The 2018 edition of the Australian Energy Resources Assessment (AERA) shows domestic and international demand for Australia’s energy resources continues to rise and the energy mix is changing.
There is good potential for further growth of the non-renewable resource base through new discoveries. Identified resources of crude oil, condensate and liquefied petroleum gas are more limited and Australia is increasingly reliant on imports for transport fuels.
Hydro energy resources have been extensively developed, and wind, solar and bioenergy resources are increasingly being exploited for electricity generation.
Although adoption of offset technologies (e.g. geothermal heat pumps, solar hot water) has gradually increased, the other renewable energy resources remain largely untapped for electricity generation.
The report predicts that utilisation of renewable energy will continue to increase significantly to around 2020.
Advances in renewable energy generation and storage technologies are important for continued uptake.
“Australia has in excess of 3,500,000 petajoules (PJ) of Economic Demonstrated Resources (EDRs) like coal, gas, oil and uranium. EDRs are resources assessed as potentially viable for future development by industry. This is nearly 600 times Australia’s total primary domestic energy consumption,” energy minister Matt Canavan said.
“Together, coal, gas, oil and uranium make up more than 20 per cent of Australia’s total exports, and are projected to earn around $90 billion a year over the next five years alone.