Energy of all kinds is important in our everyday lives. The growth of energy is directly associated with the well-being and prosperity of a country. For the development of nations, the need for reliable and affordable energy is more fundamental.
Australia has an abundance of great energy sources including antediluvian fuels. These energy resources provide power to homes, cars, and industry, and are a pivotal benefactor to Australia's economic prosperity. Australia's population and economy are growing rapidly, and the demand for energy increases accordingly.
According to a census, the energy sector of Australia uses 5% of gross industry value while 20% of total export value. This percentage supports heavy manufacturing industries and therefore provides numbers of significant employment and infrastructure in every state. At present, Australia has 5% of primary energy consumption whereas 7% of electricity generation.
Consumption of Energy in Australia:
- Approximately 46% of uranium resources are in Australia, along with 6% of coal, and 2% of natural gas. Compared to the rest of the world, Australia has only 0.3 percent of its reserves.
- More than three-fourths of Australia's energy output is exported, worth more than $80 billion. It produces about 2,4% of the world's energy and is a major energy supplier to world markets.
- Being the world’s largest exporter of coal and accounts for more than half of Australia’s energy exports. In terms of LNG exports, Australia ranks sixth in the world. It is one of the largest exporters of uranium in the world. In contrast, approximately more than half of Australia’s liquid fuel needs are fulfilled by importing.
- According to the record, Australia is the world’s 20th and the biggest consumer of energy, and 15th in terms of per capita energy utilization.
- Around 40% of coal is dominated as the primary energy consumption of Australia.
- Also, it holds 34% of oil and 22% of gas fuel.
- It accounts for coal for about 75% of Australia’s electricity generation, followed by 16% of gas, 5% of hydro, and 2% of wind.
Currently, the vast majority of energy consumed in the world is derived from hydrocarbons. It includes the consumption of crude oil which makes it the dominant source of transportation fuels. Fundamentally, when compare energy with significant strides in the improvement in energy efficiency, global energy demand is expected to rise continuously. The rising demand for renewable and non-renewable energy sources must increase from remote and difficult areas or unconventional sources.
The cost of electricity generation by wind power plants, geothermal and hydropower, and biomass-based power plants is the same or less than that of coal, gas, and diesel power plants. So the price of energy varies with the production resources of energy. If you are striving to compare energy plans and prices in Australia, you can contact with CheapBills.
Production of Australia’s Energy
Australia is enriched with great energy resources that are highly distributed countrywide. These resources are all expected to fulfill the needs for many decades to come. Except for oil, production is also required to increase. Undoubtedly, Australia is producing a significant amount of uranium and coal resources. Also, it produces heavy resources of conventional and non-conventional gas resources.
When it comes to abundant renewable resources, Australia has access to a wide range of quality resources whereas, there are so many to develop. Within several energy resources, let us have a look at the renewable and non-renewable energy resources and their distribution.
Coal is a great energy resource that works in almost every field of industry. When compare energy resources, it is a great source of renewable energy. Australia is a great country when it comes to coal resources as it has a significant resource of both black coal and brown clown. Being the most significant resource, black coal can be found in Queensland and Sydney basin. Moreover, coal is one of the largest commodities in terms of export. Whereas, the total export with manually thermal and metallurgical coal is worth more than $40 billion export.
Natural gas is a fossil fuel that is found usually near the resource of coal and oil. It fuels the power stations that in turn provide energy to homes and businesses. When it comes to industrial processes, it is used to produce material such as several goods varying from glass, clothing, paint, and plastics.
Australia, specifically, has quality resources of gas that are usually found on the northwest coast with smaller resources in Gippsland. Substantial resources of coal seam gas (CSG) are also rapidly increasing with significant economic demonstrated resources of CSG.
Crude Oil and Liquified Petroleum Gas
Crude Oil and Liquified Petroleum Gas are unique high energy fuels that are non-renewable resources that took millions of years to form. In the absence of oxygen these fossils can be reverted into keratin with high heat and pressure that gradually changes the substance into oil or gas.
Although Australia's crude oil resources are small in comparison to world standards, they are bolstered by significant condensate and LPG reserves associated with the major still underdeveloped gas fields offshore the northwest coast of Western Australia in the Carnarvon, Browse and Bonaparte basins. It remains to evaluate several sedimentary basins. In addition to its oil shale reserves, Australia also has significant oil sands in Gladstone, Queensland that, if developed, could provide liquid fuels.
The resources found in Australia's vast resource base are also distributed throughout the country. Australia has few large-scale renewable energy resources (with the exception of hydro), which have been developed extensively, and wind energy which is growing rapidly. Australia's renewable energy resources have also been constrained by higher transformation costs than other energy sources (except for hydro), immature technologies, and long distances from markets and infrastructure.
Hydro energy resources in Australia are primarily found in New South Wales and Tasmania, where rainfall and elevation are highest. As a renewable energy resource, hydropower is Australia's largest and oldest source. The dry climate of most of Australia coupled with high evaporation rates and highly variable rainfall limits significant hydropower development.
Australia offers some of the world's greatest solar resources due to its high solar radiation levels over vast areas. In Australia, the best solar resources are mostly located in the northwest and the center of the country. These locations are often isolated from the major population centers and are far from key energy markets. Significantly, the investment in research and development is aimed at increasing the efficiency and cost-effectiveness of solar power, including the development of solar thermal power stations.