Electricity generation in Australia for 2023 stood at 275.6 Terawatthours (TWh), indicating steady growth over the past decade. Examining historical data, we're seeing mainly positive year-on-year variations with few exceptions—the most significant decline was in 2014 at -0.77%. Over the last two years, the average year-on-year growth was around 1.51%, supported by a year-on-year increase of 2.28% in 2022 and a 0.75% increase in 2023. The past five-year CAGR leading up to 2023 averaged at approximately 0.97%, evidencing a general upward trend.
Looking ahead, electricity generation is forecasted to continue its rise, with a projected five-year CAGR of 0.52% up to 2028, culminating in a total volume of 284.88 TWh by 2028. This suggests a 2.63% total increase in generated volume from 2024 to 2028.
Future trends to watch for include the potential impact of renewable energy adoption, advancements in energy storage, and government policies promoting sustainability. Additionally, technological innovations and increased energy efficiency measures may alter the trajectory of electricity generation growth in Australia.