– for the first time it was introduced in 2017 – forcing three big LNG exporters to temporarily divert gas into the domestic market to cover for the shortfall in the NEM.
Gas-fired generation in the NEM has increased from 6.3 per cent in May last year to 9.4 per cent this May – its highest level since May 2017, according to McConnell. Meanwhile, coal-fired power – so long the backbone of the electricity grid – has slipped from 65 per cent in May 2021 to 59 per cent in May this year.
“Plant outages and coal supply constraints have impacted electricity supply too and we anticipate lower output form renewables sources over winter,” she says. “We have renewables ready to transform the grid, but we’re 20 years behind with the supporting act [with batteries and new technologies such as hydrogen] to get there,” he says.
The current forward market for wholesale power price futures show elevated prices in NSW and Queensland for the next two years.McConnell says the current energy crisis demonstrates it won’t be an easy road to move away from fossil fuels and fully embrace renewable energy and storage on the way to net zero emissions by 2050.
If Albanese is not careful, he may soon have an economic crisis on his hands too. If I were him and Chalmers, I wouldn’t consider what is going on in Sri Lanka and Pakistan as peripheral.
And a defining moment? Any more cliches?
lol chalmers had all the answers a few weeks ago.
Let's have an adult conversation about nuclear power...
…. where’s the plan!!
And if they dont kill off LNP stage 3 tax cuts that gifts politicians & the very well off $15,000 in tax cuts, while everyone else struggles with cost of living, then we've been conned AlboMP JEChalmers billshortenmp tanya_plibersek SkyNewsAust newscomauHQ abcnews auspol
Not in WA…