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Australia’s Energy Production, Consumption & Exports
While Australia’s energy requirements have largely been dominated by fossil fuels in the past, the country now utilises both fossil fuels and renewable fuels for its energy needs.
Furthermore, Australia’s energy resources are a major contributor to the economic prosperity of the country, in terms of both usage and exports.
Let us take a closer look at Oz’s energy production, consumption, and exports.
Until recently, fossil fuels have largely contributed to Australia’s energy requirements.
Seeing as the country’s coal resources are low-cost and able to generate enough electricity to power three-quarters of Australia’s domestic electricity, it is easy to see why. Indeed, Australia has some of the least expensive electricity in the world thanks to its coal resources.
When it comes to Australia’s transport system, it is highly dependent on oil. Much of that oil is imported.
Australia’s Energy Production, Consumption and Exports
By examining the Australian Bureau of Agricultural and Resource Economics and Science’s energy statistics, which are published annually, we can better understand the country’s energy production, consumption, and exports.
Here are some of the most interesting findings.
It was mentioned above that Australia imports much of its oil. In fact, the country has only around 0.3% of the world’s oil reserves.
As for natural gas resources, Australia has 2% of the world’s supply. It has around 6% of the world’s coal resources and approximately 46% of the world’s uranium resources.
Australia is a major supplier of energy to markets around the world. It exports over three-quarters of its energy output, which accounts for around 2.4% of the total energy used on the planet.
The exports are worth almost $80 billion (in Australian dollars). Its largest export is coal, which accounts for over half of Australia’s exports. In fact, Australia is the largest exporter of coal in the world.
The country is also one of the planet’s largest exporters of uranium. And it is the sixth-largest exporter of liquefied natural gas in the world. On the other hand, over half of Australia’s liquid fuels are imported.
Australia is the twentieth largest consumer of energy on the plant and the fifteenth largest in terms of per capita energy usage.
Breaking down those figures, we can see that Oz’s primary energy consumption is dominated by coal, which accounts for 40% of consumption.
Coal also accounts for 75% of the country’s electricity generation. That is followed by gas, which accounts for 16% of electricity, and hydro energy, which accounts for around 2% of electricity. In terms of overall energy consumption in Australia, gas makes up 22% of consumption.
Finding the Cheapest and Best Energy Supplier
As briefly mentioned earlier, Australia has some of the cheapest electricity in the world thanks to its coal resources.
However, there are more providers in some states and territories than in others, which means, like in other countries, the cost of electricity can fluctuate depending on where you live and which provider you go with.
And as we know, the cost of energy is generally going up around the world. That affects both residential consumers and commercial industries. For instance, more than half of fleet operators in the U.K. expect energy prices to dampen demand for electric vehicles.
It is always advisable for Australians to compare different providers to find the best deal.
Thankfully, it is easy to compare both electricity and gas plans when you use an excellent online comparison platform like iSelect.
Currently, renewable energy sources account for only a modest proportion of Australia’s primary energy consumption, at approximately 5%.
However, the use of renewable energy sources has been significantly increasing in recent years, especially for electricity generation, and it looks set to continue to rise.
According to the Australian Energy Statistics concerning electricity generation, 24% of the electricity in Australia came from renewable energy in 2020, which increased by 21% from the previous year.