Victorian electricity sales and peak demand forecasts to SUMMARY REPORT
|
|
- Clemence Hodge
- 5 years ago
- Views:
Transcription
1 Victorian electricity sales and peak demand forecasts to SUMMARY REPORT Prepared by the National Institute of Economic and Industry Research (NIEIR) ABN: Queens Parade, Clifton Hill, Victoria, 3068 Telephone: (03) ; Facsimile: (03) March 2015 TON /Economic forecasts-tony/2015/march
2 While the National Institute endeavours to provide reliable forecasts and believes the material is accurate it will not be liable for any claim by any party acting on such information.
3 1. Introduction This summary report presents projections of Victorian electricity sales and maximum demand projections to This report mainly focuses on the baseline scenario. The forecasts in this report build on and extend previous modelling work by NIEIR over the last 20 years. These projections of energy were prepared in February 2015 and incorporate fiscal actuals. Maximum demand projections were prepared in February 2015 and incorporate the Victorian operational peak demand up to the end of February Key aspects of the forecasting methodologies, including electricity price assumptions and policy impacts on energy sale and Victorian maximum demands, are presented in the main report. This includes assumptions regarding small-scale photovoltaic systems, electric vehicles and other Federal and State efficiency measures. Victorian electricity sales and peak demand forecasts to Summary report 3
4 2. The economic outlook for Australia to Introduction This section provides an outline of the economic outlook for Australia to Figure 2.1 shows the outlook for Australian gross domestic product to for the Base scenario. Figure 2.1: Australian GDP growth Base scenario (annual per cent change) Note: Financial years ending June. Victorian electricity sales and peak demand forecasts to Summary report 4
5 2.2 The world and national outlook Introduction This section provides a brief introduction to the outlook for the world and Australian economies World economy In the short-term ( ), we expect there will be an acceleration in world GDP growth. This reflects a number of factors, including: the recovery in the United States economy; the adoption of an aggressive monetary stimulus in Japan and the Euro region; and the process of working off excess capacity created by the GFC. In the short-term world GDP growth is expected to be around 3.5 per cent. In the medium-term (2017 to 2021), world growth is likely to slow to around 2.7 per cent. This partly reflects the likely end of quantitative easing of monetary policies in the developed economies and the associated increase in interest rates. Capital flows that poured into the developing economies will be reversed and could lead to crisis in these developing economies The Australian economy To some extent growth in the Australian economy will mirror the world economy. In the short-term, reductions in interest rates and commodity prices and relatively low inflation will maintain real income growth, while the housing market recovery will assist growth. However, the positive impacts will be offset by: the decline in mining investment; contractionary fiscal policy flowing from the declines in the terms of trade; increased import penetration from the lagged adjustment to the high exchange rate regime of 2011 to 2014, including the end of motor vehicle production; the East Coast gas shortages associated with the Gladstone LNG plants further undermining competitiveness; and current household debt saturation will prevent the current housing prices and activity recovery having the same wealth increase in consumption expenditure growth that characterised the 1995 to 2007 period. As a result, the Australian economy trend rate of growth over the next two to three years is likely to be near 2.5 per cent, well below historical trends. The unemployment rate will steadily rise towards 7 per cent and above. As a consequence the level of migration will be reduced. The population growth will fall to 1.4 per cent in 2017 and 1.2 per cent in 2021, compared to 1.8 per cent growth in Victorian electricity sales and peak demand forecasts to Summary report 5
6 As the rest of the world resorts to quantitative easing policies over 2015 and, therefore, further falls in medium-term interest rates could see the currency return to about 80 to 85 cents in This may not last however. Australian current account deficit will return to around 8 per cent of GDP as a result of the current falls in the terms of trade. The trough in the exchange rate is likely to be around 2017 to 2019 when the easing of monetary expansion in the developed countries results in increasing world medium-term interest rates and a recovery of currencies. The Australian dollar could well fall to the 40 to 50 cent range to the US dollar. The lagged adjustment to the current fall in the $US/$A exchange rate plus falls in the weighted average exchange rate from 2016 onwards will produce inflation rates in the 3 to 4 per cent range from 2017 to This will be a major focus of policy. Victorian electricity sales and peak demand forecasts to Summary report 6
7 3. The outlook for Victoria to Introduction This section outlines the economic outlook for Victoria to Summary of scenario Figure 3.1 shows the outlook for Victorian GSP growth over the period to for the Base scenario. Between and Victorian GSP growth is projected to average 2.3 per cent per annum under the Base scenario. Figure 3.1: Victorian GSP growth Base scenario to Source: NIEIR and ABS. Victorian electricity sales and peak demand forecasts to Summary report 7
8 3.3 The base scenario outlook for Victoria to Gross state product (GSP) Victorian gross state product is forecast to increase by 1.0 per cent in , following growth of 1.5 per cent in Victorian GSP growth accelerates in and to around 2.0 per cent in both years. The increase in GSP growth reflects: rises in private dwelling investment expenditure in and ; strong increases in private business investment in and ; and steady but modest growth in private final consumption expenditure. Total new dwelling approvals in Victoria fell from around 60,500 units in to around 48,600 in Over new dwelling approvals recovered reaching around 54,400 units. Over , Victorian new dwelling approvals could reach over 60,000 units again. These movements will support Victorian private dwelling expenditure over and A sustained high exchange rate regime over the last few years has adversely affected the competitiveness of Australia s manufacturing sector. Victorian manufacturing has also been adversely affected and this has led to the closure of some establishments operating in Victoria. The industries particularly affected include: metal product manufacturing; petroleum and chemical manufacturing; transport equipment manufacturing; and textiles, clothing and footwear manufacturing. Alcoa s Point Henry aluminium smelter closed in mid-2014 and followed closures by Bluescope Steel at Westernport. Ford Australia, Holden and Toyota announced the closure of their motor vehicle assembly plant in 2013 and These closures, over 2016 and 2017, will have significant impacts on Victorian GSP growth. Victorian GSP growth accelerates to 2.5 per cent in and 2.4 per cent in Between and Victorian GSP growth averages 1.8 per cent per annum. Victorian electricity sales and peak demand forecasts to Summary report 8
9 4. Electricity sales and customer number forecasts to 2025 This section presents electricity sales forecasts by class to 2025 for Victoria. Forecasts are presented on a calendar year basis to 2025 for the base scenario. 4.1 The baseline scenario Under the baseline scenario, Victoria s gross regional product grows by 2.3 per cent in average terms between 2015 and Population rises by an average rate of 1.2 per cent between 2015 and Table 4.1 shows projections of electricity sales by class for fiscal years to Figure 4.1 shows the average growth by class for the base scenario between 2015 and Victorian electricity sales fall by 7.3 per cent in and 1.6 per cent in The large fall in reflects the closure of Alcoa s Point Henry aluminium smelter. Residential electricity sales fall across to Commercial electricity sales increase slowly across the forecast period. Falling residential sales and slow growth in commercial sales in Victoria is partly due to the lagged effect of electricity price increases and further growth in small scale PV systems. Total installations of small-scale PV rise by nearly 200,000 between and Industrial electricity sales fall out to , initially reflecting the closure of the Point Henry smelter in July The closure of the motor vehicle assembly plant in Victoria by Ford Australia and Toyota also impact on industrial sales. Ford in Campbellfield and Geelong are set to close in October 2016 and Toyota at Altona by the end of The recovery in Victorian electricity sales growth (2018 to 2025) in Victoria reflects a number of factors: improved competitiveness of Victorian manufacturing as a result of the fall in the Australian dollar; the gradual impact of sustained falls in electricity prices between 2015 and 2020; and continued customer growth in Victoria reflecting gross state product and population growth. Total Victorian electricity sales growth averages 0.5 per cent per annum between and Table 4.2 shows the industry composition of Victorian electricity sales to across 20 industry sectors, as well as residential and public lighting sales. Table 4.3 shows total Victorian transmission point connection energy and Victorian operational demand. This table allows a comparison to be made with AEMO s 2014 Victorian forecasts of energy to Victorian electricity sales and peak demand forecasts to Summary report 9
10 Figure 4.1: Victorian electricity sales growth by class base scenario Average annual growth 2015 to 2025 Figure 4.2: Total Victorian operational demand NIEIR and AEMO (2014) Victorian electricity sales and peak demand forecasts to Summary report 10
11 Table 4.1 Victorian electricity sales by class (GWh) Residential Commercial Industrial Public lighting Total Distribution business sales (1) Percentage change Compound percentage change Note: (1) Estimated distribution sales by NIEIR. Victorian electricity sales and peak demand forecasts to Summary report 11
12 5. Maximum demand forecasts for Victoria to Historical trends in maximum demand Table 5.1 shows maximum demands events for recent summers for Victoria as measured by operational demand as generated. This includes demand met by scheduled generation, semischeduled generation and significant non-scheduled generation. The summer had a significant heat wave during mid-january with four consecutive above 40 degree days from 14 th to the 17 th. However, the maximum demand of 10,312 megawatts occurred later on the 28 th when there were likely more people back from holidays and returning to work. In contrast, the summer maximum demand only reached 8,626 megawatts (indicative as of February 14 th, 2015). This is partly due to very mild weather conditions across the whole of the summer and during peak demand. Other factors include the closure of the Point Henry smelter, and further installations of commercial and residential photovoltaics. Table 5.1 Observed maximum demand for recent summers Operational demand (as generated) Temperature (degrees Celsius) Summer Date Demand (megawatts) Time Max Min Ave Thursday, 22 January ,626 4:00 PM Tuesday, 28 January ,312 4:30 PM Tuesday, 12 March ,775 4:30 PM Tuesday, 24 January ,177 4:00 PM Tuesday, 1 February ,916 12:30 PM Monday, 11 January ,107 4:00 PM Thursday, 29 January ,493 12:30 PM Monday, 17 March ,818 4:00 PM Tuesday, 16 January ,062 3:00 PM Friday, 24 February ,730 4:00 PM Source: AEMO, BOM. Over recent years the growth in summer maximum demand has moderated. Much of this history is consistent with the increased installation and use of air conditioners in homes and businesses in Victoria. Table 5.2 shows the percentage of households in Victoria with at least one air conditioner installed has increased from 36.9 to 78.4 since Table 5.2 Air conditioners in dwellings Year Per cent of households with air conditioners, Victoria Source: ABS Catalogue No various releases. Victorian electricity sales and peak demand forecasts to Summary report 12
13 Moreover, these statistics are consistent with confidential data compiled by major suppliers of air conditioners on sales in Victoria. These data shows that sales increased roughly eight fold between early 1990s and late 2000s. The sales of air conditioners rose substantially through the late-1990s and again mid-2000s. While levels of sales have moderated slightly in recent years, they remain at historically high levels. Notwithstanding the reduced number of sales in last few years, the aggregate stock of air conditioners installed in Victoria is likely to have continued to grow. This will be from installations into dwellings previously without an air conditioner including new dwellings; and from households and business installing and using two or more air conditioners. Sales are expected to grow at a more modest level over the next 10 years compared to historical sales, as the market trends toward saturation (on a households with at least one air conditioner basis). 5.2 Projections of maximum demand Going forward, the evolution in maximum demand will reflect dynamics in temperature insensitive demand and temperature sensitivity of demand. On this basis, the forecasts of temperature insensitive demand and temperature sensitivities will be critically important to forecasting underlying maximum demand. Figure 5.1 presents projections of maximum demand for 10%, 50% and 90% probability of exceedance levels using the above drivers, and including post-modelling adjustments. Maximum demand at 10% probability of exceedance level is projected to increase, on average, by around 1.6 per cent per annum over the period to Maximum demand is expected to grow moderately in the short term, before stronger growth in the long term. The maximum demand at 10% probability of exceedance grew by 1.4 per cent over the to , while it is projected to grow less at 0.76 per cent from to Figure 5.1: Projections of maximum demand at 10%, 50% and 90% probability of exceedance levels (megawatts) Source: NIEIR s Peaksim Model. Victorian electricity sales and peak demand forecasts to Summary report 13
14 Table 5.3 Historical and projected maximum demand including exogenous adjustments Native MD 90% PoE 50% PoE 10% PoE ,520 9,131 9,673 10, ,146 9,162 9,743 10, ,979 9,370 9,979 10, ,207 9,399 10,027 10, ,793 9,000 9,636 10, ,357 9,119 9,798 10, ,687 8,812 9,546 10, ,067 9,717 10, ,918 9,715 10, ,048 9,808 10, ,265 10,017 11, ,392 10,197 11, ,395 10,269 11, ,515 10,474 11, ,768 10,694 11, ,879 10,905 12, ,182 11,104 12,384 Notes: Source: 10%, 50%, 90% PoE hindcast estimates to then projection from onwards. Maximum demand is native as generated. Includes scheduled, semi-scheduled, significant non-scheduled and small non-scheduled generation. NIEIR. Figure 5.2: Victorian native maximum demand forecasts NIEIR and AEMO Victorian electricity sales and peak demand forecasts to Summary report 14
NATIONAL ELECTRICITY FORECASTING REPORT. For the National Electricity Market
NATIONAL ELECTRICITY FORECASTING REPORT For the National Electricity Market 2013 NATIONAL ELECTRICITY FORECASTING REPORT Important Notice This document is subject to an important disclaimer that limits
NATIONAL ELECTRICITY FORECASTING REPORT FOR THE NATIONAL ELECTRICITY MARKET
NATIONAL ELECTRICITY FORECASTING REPORT FOR THE NATIONAL ELECTRICITY MARKET Published: JUNE 2014 Copyright 2014. Australian Energy Market Operator Limited. The material in this publication may be used
Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/
1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably
The impact on the Australian economy of the closure of GMH production facilities in Australia
The impact on the Australian economy of the closure of GMH production facilities in Australia Prepared by the National Institute of Economic and Industry Research (NIEIR) CONTACT Peter Brain 416 Queens
ECONOMIC OUTLOOK INFORMATION PAPER. National Electricity Forecasting
ECONOMIC OUTLOOK INFORMATION PAPER National Electricity Forecasting 2012 ECONOMIC OUTLOOK INFORMATION PAPER Published by AEMO Australian Energy Market Operator ABN 94 072 010 327 Copyright 2012 AEMO ii
Energy consumption forecasts
Pty Ltd ABN 85 082 464 622 Level 2 / 21 Kirksway Place Hobart TAS 7000 www.auroraenergy.com.au Enquiries regarding this document should be addressed to: Network Regulatory Manager Pty Ltd GPO Box 191 Hobart
Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation
August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact
LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST. U.S. Economic Growth to Accelerate. Chart 1. Growth Rate of U.S.
CENTER FOR BUSINESS & ECONOMIC RESEARCH LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST O U.S. Economic Growth to Accelerate ver the past few years, U.S. economic activity has remained
NATIONAL ELECTRICITY FORECASTING
2011 NATIONAL ELECTRICITY FORECASTING Information Paper - December 2011 Published by AEMO Australian Energy Market Operator ABN 94 072 010 327 Copyright 2011 AEMO AEMO 2011 NATIONAL ELECTRICITY FORECASTING
APPENDIX 15. Review of demand and energy forecasting methodologies Frontier Economics
APPENDIX 15 Review of demand and energy forecasting methodologies Frontier Economics Energex regulatory proposal October 2014 Assessment of Energex s energy consumption and system demand forecasting procedures
Fifty years of Australia s trade
Fifty years of Australia s trade Introduction This edition of Australia s Composition of Trade marks the publication s 50th anniversary. In recognition of this milestone, this article analyses changes
Developments in Utilities Prices
Michael Plumb and Kathryn Davis* Large increases in the prices of utilities have been a notable feature of consumer price inflation in Australia in recent years, and further large increases are anticipated
PROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY
PROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY PUBLIC FINANCE REVIEW February 2013 SUMMARY Key messages The purpose of our analysis is to highlight the risks that fiscal policy
Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER
Massachusetts Department of Revenue Briefing Book FY2015 Consensus Revenue Estimate Hearing December 11, 2013 Presented by: Amy Pitter COMMISSIONER Kazim P. Ozyurt DIRECTOR OFFICE OF TAX POLICY ANALYSIS
ENGINEERING LABOUR MARKET
ENGINEERING LABOUR MARKET in Canada Projections to 2025 JUNE 2015 ENGINEERING LABOUR MARKET in Canada Projections to 2025 Prepared by: MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Dear colleagues: Engineers
Background. Key points
Background Employment forecasts over the three years to March 2018 1 are presented in this report. These employment forecasts will inform the Ministry s advice relating to immigration priorities, and priority
5 Comparison with the Previous Convergence Programme and Sensitivity Analysis
5 Comparison with the Previous Convergence Programme and Sensitivity Analysis 5.1 Comparison with the Previous Macroeconomic Scenario The differences between the macroeconomic scenarios of the current
EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA
EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 22 May 2009, Eurosystem staff have prepared projections for macroeconomic developments in the
Page 1 of 11. F u t u r e M e l b o u r n e C o m m i t t e e Agenda Item 7.1. Notice of Motion: Cr Wood, Renewable Energy Target 9 September 2014
Page 1 of 11 F u t u r e M e l b o u r n e C o m m i t t e e Agenda Item 7.1 Notice of Motion: Cr Wood, Renewable Energy Target 9 September 2014 Motion 1. That Council resolves that the Chair of the Environment
UK Economic Forecast Q1 2015
UK Economic Forecast Q1 2015 David Kern, Chief Economist at the BCC The main purpose of the BCC Economic Forecast is to articulate a BCC view on economic topics that are relevant to our members, and to
Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures
Provisional Translation Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures December 20th, 2004 Cabinet Approval 1. Main Economic Indicators for FY2004 and FY2005 Gross domestic
2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013
2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%
The President s Report to the Board of Directors
The President s Report to the Board of Directors May 5, 2015 CURRENT ECONOMIC DEVELOPMENTS - May 5, 2015 Data released since your last Directors' meeting show that economic growth continued to slow in
Employment Outlook to November 2018
Based on the Department of Employment s 2014 employment projections Table of Contents Introduction... 2 Projected employment growth by industry... 3 Projected employment growth by skill level... 5 Projected
IRP 2010 Energy Forecast Revision 2 Report
IRP 2010 Energy Forecast Revision 2 Report Report prepared for IRP 2010 Revision 2 By: Systems Operations and Planning Date: July 2010 IRP 2010 Revision 2 Forecast Report Page 1 EXECUTIVE SUMMARY Forecasts
Steel Production in Czech Republic. Eurofer Economic Committee Meeting Brussels April 2015
Steel Production in Czech Republic Eurofer Economic Committee Meeting Brussels April 2015 Main Economic Indicators % Change Czech Republic 10 11 12 13 14 15E 16P Private Consumption 1,0 0.2-1,8 0,4 1,7
Recent Developments in the Canadian Economy: Fall 2015
Catalogue no. 11-626-X No. 053 ISSN 1927-503X ISBN 978-0-660-03734-9 Economic Insights Recent Developments in the Canadian Economy: Fall 2015 by Guy Gellatly Release date: November 12, 2015 How to obtain
Forecasting Chinese Economy for the Years 2013-2014
Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BULLETIN VOLUME 38 May 1952 NUMBER 5 Business expenditures for new plant and equipment and for inventory reached a new record level in 1951 together, they exceeded the previous year's total
APPENDIX A SENSITIVITY ANALYSIS TABLE
APPENDIX A SENSITIVITY ANALYSIS TABLE The economic forecasts and assumptions underpinning the 2013-14 Budget are subject to variation. This section analyses the impact of variations in these parameters
6. Economic Outlook. The International Economy. Graph 6.2 Terms of Trade Log scale, 2012/13 average = 100
6. Economic Outlook The International Economy Growth of Australia s major trading partners is expected to be around its long-run average in 015 and 016 (Graph 6.1). Forecasts for 015 have been revised
EXECUTIVE SUMMARY. Key observations. AEMO to include rooftop PV generation in annual forecasting reports
EXECUTIVE SUMMARY Key observations The key observations for rooftop PV forecasts detailed in this report are: The NEM has experienced a rapid uptake of rooftop PV over the last four years, with total estimated
5 Taxes on consumption
5 Taxes on consumption The federal government applies a number of different indirect taxes, primarily targeted at consumers, including sales taxes, excise duties and import tariffs. 35 Taxes on consumption
percentage points to the overall CPI outcome. Goods price inflation increased to 4,6
South African Reserve Bank Press Statement Embargo on Delivery 28 January 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the
Short-Term Energy Outlook Supplement: Summer 2013 Outlook for Residential Electric Bills
Short-Term Energy Outlook Supplement: Summer 2013 Outlook for Residential Electric Bills June 2013 Independent Statistics & Analysis www.eia.gov U.S. Department of Energy Washington, DC 20585 This report
1. International Economic Developments
1. International Economic Developments Overall growth in Australia s major trading partners (MTPs) was little changed in 1 at a bit below its decade average (Graph 1.1). The US and euro area economies
6. Economic Outlook. The International Economy. Graph 6.1 Australia s Trading Partner Growth* Year-average RBA forecast
6. Economic Outlook The International Economy Overall, growth of Australia s major trading partners (MTPs) is expected to be a bit above its long-run average in 014 and 015 (Graph 6.1). Forecasts for most
Renewable Energy in Victoria
Renewable Energy in Victoria report 2012 Executive summary The Renewable Energy in Victoria 2012 report provides an overview of Victoria s electricity generation from renewable energy sources in the 2012
Insurance market outlook
Munich Re Economic Research 2 May 2013 Global economic recovery provides stimulus to the insurance industry long-term perspective positive as well Once a year, MR Economic Research produces long-term forecasts
Euro Zone s Economic Outlook and What it Means for the United States
WELCOME TO THE WEBINAR WEBINAR LINK: HTTP://FRBATL.ADOBECONNECT.COM/ECONOMY/ DIAL-IN NUMBER (MUST USE FOR AUDIO): 855-377-2663 ACCESS CODE: 71032685 Euro Zone s Economic Outlook and What it Means for the
An Evaluation of the Possible
An Evaluation of the Possible Macroeconomic Impact of the Income Tax Reduction in Malta Article published in the Quarterly Review 2015:2, pp. 41-47 BOX 4: AN EVALUATION OF THE POSSIBLE MACROECONOMIC IMPACT
PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT
PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank
Skilled Occupation List (SOL) 2015-16
Skilled List (SOL) 2015-16 Tracking Code: 2YNQDY Name Individual * Megan Lilly Organisation Australian Industry Group What are the industry/industries and ANZSCO occupation/s that you or your organisation
Strategy Document 1/03
Strategy Document / Monetary policy in the period 5 March to 5 June Discussed by the Executive Board at its meeting of 5 February. Approved by the Executive Board at its meeting of 5 March Background Norges
APRIL 2014 ELECTRICITY PRICES AND NETWORK COSTS
APRIL 2014 ELECTRICITY PRICES AND NETWORK COSTS 1 WHAT MAKES UP THE RETAIL ELECTRICITY BILL? Retail electricity bills are made up of a number of components: Wholesale costs reflecting electricity generation
The Economic Impacts of Reducing. Natural Gas and Electricity Use in Ontario
The Economic Impacts of Reducing Natural Gas and Electricity Use in Ontario Prepared for Blue Green Canada July 2013 Table of Contents Executive Summary... i Key Findings... i Introduction...1 Secondary
UK Economic Forecast Q3 2014
UK Economic Forecast Q3 2014 David Kern, Chief Economist at the BCC The main purpose of the BCC Economic Forecast is to articulate a BCC view on economic topics that are relevant to our members, and to
Mid North Coast electricity demand forecasts
Mid North Coast electricity demand forecasts A review of forecast electricity demand prepared by Essential Energy for the Greater Taree region Prepared for the Australian Energy Market Operator May 2013
6. Economic Outlook. The International Economy. Graph 6.1 Australia s Trading Partner Growth* Year-average RBA forecast
6. Economic Outlook 6 4 0 - The International Economy Overall growth of Australia s major trading partners (MTP) is expected to be around its long-run average in 014 and 015 (Graph 6.1). This forecast
Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative)
Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative) January 2008 Osaka Gas Co., Ltd 1 I. Consolidated results for 3rd quarter and full-year forecast Management information is available
Domestic Activity. Graph 6.2 Terms of Trade Log scale, 2013/14 average = 100
6. Economic Outlook 6 The International Economy The outlook for GDP growth of Australia s major trading partners (MTPs) is unchanged from the November Statement. Over the next few years, growth is expected
Explanation beyond exchange rates: trends in UK trade since 2007
Explanation beyond exchange rates: trends in UK trade since 2007 Author Name(s): Michael Hardie, Andrew Jowett, Tim Marshall & Philip Wales, Office for National Statistics Abstract The UK s trade performance
Statement to Parliamentary Committee
Statement to Parliamentary Committee Opening Remarks by Mr Glenn Stevens, Governor, in testimony to the House of Representatives Standing Committee on Economics, Sydney, 14 August 2009. The Bank s Statement
EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014
EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 Summer 2013 1 About the European Forecasting Network The European Forecasting Network (EFN) is a research group of European institutions,
23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 23511b - Plumbing: NAICS 1997
IBISWorld Executive Summary Industry Report 23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 : NAICS 1997 DISCLAIMER This product has been supplied by IBISWorld Inc. ('IBISWorld')
CHAPTER 2 LOAD FORECAST
CHAPTER 2 LOAD 2.1 METHODS The Company uses two econometric models with an end-use orientation to forecast energy sales. The first is a customer class level model ( sales model ) and the second is an hourly
2014 Residential Electricity Price Trends
FINAL REPORT 2014 Residential Electricity Price Trends To COAG Energy Council 5 December 2014 Reference: EPR0040 2014 Residential Price Trends Inquiries Australian Energy Market Commission PO Box A2449
COMMODITY PRICES AND THE TERMS OF TRADE
COMMODITY PRICES AND THE TERMS OF TRADE Introduction The global economic upswing since 2003 has spurred a sharp increase in world prices for resource commodities. Higher prices from recent contract negotiations
AEMC Electricity Price Trends report released
AEMC Electricity Price Trends report released AUSTRALIAN ENERGY MARKET COMMISSION LEVEL 5, 201 ELIZABETH STREET SYDNEY NSW 2000 T: 02 8296 7800 E: AEMC@AEMC.GOV.AU W: WWW.AEMC.GOV.AU The Australian Energy
THE STATE OF THE ECONOMY
THE STATE OF THE ECONOMY CARLY HARRISON Portland State University Following data revisions, the economy continues to grow steadily, but slowly, in line with expectations. Gross domestic product has increased,
3. Domestic Economic Conditions
3. Domestic Economic Conditions Growth in the Australian economy appears to have remained a bit below average over 1 (Graph 3.1). Strong growth in the September quarter was driven by a rebound in resource
FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013
FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013 Based on US GAAP Mitsubishi Corporation 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN 100-8086 http://www.mitsubishicorp.com/ Mitsubishi Corporation and
Possible future retail electricity price movements: 1 July 2012 to 30 June 2015
ELECTRICITY PRICE TRENDS FINAL REPORT Possible future retail electricity price movements: 1 July 2012 to 30 June 2015 22 March 2013 Reference: EPR0029 Electricity price trends report EMBARGO until 22 March
Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014
Ministry of Finance Chief Economist - Research, State Revenue and International Affairs June 2013 Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014
Introduction B.2 & B.3 111
Risks and Scenarios Introduction The forecasts presented in the Economic and Tax Outlook chapter incorporate a number of judgements about how both the New Zealand and the world economies evolve. Some judgements
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO. The Distribution of Household Income and Federal Taxes, 2008 and 2009
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE Percent 70 The Distribution of Household Income and Federal Taxes, 2008 and 2009 60 50 Before-Tax Income Federal Taxes Top 1 Percent 40 30 20 81st
AUSTRALIAN DOLLAR OUTLOOK
AUSTRALIAN DOLLAR OUTLOOK The AUD Still finding support Tuesday, 10 July 2012 Concerns regarding global economic growth have pushed commodity prices and the AUD lower since edging above $US1.08 in January.
EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014
EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 Autumn 2013 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001
Labour market outlook, spring 2015 SUMMARY
Labour market outlook, spring 2015 SUMMARY Ura 2015:4 Labour market outlook Spring 2015 Summary The next few years will be characterised both by continued improvements in job growth and more people entering
BANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the
BANK OF ISRAEL Office of the Spokesperson and Economic Information September 7, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on the General interest rate for September
Joint Economic Forecast Spring 2013. German Economy Recovering Long-Term Approach Needed to Economic Policy
Joint Economic Forecast Spring 2013 German Economy Recovering Long-Term Approach Needed to Economic Policy Press version Embargo until: Thursday, 18 April 2013, 11.00 a.m. CEST Joint Economic Forecast
Economic Snapshot for February 2013
Economic Snapshot for February 2013 Christian E. Weller on the State of the Economy Christian E. Weller, associate professor, Department of Public Policy and Public Affairs, University of Massachusetts
Electric Load Forecast
Electric Load Forecast Fiscal 2013 to Fiscal 2033 Load and Market Forecasting Energy Planning and Economic Development BC Hydro 2012 Forecast December 2012 PAGE 1 Tables of Contents Executive Summary...
The Credit Card Report May 4 The Credit Card Report May 4 Contents Visa makes no representations or warranties about the accuracy or suitability of the information or advice provided. You use the information
Projections for the Portuguese economy: 2016-2018
Projections for the Portuguese economy: 2016-2018 7 Projections for the Portuguese economy: 2016-2018 1. Introduction Projections for the Portuguese economy point to a moderate recovery in economic activity
Rating Methodology by Sector. Electric Power
Last updated: April 23, 2015 Rating Methodology by Sector Electric Power 1. Business base Vital to public interest, the electric power industry is regulated and protected by the government in its role
MACROECONOMIC ANALYSIS OF VARIOUS PROPOSALS TO PROVIDE $500 BILLION IN TAX RELIEF
MACROECONOMIC ANALYSIS OF VARIOUS PROPOSALS TO PROVIDE $500 BILLION IN TAX RELIEF Prepared by the Staff of the JOINT COMMITTEE ON TAXATION March 1, 2005 JCX-4-05 CONTENTS INTRODUCTION... 1 EXECUTIVE SUMMARY...
1 Fiscal strategy and outlook
1 Fiscal strategy and outlook Features The 2015-16 Budget delivers the Government s election commitments, with key measures to revitalise the State economy and frontline service delivery, especially in
CANADA AND U.S. AUTO SALES: ROOM FOR FUR- THER GROWTH? October 2014. Factors supporting the U.S. sales outlook: Employment Growth
93619 CANADA AND U.S. AUTO SALES: ROOM FOR FUR- THER GROWTH? October 2014 Canadian and U.S. auto sales have strengthened significantly from recession lows. Canadian new motor vehicle sales have surprised
The 2024 prospects for EU agricultural markets: drivers and uncertainties. Tassos Haniotis
1. Introduction The 2024 prospects for EU agricultural markets: drivers and uncertainties Tassos Haniotis Director of Economic Analysis, Perspectives and Evaluations; Communication DG Agriculture and Rural
How much more electricity do we use in a heatwave?
January 2015 Heatwaves and electricity supply Heatwaves in Australia normally lead to significant increases in electricity demand. The main reason for this is the increased use of air conditioners over
Current account deficit -10. Private sector Other public* Official reserve assets
Australian Capital Flows and the financial Crisis Introduction For many years, Australia s high level of investment relative to savings has been supported by net foreign capital inflow. This net capital
2016 ERCOT System Planning Long-Term Hourly Peak Demand and Energy Forecast December 31, 2015
2016 ERCOT System Planning Long-Term Hourly Peak Demand and Energy Forecast December 31, 2015 2015 Electric Reliability Council of Texas, Inc. All rights reserved. Long-Term Hourly Peak Demand and Energy
US Economic Outlook. How long will the ride last? IHS ECONOMICS. US Outlook
IHS ECONOMICS US Outlook US Economic Outlook How long will the ride last? December 2014 ihs.com Douglas Handler, IHS Chief US Economist, +1 781 301 9283, doug.handler@ihs.com US Economic Overview 2 Executive
The US Economic Outlook
IHS ECONOMICS US Economic Outlook The US Economic Outlook 14 January 2016 ihs.com Patrick Newport, Director of Long Term Forecasting +1 781 301 9125, patrick.newport@ihs.com The US economy on a moderate
South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank Press Statement Embargo Delivery 21 July 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank The UK vote to
Budget priorities: cut company tax, invest in infrastructure and balance budget within five years.
Ai Group Survey Business Priorities for the 2014-15 Federal Budget Budget priorities: cut company tax, invest in infrastructure and balance budget within five years. 4 May 2014 The top three priorities
World Manufacturing Production
Quarterly Report World Manufacturing Production Statistics for Quarter IV, 2013 Statistics Unit www.unido.org/statistics Report on world manufacturing production, Quarter IV, 2013 UNIDO Statistics presents
Summary Translation of Question & Answer Session at FY 2012 First Quarter Financial Results Briefing for Analysts
Summary Translation of Question & Answer Session at FY 2012 First Quarter Financial Results Briefing for Analysts Date: July 27, 2012 Location: Fujitsu Headquarters, Tokyo Presenters: Kazuhiko Kato, Corporate
Eurozone. EY Eurozone Forecast September 2013
Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Finland
Agents summary of business conditions
Agents summary of business conditions February Consumer demand had continued to grow at a moderate pace. Housing market activity had remained subdued relative to levels in H. Investment intentions for
Meeting with Analysts
CNB s New Forecast (Inflation Report II/2015) Meeting with Analysts Petr Král Prague, 11 May, 2015 1 Outline Assumptions of the forecast The new macroeconomic forecast Comparison with the previous forecast
Chapter 12: Gross Domestic Product and Growth Section 1
Chapter 12: Gross Domestic Product and Growth Section 1 Key Terms national income accounting: a system economists use to collect and organize macroeconomic statistics on production, income, investment,
REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE
REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE December 2013 Michael Allen, Chair Associate Commissioner for Tax Policy James Breece University of Maine System Melissa Gott State Budget Officer
The NIME Economic Outlook for the World Economy
The NIME Economic Outlook for the World Economy A Medium-Term Outlook for the World Economy 5 - Focus Monetary Policy, Asset Prices and Economic Growth August 5 Federal Planning Bureau Economic analyses
March 2016 ECB staff macroeconomic projections for the euro area 1
March 2016 ECB staff macroeconomic projections for the euro area 1 1 Euro area outlook: overview and key features The economic recovery in the euro area is expected to continue, albeit with less momentum
The Impact of Exchange Rate Movements on Vegetable Imports
The Impact of Exchange Rate Movements on Vegetable Imports This paper examines whether movement in the exchange rate of the Australia dollar is the major explanatory factor for changes in the level of
Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services
For release at 8:30 a.m. EST February 10, 2016 Statement by Janet L. Yellen Chair Board of Governors of the Federal Reserve System before the Committee on Financial Services U.S. House of Representatives