Lower North Shore developer <a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a> has secured development approval for its ultra-luxury residential project on the <a href="https://www.apartments.com.au/new-apartments/34-burran-avenue-mosman-nsw-2088">dress circle Burran Avenue</a>.

The project, just&nbsp;50 metres from Balmoral Beach within Mosman’s prestigious Golden Triangle, will commence construction in early 2026,&nbsp;following the successful completion of its nearby Hampden Mosman project.

Lodged in April 2025 and approved in September 2025, the development will comprise three whole-floor residences, each designed to capture panoramic harbour views through Sydney Heads.

<img alt="34 Burran Avenue, Mosman" data-entity-type="file" data-entity-uuid="7f4c7816-0ac8-4ef7-be0a-8ef23b693b68" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/BURRAN%20EV01%20R04%20option%201%20%281%29.jpg?VersionId=gVzI8pT6_K59Nhzaz0FLEvY6Kj9Kc8Fg" />

Set on an elevated 550 sqm corner site at the junction of Burran Avenue and Stanton Road, the building has been designed to sit within Balmoral’s natural slope. The façade mixes stone and metal cladding with angular forms, while oversized terraces and full-height sliding doors create a connection between interior living spaces and outdoor entertaining areas.

The delivery team from Abadeen’s Hampden Mosman project, which includes construction company Reform Projects and interiors company Mathieson, has been retained to bring the same level of execution and craftsmanship to Burran Avenue.

<a href="https://www.apartments.com.au/architects/platform-architects">Platform Architects</a> has been appointed project architect, bringing extensive experience from recent luxury residential projects in Manly, Fairlight and Freshwater.

&nbsp;

Justin Brown, Executive Chairman and Founder of Abadeen, said sites of this calibre, this close to Balmoral, are incredibly rare.

“Burran Avenue is an extraordinary site; its location, its scale and its outlook make it truly one of a kind. Receiving DA approval marks an exciting milestone for Abadeen."

"We’re proud to be moving forward with an exceptional team to deliver a project that will set a new standard for ultra-luxury living on Sydney’s Lower North Shore. Construction is planned to commence in early 2026, and interest is already strong from discerning local buyers who recognise the uniqueness of this address."

Brown anticipates prices will set new Mosman benchmarks above $20 million. Sales are expected to launch in March 2026.

Joel Robinson

Abadeen approved for Mosman's priciest apartments

Lifestyle developer <a href="https://www.apartments.com.au/developers/gurner">GURNER™ Group</a>, in partnership with Costa Property Group, has announced plans to reimagine Cunningham Pier in Geelong, one of Victoria's most recognisable heritage landmarks.

The announcement follows the City of Greater Geelong’s release of its Draft Geelong Waterfront Master Plan, which seeks to revitalise the waterfront with new energy, tourism, and investment. GURNER and Costa Property Group’s vision aligns with the Council’s ambitions to create a vibrant, connected, and economically powerful precinct for the community.&nbsp;

The future of Cunningham Pier will draw inspiration from Sydney Harbour’s luxury waterfront residences through to Dubai’s sculptural pier-edge towers, blending architectural excellence with &nbsp;resort-style living, hospitality, and public amenity.&nbsp;

The concept, described as “Saint Moritz on the Sea”, is envisioned to include:&nbsp;

<ul>
	<li>Six-star hotel accommodation and services&nbsp;</li>
	<li>World-class restaurants, bars, and public spaces&nbsp;</li>
	<li>High-end residential offerings&nbsp;</li>
	<li>Entertainment and cultural venues&nbsp;</li>
	<li>Potential cruise ship port facilities, integrating Geelong into the global travel network&nbsp;</li>
</ul>

The transformative project aims to become a magnet for tourism, investment, and innovation, while &nbsp;ensuring continued public access and connection to Corio Bay’s pristine waterfront.&nbsp;

Cunningham Pier has been operated by Costa Property Group for more than 15 years, with the City of Greater Geelong expressing strong support for strategic commercial partnerships that unlock &nbsp;tourism-led economic development for the region’s fast-growing population.&nbsp;

Tim Gurner, Founder &amp; Executive Chairman, GURNER™ Group, said the project is a "once-in-a-generation opportunity to put Geelong on the global map," adding that their version will be of what icons like the Opera House, Story Bridge or Empire State Building have done for other great cities.

“We’ll be working hand-in-hand with the Mayor, Council, the local community, and State Government to deliver something truly iconic that positions Geelong on the world stage. This project brings together everything we’ve built our brand on – world-class design, hospitality, &nbsp;lifestyle, and experience – all in one place. From six-star hotels and restaurants to the possibility of a &nbsp;new cruise ship terminal and luxury residences, the vision is extraordinary.”&nbsp;

City of Greater Geelong&nbsp;Mayor Stretch Kontelj said he welcomes the "bold and inspiring vision reimagining our beloved Cunnigham Pier as a global destination."

"This ambitious plan and the opening of Nyaal Banyul Geelong Convention and Event Centre next year have the potential to take our already world-class waterfront to even greater heights.”

Sydney Harbour, Dubai pier towers, to influence Gurner's Cunningham Pier, Geelong development

<a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a> is one of Melbourne's longest standing architecture firms.

Founded in Melbourne in 1853 by Joseph Reed, the firm began as Reed &amp; Barnes and has evolved through various partnerships before adopting the Bates Smart name in the 20th century. With a continuous presence spanning more than 170 years, the practice has played a pivotal role in shaping Melbourne’s architectural identity.

In the 19th century, Bates Smart designed several of Melbourne’s enduring landmarks, including the Royal Exhibition Building (1880), a UNESCO World Heritage site, and the Melbourne Town Hall. The firm’s influence continued into the 20th century with notable works such as Ici House (1958), considered Melbourne’s first modern skyscraper and a milestone in post-war Australian architecture.

One of their landmark designs was&nbsp;The First Church of Christ, Scientist, at 336-340 St Kilda Road. The building, which is listed on the Victorian Heritage Register, was designed by Bates, Peeble and Smart with construction completed in 1922. Architecturally, the building is significant as a rare example of early twentieth century classicism applied to a religious building. Historically, the building is significant as the first church of the Christian Science movement.

Melbourne developer Time &amp; Place decided to bring Bates Smart back to the area to design their next residential apartment project, Park Modern.

[smartcode_project:default project_id=138453 project_image_fid=2138]

<a href="https://www.urban.com.au/new-apartments/park-modern-south-melbourne-1-middleton-lane-south-melbourne-vic-3205">Park Modern</a>, on one of the largest island sites on the Melbourne CBD fringe, bordered by Dorcas Street, Wells Street, and Middleton Lane, will comprise two sculptural towers. It is being positioned as a design-forward response to evolving owner-occupier preferences in the Domain precinct.

Tim Price, Director at <a href="https://www.apartments.com.au/developers/time-place">Time &amp; Place</a>, says&nbsp;Bates Smart have got a footprint on this city, probably like no other architect.

"It’s a really nice kind of next chapter story, that they created from a design perspective so long ago," Price told Apartments.com.au.

Park Modern will be the third time Time &amp; Place has worked with Bates Smart, having successfully designed and delivered Collins House and Opera on St Kilda Road together.

The brief focused on creating a built form that would feel contextually appropriate while offering a contemporary evolution of inner-city apartment living.

[smartcode_project:default project_id=138453 project_image_fid=2137]

The focus for Park Modern is squarely on owner-occupiers.

“It’s not always about downsizing," Price says.

"Sometimes it’s just about creating a space which is easily maintained, lock up and leave, reflecting people’s aspirations, whether they’re entertainers, big dining room spaces, big open terraces, they’re important parts of any design consideration.”

The building includes a mix of one, two and three-bedroom apartments, as well as penthouses, with layouts and floor plans designed to suit a broad demographic. The architecture has been shaped to capture&nbsp;view corridors to the Botanic Gardens, Port Phillip Bay and the CBD skyline.

Each apartment has been oriented to maximise natural light and provide a clear outlook, elements often cited by owner-occupiers as key criteria.

[smartcode_project:default project_id=138453 project_image_fid=351806]

Rather than defaulting to a generic luxury offering, the amenity strategy at Park Modern reflects specific insights into how residents want to live. The ground floor will include co-working areas, wellness facilities, and a concierge-led lobby that blends indoor and outdoor design cues.

“Wellness has become a more thoughtful consideration, not just gyms or lap pools, but things like magnesium plunge pools, saunas, daybeds, and studio spaces for Pilates and the regular cardio workout,” says Price.

One notable inclusion is a substantial porte-cochère, a covered vehicle drop-off zone integrated into the site plan. It’s a feature rarely seen in inner-urban developments and speaks to the team’s emphasis on ease of arrival and departure for residents and guests.

A display suite for Park Modern is now open by appointment, giving prospective buyers an early look at the project.

[smartcode_project_cta:default project_id=138453]

100 years on, Bates Smart returns to South Melbourne's Domain Precinct to design Park Modern

One of the most significant beachfront projects ever proposed for the small suburb of Miami on the Gold Coast, has taken a major step forward.&nbsp;Monaco Property Group has secured approval for <a href="https://www.apartments.com.au/new-apartments/nalu-miami-122-marine-parade-qld-4220">NALU</a>, a $500 million development comprising just 45 ultra-luxury residences on the iconic former Nobby’s Outlook site.

Acquired by <a href="https://www.apartments.com.au/developers/monaco-property-group">Monaco Property Group</a> in 2024 for $70 million, the rare 7,238 sqm Marine Parade parcel boasts more than 80 metres of uninterrupted ocean frontage.

With approvals now secured, Monaco Property Group will move NALU into its delivery phase. The project has been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, who collaborated with&nbsp;<a href="https://www.apartments.com.au/landscape-architect/ldg-landscape-architecture">LDG Landscape Architecture</a> and <a href="https://www.apartments.com.au/interior-designers/tom-mark-henry">Tom Mark Henry Interiors</a>&nbsp;to create the low-rise building, its landscaping, and interiors.

<img alt="NALU" data-entity-type="file" data-entity-uuid="3fdf578e-7cc4-4b17-bbc2-ba853522a5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/122_Marine_Parade_002.jpg?VersionId=zFhJWVzX0jmCO.5iIIxNELImHesTjWS4" />

Residences will range from 237 sqm layouts to beachfront homes exceeding 1,400 sqm.

At the heart of the project is a 2,200 sqm lifestyle precinct with a bathhouse, fitness centre and resort-style pool, elevated by a concierge service.

Jonathan Grasso, Co-Founder of Monaco Property Group, said the council approval marks an exciting milestone for NALU, which will launch in Q1 2026.

“The project will now progress toward construction, working alongside our world-class collaborators to bring NALU to life," Grasso said.

“Our vision is to create a legacy project for the Gold Coast, one that not only honours the history of the site but also elevates its future, setting a new standard for coastal living in Australia. NALU embodies the pinnacle of design and location and will stand as an enduring icon of prestige and liveability.”

<img alt="NALU" data-entity-type="file" data-entity-uuid="6ae8545b-87ca-4dea-90ed-ac273ec6515d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Image7.jpg?VersionId=Wnmie4bu3x2WQonnG4Pwmh39NdZVKeOV" />

Originally developed in the 1970s as Nobby’s Outlook and later refurbished in 2019 as Nalu, the property has long held a place in the local community’s coastal identity. The new vision will build on this legacy, creating luxury residences that capture ocean views while fostering a lifestyle defined by wellness, connection, and ease.&nbsp;

Beyond its residential offering, NALU will deliver significant economic benefits to the Gold Coast through job creation and opportunities for local suppliers and contractors. Construction is anticipated to commence in early 2026, with completion expected in Q3 2028.

Monaco Property Group approved for $500 million NALU apartments on Miami beach

The most elevated residential tower in Palm Beach, <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a>, has officially launched this week, however only a handful of buyers will have an opportunity to buy in to the 17-storey project.

The $200 million mixed-use project includes ground floor dining and retail and is considered so valuable its developer, <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a>, will be staging its release of one-, two- and three-bedroom apartments and penthouses to the market.

[smartcode_project:default project_id=112194 project_image_fid=806]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> International, Director, David Higgins, said the development’s location just metres from the beach on the corner of Palm Beach Avenue and the Gold Coast Highway influenced the sculptural design by the acclaimed Plus Architecture studio.

“<a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> locals understand the rare opportunity here at Corallo, particularly being the tallest building in the suburb and its proximity to the beach and local restaurants, and they’ve represented the bulk of pre-launch enquiries,” Higgins said.

“The orientation of the apartments captures views of the coastline from Surfers Paradise to Currumbin, and the diversity of floor plans and apartment types provide an exceptional level of choice.

“The first release includes just 59 one-, two and three-bedroom apartments and two half-floor penthouses, with flexible use designed to appeal to both owner-occupiers and investors."

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=799]

In addition to the ground floor amenity, residents will also have access to a private dedicated wellness level offering 734 sqm of resort-style amenities including a pool, cold plunge, wet deck, steam room, sauna, gym, day bed, fire pit, barbecue area, dining area and yoga/stretch deck.

The project is located within walking distance of Tallebudgera Creek, Burleigh Heads village, Currumbin Alley and Palm Beach Currumbin High School. The Gold Coast Airport is under 10 minutes away.

[smartcode_project:default project_id=112194 project_image_fid=814]

Higgins said Palm Beach remained a hotly contested suburb for home buyers, with prices doubling in the past five years.

“What makes Corallo so appealing to the local market is the diversity of apartment types and pricing, with one-bedroom apartments starting from $841,000 and two-bedroom apartments starting from $1.34 million,” he said.

“The ground floor retail and dining offering will further expand on Palm Beach’s village atmosphere and create a meeting place for locals, and those opportunities for connection are highly valued.”

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=807]

The on-site sales display, which includes a fully fitted kitchen, bathroom and bedroom, will be open until early works commence in Q1 2026. Each residence at Corallo will feature premium finishes including natural stone, artisanal brickwork, and warm copper accents.

Changfa Group has a two-decade history of delivering premium developments in Australia and internationally, having recently completed its collection of premium townhomes at Lyra, Hope Island, as well as apartment projects in Leichhardt, Carlingford, and Chatswood in New South Wales.

[smartcode_project_cta:default project_id=112194]

$200 million Corallo Palm Beach launches with limited apartment release

Clean Energy

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EXPERT OBSERVER
As climate change worsens, the future of fossil fuel jobs and infrastructure is uncertain. But a new energy storage technology invented in Australia could enable coal-fired power stations to run entirely emissions-free.
The novel material, called miscibility gap alloy (<a href="https://www.mgathermal.com/publications" target="_blank">MGA</a>), stores energy in the form of heat. MGA is housed in small blocks of blended metals, which receive energy generated by renewables such as solar and wind.
The energy can then be used as an alternative to coal to run steam turbines at coal-fired power stations, without producing emissions. Stackable like Lego, MGA blocks can be added or removed, scaling electricity generation up or down to meet demand.
MGA blocks are a fraction of the cost of a rival energy storage technology, lithium-ion batteries. Our invention has been <a href="https://link.springer.com/chapter/10.1007%2F978-3-319-69844-1_48" target="_blank">proven</a> in the <a href="https://www.sciencedirect.com/science/article/abs/pii/S0038092X19304220?via%3Dihub" target="_blank">lab</a> – now we are moving to the next phase of proving it in the real world.
<img src="https://images.theconversation.com/files/356669/original/file-20200907-114278-1w0c69l.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Steam billows from a coal-fired power station"> MGA blocks promise to give new life to old coal stations. Themba Hadebe/AP
<h2>Why energy storage is important</h2>
Major renewable energy sources such as solar and wind power are “intermittent”. In other words, they only produce energy when the sun is shining and the wind is blowing. Sometimes they produce more energy than is needed, and other times, less.
So moving to 100% renewable electricity requires the energy to be “dispatchable” – stored and delivered on demand. Some forms of storage, such as <a href="https://about.bnef.com/blog/behind-scenes-take-lithium-ion-battery-prices" target="_blank">lithium-ion batteries</a>, are relatively expensive and can only store energy for short periods. Others, such as hydro-electric power, can store energy for longer periods, but are site-dependent and can’t just be built anywhere.
If our electricity grid is to become emissions-free, we need an energy storage option that’s both affordable and versatile enough to be rolled out at massive scale - providing six to eight hours of dispatchable power every night.
MGAs store energy for a day to a week. This fills a “middle” time frame between batteries and hydro-power, and allows intermittent renewable energy to be dispatched when needed.
<img src="https://images.theconversation.com/files/356670/original/file-20200907-111081-1h20soe.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Researchers Alex Post and Erich Kisi, look at a MGA block."> Researchers Alex Post and Erich Kisi. The company is looking to built a pilot manufacturing plant in NSW. Authors provided
<h2>How our invention works</h2>
In the next <a href="https://www.energynetworks.com.au/news/energy-insider/the-demise-of-coal/#:%7E:text=Share%3A,%2Dintensive%20coal%2Dfired%20generation.&amp;text=Since%202016%2C%202.8%20GW%20of,end%20of%20its%20productive%20life" target="_blank">two decades,</a> many coal-fired power stations around the world will retire or be decommissioned, including <a href="https://www.theguardian.com/environment/2019/dec/12/almost-two-thirds-of-australias-coal-fired-generation-will-be-out-by-2040-aemo-says" target="_blank">in Australia</a>. Our proposed storage may mean power stations could be repurposed, retaining infrastructure and preventing job losses.
For coal stations to use our technology, the furnace and boiler must be removed and replaced by a storage unit containing MGA blocks.
MGA blocks are 20cm x 20cm x 16cm. They essentially comprise a blend of metals – some that melt when heated, and others that don’t. Think of a block as like a choc-chip muffin heated in a microwave. The muffin consists of a cake component, which holds everything in shape when heated, and the choc chips, which melt.
The blocks don’t just store energy – they heat water to create steam. In an old coal plant, this steam can be used to run turbines and generators to produce electricity, rather than burning coal to produce the same effect.
<iframe src="https://www.youtube.com/embed/bt-Ux48Aohw?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe> Courtesy University of Newcastle.
To create the steam, the blocks can be designed with internal tubing, through which water is pumped and boiled. Alternatively, the blocks can interact with a heat exchanger – a specially designed system to heat the water.
Old coal plants could run on renewable energy that would otherwise be switched off during periods of oversupply in the middle of the day (in the case of solar) or times of high wind (wind energy).
Our research <a href="https://www.rees-journal.org/articles/rees/full_html/2017/01/rees170037s/rees170037s" target="_blank">has shown</a> the blocks are a fraction the cost of a lithium battery of the same size, yet produce the same amount of energy.
<img src="https://images.theconversation.com/files/356781/original/file-20200907-14-2qzvko.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Coal worker"> The technology may help prevent job losses in the coal industry. KYDPL KYODO/AP
<h2>Proving MGA blocks in the real world</h2>
Our team perfected the novel material through research at the University of Newcastle between 2010 and 2018. Last year we formed a company, MGA Thermal, and are focused on commercialising the technology and conducting real-world projects.
In July this year, MGA Thermal received a A$495,000 grant from the federal Department of Industry, Innovation and Science, to establish a pilot manufacturing plant in Newcastle, New South Wales. This project is due to start operating in the second half of next year. The goal is to begin manufacturing a commercial quantity of MGA blocks economically, at scale, for large demonstration projects.
MGA Thermal have partnered with a Swiss company, E2S Power AG, to test the technology in the rapidly changing coal-fired power industry in Europe. Beginning next year, the testing will include retrofitting a functioning coal power plant with MGA storage. This will also verify the economic case for the technology.
We are aiming for a cost of storage of A$50 per kilowatt hour, including all surrounding infrastructure. Currently, lithium-ion batteries cost <a href="https://about.bnef.com/blog/behind-scenes-take-lithium-ion-battery-prices" target="_blank">around A$200 per kilowatt hour</a>, with added costs if energy is to be exported to the electricity grid.
So what are the downfalls? Well, MGA does have a much slower response time than batteries. Batteries respond in milliseconds and are excellent at filling short spikes or dips in supply (such as from wind turbines). Meanwhile MGA storage has a response time above 15 minutes, but does have much longer storage capacity.
A combination of all three options – batteries, MGA/thermal storage and hydro – would provide large-scale energy storage that can still respond quickly to fluctuating renewable supply.
<iframe src="https://www.youtube.com/embed/y3uwcBLBv-o?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe> Courtesy University of Newcastle.
<h2>Safe and recyclable</h2>
MGA blocks are safe and non-toxic – there is no risk of explosion or leakage, unlike some other fuels.
The blocks can also be recycled. They are expected to last 25-30 years, then can be easily separated into their individual materials - to be made into new blocks, or recycled as raw materials for other uses.
Like any new technology, MGA blocks must be financially proven before they’re accepted by industry and used widely in commercial projects. The first full-scale demonstrations of the technology are on the horizon. If successful, they could allow coal-fired power plants to be used cleanly, and provide hope for the future of coal workers.<img src="https://counter.theconversation.com/content/144864/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/erich-kisi-1148200" target="_blank">Erich Kisi</a>, Professor of Engineering , <a href="https://theconversation.com/institutions/university-of-newcastle-1060" target="_blank">University of Newcastle</a> and <a href="https://theconversation.com/profiles/alexander-post-1148206" target="_blank">Alexander Post</a>, Conjoint Lecturer, <a href="https://theconversation.com/institutions/university-of-newcastle-1060" target="_blank">University of Newcastle</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/aussie-invention-could-save-old-coal-stations-by-running-them-on-zero-emissions-lego-blocks-144864" target="_blank">original article</a>.
</body></html>

jrobinson-rf4aSBido9

Aussie invention could save old coal stations by running them on zero-emissions 'Lego' blocks

<html><body>
GUEST OBSERVATION
 
Australia’s energy market is outdated. It doesn’t encourage competition and that’s holding back the <a href="http://www.unswlawjournal.unsw.edu.au/wp-content/uploads/2017/09/39-4-6.pdf">transition</a> to renewable energy. Important reforms to modernise the market are on the way, but big energy companies are seeking to use the cover of COVID-19 to prevent the change.
This is bad for consumers, and for climate action. Reform would help create a modern grid <a href="https://www.propertyobserver.com.au/https://relp.lexxion.eu/article/RELP/2011/2/44">designed</a> around clean energy, pushing coal-fired generators to retire earlier. Over time, it would also bring down power costs for households and business.
Renewable energy is the cheapest form of new electricity. It’s far better for the environment than coal and gas, and can deliver reliable supplies when backed by batteries and other energy storage.
Instead of delaying reform, Australia should be advancing it.
What’s this all about?
Regulators and governments recognise the need to modernise the rules governing the National Electricity Market. That market, established in 1998, supplies all Australian jurisdictions except Western Australia and the Northern Territory.
Reliable electricity requires that supply and demand be kept in balance. This balance is primarily provided by a system known as the <a href="https://www.aemc.gov.au/sites/default/files/content//Five-Minute-Settlement-directions-paper-fact-sheet-FINAL.PDF">wholesale spot market</a>. Every five minutes, electricity generators bid into the spot market, specifying how much energy they will provide at a certain price.
An entire <a href="http://www.coagenergycouncil.gov.au/publications/post-2025-market-design-national-electricity-market-nem">redesign</a> of the market rules is scheduled for 2025. This should make the market work efficiently and reliably as coal retires and is replaced by renewable energy.
In the meantime, one important rule change is due to start in July next year, known as “<a href="https://www.aemc.gov.au/rule-changes/five-minute-settlement">5-minute settlement</a>”.
Currently, electricity is sold and sent out from generators in 5-minute blocks. But the actual price paid for this electricity in the wholesale market is averaged every 30 minutes. This means there are six dispatch periods, each with their own price, which are then averaged out when the market is settled.
This strange design has enabled big electricity generators to <a href="https://www-sciencedirect-com.ezp.lib.unimelb.edu.au/science/article/pii/S0140988316301839">game the market</a>. One method involves placing high bids in the first interval, then placing low or even negative bids in the remaining five intervals. This ensures that electricity from the big generators is purchased, but that they and all other generators receive an artificially high average price for the whole 30-minute period.
In 2017, the Australian Energy Market Commission (AEMC) <a href="https://www.aemc.gov.au/sites/default/files/content/97d09813-a07c-49c3-9c55-288baf8936af/ERC0201-Five-Minute-Settlement-Final-Determination.PDF">decided</a> to replace 30-minute settlement with 5-minute settlement.
<a href="https://www.aemc.gov.au/sites/default/files/content//Five-Minute-Settlement-directions-paper-fact-sheet-FINAL.PDF">The commission says</a> the current system was adopted more than 20 years ago due to technological barriers which have since been overcome. It argues moving to 5-minute settlement would better reflect the value to consumers of fast-response technologies, such as batteries storing renewable energy and so-called “demand response” (a concept we’ll explain later).
<a href="https://www.aemc.gov.au/rule-changes/five-minute-settlement">According to</a> the AEMC, the rule change would lead to lower wholesale costs, cutting electricity prices for consumers.
But on March 19 this year, the Australian Energy Council, which represents most coal-fired power stations and the big three electricity retailers, sought to delay the reform. It wrote to federal energy minister Angus Taylor and his state counterparts, arguing the pandemic means energy companies must focus on “<a href="https://www.energycouncil.com.au/analysis/covid-19-brings-reform-challenges/">critical supply and reliabilty</a>” issues, rather than implementing the rule change.
But energy consumption has <a href="https://www.tai.org.au/content/national-energy-emissions-audit-april-2020">barely changed</a> during the pandemic, the Australia Institute’s national energy emissions audit shows. So delaying the reform to deal with supply and reliability issues appears unjustified.
Despite this, the Australian Energy Market Operator has proposed delaying the change for a year. Our <a href="https://www.tai.org.au/content/delaying-energy-market-reform-increase-costs-slow-transition-renewables-think-tank-industry">submission</a>, endorsed by energy and technology leaders, opposes the delay.
Moves by regulators to delay another <a href="https://reneweconomy.com.au/regulators-flag-delays-to-16-energy-reform-projects-as-fossil-fuel-interests-dig-in-15284/">16 market reforms</a> due to COVID-19 also seem to be afoot.
Change is possible
Last week, one big rule change to the National Electricity Market did proceed as planned. <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-06-11/customers-paid-for-reducing-electricity-demand-radical-change/12343790">It allows</a> “demand response” energy trading from 2021.
<a href="http://www.tai.org.au/content/finkel%E2%80%99s-forgotten-finding-%E2%80%93-%E2%80%98negawatts%E2%80%99">Demand response</a> involves reducing energy consumption during peaks in demand, such as during heatwaves. Basically, the rule means big energy users, such as smelters and manufacturing plants, could power down in these periods, and be paid for doing so.
Technology pioneers such as battery entrepreneur <a href="https://www.afr.com/companies/energy/covid-19-may-delay-national-electricity-market-reform-20200419-p54l3s">Simon Hackett</a> and Atlassian chief <a href="https://www.smh.com.au/politics/federal/ambitious-energy-reforms-set-to-cut-household-power-bills-20200611-p551rs">Mike Cannon-Brookes</a> have backed this change.
Australia has successfully used demand response to provide <a href="https://arena.gov.au/assets/2019/03/demand-response-rert-trial-year-1-report.pdf">emergency</a> electricity capacity and <a href="https://www.afr.com/news/demand-response-worth-half-a-liddell-to-energy-queensland-20180404-h0ybij">other</a> <a href="https://www.aemc.gov.au/rule-changes/demand-response-mechanism">benefits</a>. But it’s never been unleashed in the wholesale energy market.
The rule change doesn’t involve smaller users such as households. But it’s a promising start that creates new competition for fossil fuel generators and allows energy users to help make the grid more reliable.
Political warfare over climate policy has held back Australia, <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/1467-8500.12328">and the electricity market</a>, for more than a decade. But energy reform that encourages greater market competition can readily be supported by political conservatives.
The demand-response rule change is a clear example: it has been <a href="https://www.minister.industry.gov.au/ministers/taylor/media-releases/wholesale-demand-response-help-lower-costs-and-strengthen-energy">championed by Taylor</a> and his predecessors <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2017-07-13/negawatts-touted-as-solution-to-growing-energy/8707232">Josh Frydenberg</a> and <a href="https://www.theaustralian.com.au/national-affairs/climate/coalition-seeks-deal-to-cut-power-demand/news-story/5b7a3dd86ddf11c91d5f817405bb43a9">Greg Hunt</a>.
Getting future-ready
Once the health crisis is over and economic recovery has begun, Australia will need the economic and social benefits of electricity market reform even more than before.
Such reform “<a href="https://www.tai.org.au/content/energy-reform-after-covid-19">stimulus</a>” would help ready the grid for the inevitable retirement of coal-fired power stations, such as Liddell in 2023.
It would also align with state government investments in renewable energy, and boost private investment in new generation (which has <a href="https://reneweconomy.com.au/cec-calls-for-action-on-grid-issues-as-renewables-investment-cut-in-half-28289/">recently slumped</a>) and <a href="https://thenewdaily.com.au/finance/finance-news/2020/05/26/coronavirus-manufacturing-industry/">large-scale batteries</a>.
Electricity remains Australia’s <a href="https://theconversation.com/australia-to-attend-climate-summit-empty-handed-despite-un-pleas-to-come-with-a-plan-123187">highest-polluting sector</a>. Around the world, electricity markets are planning the <a href="https://www.ren21.net/renewables-report-launch/">transition</a> from high to low emissions.
Delaying reform in Australia would be a major setback on the path to our essential energy transition.
Richie Merzian, Climate &amp; Energy Program Director at The Australia Institute, contributed to this piece.
<a href="https://theconversation.com/profiles/daniel-j-cass-909838">Daniel J Cass</a>, Research Affiliate, Sydney Business School, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/energy-giants-want-to-thwart-reforms-that-would-help-renewables-and-lower-power-bills-140640">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Energy giants want to thwart reforms that would help renewables and lower power bills

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A new report has found in 2015 Australia’s had the 7th highest number of solar PV systems installed in the world, equating to one solar panel per Australian resident.
The Clean Energy Australia 2015 report shows renewable energy provided 14.6 percent of Australia’s electricity in 2015 - enough to power 6.7 million homes, up on the 13.5 per cent of electricity delivered by renewables the year before despite a significant drop in hydro generation due to lower rainfall. 
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<ul>
<li>Wind and solar generation rose by more than 20 percent. </li>
<li>Rooftop solar power is now at 5 gigawatts capacity which is equivalent to a power station large enough to light up all the homes in Brisbane and Perth. </li>
<li>Five new wind farms were built in 2015 as well as eight solar farms larger than 1 megawatt capacity. </li>
<li>More than 14,000 people are employed in the renewable energy industry, which is still recovering from the 5000 jobs that were lost (one in four) between 2011-12 and 2014-15.</li>
</ul>
For more information, or to download the report, click <a href="https://www.ren21.net/gsr" target="_blank">here</a>.
 
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