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Australia has one of the world's fastest-moving electricity systems. It leads the world in rooftop solar, has deployed grid-scale batteries at extraordinary speed, and is now starting to replace its ageing coal fleet with cleaner sources of energy. But as renewable costs rise and electricity demand grows, can the transition remain affordable while maintaining a reliable power system?
This week on Cleaning Up, Michael Liebreich is joined by Paul Simshauser, CEO of Iberdrola Australia, and one of Australia's leading energy economists. Drawing on decades of experience across electricity markets, networks and policy, Paul explains what makes Australia's power system unique, and what the rest of the world can learn from it.
They discuss why rooftop solar has become so successful in Australia, how batteries are transforming electricity markets, and how the country's energy-only market encourages investment. They also explore the economics of replacing ageing coal plants, the costs of new renewable generation, the role of electricity pricing and demand tariffs, and what will be needed to build a resilient, affordable power system as Australia moves towards net zero.
Topics discussed in this episode:
- The rooftop solar revolution
- How batteries are reshaping the grid
- Why solar is cheaper in Australia than elsewhere
- The challenges of retiring coal
- Whether renewables can stay affordable
- Building a resilient power system
Leadership Circle:
Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live
Links:
- Paul Simshauser’s bio: https://www.linkedin.com/in/paul-simshauser-00106713/
- Iberdrola Australia: https://www.iberdrola.com.au
- Link to Paul’s articles: https://experts.griffith.edu.au/18942-paul-simshauser/publications
- Malcolm Turnbull on Cleaning Up https://www.youtube.com/watch?v=t9CUGRHCswU&t=5s
- Marc England on Cleaning Up https://www.youtube.com/watch?v=1tKVSJcS_SI
- Darren Miller on Cleaning Up https://www.youtube.com/watch?v=iBhkBTZ9lSI&t=2s
- Tony Abbott on Cleaning Up https://www.youtube.com/watch?v=_39HmAgq9RY&t=1s
- Subscribe to our newsletter: https://cleaninguppod.substack.com/
Acronyms:
- STC: Small-scale Technology Certificates
- CFD: Contract For Difference
- PPAs: Power Purchase Agreements
- IBGYBG: “I'll be gone, you'll be gone.”
- OEM: Original Equipment Manufacturer
- AEMO: Australian Electricity Market Operator
- LNG: Liquefied Natural Gas
Chapters:
- 00:00 - Intro
- 02:28 - Paul's Background
- 04:07 - Iberdrola Australia
- 06:42 - Australia's Power System
- 09:15 - Battery Revolution
- 12:36 - Energy-Only Market
- 14:35 - Why Solar Succeeds
- 18:21 - Commercial Solar Challenge
- 24:30 - Ageing Coal Fleet
- 28:49 - Carbon Markets & Pricing
- 35:00 - Renewable Costs
- 39:18 - Future Demand
- 42:45 - Grid Resilience
- 48:00 - Outro
