Powering Australia: Australia's Energy Security Requirements and Global Markets
By Hugo Seymour from Perth USAsia Centre | 22 Nov 2017
Mr Andrew Pickford, Director of the Perth USAsia Centre's Energy Security Program, hosted a private discusion in partnership with Deloitte on the future of Australian energy markets.
- The decommissioning of coal generation plants in Australia and the internationalisation of natural gas prices on the east coast is producing a range of tensions, including a reconsideration of both domestic and export priorities for energy. Moreover, transitions from traditional energy consumption patterns and regulatory changes are greatly affecting the economics of grid supplied energy and what type of energy should power the engines of the economy.
- From an international perspective, by exporting ever larger volumes of energy to Indo-Pacific nations, Australia has increasingly found itself situated within the energy security calculations of international markets. While Australia is on track to become the largest LNG exporter of LNG in the world, limited domestic-use gas exploration, production and supply is impacting domestic businesses and households.
- In Western Australia the current public policy debate is focused the path to cost-reflective electricity tarrifs and market contestability. Furthermore, large LNG projects are coming online and per capita uptake of solar power is only increasing.
- With the national political debate focusing on what an effective energy investment framework looks like, rising retail electricity and gas prices, fuel security, public perceptions around fracking and the economic impact of LNG exports; it is time to ask how Australia will be powered what kind of relationship we should have with international energy markets and energy importing nations.
Hugo Seymour is a Research and Program Assistant at the Perth USAsia Centre.
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