Written by Kerry Mullany
New modelling of the power grid has revealed a lack of transmission network service providers is costing Australians an estimated 13 billion dollars.
It’s not surprising that Australia’s electricity infrastructure is ageing. The capacity to cope with today’s power demands alongside the dwindling supply of fossil fuels, leaves the grid no choice but to look at a restructure incorporating renewable alternatives.
Hooray - They are finally seeing the future of power lies within renewable energy!
Unequipped for the switch to renewables, Nexa Advisory CEO Stephanie Bashir says Australia will go through a “major infrastructure buildout” as it transitions from fossil fuels.
The magnitude of the build requires appropriate supply chain and procurements, to bring assets to Australia for construction.
It’s going to be expensive with many challenges expected along the way. The predominant challenge being major delays in building.
Delays are costing Australians between $361 and $565 more per year on electricity. You’ve heard the phrase time is money... Bashir says “1 year of delay could cost consumers over a 10-14 year period up to a $9.2 billion more for wholesale electricity… unless we deliver this transmission on time”.
New South Wales solar households could get paid a little less for the solar they export to the grid come July 1st, despite forecasts of a further jump in grid power prices.
The Independent Pricing and Regulatory Tribunal (IPART) has opted to:
The overall benchmark tariff has not been increased as a result of increased wholesale energy prices, in the evenings and at night. As daytime wholesale energy can be obtained from both big and small scale renewable sources, power is readily available thus driving daytime energy prices down.
Though daytime energy prices have increased to a lesser extent than night-time rates recently, the value being attributed to solar exports remains low.
The message appears to be that solar households can save the most on their bills by using the solar they generate in the place of grid electricity by either charging their appliances during the day, or installing a solar lithium battery to store it for peak hours.
As if the price of coffee wasn’t draining our back pockets enough, prepare to feel the cost of living pressures with a sharper sting as we find out that Energy giant AGL is expecting to more than double its earnings in the coming year on the back of a sharp recovery in wholesale electricity prices.
AGL's underlying profit guidance for the 2023 financial year has been narrowed to a range of $255 million to $285 million, while its expectations for the 2024 financial year are between $580 million and $780 million.
Playing devil's advocate (just for a second don't worry), problems with one of their power plants left AGL no choice but to buy more expensive electricity at a time of soaring wholesale prices to meet their customers’ needs.
Hmm, forced to carry soaring prices, that sounds unpleasantly familiar.
Playtime over, for a company currently responsible for 8 percent of Australia’s greenhouse gas emissions, we have limited sympathy.
Though AGL is aiming to adapt to the evolving energy market, where renewable energy sources are gaining prominence, their ‘fast-tracking’ plans still have the closure of their Loy Yang A plant in Victoria over a decade away.
If you can afford your current bill now, you can afford a solar and battery system.
Pay it off in under 5 years on a savings plan and save yourself money in the long run.
It’s not all doom and gloom, especially for those opting for renewable energy solutions.
Australia’s largest commercial-scale, rooftop solar-powered micro-grid has launched upon the roof of Adelaide’s IKEA store.
This whopping power-hub is now powering 70% of Ikea’s Adelaide store. Consisting of 3,024 solar panels and a 3MW/3.45MWh battery the size of three 40-foot shipping containers, there is no messing around as the system pouts to be the largest grid-connected urban micro-grid in Australia.
In addition to helping to stabilise the South Australian power grid, the micro-grid will free up enough electricity from the state’s network to power 370 homes a year and is expected to save 890 tonnes of CO2 each year!
Blimey IKEA, kicking eco-warrior goals like they're going out of fashion!
On ya Woolies for pledging to 100% electrify their fleet of 3000 delivery vans by 2030!
Greenpeace Australia Pacific, senior campaigner Violette Snow said “At a time of climate crisis, every business must now be a ‘climate business’.
We couldn’t agree more. Now is the time to accelerate the phase-out of fossil fuels and rapidly transition to clean, renewable energy sources.
Whilst our mission is to help Aussies across the country reduce their power bills and save money using sustainable energy assets, we love hearing about businesses both big and small making the switch to a brighter future for all.
If Woolies can keep the shopping of thousands as cool as a cucumber in truck sized fridges using electrification, then we know you can keep yours cool at home with the power of the sun!
and the Planet!