AEMO’s 2024 Electricity Statement of Opportunities (ESOO) report has highlighted that expected investments in new generation, storage and transmission must be delivered on time and in full to maintain a reliable supply of electricity to homes and businesses.
This includes federal and state government schemes, supported generation projects, actionable transmission developments, the coordination of consumer energy resources, and additional demand flexibility.
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AEMO CEO Daniel Westerman said the energy transition was well underway, with renewable generation already supplying 40% of the electricity into east coast homes and businesses.
“Investments in renewable generation and storage continue to increase, and the pipeline of new projects continues to expand, filling the gaps being left by the retirement of Australia’s ageing coal-fired power stations,” Westerman said.
“Compared to last year’s report, the reliability outlook has improved, assisted by the progress of 5.7GW of grid-scale generation and storage, and 365km of new transmission developments.
“This progress, along with delivery of transmission projects, a coal plant extension, and higher contribution from rooftop solar, has improved the reliability outlook,” he said.
According to the ESOO, these expected investments are critical, with modelling indicating reliability gaps at times over the next 10 years if projects are delayed. These reliability gaps are now projected to be smaller than those forecast previously.
Climate Council head of policy and advocacy Dr Jennifer Rayner said, “The energy operator has confirmed that if we get on with building all the clean energy projects planned then Australia can power past the polluting coal-fired generators.
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“In the past 12 months, we’ve seen positive progress on rooftop solar, transmission lines, big batteries and more clean energy projects boosting reliable energy supply.
“This Electricity Statement of Opportunities (ESOO) is proof that the system works when governments and investors work together to get clean energy projects rolling out on time. It’s a clear signal to keep accelerating the work that’s underway to charge up our clean energy grid.”
