Plugged in: Transitioning our energy market
At a glance
Australia is at a critical point in our transition to renewable energy. We need to get moving and work together if we are to successfully transition our energy market and meet our net zero targets.
It is estimated that to meet national energy market demands, significant investment is needed in renewable generation supported with firming capacity, transmission network augmentation. To achieve the Australian Energy Market Operator's (AEMO) optimal development path, installed variable renewable capacity will need to triple by 2030 and firming capacity will need to almost quadruple by 2050. Across Australia, it is anticipated that we will require 60,000 skilled workers by 2050 to deliver and maintain the targets set out in the AEMO Integrated System Plan 2024.
Our 'Plugged In' energy series brought together industry leaders to tackle some of the hurdles facing new energy projects, the findings of which we've shared in a new report. From community acceptance and supply chain risks to approval processes and labour shortages, this report explores the impact and delays that these hurdles are having on investor confidence and delivery success for new energy projects in Australia. It's clear that these challenges cannot be solved in isolation and are not just the responsibility of government or proponents of new energy projects. Collaboration is key.
Download the 'Plugged In' report
Key highlights
Social licence to operate: Why early engagement is critical to alleviating uncertainty in renewable energy projects
Early engagement is essential to alleviate project uncertainty and develop a national narrative to support peoples' understanding and perceptions. A just transition needs to consider the long-term impacts of these projects on communities and future generations.
The resource availability dilemma: Managing supply chain risk and labour shortages in project delivery
Innovative solutions are necessary to address supply chain risks and labour challenges. Co-designing a future-focused workforce with regional communities and joining forces across Australia to increase our buying potential will enable us to compete with overseas giants vying for the same materials, equipment and labour skills.
Managing regulatory pathways: Connection, regulatory challenges and future proofing projects
Recent changes to the batch application process will shorten project timelines and support the need for a more streamlined and transparent approval process. Forward planning in land acquisitions may ease pressures as our electricity capacity needs increase in years to come.
The 'Plugged In' series created a forum for insights and ideas that have expanded our understanding and appreciation of the complex nature of the energy transition. It's clear that collaboration is critical to the success of transitioning the energy market and it's important for industry to continue the conversation as we work toward a greener future."