Established on 1 February 1995, TransGrid – the company which manages and operates the high voltage electricity transmission network has claimed switching over to 100 percent renewable is not only feasible but affordable too.
It has requested the government officials and policy makers to have the paradigm shift in the policies and take a slight bold decision in this regard as small or incremental changes will not meet the climate change goals and the targeted potential cost savings.
During the Australian Clean Energy Summit in Sydney in the third week of August Transgrid top officials expressed their views about the transition to 100% renewables. As per Tony Meehan, the company’s head of regulation, there is a need of rebuilding the generation systems, which can meet the energy needs of the consumers at affordable costs. The urgent need of demand management and energy efficiency emphasis was also expressed. In Australia, a huge amount of investment is being made in wind and solar power plants.
Transgrid is interested in building the transmission lines as operating these lines is their core business. But it was also highlighted transmission is likely to contribute only around 4% of the total cost of a renewable energy transition. The CSIRO and Energy Networks Australia (Transgrid is a key member) together produced a roadmap for a zero emissions grid much before 2050, an undertaking they mentioned would save $100 billion off the cost of business and pass on the significant benefits to consumers.
Even Bloomberg New Energy Finance predicts that the rate at which the solar and the wind power costs are falling, the cost of solar is likely to beat even existing coal plants by the year 2032. Overall it is seen the transition towards 100 percent renewables in Australia is on rampant growth!