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Australia energy report
- Australia raised its 2030 carbon emission reduction target to 43% by 2030 compared to 2005 levels.
- The electricity sector has many local and private companies.
- The coal and hydrocarbon sectors are dominated by large international companies.
- The rapid decrease of coal in the power mix (-24 pp since 2010 to 47% in 2023) is offset by solar and wind (+15 pp since 2019 to 27% in 2023).
- LNG exports grew very rapidly between 2015 and 2020 (25%/year) and have progressed slower since then (3%/year), reaching 118 bcm in 2023.
- Motor fuel prices rose by 40% between 2020 and 2022 and are 30% below the OECD average.
- Australia has introduced a temporary cap on gas and coal prices until mid-2025, which limits increases of electricity and gas prices for consumers.
- The share of coal in the energy mix has decreased by 11 points since 2010, while the share of natural gas increased by 7 points. Carbon free sources only account for 11% of the energy mix.
- More than 17 GW of solar, wind, and battery storage are under construction or subject to a FID.
- Two LNG liquefaction plants and two regasification terminals are under construction.
- Coal mining projects are facing opposition and cancellations.