Without a doubt, wind power is taking the lead as not only a renewable energy with a much lessened environmental impact, but it is also edging out the competition from fossil fuels with the distinct ability to lessen the impact on the wallet.
Without a doubt, wind power is taking the lead as not only a renewable energy with a much lessened environmental impact, but it is also edging out the competition from fossil fuels with the distinct ability to lessen the impact on the wallet. Fossil fuel consumption, headed by traditional fuel sources such as oil and natural gas, are falling to the way side as having a significant difference in price point per megawatt hour.
Australia on the Cutting Edge
Recent studies show that oil costs roughly A$143 per megawatt hour to utilize, while natural gas costs A$116, and none of these numbers derive from theoretical new plants that have instituted state of the art efficiency programming. Wind power comes well below the mark at A$80 per megawatt hour. Consumers can immediately realize a power consumption cost saving of nearly 50%.
Chinese wind power manufacturers are currently reviewing capabilities in the land down under, looking for more ways to increase efficiency quotients to pull more energy from existing wind turbines. New technologies are also improving efficiency, so it is conceivable costs could decrease even further.
What the Future Brings
Last November, AGL Ltd. announced it expected an influx of energy production with the completion of the Macarthur wind farm in Victoria. The A$1 billion dollar facility will be one of the largest projects under AGL's umbrella, Australia's largest developer of renewable energy projects. This led the company to halt construction of a gas fired power plant in New South Wales, as the shift and viability of costs made little sense when compared with output from wind farms. The company is clearly shifting its focus, and the world's energy providers are paying attention.
Australia maintains a growing number of renewable resource energy productions, drawn primarily from wind power as well as solar arrays. This feed accounts of over 9% of the country's energy production, and it is set to increase dramatically in the coming years.
Industry leaders are realizing cost efficiencies have a domino effect from the increased usage of renewable energy production in Australia, as there is no sludge residue as with coal and oil to contended with, therefore no clean up or storage costs. Solar and wind do not need an extensive network of supply feeds to power their respective plants, and there are no environmental impacts to wild life and residential consumers along the energy transfer path.