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28 Jun 2024
AEMO highlights need for gas investment
The Australian Energy Market Operator (AEMO) released the Integrated System Plan (ISP), the roadmap to transition the National Electricity Market to net zero by 2050.
The report said renewable energy supported by storage and gas-powered generation is the most cost-effective solution for supplying electricity to homes and businesses as Australia transitions to a net zero economy.
Ninety per cent of Australia’s coal generation capacity will close by 2035, all by 2040.
The plan highlights the challenges and risks during the energy transition, such as planned projects not progressing as expected due to the time needed for approval processes, investment decision uncertainty, cost pressures, social licence issues, supply chain issues, and workforce shortages.
It also identifies the need for immediate investment in gas infrastructure, expansions of existing pipelines, import terminals, and increased storage to ensure energy reliability. The 2024 ISP notes that hydrogen is still a relatively expensive fuel to use at scale and forecasts only a small contribution from this technology to supporting the power system.
The full report is here.
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