We are just through the first two weeks of 5-minute settlement. While there has been much anticipation regarding the implementation and the potential for drastic swings in prices, we felt it was an excellent time to take a quick look at the pricing outcomes to see if any immediate trends are emerging.
Prime Minister Scott Morrison appears to be moving towards securing Coalition agreement for a net-zero emissions by 2050. It comes weeks out from the crucial COP26 climate talks in Glasgow, where Australia’s record on global climate action will be heavily scrutinised.
Last year, a day after Halloween, I saw firsthand the result of the most hectic hailstorm I’ve ever endured. Springfield Lakes, Greenbank and a few surrounding Brisbane suburbs got absolutely smoked. It was reported in February that the damage bill had reached at least $805 million. More recent reports have estimated it to be over $1 billion.
Prime Minister Scott Morrison may be warming to a net-zero emissions target by 2050, but Australia is still far from adopting it – largely thanks to resistance from the National Party.
The past week saw more records broken in the National Electricity Market (NEM), with instantaneous renewable generation hitting a record 59.8% in the afternoon of Sunday 19 September 2021, before breaking 60% for the first time on Monday 20 September 2021. Sunny weather across both days meant rooftop solar made up around half of renewable generation at this peak output, reducing operational demand and suppressing prices during the day.
Everything you ever wanted to know about the way we will ultimately derive all our power from renewable sources, and how quickly it will be achieved.
Australia is currently staring down a suite of reforms which could stifle our rapid and sensible transition to clean energy.
Hydrogen is likely to play a crucial role in the pursuit of energy transition over the coming years. However, the UN Climate Change Conference of the Parties (COP26) in Glasgow in November will be the acid test that determines whether involved players are now prepared to put their words into action.
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