Energy transition in liberalised electricity markets: Lessons from Australia

Abstract

Renewable energy generation is being added to global electricity supply at a remarkable pace. A primary driver for this expansion has been the extraordinary cost reductions achieved by the sector, in large part in response to both explicit and implicit climate policy measures and objectives. While a globally consistent and coherent climate policy remains elusive, research and development efforts, deployment policies and industrial policy motivated by the need to dramatically reducing carbon emissions have all contributed to the recent success of the renewable energy industry. In December 2015, a historic global climate agreement was devised under the auspices of the United Nations Framework..