The energy landscape is rapidly evolving, and a recent report highlights the challenges and opportunities that lie ahead. Explore the "NSW Electricity Supply and Reliability CheckUp Marsden Jacob Report 2023," a thorough look at a wide range of topics encompassing the supply and reliability of electricity in New South Wales (NSW) during a pivotal era of energy transformation.
The ambitious goal of getting to net-zero emissions by the year 2050 is a big part of what is driving this profound shift. Both the federal government and state governments are working together to reach this goal. Still, each region's journey to net zero is different. This change is happening very quickly in NSW, where about 70% of the electricity that is made now comes from coal plants that will be slated for retirement in the next 10 to 15 years.
To navigate this journey, NSW unveiled the Electricity Infrastructure Roadmap in 2020, receiving resounding bipartisan support. This visionary roadmap sets the stage for pioneering new transmission networks, low-emissions generation projects, and innovative energy storage initiatives. It operates harmoniously alongside national frameworks and is laser-focused on ensuring energy security while steadfastly marching towards the Net Zero.
In a world where most electricity assets are privately owned, the pivotal role of private investment cannot be overstated. This makes NSW's transition stand out from those in states where public assets are more common.
Within this transformative roadmap, Renewable Energy Zones (REZs) emerge as the linchpin for realising its goals. These zones are primed to play a pivotal role in ushering in renewable generation and long-duration storage projects, the cornerstones of a sustainable energy future.
The impending closure of the Eraring coal plant in 2025 casts a formidable shadow over the horizon. Replacing this energy source in three and a half years is a Herculean task, with potential ramifications for both reliability and affordability of energy.
The report discusses important findings and provides an outline of suggestions. It underscores how important it is to line up the capacity exit and entry of Power Plants, use flexible storage solutions, empower consumers, and foster community involvement.
Lastly, the report emphasises the importance of an orderly exit mechanism for significant fossil generators, mirroring Powerledger's ethos of orderly integration of decentralised renewable energy sources at the distribution grid level. This approach aims to not only accelerate the exit process but also bring in Consumer Energy Resources (CERs) to balance the "duck curve," empower customers, and create a win-win-win scenario.
Read a full report to embark on a journey into Australia's energy future.
Sign up for our newsletter - full of great insights and market updates.
