Australia will lose 60% of its coal-fired electricity capacity by 2030, the national market operator said on Thursday, underscoring a need for investment in renewable energy.
Under the operator’s so-called “step change” scenario, annual power consumption will double by 2050, as transport, heating, cooking and industrial processes are electrified.
That would also entail “60% of current coal generation exiting by 2030”, Australian Energy Market Operator (AEMO) chief executive Daniel Westerman said.
The operator on Thursday published its 2022 Integrated System Plan (ISP), outlining a 30-year roadmap of investments for Australia’s national electricity market.
AEMO called for urgent investment in five key projects worth more than A$12.8 billion ($8.8 billion) to build new transmission lines that can accommodate a rapid increase in renewables.
The operator said A$320 billion would be needed to operate a low-carbon grid by 2050.
“To maintain a secure, reliable and affordable electricity supply for consumers through this transition to 2050, investment is required for a nine-fold increase in grid-scale wind and solar capacity,” Westerman said.
- George Russell
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