National Energy Summit - Debating the Trilemma
Many Toowoomba residents are feeling the cost of living pressure with rises in electricity prices.
The electricity mix includes coal, coal seam gas and renewable energy like wind and solar, and we need sensible energy policy where coal, gas and renewables can live harmoniously.
To do this we’re hosting the National Energy Summit to look at the energy trilemma, that is, finding the right mix of reliable, affordable and sustainable energy solutions.
While renewable projects are going in across the Toowoomba and Western Downs regions, they aren’t the only answer to the energy mix problem as renewables depend on battery storage, which in the case of solar power is used to hold energy for release to the market when the sun isn’t shining.
It seems like there is a shortage of gas to meet domestic needs. Why is that? Well, Australia has always had a reputation of cheap gas. Gas has been cheap because there has been more gas produced than what we can consume. Low prices also limit further development because, of course, no-one wants to develop gas fields if you can’t make money out of it.
The Gasfields Commission reports the coal seam gas industry contributed $6.2billion in 2015/2016 to the Queensland economy.
Companies producing gas will always sell it to the market where they can make the most money, and in recent years, because it is a cleaner source of energy than many other fossil fuels, other countries have looked to utilise our resources.
Now, how do we get the price cheaper in Australia? One option is to get more gas. If we have more gas, the price will have to reduce as supply increases. Herein lies the problem.
Queensland is carrying the weight of the nation because NSW and Victoria won’t allow gas development. CSIRO has done research which shows that in our region approximately 85% of participants in the survey either tolerate or are accepting of the gas industry. Whilst tolerate is not the greatest word, it shows we can co-exist.
What’s more is that our region is now the envy of all others. We are considered the model city for regional economic development. Indeed, our own Queensland newspaper, the Courier Mail calls us the miracle city. Guess what – gas has had a big part to play in the success of the region. If it wasn’t for the increased trucks and road users on the Toowoomba range because of the gas industry, we may not have the $1.6 billion Toowoomba Second Range Crossing.
Now because of coal and gas development in the region, we have become a hub for renewables. It is estimated that it is 25% cheaper to connect to the electricity grid in the Surat Basin because of the extensive electricity network we have as a result of the 10 gas and coal fired power stations in the region.
Australia... come and see what can be achieved. We are holding a National Energy Summit in Toowoomba on July 12-13 to discuss and highlight some of these issues and talk about how we are providing sensible solutions for the rest of the country.
We’re hosting speakers including Queensland Senator and Minister for Resources and Northern Australia Matthew Canavan, Minister for Main Roads, Road Safety and Ports, Hon Mark Bailey, AGL Energy, Hatch, and local government representatives.
Book here.
Article first appeared in The Chronicle, June 22 edition.
