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- Format
- 4 files (PDF report, 3 Excel files)
- Pages
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50 (Report only)
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- Immediate by e-mail
- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
- ABBREVIATIONS
- GLOSSARY
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Overview
This analysis includes a comprehensive Australia energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
Highlights
- 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) was offset by solar and wind (27% in 2023).
- LNG exports grew very rapidly between 2015 and 2020 (25%/year) and have progressed more slowly since then (3%/year), reaching 118 bcm in 2023.
- Most LNG exports went to South Korea in 2023 (90%)
- Motor fuel prices rose by 40% between 2020 and 2022 and decreased in 2023; they are 30% below the OECD average.
- A temporary cap on gas and coal prices was introduced until mid-2025, to limit increases of electricity and gas prices.
- The share of coal in the energy mix has decreased by 11 points since 2010, while the share of natural gas has increased by 7 points. Carbon-free sources only account for 11% of the energy mix.
- More than 18 GW of solar, wind, battery storage, and hydro are under construction or subject to a FID.
- The country's first LNG import terminal started operation, amid concerns regarding gas supply.
Institutions & Energy Policy
Australia is a constitutional monarchy with a federal division of powers. The country is made up of six states and two territories: New South Wales (NSW), Queensland (QLD), Victoria (VIC), South Australia (SA), Tasmania (TAS) and Western Australia (WA), and the Australian Capital Territory (ACT) and the Northern Territory (NT). The first three account for around ¾ of the GDP.
Energy Supply
Gas:
Natural gas production more than doubled between 2015 and 2020 (+17%/year); after a 4% decline in 2021, it has been growing again (+1% to 162 bcm in 2023). Most of the production is sourced from three basins: the Carnarvon Basin (north-west Western Australia), the Gippsland Basin (Victoria), and the Cooper-Eromanga Basin (central Australia).
Energy Prices
Gas:
Between 2020 and 2023, average natural gas prices for industry and households increased by 20% and 15% to reach US$2.81c/kWh and US$9.25c/kWh, respectively. Industry customers are benefitting from relatively low prices, which are 20% below the OECD average, while household prices stand 20% above the OECD average.
Graph: GAS PRICES FOR INDUSTRY AND HOUSEHOLDS (US$c/kWh GCV)
Energy Consumption
Per capita energy consumption is around 25% higher than the average of OECD countries, amounting to 5.0 toe/cap in 2023, while per capita electricity consumption was 9.3 MWh/cap.
Total energy consumption remained relatively stable between 2010 and 2023 (between 130 and 135 Mtoe according to the year considered).
Issues & Prospects
Electricity:
AEMO released its 2024 Integrated System Plan, outlining a 30-year roadmap of investments for the NEM in June 2024. To deliver the lowest cost pathway, this plan calls for a sixfold increase of utility-scale renewables to 127 GW, a fourfold rise in distributed solar to 86 GW, and for 75 GW of firm dispatchable generation, all by 2050.