For affordable and reliable power, we have to think of how good, fast and cheap it will be. In most scenarios, we usually have to choose a maximum of two from these three. The Integrated System Plan (ISP) records that Australia is a beautiful country because of its endowment with sufficient renewable energy resources.
South Africa is the latest victim of trying to forcefully phase out fossil fuels like coal and experience the overwhelming blackout. The coal industry felt cornered and came out to duel renewables with what they term as clean coal. With this tussle challenging the nation’s economy, COAG (Council of Australian Governments) evaluated the national electricity market with Prof Alan Finkel to determine the black holes that need a fill-up.
Finkel’s research on the Blueprint for the Future demands an upgrade of the systemic plans which the new chief of AEMO, Audrey Zibelman, will be addressing.
The 2020 ISP is one of her significant objectives as she delves into the economic dynamics of the renewable energy sector. The reports by Finkel details five concepts of the National Electricity Market (NEM) in terms of growth, technological advancement, and climate regulations. The only idea that meets the Paris agreement regulations is the step change framework. This framework involves the implementation of the Climate Change Authority report.
The step-change framework supplies energy at a slightly higher cost than the standard. This plot solves the Australian energy trio challenge.
This framework highlights to maintain a sustainable electricity supply; the electricity grid must upgrade to meet the rising demand before it surpasses the supplied quantity. Currently, hydropower and fast-start gas are the leading suppliers of energy to meet the demand from households in the evening and when there is a need for air-conditioning.
Aemo’s model articulates storage-grid batteries, pumped hydropower and household cells as the ideal replacement for coal power as the backup for the step-change energy framework. Currently, gas is being replaced with the upcoming energy-storage batteries since the nation is fully delving into renewables. Nonetheless, only 11% of the renewable energy must be stored for future use while the rest goes into consumption immediately it is available.
Currently, generating a kWh of electricity emits about 700g of carbon gases. This quantity will drop to 30g when the step change framework goes into action. This plan will create jobs for the Australian people to recuperate the economy from the impending coronavirus pandemic.
Finally, this ISP will help activate the technological opportunities in the energy industry and help it evolve from the regular carbon emissions sector to an emission-free economy.