Summaries - Australian Financial Review
Thursday 17/12/2009 Page: 11
According to new research due to be released by the federal Minister for Resources and Energy, Martin Ferguson, Australia's $11 billion national electricity market will require significant extensions due to the Rudd governments greenhouse policy. Mr Ferguson said the enforceable renewable energy target and proposed emissions trading scheme could increase wind energy by 450% in five years and gas power tenfold in 20 years.
Geothermal power will take 15 years to become profitable under the current technologies. The report find that the NEM will need address short falls in the grid and be able to connect renewable power to them, which are often set in distant locations unlike coal and hydro. The Australian Energy Market Operator believes that there will be greater congestion in the networks as the renewable energy comes online. Projects that will be looked at are the existing electricity interconnector between Queensland and NSW.
Industry sources believe that there will an expenditure of $1.2 billion a year in capital investments on transmission infrastructure. The report was produced by the AEMO under the reforms agreed by the Council of Australian Governments. NSW pricing regulator believes electricity charges should rise by 42% and 62% over the next three years commencing June 2010.
The Coalition and the Greens defeated the Governments emissions trading legislation in parliament. Mr Ferguson will also release a report into the viability of gas and how it will grow, exports and domestic use will grow by threefold in Queensland over the next 20 years, while in Victoria growth has been set to double in the next 15 years.
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