Energy market reports
For the period 01 April to 30 June 2021
Source: IEA, Annual solar PV capacity additions by application segment in selected countries, 2019-2022, IEA, Paris.
- 20 May
Renewable Energy Market Update, International Energy Agency (IEA)
This recent report focuses on the renewable energy outlook for 2021. Demand for renewables showed a consistent upward trend despite the pandemic. This was contrary to the demand for other energy sources, which declined. The report identifies Japan and Australia as key drivers of solar PV distribution after China and India. IEA predicts that Solar PV development will achieve new highs as annual additions reach 162 GW by 2022 (almost 50% higher than 2019).
The report states: Australia exceeded its large-scale renewable energy target (LRET) in 2020, and the resulting oversupply of certificates negatively affected the business case for utility-scale PV projects.
- 18 April
In South Australia, a $1.08bn bilateral energy and emissions agreement has been struck between the state and federal governments to provide more affordable and reliable power to SA. This deal also aims to increase SA’s gas targets at a time when Australia is being pressured to reduce investment in fossil fuels. This deal, along with similar ones in TAS and NSW, is being positioned by the government as a key driver in our post COVID economic recovery. It also aims to start work on the much anticipated electricity interconnector between SA and NSW.
- 17 May
According to AEMO, wholesale electricity prices are the lowest they’ve been since 2012 due to the increasing demand for renewable sources (mainly solar) and the La Nina weather pattern. This has played a part in some energy companies bringing forward the closure of their coal power plants.
- 25 May
A turbine explosion at Callide C4 in QLD rendered the Callide, Gladstone, Stanwell and Yarwun stations out of action, leading to the loss of power to ~500,000 homes and businesses. During this time, the AEMO worked to ensure that there was electricity generated to match demand, and state-owned generators pumped hydro and gas plants were called on to sustain network stability, as electricity spot prices soared.
- 17 June
The Victorian Government declared a state of energy emergency state energy after flood water from storms in mid-June caused water to spill into the Yallourn power station mine. The declaration enabled emergency works to divert the water away from the mine to be undertaken without the usual planning and regulatory approvals. Extensive damage in and around Mount Dandenong has resulted in AusNet services having to rebuild the majority of the network in that area.