The Northern Territory Government has announced electricity market reforms to deliver lower cost and reliable power, aiming to achieve the Government’s target of its 50 per cent renewables by 2030.
Over the next 12 months, a Northern Territory Electricity Market (NTEM), tailored to the Territory’s circumstances, will be developed and put into place. The new electricity market reforms aim to encourage cheaper renewables into the system, putting downward pressure on power prices.
The NT Government has said that this will ensure the growing interest in renewable energy can be facilitated in the Darwin-Katherine power network to deliver lower cost generation and reliable power to Territorians.
The Government will also begin consultation shortly on a review of supply and feed-in tariffs to encourage behind the meter energy storage for those with rooftop solar photovoltaics (PV) and stimulate greater take-up of energy efficient technologies. This was one of the recommendations made by the renewables panel to increase system reliability and enable Territorians to reduce their electricity costs during the most expensive times of the day.
Additionally, in a major step towards reaching the 50 per cent renewables target, the government has approved a 25 megawatt (MW) solar photovoltaic electricity plant to be developed near Katherine. The power purchase agreement (PPA) between Jacana Energy and Katherine Solar Pty Ltd will enable the construction of the $40 million project, create over 100 jobs during construction and will be the largest renewable energy generator in the Northern Territory.
“Our election commitment of 50 per cent renewables by 2030 is already paying dividends by creating local jobs in the growing renewable energy sector,” announced Chief Minister, Michael Gunner, yesterday morning.
Dale Wakefield MLA, Minister for Renewables and Essential Services also said that there are lessons learned from the National Energy Market which has been incorporated into the design of this policy.
“This is a common-sense and best practice approach tailored for the Territory’s unique circumstances,” she said.
More information can be found here.