News

In Australia we have become accustomed to thinking of energy in terms of the trilemma: affordability, reliability and sustainability.

Queensland has moved from being an electricity exporter to a net importer in January, 2022, pushing wholesale prices through the roof, and to what can only be described as absurd levels.

Oil posted its largest January gain in at least 30 years as strong demand and supply constraints drained inventories, adding fresh thrust to forecasts of $US100 a barrel Brent crude ahead of Wednesday’s meeting between the major oil exporters.

A decision to back a government-funded power plant has been labelled a “humiliating backdown” for Labor leader Anthony Albanese.

Queensland’s energy grid was stretched to the limit on Tuesday after a heatwave and lack of generation capacity forced the market operator to intervene.

Around the world, analysts and traders are grappling with the biggest shakeup in the 60-year history of liquefied natural gas: The emergence of two new superpowers, the US and China, who are bringing more uncertainty and price fluctuations to a once-staid commodity market.

South Australia sourced an average of just over 100 per cent of the electricity it needed from renewable power for 6½ days leading up to December 29 last year – a record for the state and perhaps for comparable energy grids around the world.

Coal generated more power in 2021 than at any other time in history as the energy crisis in Europe and China pushed up power prices and forced a switch back to coal generators, according to the International Energy Agency.

Victoria is pushing ahead with a major transmission upgrade in the state’s south-west to open the way for 1,500MW of additional renewable electricity capacity, and ease voltage stability constraints.

Wholesale electricity prices in Queensland have gone through the roof, and the high prices have dragged up prices in NSW too.