IEEE Power & Energy Magazine - September/October 2021 - 57
©SHUTTERSTOCK.COM/IRYNA BOIKO
decades has made signifi cant investments
in transmission assets that
primarily connect power stations
near thermal coal and gas reserves
to the major capital cities.
Transmission assets can have technical
lives of more than 50 years with
capital costs exceeding many hundreds
of millions, if not billions, of
dollars. It is imperative to continue
to maximize the use of existing transmission assets while
complementing them with network upgrades or expansions
as generation sources evolve.
Although the overall grid consumption is being held someIntegrated
System
Planning
One
of the key challenges in managing
a smooth transition from incumbent
to new entrant generation is the
need to develop the generation production,
storage, and transmission assets
in a least-cost manner to consumers.
With limited examples of large-scale
transmission developments in Australia
over the last decade, a robust regulatory
framework is required to extract
value from both existing and new transmission augmentations
to facilitate this generational transition.
In October 2016, the Council of Australian Governwhat
constant by growth in distributed energy resources,
new generation capacity is needed to replace retiring plants. To
fi ll that gap, the Australian Energy Market Operator (AEMO)
forecasts that Australia should invest in a further 26-50 GW of
new, large-scale variable renewable energy (VRE) resources
in the National Electricity Market (NEM) by 2040. This is
comparable to the current total existing installed capacity of
large-scale generation in the NEM today. The pace at which
these coal-fi red and gas-powered generators retire is expected
to accelerate over the next 20 years. However, recent historical
observations of retirements suggest that the rate of change
could reasonably be higher (see Figure 1).
ments energy ministers agreed to an independent review of
the NEM to evaluate security and reliability and provide
advice to governments on a coordinated national reform
blueprint. The review recommended an integrated grid
plan that would inform investment decisions and ensure
that security is preserved in the NEM as the generation
mix evolves.
AEMO was ultimately entr usted to produce this grid
plan, known as the Integrated System Plan (ISP), by developing
a co-optimized blueprint for the NEM under a range
of scenarios. The ISP was described as a plan to facilitate
the effi cient development and connection of REZs across
the NEM.
By Eli Pack, Bianca Christison,
Dane Winch, and Lars Narushevich
september/october 2021
ieeepower & energy magazine
57
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IEEE Power & Energy Magazine - September/October 2021
Table of Contents for the Digital Edition of IEEE Power & Energy Magazine - September/October 2021
Contents
IEEE Power & Energy Magazine - September/October 2021 - Cover1
IEEE Power & Energy Magazine - September/October 2021 - Cover2
IEEE Power & Energy Magazine - September/October 2021 - Contents
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