2011 Energy Report Released by ABARES
The Australian Bureau of Agriculture and Resource Economics and Sciences has released its annual report into energy use and consumption throughout the country.
The report finds that while demand for energy continues to grow, the overall rate of increase has begun to decline. The rate of increase over the 2009-2010 period was .2%, an overall decrease from the average rate increase of 1.7% over the last 10 years.
Domestic consumption of total energy production has continued to decline, the report found that local consumption of energy production has dropped to 33%, down from 42% in the 1990's.
The report also found that Australia's renewable energy systems, such as wind, solar and geothermal, are "largely undeveloped and could contribute significantly more to Australia’s future energy supply"
The report also found that, at the current rate of consumption, Australia's energy resources are expected to last 68 years, for natural gas, and 539 years, for brown coal.
Local oil production has continued its decline, following an almost 20 year precedent of declining local production. However, crude oil and condensate have both recorded increases in domestic production.
An increase in gas production has also been recorded, following on from a threefold increase in production over the last 20 years.
Although a decrease of 9% in uranium exploration has been recorded, the resource is still increasing in value to the Australian economy, showing a sharp upward trend in mining and exporting since 2008.