Renewables records set to fall in Q3
As we enter Q3, we are looking forward to an expected influx of renewable energy records. September and October have historically seen records for renewable penetration set, as seasonally low demand couples with good solar and wind conditions. This year is off to an early start, with rooftop solar providing 51.9% of instantaneous generation in Queensland. This is the first time rooftop solar has provided more that 50% of demand in QLD, sending operational demand in the state to record lows.
As mentioned in last month’s update, these records are expected to fall at a faster pace over the coming years as schemes such as the Federal Government Capacity Investment Scheme support bringing more new projects to market.
AEMO releases the 2024 Electricity Statement of Opportunity (ESOO)
On the 29th of August, AEMO released its annual ESOO Report. The report provides a 10-year reliability outlook for the National Electricity Market (NEM), designed to inform the planning and decision-making of market participants, investors, regulatory bodies and Government.
The report highlighted and stressed the critical importance of delivering the expected transmission, renewable generation, and dispatchable resources on time and in full, to meet the requirements of coal exits and increasing electricity demand. The report called for the timely delivery of these programs and emphasised that delays in investment may lead to reliability gaps. In this regard Victoria, New South Wales and South Australia were identified as at risk, particularly during periods following the planned exits of major thermal generators such as Eraring (NSW) and Yallourn Power Station (VIC).
AEMO also flagged that it will request the Australian Energy Regulator (AER) via the retailer reliability obligation, to obligate retailers and liable entities to enter sufficient contracts to cover their customers peak demand needs and seek to procure additional reserves for the coming 2024-25 summer.
Investing in Australia’s Energy Future
At Octopus Australia, we’re harnessing capital and expertise to accelerate Australia’s energy transition. We understand that supporting this transition requires care to ensure it benefits the economy, the community and the environment. As traditional coal and gas power sources age, we are committed to filling the gap with innovative, firmed renewable products that meet rising demand and look like the future of energy in Australia.
Watch our video to hear from our CEO, Sam Reynolds, on how we are mobilising the capital that is needed in the energy sector.
