Energy consumption, production and cost
- Energy consumption and cost has been a hot topic of debate
- People are consuming energy in a multitude of ways
- Oil and gas production have continued to fall
- LNG exports are increasing and are projected to add to the GDP
Energy consumption and conservation is an important topic in Australia with many debating how to better the energy and environment. People are consuming energy every day in a multitude of ways. Whether it is powering a water heater or powering an automobile, energy is constantly in use. An analysis of energy in Australia shows where the most usage is, where the most production is and how both impact Australia and its people. There are several types of energy sources that are used in the country that impact all of us the same. The following paragraphs are an analysis of the energy consumption, production and costs as well as advice for the future.
An energy quarterly for Australia was released March 2018 that covered energy production, consumption and costs for the end of 2017. This analysis covered many different industries of production as well as the different areas of the country for prices/cost and consumption. In 2017, oil and gas reserves continued with their downward trend. Petroleum reached a record level of 819.9 MMboe while LNG exports continued to increase. The revenue for LNG exports was up 43.2% from 2016 with LNG exports expected to add ¼ of a percentage point to Australia’s GDP each year. Domestic gas and ethane production were up 3.7% with east coast production at the highest since 2015. Disparities between east and west coast gas prices increased with the east coast increasing and the west coast decreasing.
The Australian oil production continues to fall with domestic production more than halved over the last ten years. With LNG exports increasing and adding value to Australia’s Gross Domestic Product (GDP), it is still too early to tell if the investment was justified. Despite the downward trend of oil, yet it remains the top consumed source for energy with coal coming in as the second most consumed source. Most of the energy consumption in Australia comes from supplying electricity with transportation as the next highest energy consumer. New South Wales is the region for highest energy consumption with Queensland and Victoria following close behind.
Advice for energy consumption
- Relying less on oil and more on renewables is key to decreasing environmental issues
- Despite the fall of oil production, it remains a top consumed energy source
- Figuring out personal energy consumption and changing that use will mitigate blackouts and decrease peak usage
Energy consumption is a vital part of Australia, without the country would come to a standstill. Despite the decrease in oil production yet it remains the most consumed energy source. It is advised to limit travel by using public transportation and other means of travel. When at home it is sensible to turn off lights and appliances to decrease unnecessary consumption. Finding more ways to incorporate renewable sources in the production of energy can also help decrease the consumption of non-renewable sources. Learning how to mitigate your own consumption during peak hours will help make the energy grid more reliable as well as manage the consumption.