“We have to build power stations. There’s nothing in the [Paris] agreement that would stop us building power stations, including coal-fired power stations,” Canavan said.
"But here’s the thing: South Australia’s renewable share has likely proved the opposite to what’s being claimed. Since the events of the summer of 2016/17, there have been no major outages. In fact, it’s quite possibly been the most reliable grid in the country."
“Is this intermittent?” Summers asks. “No. They (wind and solar) are doing the job of baseload while the actual baseload band (the synchronous generation) is misbehaving.” Summers noted that the legal framework had made this type of behaviour acceptable.
"The amount of coal power capacity in pre-construction stages has declined every year since 2015."
The consumer watchdog believes Australians are paying too much for their electricity. A lack of competition in the energy market and policy mistakes by successive state and federal governments has added significant costs to power bills, according to the Australian Competition and Consumer Commission (ACCC).
"We've got a lot of costs imposed into the system, the market's too concentrated and we've had some unfortunate behaviour by retailers."
Swiss Re, the world's second largest reinsurer, has pulled the plug on underwriting policies for companies with more than 30 per cent of thermal coal in their mining or power-generation portfolios, further tightening the screws on a fuel which is paradoxically enjoying buoyant demand in Asia
The costs of energy-storage systems are dropping too fast for inefficient players to hide. The winners in this market will be those that aggressively pursue and achieve operational improvements.
“Automakers remain committed to increasing fuel efficiency requirements, which yield everyday fuel savings for consumers while also reducing emissions -- because climate change is real and we have a continuing role in reducing greenhouse gases and improving fuel efficiency,” David Schwietert, executive vice president of federal government relations at the Alliance, wrote in the letter, which was made public Monday.
"Australia needs to bite the bullet on road-user charging in the next few years before the disruptive influence of electric vehicles and more fuel-efficient cars blows a hole in government revenue, according to Productivity Commission chairman Peter Harris.
Describing the inability of Australia to embrace road pricing as the "greatest failure of my time in infrastructure", Mr Harris said the failure of successive governments to sell the idea of paying for a quicker trip home or to work was a key reason for user charging always being left in the "too-hard" basket."
Over the coming decades, digital technologies are set to make energy systems around the world more connected, intelligent, efficient, reliable and sustainable.
Stunning advances in data, analytics and connectivity are enabling a range of new digital applications such as smart appliances, shared mobility, and 3D printing. Digitalized energy systems in the future may be able to identify who needs energy and deliver it at the right time, in the right place and at the lowest cost. But getting everything right will not be easy. Read more
"The new contracts are awarded after competitive reverse auctions, open to all kinds of competitors. This is likely to continue to drive down the price of winning bids and therefore returns. We have already seen the impact on new renewable capacity. If prices converge further and faster due to greater competition, the pace of technology cost improvement might not be fast enough to offset radically lower revenues. “
A global power system fully based on renewable energy is no longer a long-term vision, but a tangible reality.
Last year, Costa Rica has beaten its own record. The Central American country has run 300 days on electricity generated solely from renewable energy. Following the steps of Norway and Iceland, Costa Rica is about to showcase to the world how an emerging country can succeed in transitioning to a fossil-free electricity system.
Renewable energy is increasingly a success story in emerging and developing markets. Last year, they were leading in green energy investments. China will have added around 54 GW solar PV capacity in 2017 — three times more than any other country has ever done, which tops China’s total amount to 120 GW of solar PV installed capacity. India is catching up too, as its government announced to tender enough renewable energy projects to surpass 200 GW of new green capacity by 2022. According to financial analysts, by 2020 renewables will have become the cheapest form of power generation. Read More