Disruption is one of the cornerstones of the success of Andrew Forrest’s Fortescue Metals Group. FMG’s ability to get things done in the face of seemingly insurmountable barriers can be illustrated no more vividly than when BHP and Rio Tinto sought to prevent the then start up iron ore miner from accessing its rail lines in the Pilbara. FMG built its own and outdid its rivals by extending those lines to Perth. Now FMG wants to apply the same zeal to energy and green steel.
The fourth quarter of 2020 saw the NEM reach lowest average demand since Q4 2001 – with SA and Victoria’s spot prices hitting record lows. Are customers benefiting from the price suppression effects of renewable energy generation? Or is the market telling us a different story?
The extreme weather conditions that led to massive bushfires occurring on both Australia’s south east coast last summer and across California more recently has had a dramatic and far reaching impact on people and communities.
With the ongoing growth of renewables in Australia there has been speculation of the overall impact this will have on an energy-only market like the NEM and in particular, its potential influence on spot prices.
Last week the NSW Government announced its intention to expedite plans for the state’s second REZ in New England.
Rooftop solar PV may be widely popular, but it is only a partial solution. The sun doesn’t always shine when you need electricity. Storing some of the household’s surplus solar electricity to be used later during the evening peaks is a logical answer to this problem.
Late last week the South Australian Government announced that SolarReserve, the proponent of a solar thermal power plant at Port Augusta, had failed to win funding for the $650 million project.
In the International Energy Agency’s most recent World Energy Outlook the electricity sector is experiencing the largest transformation since its creation. It predicts that solar PV’s installed capacity will surpass wind before 2025, pass hydropower around 2030, and coal before 2040.
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