at Tailem Bend and Port Augusta, provided the other 23 per cent.



TASMANIA

200 per cent renewable energy target on the table for Tasmania

As Tasmania approaches to be 100% self-sufficient in renewable energy by 2022, Energy Minister Guy Barnett has just tabled a bill to achieve an ambitious 200 per cent renewable energy target by 2040. Read more


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