Over the weekend, the Tasmanian Renewable Energy Action Plan was released. You can find it here
Tasmania has recently reached 100% renewable electricity self-sustainability – which means we now have the capability to generate as much electricity as our state consumes. Although most of our electricity is generated from water, on average not enough water is collected in the network’s catchments to power the state all year. With additional generation from Cattle Hill Wind Farm and Granville Harbour Wind Farm now online, we are now less exposed to reliance upon the National Electricity Market to ensure we can meet our state’s annual electricity needs.
Other states aren’t so fortunate. Last week, a large coal fired power station in New South Wales suffered a major breakdown, causing wholesale power prices to peak at $15,000 per MWh (average interstate quarterly prices have recently been $34 to $54 per MWh), forcing major electricity consumers offline. Worryingly, generation may remain significantly reduced throughout the peak summer season.
As large coal fired power stations across the country approach retirement and their availability continues to decline, Australia will need more generation, which is largely being met by the growth in wind and solar. However, to balance variable renewable generation, the country also needs large, long duration storage and reliable supply. With investment in storage and transmission, this is what Tasmania is well placed to provide.
