Australia take note: Alabama getting 500 MW Renewable Energy Plan
Alabama Power Getting 500 MW Renewable Energy Plan, Clean Technica September 15th, 2015 by Steve Hanley Originally published on Solar Love.
Alabama has 2 megawatts of installed renewable power at present, which ranks it among the bottom 10 states in that category. But that is going to change quickly, after the Alabama Public Service Commission gave its blessing recently to a plan that will allow Alabama Power to add 500 megawatts of new renewable power within 6 years……..
Southern-tier states enjoy much more sunlight than northern states and could generate most if not all the electricity they need from renewable sources. Alabama has failed to capitalize on its renewable assets until now, but will soon become a model for its neighboring states to emulate. http://cleantechnica.com/2015/09/15/alabama-power-getting-500-mw-renewable-energy-plan/
Global investment bank UBS approves Labor’s proposed 50 per cent renewable energy target
Australia’s Energiewende: UBS on why 50% renewable target is good, REneweconomy, By Giles Parkinson on 14 September 2015 Global investment bank UBS has conducted the first in-depth analysis of Labor’s proposed 50 per cent renewable energy target for Australia by 2030, concluding that it will require around $80 billion in investment, but much of this would need to be spent anyway.
In various scenarios outlined in the report, UBS says that up to 20GW of wind energy will need to be built by 2030, and 26GW of solar (both rooftop and large-scale), along with around $10 billion in grid costs. Around $4.8 billion is expected to be spent on battery storage by networks, and nearly $3 billion by households.
But it says this much of this will come from private investment, mostly from listed companies. And much of it needs to be factored in because it would be spent anyway to replace ageing coal and gas plants. And, UBS notes, all polls point to the popularity of renewable energy.
“A big part of the above cost will be incurred in one way or another as most of the thermal fleet in Australia is old and will need replacing.”
The intervention of UBS comes at a critical time, with the Canning by-election ……….
UBS says that the current target aims for around 7GW of wind and 6GW of solar, but it is not working anyway, because the policy certainty is not there – an issue we explore in this story, If wind energy is this cheap, why aren’t wind farms being built?………
Indeed, UBS suggests that a reverse auction process might be the best way to meet a Labor 50 per cent target – the same system adopted with great success in the ACT, and now by Germany and Texas and elsewhere (South Africa, UAE and Brazil also come to mind).
“Renewable energy suppliers and financiers want revenue certainty,” UBS analyst David Leitch writes.
“Thermal suppliers want to be able to plan their future with confidence. We think capacity auctions meet both of these goals.”
How would this work?
Leitch says legislation could set a quantity of renewable capacity to be added to each year. For instance, a 50 per cent by 2030 target requires around 70TWh of new renewables to be delivered over the 13 years from 2018 to 2030. That’s around 5TWh per year…………http://reneweconomy.com.au/2015/australias-energiewende-ubs-on-why-50-renewable-target-is-good-76557
Companies looking for renewable energy investments in Australia
Swiss, Canadian capital search for renewable energy investments, SMH September 13, 2015 Carrie LaFrenz Reporter Swiss private investment firm Partners Group AG and one of Canada’s largest pension funds, OPSEU Pension Trust , are eyeing further investments in renewable energy projects in Australia citing a stable investment climate and bipartisan support for the renewable energy target.
Partners Group – which was started by three former Goldman Sachs bankers in 1996 and has been operating in Australia for seven years with a fairly low profile – would like to complete one to two local deals a year, deploying up to $300 million a year. The company has €1 billion of dry powder that it can access for direct infrastructure investments globally.
“While we stay away from [large privatisations]… we still believe there are very attractive opportunities in infrastructure in Australia,” said Benjamin Haan, Partners head of private infrastructure Asia-Pacific.
Partners Group, which manages €42 billion ($70 billion) of assets, and Canada’s OPSEU Pension Trust (OPTrust), were part of a global consortium that recently won the right to build and operate a $450 million wind farm in Ararat, Victoria, the third-biggest in Australia. This was the first local renewables deal for the pair, following more than a year of uncertainty regarding the renewable energy target. Federal Parliament agreed in June to a new target of 33,000 gigawatt hours (Gwh) of production by 2020.
Malcolm Turnbull might move slowly and subtly on climate change
Any changes to the Coalition’s climate change policy under Malcolm Turnbull are likely to be slow and subtle, SMH September 15, 2015 Tom Arup Environment editor, The Age Those hoping that Malcolm Turnbull’s sudden rise to the prime ministership will usher in an immediate and radical overhaul of Australia’s climate change position should take a deep breath.
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