Australia’s domestic energy requirements to continue to grow
Posted: 21 December 2006
Over the next twenty five years, Australia's domestic energy consumption is projected to rise from its 2004-05 level by around 46 per cent, ABARE's Executive Director, Phillip Glyde said today on releasing Australian Energy: National and State Projections to 2029-30.
However, the annual rate of increase in energy consumption is projected to continue to decline, in line with long term trends.
Australia is expected to continue to meet its requirements for energy through a combination of coal, oil, gas and renewables. The most significant change in fuel shares over the period to 2029-30 is likely to be an increase in the share of gas as it becomes a more widely used fuel for generating electricity.
Electricity generation itself is projected to grow at an average rate of 1.9 per cent a year, to reach 408 terawatt-hours by 2029-30.
“Australia’s positive balance in fossil fuels trade is projected to grow, with black coal and LNG production projected to rise more quickly than domestic consumption between 2004-05 and 2029-30,” Mr Glyde said.
“Oil production is projected to rise toward 2007-08 as several large new projects come on stream. The prospective development in the 2010s of large LNG projects in Australia's north and west also holds the possibility of associated increases in condensate production.”
“Overall, the combined production of oil and naturally occurring LPG is forecast to increase only modestly to 2029-30, while consumption of liquid fuels is projected to grow more strongly.”
“Net imports of oil are projected to increase as Australian refineries demand increasing quantities of oil to produce refined products for the transport market,” Mr Glyde said.
Posted by Richard Price, Editor, EnergyME.com
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