Forecast: Geothermal and Biomass Energy Consumption in Australia

Australia's consumption of geothermal and biomass energy reached 3.17 terawatt-hours in 2023, reflecting a steady decline from its peak of 3.68 terawatt-hours in 2015. Over the past two years, consumption fell by 2.93% and 2.4%, while the five-year compound annual growth rate (CAGR) stood at -2.46%. The forecast for 2024 shows consumption at 3.11 terawatt-hours, with a projected decline continuing at a CAGR of -0.97% over the next five years, reaching 2.96 terawatt-hours by 2028.

Future trends to watch for include:

- Technological advancements in energy efficiency which might slow the rate of decline.

- Potential policy changes affecting renewable energy incentives and investments.

- Global market trends which could impact local consumption rates.