While G7 participants already have detailed plans for their shift toward renewable energy from 2030 up to 2050, Australia, a G20 participant, also has a timeline of its own. A 30-year roadmap was released, and it estimates an investment of $12.7 billion is needed for the country's plans.
Australia's 30-Year Roadmap Towards Using Renewable Energy Revealed
According to the story by Gizmodo, a 30-year roadmap for Australia's Integrated System Plan was released by the Australian Energy Market Operator (AEMO). The roadmap calls for both an essential as well as efficient investment directed toward the National Energy Market (NEM).
This roadmap comes at a significant time since, just recently, the NEM had to be shut down by AEMO. This resulted in the suspension of competitive pricing for energy retailers as well as fixed price settings.
Sun Cable's Plans to Build the Biggest Solar Project in the World
Before its closure, energy providers were warned regarding drastically increasing its energy prices. The warned energy providers include the likes of Revamped Energy, as consumers were told to look for better deals from other providers.
Just recently, a solar power generation plant, Sun Cable, received approval for investment in order to build in the Northern Territory. The company plans to build the "biggest solar project in the world."
AEMO's Details Regarding the Shift in Energy
AEMO released a tweet detailing their 30-year roadmap regarding investments for the NEM. As per the CEO of AEMO, Daniel Westerman, the country is already experiencing a complex, rapid, and even irreversible transformation when it comes to energy.
Developed through deep industry collaboration with over 1,500 stakeholders, AEMO today published its 2022 Integrated System Plan outlining a 30-year roadmap of investments for the National Electricity Market. https://t.co/8PuAijyFxb pic.twitter.com/alkwcgpO4z
— AEMO (@AEMO_Energy) June 29, 2022
The CEO noted that Integrated System Plan informs the transformation of energy in Australia based on an "optimal development path" regarding essential transmission investments, which will efficiently help enable low-cost, firmed renewable energy to be able to replace the coal generation in existence.
The Transition Would Provide a $28 Billion Net Market Benefit and Require a $12.7 Billion Investment
The transmission projects are expected to deliver net market benefits amounting to $28 billion, which would be a 2.2 times return of its required investment, $12.7 billion. This is just 7% of the total generation, storage, and network investment in the NEM.
As reported by ABC News, AEMO is calling for a total investment of $12.7 billion in order to build out the grid and focus on five different projects, including the Sydney Ring, Humelink, New England REZ, VNI West, Transmission Link, and Marinus Link.
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NEWM's Future and Its Involvements
AEMO, along with its stakeholders, have been considering NEM's future calling it the step-change scenario, which involves "technical innovation, aging power plants, policies, economics, energy security anmd consumer choice."
A large part of the move is to be able to shift energy sources towards renewables. More details regarding AEMO's 30-year plan were detailed on its official website.
Related Article: G7 Countries Commit to 'Predominantly Decarbonize' Electricity by 2035 Eliminating Coal Power by 2030
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Written by Urian B.
