Future challenges and emerging risks
Queensland relies on the state-owned coal-fired generators for electricity. Based on market forecasts, renewable energy sources, such as solar and wind, will replace coal as Queensland’s main energy source by 2050. How the transition from coal to renewable energy will be managed is still uncertain, as there are no clear national policies to support an orderly change.
The Queensland Government aims to have 50 per cent of electricity coming from renewable energy sources by 2030. This year, to help achieve the target, it established CleanCo, a renewable and low-emission-focused generator. CS Energy and Stanwell will transfer their existing renewable and low-emission assets to CleanCo in the next financial year.
The existing generators will be left with coal-fired power plants that are scheduled to be retired progressively over the next 30 years. They are currently diversifying into other revenue-generating activities to prepare for the change.
Shifting to renewable energy sources will change our electricity system. Traditionally, electricity generators are large, centralised power stations. They are now becoming smaller and more widely dispersed. Also, unlike coal, renewable energy sources often depend on natural forces like the weather, which makes managing supply more difficult. Our electricity system needs to adapt to these changes to maintain stable and reliable electricity supply for Queenslanders.
For more information
For more information on the results, financial performance, and future challenges and emerging risks highlighted in this summary presentation, please see the full report on our website.