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Australia’s energy crisis is caused by its continued reliance on fossil fuels and a lack of infrastructure planning, and could be solved with six remedies that focus on a faster transition to renewable energy sources.
The Clean Energy Council has unveiled its six remedies as energy ministers prepare to meet to discuss imposing price caps on coal and gas supplies as the federal government struggles to find answers to fossil fuel prices hitting consumers.
The executive director of the CEC says the focus should be on reforms that will rebuild consumer confidence in energy markets – damaged by the sharp rise in energy bills – and help reduce household prices.
“In the short term, this [high coal and gas prices] it’s up to the government to negotiate with those responsible for Australia’s energy crisis – the fossil fuel industry,” he said RenewEconomy.
“In the long term, this is not something the clean energy industry wants to see happen again.”
Energy ministers are looking at ways to make energy more affordable, but that’s a tall order at a time of international coal and gas shortages and soaring prices, and when coal and gas set most prices in the Australian market.
“Coal and gas corporations have been charging Austrian businesses and households the same outrageous international prices all year long for fuel coming from our own backyard, while at the same time making huge profits,” Climate Council Senior Researcher Dr Karl Tiedemann told RenewEconomy.
“As long as our energy system continues to rely on fossil fuels, we will be at the mercy of fluctuating energy prices.”
“Energy ministers can permanently end our dependence on fossil fuels and reduce energy prices by accelerating the transition to renewable energy sources, such as solar and wind power, which, once built, provide electricity at very low operating costs and therefore reduce prices .
The energy market operator suspended the wholesale electricity spot market in all five states participating in the National Energy Market in June, as it became “impossible” to operate due to rising fossil fuel prices and generators withdrawing their capacity from the market.
The fixes are already known
Solutions to the current energy crisis range from long-term, comprehensive reforms to specific options for consumers.
The Clean Energy Council outlines six ideas, advocating for accelerated and “sensible” market reforms such as speeding up interconnection process reforms, the right signals for storage investment, and the development of new markets to evaluate all renewable generation and storage opportunities.
Market-based reforms will also prevent market distortions, which pose a material risk to investors in the clean energy generation sector.
The council wants to see faster investment in the grid using intergovernmental partnerships and the Revering the Nation fund, as well as the energy transformation plan, agreed at the meeting of energy ministers in August, to be implemented.
This plan is critical to establishing the workforce the country needs to act on its ambitious energy goals, the council says.
It also wants individuals to be supported to start using more rooftop solar, batteries, electric vehicles, electric heating and hot water systems and other energy efficiency solutions, and to combine this with faster investment in an energy storage target and strategy.
Tidemann says specific measures that would make a difference include providing zero- or low-interest loans for households to switch off gas and switch to all-electric appliances, prioritizing investments in renewable energy generation, long-term storage and transmission, and improving the energy efficiency of both existing and new buildings.
“The faster we move towards renewable electricity powered by wind and solar, the sooner households and businesses will benefit from more affordable electricity bills,” he said.
Rachel Williamson is a science and business journalist, focusing on health and environmental issues related to climate change.
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