Assessing Australia's Electricity Market Post-2023 ESOO
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Since the Australian Energy Market Operator (AEMO) released the 2023 Electricity Statement of Opportunities (ESOO) in August 2023, new information has surfaced that affects the outlook for electricity supply and demand in the National Electricity Market (NEM).
This includes:
These updates affect the reliability of the electricity supply in different regions of the NEM, necessitating urgent investment in energy capacity to stabilise the power supply.
To make the power supply more reliable, the updated report hammered home the need for ongoing investment in transmission, generation, storage and consumer energy resources (CER). Supported by federal and state policies, these ongoing investments are expected to reduce reliability risks.
The report recommends:
The updates following the 2023 Electricity Statement of Opportunities put a spotlight on the important changes in the National Electricity Market. With shifts in project timelines, potential generator re-openings, and new projects, there's a clear need for urgent investment in energy capacity. The report underlines the importance of ongoing investment in transmission, generation, storage and consumer energy resources to stabilise the power supply. As the NEM transitions, continued investment is of the essence for maintaining stability and meeting changing demands.
Click here to view the report.