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Introduction

Generation of renewable energy is carried out through replenish able resources.  Most well known source is the solar power, most widespread is the wind power and one of the oldest known to man is hydro power. There are others like geothermal, bio energy, biomass which is harnessed to produce electricity. There have been substantial efforts to increase the use of renewable resources in energy generation by all the economies of the world. Australia’s efforts consistently have been to quantify and expand the usage of renewable energy in the generation of electricity.

 Australia is endowed with an abundant supply of diverse energy resources. The demand for energy comes from transport sector, electricity generation, and manufacturing which consume 75% of total of Australia‘s total energy. Development of renewable energy has been encouraged by the Australian governments energy policy because of global concerns of climate change, exhaustion of non-renewable resources, pollution, global warming and the target RET set for 2020.

Economic Analysis

Of the total energy consumption in Australia in 2015, the share of renewable energy was 5.9% as compared to 4.3% in 2011. The recent figures state that the renewable energy is making a tremendous contribution to the electricity mix with a combined contribution at 19.6 %. Out of the various contributors to renewable energy, biomass had the largest share at 53%, hydroelectricity at 19.2% followed by wind at 10.7%, solar at 5.1% and the remaining by others like bio fuels. Efforts to increase capacity of energy generation from renewable resources are expected to rise substantially in the coming years (Wüstenhagen, Wolsink & Bürer, 2011). Since 2017, more than 49 projects are either ready, under construction or have secured funds for construction. Commendable growth has been fostered bylowering of the costs of solar and wind technology. The energy industry is searching for alternatives with the planned closure of coal power stations. In recent times, more focus is being laid on solar and wind as contributors to energy requirements because Australia receives uninterrupted sunlight throughout the year and has more or less vast tracts of plain land which could easily harness the energy of wind.

A major policy was put in operation in 2001 to mobilise large scale development of renewable electricity generation which was raised further in 2010 (Yusoff, 2012). Statistics from the publication of The Clean Energy Australia Report 2016 which is a key analytical report provides statistics pertaining to the National Electricity Market, the Western Australian Grid and other major grids of Australia. According to the data published in the report:

• Renewable energy provided 17.3% of the total electricity which was 14.6% in the previous year.
• Hydro makes the largest contribution to power generation
• A major part of Renewable Energy Target was accomplished this year.
• As many as three wind farms and seven solar plants came into operation.
• Forthcoming years will see the start of construction more than 35 projects.
• Installation of roof top solar system has accelerated.
• Renewable energy is the cheapest form of energy generation and is capable of achieving the national RET.
• Employment figures in the renewable energy sector are also expected to clock a substantial rise (Alrikab, 2014).

The stand taken by Australia on renewable energy implies that energy generation cannot work without the cooperation of the power sector, investors, government policy and infrastructure. The alteration if undertaken to the path they have chosen might jeopardize the the effective energy generation system.

With accomplishments that started slowly, enough momentum has built up to achieve the 2020 RET. With commensurate contribution from public and private sector, consolidated investment, favourable government policy, Australia could move over completely to renewable energy within a decade by constructing large scale solar and wind power projects, upgrading its transmission infrastructure and induction of suitable energy efficiency measures. According to Shahzad, (2012), the targets of 2020 are expected to be met but current trend towards capacity expansion may not continue past 2020 as they depend on political will, lack of post 2020 target, and it is perhaps the peak already. Australia has a storehouse of natural; resources, the energy security risks are on the rise. Because of lack of RET beyond 2020, there might be slowing down in the level of investment in renewable energy. It is on this point that current practises relating to resources often lead to apprehensions. Some of the policies and practises into the various areas of the renewable energy sector have proved to be successful in the recent past and therefore have become firmly established. But their adequacy relates to current conditions only. In order to retain their flexibility and ability to respond to future changes, they need to adapt and modify as they go (Negro, Alkemade & Hekkert, 2012).

The policy holders and the key players need to safeguard system stability and improve grid infrastructure, increase coordination in energy procurement policies, potential of solar and wind tapping to be increased, and more equitable distribution of the installed capacity across the region.  The challenges that need to be addressed are pressure on existing power system, low level of interconnectivity, reducing base load capacity, high cost of electricity. Due to closure of certain coal plants, more focus is needed to integrate solar power and wind power in Australia energy mix the government should focus on delivering affordable and consistent energy so as to move smoothly on to low emissions future.

Conclusion

The new technologies are empowering and enabling the renewable energy so that electricity can be produced without interruption and also strengthen the grid. A comprehensive climate strategy and national energy guarantee ids needed. The success of any national energy policy requires not only careful setting of policy by government but also strong support from opposition. A slow but gradual transformation is expected as the energy sectors in Australia transitions away from increasingly redundant coal power generators to newer green technology that does not require fuel but uses the natural replenish able resources.

Renewable and green energy generation are the new buzzwords. Accounting for the 16% of the global energy consumption, it is notable that at present nearly half the newly installed electric capacity is renewable. The initiatives need to be undertaken with different support measures interrelating with each other and after assessing the impact of the policies of government on the energy sector.

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