Australia needs dozens more of renewable energy plants to replace closing coal power plants which will close over the next 20 years.
The Australian Market Energy Operator (AEMO) added that a huge upgrade of the electricity transmission wires will also be required to get the new energy for homes and businesses.
Rooftop solar continues to play a vital role in this transition. Approximately, a quarter of the overall energy consumption will come from residential and business solar panels by 2040. An article published on the ABC News website states that it would require “more-than-tripling of renewable energy plants that are already installed” in the next two years.
Renewable Roadmap for the Next Two Decades
According to AEMO, renewable energy coupled with dispatchable power would be the cheapest for consumers in the next 20 years. Audrey Zibelman, AEMO Chief Executive, supported this forecast.
Zibelman said, “To maximise economic benefits, Australia must invest in a modern energy system with significant consumer-led distributed energy resources. These are rooftop solar and utility-scale variable renewable energy, supported by sufficient dispatchable resources and well-targeted augmentations to the electricity network.”
Furthermore, the present transmission network needs an upgrade to get new renewable energy generation from power plants. AEMO describes the National Energy Market in the future as “diverse renewable, gas-powered and distributed generation, supported by energy storage and network solutions.”
Sixty-three percent or 15 gigawatts of coal-fired generation in Australia would most likely shut down by 2040. This means the country would need 30 gigawatts of new grid-scale renewables when this happens.
According to the report, “More renewables need to replace conventional generators because of their naturally lower capacity factor.”
Five states are presently renewable energy development zones to support the transition to clean energy. This switch to renewables would also require up to 21 gigawatts of dispatchable resources through pumped hydro or battery storage.
To achieve the states’ renewable energy targets, more clean energy jobs are waiting to be filled. Phillip Riley can help you with your hiring strategy or assist you in landing a career in this sector. Visit www.phillipriley.com.au for more details.