气候变化领域集成服务门户(CCPortal): Climate change policy discontinuity & Australia's 2016-2021 renewable investment supercycle

CCPortal

DOI	10.1016/j.enpol.2021.112648
	Climate change policy discontinuity & Australia's 2016-2021 renewable investment supercycle
	Simshauser P.; Gilmore J.
发表日期	2022
ISSN	0301-4215
卷号	160
英文摘要	The recent history of Australia's National Electricity Market (NEM) from 2012 to 2016 was characterised by coal plant closures, tightening domestic gas market and sharply rising electricity prices. The supply-side response that followed from 2016 to 2021 could only be described as an investment supercycle – 16,000 MW of plant commitments comprising $26.5 billion across 135 (mostly) Variable Renewable Energy (VRE) projects. We examine causes and the effects of the supercycle. Underlying causes included disorderly plant exit and climate change policy discontinuity in prior periods. Adverse effects in the post-entry environment included connection lags, system strength-related VRE production constraints, ex-post remediation costs, system frequency careering outside normal operating bands, and rising system operator interventions. Market institutions were caught out and subsequently focused on market re-design and resource adequacy reforms. Yet analysis contained in this article reveals the NEM's most pressing problems relate to real-time power system security, not fundamental market design or resource adequacy issues. Resolution requires the establishment of ‘missing markets’ (i.e. fast frequency, additional operating reserves, ramping, system strength and inertia), and urgently, to restore power system resilience. Key insights for other jurisdictions are climate change policy continuity and policies which serve to defuse the risk of disorderly coal plant exit. © 2021 Elsevier Ltd
英文关键词	Coal plant exit; Investment cycles; Renewable investment
语种	英语
scopus关键词	Climate change; Coal; Commerce; Fossil fuel power plants; Plant shutdowns; Australia; Climate change policies; Coal plant exit; Coal plants; Investment cycle; National electricity markets; Plant closures; Renewable investment; Resource adequacy; Variable renewable energies; Investments; alternative energy; climate change; coal-fired power plant; environmental policy; investment; power generation; Australia
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/256459
作者单位	Centre for Applied Energy Economics & Policy Research, Griffith University, Australia; Energy Policy Research Group, University of CambridgeUK, United Kingdom
推荐引用方式 GB/T 7714	Simshauser P.,Gilmore J.. Climate change policy discontinuity & Australia's 2016-2021 renewable investment supercycle[J],2022,160.
APA	Simshauser P.,&Gilmore J..(2022).Climate change policy discontinuity & Australia's 2016-2021 renewable investment supercycle.Energy Policy,160.
MLA	Simshauser P.,et al."Climate change policy discontinuity & Australia's 2016-2021 renewable investment supercycle".Energy Policy 160(2022).