Written by Squadron Energy |
Today’s market notices issued by The Australian Energy Market Operator (AEMO) highlight the urgent need to replace Australia’s ageing coal fleet which is becoming less reliable and less competitive against cheaper renewables, said Squadron Energy CEO Rob Wheals.
“AEMO has confirmed that the combination of high temperatures across NSW and Queensland along with coal plant outages will cause tight electricity supply forecasts in the coming days.
“We know that Australia’s coal fleet is nearing the end of its economic and technical lifespan with coal plant outages driving high price periods.
“Coal is killing affordability and reliability. Renewables are the answer.
“We need to get on with the job of building new clean generation, firmed with batteries, pumped hydro and gas and to accommodate growing demand from increasing electrification.
“Renewables firmed by batteries and gas, are ready to go and can be deployed much faster than alternative technologies and can more quickly provide relief to high prices we have been experiencing.
“In addition, Squadron Energy’s Port Kembla Energy Terminal (PKET) is the only solution capable of resolving Australia’s looming domestic gas shortage by guaranteeing supply.
“PKET is Australia’s only gas import terminal nearing completion. The terminal will meet forecast gas supply needs in the coming years, without the need for new gas fields in Australia.”
