Australia Is Quitting Coal In Record Time Thanks To Tesla

An anonymous reader quotes a report from Bloomberg: Like so much in our modern era, Australia's high-stakes gamble on renewable energy starts with an Elon Musk Twitter brag. South Australia's last coal-fired power plant had closed, leaving the province of 1.8 million heavily reliant on wind farms and power imports from a neighboring region. When an unprecedented blackout caused much of the country to question the state's dependence on clean power, Tesla boasted -- on Twitter, of course -- that it had a solution: It could build the world's biggest battery, and fast. "@Elonmusk, how serious are you about this," replied Australian software billionaire and climate activist Mike Cannon-Brookes. "Can you guarantee 100MW in 100 days?" Musk responded: "Tesla will get the system installed and working 100 days from contract signature or it is free. That serious enough for you?" To the astonishment of many, Tesla succeeded, and today, almost seven years later, that battery and more like it have become central to a shockingly rapid energy transition. By the middle of the next decade, major coal-fired power stations that generate about half of Australia's electricity will shut down. Gas-fired plants are being retired, too, and nuclear power is banned. That leaves solar, wind and hydro as the major options in the country's post-coal future. "It's really a remarkable story," said Audrey Zibelman, the former head of the Australian Energy Market Operator, or AEMO, the agency that runs the grid, and now an adviser to Alphabet's X. "Because we're not interconnected, we've had to learn to do it in a much more sophisticated way, where a lot of other countries will go once they've shut down their fossils." It may be Australia's biggest power buildout since electrification in the 1920s and 30s. And, if successful, could be replicated across the 80% of the world's population that lives in the so-called sun belt -- which includes Latin America, Africa, the Middle East, India, southern China and Southeast Asia, says Professor Andrew Blakers, an expert in renewable energy and solar technology at Australian National University. That, in turn, would go a long way to halting climate change. Building battery storage is just one critical piece of the national project, and AEMO and others are worried coal plants will shut before there's enough additional electricity supply. Australia needs to increase its grid-scale wind and solar capacity ninefold by 2050. Connecting all that generation and storage into the grid will require more investment. Overall, the cost could be a staggering A$320 billion ($215 billion), and the money is starting to flow: Brookfield Asset Management Ltd., Macquarie Group Ltd., and billionaires Andrew Forrest and Cannon-Brookes have all been involved in headline-grabbing energy deals in recent months. New government support for renewables has also improved investor sentiment, according to the Clean Energy Investor Group, which includes project developers and financiers.

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