Legislating Australia's Wind Net Zero
[Impact LIVE] Legislating Australia's Wind Future
(Part of APAC Wind Energy Week 2023)
Date & Time: 14:00 - 16:00, GMT+11, Feb 6 Monday
Format: Digital Conference
"Wind energy will have an important part of play in delivering New South Wales clean energy future."
-Hon. Matt Kean NSW Treasurer and Minister for Energy NSW Government
"This is just the beginning, will see Victoria become a major player in the global offshore wind industry in the near future."
-Ms. Ann Mai DECCA Victoria Government
Australia will require an estimated 40 times the current total generation capacity of its national electricity market to achieve net zero emissions by 2050. This includes a projected 1900 GW of solar capacity and 174 GW of both onshore and offshore wind capacity. Against the backdrop of a rapidly expanding wind market in Australia, the IMPACT Australia Wind Energy Webinar was held on February 06 to provide live updates.
The General Market Outlook:
Wind in NEM - As of the end of 2022, the national electricity market (NEM) had around 15 GW of wind energy capacity, which is expected to triple to 45 GW by 2030, double to 90 GW by 2045, and double again to 180 GW by 2050.
The Commonwealth and State RET goals: Commonwealth (Net Zero by 2050); NSW (12GW Renewables by 2030); Queensland (80% RET by 2035), Victoria (95% RET by 2035); SA (100% RET by 2030); Tas (200% RET by 2040)
Our Top 6 Key Takeaways:
1. 40-50GW of onshore wind is predicted to be built by 2050 in the National Electricity Market, with Queensland expected to be the singles largest market.
2. Victoria and New South Wales are the first and second in offshore wind development, with Victoria's leadership demonstrated by being the first market to announce a clear offshore wind installation target (9GW by 2050) and New South Wales has 6 proposed offshore wind development zones and offshore wind to hydrogen production potential.
3. The federal bill (the OEI Act) presents a robust regulatory environment for developers, yet state governments retain a significant role, particularly in the application, assessment, and selection processes for offshore wind energy zones.
4. Lack of substantive change in control provisions could obstruct investment decisions for large-scale offshore wind project and should be considered as a priority regulatory gap to be addressed.
5. Floating wind is gaining popularity in Australia, with 40% of the proposed wind energy capacity being allocated for floating technology. All proposed sites in New South Wales are expected to utilize this technology, with the development of these projects expected to take place by 2025 and deliveries slated for the late 2020s.
6. A collective desire for a joined-up approach: Gippsland stakeholders are aligned for a unified approach to address grid, infrastructure, supply chain, community and cost challenges.
Insights Brought to You by：
Partner – New Energy Lead
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