Assignment Renewable Energy | Australia
Added on 2020-05-28
8 Pages1509 Words54 Views
Running Head: AUSTRALIA’S STAND ON RENEWABLE ENERGY Australia’s Stand on Renewable EnergyName of the StudentName of the UniversityAuthor note
AUSTRALIA’S STAND ON RENEWABLE ENERGY 1Table of ContentsIntroduction......................................................................................................................................2Summary of the article discussion...................................................................................................2Article evaluation with economic theory and concepts...................................................................4Increased supply and price...........................................................................................................4External supply contraction.........................................................................................................4Vertical Integration..........................................................................................................................5Recommendation.............................................................................................................................6Conclusion.......................................................................................................................................6References........................................................................................................................................7
AUSTRALIA’S STAND ON RENEWABLE ENERGY 2Introduction Progress of the modern world is impossible without support from energy resources.Industrial development, transport and communication and in every aspect of life there is need forenergy resources. There are two sources of energy- renewable energy and non-renewable. Thesupply of renewable energy is unlimited while non-renewable resources are limited with by thelong time taken for re-creation (Twidell and Weir 2015). Because of massive pressure onrenewable resources, there is a possible threat that it will end in near future. To preserveexhaustible resources for future generation Australia has shifted its focus on renewable energysources for generating powers and in other areas. Summary of the article discussion Given the current state of electricity market, focus of government and energy ministry isto ensure an uninterrupted power supply and brings electricity price at an affordable level. In thelast few years, people in Australia are suffering from a high electricity price with a severeshortage of power supply (Cludius, Forrest and MacGill 2014). Electricity is an integral part ofdaily life. Therefore, problem in the energy market need serious attention and should be solvedpermanently. The reliance on renewable energy is expected to achieve the first round reductionof electricity prices as opined by Prime Minister Turnbull. In the modelling commission,proposition has been also made to government intervention and prevent the growingconcentration in the electricity market. A plan is designed to achieve capacity of 6,000 MW renewable energy. This will boostpower supply leading to a sharp decline of electricity prices in the wholesale market. In order toachieve this goal, capacity of renewable energy has been incentivized with modification of
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