Australia’s $25b renewables bubble set to bust: ABC starts promo to prop it up

Australia is probably at peak-renewables bubble

Crash test Dummy Update: Last year our renewables capacity grew 50% faster than any other country on Earth. Investors spent $25 billion in just one year, and that doesn’t include mass uptake of home solar PV. Our 56 gigawatt grid now includes six gigawatts of unreliables. But Lordy, lo, look what’s coming in the next three years in the table after this graph … potentially another 30GW. How many billion will we burn on this pyre?

In the top graph, note how dependent investors are on government rules and largess. Labor rule started at the end of 2007. Abbott won in mid 2013. Turnbull took over in mid 2016.

The headline that goes with a graph like this?

“Renewable energy investment looks to be going from boom to bust as prices collapse”

Stephen Letts, ABC News

Figure 1: RHS Renewables investment (the dotted line). LHS Energy generation by Wind and Solar (columns).

OhOH. Look at what’s coming:

How big is the oversupply that’s on the way? Check out the ominous table hidden at the bottom of the ABC story.

Extra committed and contracted renewables by 2020-21 across NEM (MWh)

2018 […]