Capital
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Israeli missiles have struck Iran’s South Pars gas field, the largest such facility in the world and which Tehran shares with Qatar. In retaliation, Iran struck a Qatari refinery. Striking gas facilities suggests an escalation of hostilities, having bigger impact than targeting oil tankers travelling through the Strait of Hormuz, because it means there is no way to refill stocks even after the war ends, according to analysts. Oil is currently north of US$100 a barrel. (AFR) (Guardian)
Implementation of 7GW of offshore wind generation off Gippsland, Victoria would drive a $5/MWh reduction in wholesale prices across the entire NEM between 2033 and 2040, according to a new Jacobs analysis commissioned by Star of the South. Savings would rise to $15/MWh by 2040, the study found – a $5.2 billion total saving in total – with Victorian energy bills forecast to decline by $151 per year and $84 across the east coast. The analysis also links the offshore wind to a 934km reduction in necessary transmission infrastructure – a reduction of $4.9 billion – as well as a further reduction of $1.2 billion in transmission operating costs and $2.5 billion saved from reduced reliance on gas and hydrogen use at peak times.
The Queensland government has commenced market sounding for the $200 million North West Energy Fund, which it has positioned as supporting the CopperString high-voltage line linking Mount Isa and Townsville. More than 20 energy developers, generators, electricity distributors, suppliers, users and local councils have been engaged to participate in projects across Mt Isa, Cloncurry, Julia Creek and Richmond.
Energy systems
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Australia’s coal fired power stations recorded a “staggering” 108 outages between October and February – including 18 scheduled and 90 unplanned breakdowns, the latest report from Reliability Watch showed. The outages mean that on average 5.3GW – 25% of coal fired power station capacity – “was unavailable at any point during the period,” the report found, noting that maintenance of the stations is also “becoming significantly more problematic”.
Policy
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Prime minister Anthony Albanese, who will virtually attend a National Cabinet meeting today to discuss the fuel crisis, will ask state premiers and chief ministers to appoint a “point person” on fuel security to facilitate collaboration with the Commonwealth. The announcement comes on the heels of emergency meetings in Sydney and Melbourne at which the ACCC grilled fuel companies, wholesalers and retailers about the reasons behind recent significant hikes in the price of fuel. Simultaneously, resources minister Madeleine King has held ministerial talks with counterparts in Japan, South Korea, Singapore, the US, New Zealand and Timor-Leste with a view to enhancing cooperation on regional energy security.
A Norway-style Fair Share Levy (FSL) would have generated $1.1 billion in additional revenues since the start of the Iran crisis just over 2 weeks ago, The Superpower Institute has argued in an analysis that notes the existing Petroleum Resource Rent Tax (PRRT) has only raised $1.4 billion per year since 2019. This “perverse” situation means that “while Australian households and businesses are being stung by extremely high fuel prices caused by the crisis,” TSI chair Rod Sims said, “gas companies are reaping extraordinary profits from this same crisis.”
The UK’s newly launched Fusion Strategy 2026 marks a watershed moment in energy policy in that country, with the government gearing up to secure first-mover advantage with the appointment of ILIOS as construction partner for a £200 million ($375 million) STEP prototype fusion energy plant at West Burston. The plan, which will see UKAEA and energy tech company Eni establish a new company to advance fusion energy technologies by May, also includes training for over 2,000 people in fusion related disciplines.
The US government is preparing to pay over $1.3 billion (US$928 million) in penalties to oil company TotalEnergies to compensate for cancelling two federal leases for its Attentive Energy and Carolina Long Bay wind farms, according to reports that said the compensation would be paid four years after the former Biden administration awarded it the contract. TotalEnergies will reportedly invest in natural gas infrastructure in Texas instead.
 Projects
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NSW’s Bellambi Heights BESS will have revenue certainty after Danish energy trading company InCommodities signed a $200 million agreement with Vena Group that will earn revenues from the 204MW/510MWh project through market participation and energy market arbitrage. The deal for the battery storage system, in Beryl, NSW – Vena Group’s fourth Australian BESS – was announced during the Danish Royal State Visit, and will tap Denmark’s expertise in energy risk management and trading to support stabilisation of the Australian grid when the project goes live mid next year.
A massive surge in probable renewable energy projects pushed the renewables pipeline out to 20,799MW as of the end of February, according to the latest Clean Energy Regulator (CER) Large-Scale Renewable Energy Target data report. Added to the 5,967 MW of committed projects and 28,798MW of accredited projects in operation, Australia’s total renewables pipeline has reached 55,564MW – more than all current generation combined. Some 16MW of new power stations, totalling 12MW of capacity, were approved in February.
Some 108 homes in Samoa will be fitted with solar and battery systems as the initial beneficiaries of the first project under the Australia-backed REnew Pacific, a $75 million project that will help Asia-Pacific communities benefit from solar and other renewable energy. The project will also install solar and battery systems in five community fales across upolu and Savai’i, and will upgrade a mini-grid power network on Apolima Island providing 24/7 renewable energy to 11 homes.
Environmental regulators are now accepting public comment on Fortescue’s Bonney Downs Wind Farm, a 2.1GW wind farm with up to 100 turbines and substations that is proposed to be installed in WA’s Pilbara region. The site is around 6km from Fortescue’s Christmas Creek Iron Ore Mine Expansion project. Submissions close on March 30.
Regulation
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EV owners could soon be charging their vehicles at public streetlights, with a looming Essential Energy ring-fencing waiver set to petition the AER for a trial that would give retailers access to white-labelled 7kW EV chargers mounted directly onto new composite pole streetlights. The project is intended to leverage publicly accessible infrastructure to fill in coverage gaps, particularly in regional areas, where private investors have yet to build up enough charging infrastructure to support widespread EV adoption. “Essential Energy has the distribution network already with the poles and the wires,” general manager for commercial development Andrew Hillsdon said, “and it makes sense for us to take this next step to deliver the charging infrastructure that regional people need.”
Technology
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With an eye to standardising the construction of gigawatt-scale AI data centres, NVIDIA and Schneider Electric subsidiary AVEVA have published a new AI reference design for NVIDIA’s Vera Rubin systems. The new reference design enables new power distribution with increased supply voltage of 480VAC, and supports new IT room architectures with power guidelines, higher voltage for GPU racks and liquid cooling to help data centre builders optimise capital cost and efficiency.
Research
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Dozens of global ‘mega-leaks’ of methane gas are pouring greenhouse gases into the atmosphere and could be easily fixed, UCLA researchers have reported in an analysis that noted many of the sites on its new top 25 list “often result from poor maintenance and can be simple to fix.” The largest leak – in Texas – is spilling 5.5 tonnes of methane per hour, the equivalent of a million SUVs while concentrations of sites in Turkmenistan, Venezuela, and Iran suggest systemic failures to conduct routine maintenance.
CSIRO researchers have produced the world’s first proof-of-concept quantum battery, with a design that has a multi-layered organic microcavity that allows it to be charged wirelessly using a laser. The prototype proves theoretical predictions about quantum batteries and validates a new technique for “rapid, scalable charging and energy storage at room temperature,” quantum science and technologies science leader Dr James Quach said, highlighting research findings that confirm a “counterintuitive” quantum effect that means batteries charge faster the larger they get.
Climate
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The Australasian Centre for Corporate Responsibility (ACCR) has appealed the recent Federal Court decision against it in ACCR v Santos Ltd, signalling a new round in court proceedings that date back to 2021. At issue is the way Santos represented its climate commitments – an issue that, ACCR co-CEO Brynn O’Brien said, “concerns fundamental legal standards that apply to all businesses in Australia responding to climate change, and which are central to the integrity of market disclosures…. Businesses doing hard, evidence-driven work in the energy transition need clear guidance on the standards governing climate disclosures.”
People
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Woodside Energy has appointed Elizabeth Westcott as CEO and managing director, cementing her position after serving as acting CEO since the December departure of Meg O’Neill. Westcott has run Woodside’s Australian operations since she joined the company in 2023 after a 25-year career at EnergyAustralia and ExxonMobil.
