Study of the impact of traditional energy retirement on the overall electricity market in Australia.

Abstract

Among the various options explored, there seems to be a consensus that renewable energy sources (wind and solar) are attractive. When people realise the growing uncertainty about the efficiency and acceptance of other electrical systems, especially nuclear power and carbon capture (CCS), the attractiveness of renewable energy sources will increase significantly. Over the years, there has been much public debate in Australia about the role of renewable energy in electricity distribution. The biggest problem is the changing areas of the electricity market (Finkel 2017). The second conclusion of Finkel’s report is that each country has a national system for monitoring energy efficiency and profitability. Australia is an economically developed country and must not be left behind. The government is not only looking forward to the long term benefits, but it holds on to the international ratification and endeavour to force renewable energy production. Renewable energy, unlike fossil fuels, is not a thing that will end. It can be reproduced, and the resource will not exploit in the long term. So, considering the efforts of Australia, it seems that it will soon wholly shift to renewable energy, but there exists a contradiction to it. The following study uses a Secondary data collection method that collects data from a variety of online sources, such as publications, unpublished data, magazines, newsletters, books, and articles, in addition to analysing the Australian electricity market datasets using python to make a statistical visualise of the findings. Just like the rest of the world, Australia is looking forward to invest in the Renewable Energy to sustain its all the productivity and operation related to either sector. Thereby investing in multiple high Power generation projects by utilising, Wind, Solar and other renewable power sources. Due having vast areas as desert and almost 29000 beaches Australia has the upper hand in Solar as well as wind based power plants to generate the almost free and eco-friendly electricity supply to sustain itself in future.