Queensland leads the nation in rooftop solar uptake, however there are concerns about the switch to renewables could come at a cost as the oversupply for the solar power during the middle of the day could bring wholesale electricity prices into the negative.
Tim Buckley told 7News Sunshine Coast that the energy retailers asking for compensation is speaking for their self-interests to protect their profit margin. Buckley said consumers who are on the default market offer can expect to see a double digit decline in the retail electricity price come the 1st of July 2024.
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On Tuesday this week, the Australian Financial Review went large with the story headlined, “How a big new solar farm became a stranded asset”. That evening, energy analyst Tim Buckley debunked the story on social media. This was not a stranded asset at all, Buckley pointed out. “Zero stranding … [financially] a brilliant success”.
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Energy analyst Tim Buckley from public interest think tank Climate Energy Finance said as New Wilkie Energy was a private company, the reasons for it entering administration were not clear.
But he said it was likely significant costs for mining operations played a role in the company’s demise.
“It’s using contractors, not employees, it probably doesn’t have a lot of capital,” Mr Buckley said.
“It was hoping to get product out the door and sold in order to cash in on the very high current coal prices but with that comes a whole lot of risk.”
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According to a recent analysis by analyst Xuyang Dong of Climate Energy Finance, a new Australian think-tank, China is on track to exceed Beijing’s target for a 50 per cent boost in the installed capacity of renewable energy generation over the period of the state’s 14th five-year plan, from 2021 to 2025.
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Tim Buckley, the director of think tank Climate Energy Finance, also says China will need less Australian thermal and coking coal in the future.
Buckley says China, which makes up 80 per cent of the world’s solar manufacturing capacity, has transformed the world’s capability to deliver on decarbonisation, and is driving costs down for other countries. He says solar module costs have fallen more than 40 per cent this year, making them more viable.
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In October, Australia’s government doubled low-interest loan funding for miners and critical mineral processors, taking the pot to $4 billion – an “entirely insufficient” figure, said Tim Buckley, a financial analyst and director at thinktank Climate Energy Finance (CEF). What the government fails to appreciate, Buckley said, is the race for green industry and supply chains is not a free market because “America has thrown a trillion bucks at the problem.” With China now a command economy, said Buckley, “our number one customer doesn’t actually believe in free markets.”
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China Energy Policy Analyst Xuyang Dong spoke with Michelle Chen from SBS Madarin about CEF’s recent report – Decarbonising China & the World: Chinese Energy
SOEs Supercharge Renewable Investment in Response to the 14th Five Year Plan.
Xuyang told SBS that after tracking the investment trends of China’s five largest energy-focused state-owned enterprises, we found that these enterprises’ huge investments in new energy sources have significantly accelerated China’s decarbonisation. The report states that China’s demand for Australian coal will be significantly reduced and calls on the government to create a national strategic investment plan to secure the future of Australia’s energy exports.
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China’s surging investment in clean power is challenging a century of fossil fuel hegemony.
China is rapidly leading the global clean energy transition, challenging fossil fuel dominance. Recent report by Climate Energy Finance reveals that China’s top State Owned Enterprises (SOEs) are aligning with the government’s ambitious energy targets, aiming for peak CO2 emissions before 2030 and carbon neutrality by 2060.
As China accelerates decarbonization, the world has been offered a transformative moment to reach science-based climate targets on time.
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In 2020 China set a target of deploying 1200 gigawatts of wind and solar by 2030. (For comparison’s sake, the total capacity of Australia’s grid is 71 gigawatts.) It is now set to reach that target in 2024, six years early. Its annual deployment has doubled this year after leaping by 50 per cent last year. It is installing the equivalent of Australia’s east coast grid in renewables alone, every three months, says the CEF’s director, Tim Buckley.
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Demand for Australian coal from the nation’s biggest customer is heading for long-term decline as China changes course on energy investment, research shows.
According to a report released on Thursday by independent think tank Climate Energy Finance, Australia must urgently respond and pursue new partnerships with China to replace jobs.
Lead author of the report, Xuyang Dong tracked the investment trends of China’s top five enterprises, which she said pointed to the possibility of the superpower exceeding its energy goals.
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China has vaulted ahead of the rest of the world in solar and wind power installations in 2023, accelerating the energy transition for Australia’s biggest export customer and posing a growing threat to future coal exports.
“China’s demand for Australian exports of thermal and coking coal is set to decline structurally over the longer term due to the greening of China’s power sector and economy,” said Climate Energy Finance director Tim Buckley.
“The report recommends that to minimise economic risk, Australia urgently comprehends and responds at speed to align with China’s massive investment pivot.”
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