Executive summary -
1. In common with most electricity systems in the world, the Australian National Electricity Market (“NEM”) has entered a period of transition as the share of generation from variable renewable generation (“VRE”) increases rapidly. The system now operates with an increasing share of non-synchronous generation (inverter-based resources (“IBR”), such as wind and solar) and a declining share of conventional large-scale synchronous coal and gas-fired generation. By 2025, the maximum penetration of wind and solar is expected to exceed 75% of underlying demand and could reach up to 100% according to different AEMO forecasts.
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