Market Update | 29 November

• VEECs return to near-record highs
• NSW government requests consumers reduce energy consumption during peak hours
• Climate Change Authority releases 2024 Annual Report

NSW grid struggles to meet demand, consumers asked to reduce consumption.

On Wednesday, both planned and unplanned outages at key coal and gas-fired generators resulted in the AEMO seeking emergency reserves and the NSW government’s leader, Chris Minns, requesting that consumers limit their energy use between 3:00pm and 8:00pm.

Despite rooftop solar output largely meeting demand during peak solar generation hours, the increase in demand from the East Coast’s heatwave – in combination with the outages – has placed a huge strain on the grid’s capacity to meet demand.

As the phase-out of ageing coal-fired generators prone to tripping continues, the events seen this week underscore the importance of the recently-introduced Battery Energy Storage System (BESS) under the Peak Demand Reduction Scheme (PDRS).

Climate Change Authority’s 2024 Annual Report released.

The Climate Change Authority (CCA) released its annual report for 2024, outlining Australia’s progress towards its emissions targets set for 2030 and beyond.

1. 1. Emissions are falling but not yet at the rate required to meet Australia’s 2030 emissions reduction target
   2. Every sector has an important role to play. Land has led in the past but other sectors now need to increase their pace of emissions reductions
   3. Electric vehicle sales, electric vehicle charging station numbers and imports of heat pumps all increased, while fossil fuel combustion in the manufacturing sector saw a modest decrease
   4. Revisions to the emissions inventory bring Australia closer to its 2030 target, but should not be mistaken for signs that the transformations required for decarbonising the economy have commenced.

At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.

Ben Lumley | Programs & Account Manager VIC
Ben specialises in VEU Activities (Residential Retrofits, Residential & Commercial Heat Pumps, Air Conditioning, Commercial Lighting), and ESS Activities (IHEAB Heat Pumps).