Opera House goes carbon neutral amid the rising tide of wave energy

By Megan Graham. Published at Sep 25, 2018, in The Green Keeper

It’s been yet another big week, with plenty of confirmation from the business world and broader society that green energy sentiment is running as hot as ever.

Yesterday the latest news of a greener, brighter future came from the Sydney Opera House, who announced it was going ‘carbon neutral’ — five years ahead of schedule. The world-famous landmark has invested “easily $10 million and probably more” towards achieving the impressive milestone.

The main measures taken were modernising its 50-year old seawater cooling system, replacing thousands of light bulbs (switching to LED low-energy bulbs), and introducing a nice carbon offset side hustle via its support for reforestation projects (through a partnership with EnergyAustralia, via CSIRO).

No doubt it’s a well-engineered campaign, which the Opera House hopes will help raise awareness of environmental sustainability. It certainly can’t help having the sails at Bennelong lit up in green, like they were yesterday.

Power consumption has been cut by 14% through the refurbishment of the pioneering seawater cooling/ heating system incorporated by Danish architect Jørn Utzon in the 60s.

All of that bodes well for the country’s greening image, and supports a report from Australian National University earlier this month which states that Australia is on track to have 100% renewable electricity by 2030, in line with our Paris Agreement commitments.

The report stated that if the country continues at the same rate of renewables deployment and uptake (which is mostly solar photovoltaics, wind farms and rooftop solar PVs), Australia will meet the entire emissions reduction task for the whole economy by 2025.

I quote:

If industry is able to continue to deploy wind and PV at the current rate into 2020 and beyond then Australia will a) comfortably exceed the 2020 large scale Renewable Energy Target (LRET) of 33,000 GWh; b) be capable of supplying up to 29% renewable electricity in 2020, 50% in 2025 and 100% in the early 2030s; c) achieve 26% emissions reductions in the electricity sector by 2020/21; meet its entire 26% Paris emission reduction target for the whole economy in 2024/25.”

At the moment, and despite consecutive governments seemingly intent on dragging their feet all the way to the green energy future, it seems the wind is well and truly blowing in the right direction.

We are on track for our renewables energy industry to install more than 10 gigawatts of new solar and wind power before the end of 2019.

Genex still on track for big 2019 plans

Meanwhile, Genex Power Ltd (ASX:GNX) — covered in this column a few weeks ago — has won government approval to start building its flagship 250 megawatt pumped hydro project in far north Queensland.

The Etheridge Shire council has given development approval for the hydro part of phase two of GNX’s “Kidston” project, which means it can start building in 2019. The pumped hydro system is part of a broader 720 megawatt (MW) project which will also include two solar farms (50-MW operating solar project and an integrated solar project of up to 270-MW) and a wind farm as well as a wind project (up to 150 MW, under feasibility).

Australian-born Atlantis Energy has big plans for tidal power

Australia-founded and managed Atlantic Energy, which is now Simec Atlantis Energy (AIM:SAE), are behind the world’s largest planned tidal stream project in the world, ‘MeyGen’. Earlier last week it unveiled designs for the new 2-MW tidal power turbine system which will be the largest and most powerful single axis turbine available on the commercial market.

The company are describing the plan as “the culmination of 15 years of investment, relentless experimentation, rigorous testing, and subsea operation”.

Atlantis started out as an Australian company before shifting to Singapore to raise capital and is now part of the GFG Alliance group.

Tidal power, based on the concept of generating power from the ocean’s currents, has been looking a bit dead in the water (sorry) as wind and solar have both taken off at break-neck speed buoyed (pun number two) by the many years of research and technology behind them. They are also quicker and easier to get into production.

Yet tidal power could, eventually, become an eminently important source of renewable power.

The director of business development and public affairs for Simec Atlantis Energy’s MeyGen project, Cameron Smith, told POWER mag the inherent advantage of the tidal turbines centres around “the value of predictability, power density and environmental acceptability. Water is 800 times more dense than wind, so we use short blades, generating energy silently and unseen on the seafloor. Since we know when the tides will come, we can regularly produce an enormous amount of power”.

Note that any decision with regards to adding this stock to your portfolio should be taken with caution and professional financial advice sought.

View Our Investment Portfolios

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!