Australia’s mining sector is boosting volumes, pushing up exports to meet demands from energy hungry country’s like China and Japan.
But also helping energy export numbers is the falling energy consumption rate domestically.
The Bureau of Resources and Energy Economics (BREE) has just released its Australian Energy Statistics report which shows domestic energy consumption fell in 2012-13 while exports surged on the back of strong production and foreign demand.
These charts show the change in Australia’s energy demand and supply mix.
Energy exports in 2012-13 Australia shipped out 14% more to hit 15,504 petajoules, almost three times more than it used. BREE estimates about 80% of Australia’s total energy production was exported over the year.
The chart below shows the climb of Australia’s energy exports.
Exports are rising with strong international production growth in black coal which increased 9% and LNG which jumped 14% as new projects came online.
However, energy consumption fell slightly in 2012-13 to about 5884 petajoules. The drop occurred despite continued economic growth and is being driven by technology advancements which are improving efficiency, the report said.
The BREE chart below shows Australia’s energy intensity – the ratio of energy consumption to GDP – over the past 30 years. Over those three decades energy consumption growth has usually stayed below the rate of economic growth.
“This indicates a longer term decline in the ratio of energy use to activity of the Australian economy, or energy intensity,” BREE said, adding energy intensity in 2012-13 fell almost 3%.