New Energy Production & Consumption Figures for Australia Released by ABARES
Australia (News4us.com) March 18, 2011
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) has today published a new update ofAustralia’s energy production and consumption.
- Australia maintained its position as the world’s ninth-largest energy producer, accounting for around 2.4 per cent of world energy production;
- Energy exports accounted for 34 per cent of the value of Australia’s total exports of goods and services in 2009-10 (up one per cent on the previous year);
- Renewable energy maintained its contribution of around seven per cent to Australian electricity generation, the use of hydroelectricity has decreased but been offset by an increase in the use of wind, solar and biofuels;
- Domestic energy consumption accounted for 32 per cent of Australia’s energy production with net exports accounting for the remaining 68 per cent; and
- Expenditure on research and development (R&D) in energy totalled almost $2.9 billion in 2008-09, up from $2.1 billion in 2006-07.
“The Energy in Australia series has established itself as a useful resource for Australia’s policymakers, regulators, investors, analysts and business leaders,” Minister for Resources and Energy, Martin Ferguson AM MP, said.
“Maintaining a reliable, safe, secure and competitive energy supply is a challenge common to all nations, including Australia.
“There is no question that Australia needs substantial investment in energy – for energy security, prosperity and in order to make the transition to a lower-carbon economy.
“Australia is well placed as one of only three net energy exporting OECD countries to meet global demand.
“The Australian Government is working to facilitate necessary investment and reduce uncertainty by progressing a sensible mechanism to price carbon, as well as encouraging growth and cost-reduction in renewable and lower emission energy sources through the expanded 20 per cent by 2020 Renewable Energy Target, as well as investing in research, development and demonstration through the $5 billion Clean Energy Initiative.
“Access to quality data also plays an important role in helping to inform investors as they consider future investment decisions.
“Energy in Australia 2011 allows us to take stock of Australia’s energy situation. By understanding both trends in recent years and our current position we are better able to meet the investment challenge.
“It is a particularly exciting time for Australia’s gas industry. Within five years we expect to climb further up the list of global suppliers to second behind Qatar, with exports exceeding 50 million tonnes per annum.
“The multibillion dollar contracts we are seeing for Australia’s gas resources are a clear demonstration of the confidence that our trading partners have in Australia as a reliable supplier.
“In coal seam gas alone, we have seen projects with a capital value of $31 billion approved by investors in the last six months with further potential projects on the horizon.
“This is good for exports, good for the economy and good for Australian jobs.
“Today’s publication also points to significant planned growth in renewable electricity generations capacity over the next few years.
“Australia’s first ever comprehensive assessment of our energy resources (the Australian Energy Resource Assessment), released in 2010, shows just how fortunate Australia is – not just in terms of fossil fuel reserves, but also in our abundance of renewable energy sources.
“Over the coming decades we want to match our historic success in the development of our mineral resources by encouraging the commercial development of these renewable options.”
Energy in Australia 2011 is available at www.abares.gov.au.
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