As 2024 draws to a close, it’s the perfect time to reflect on a year characterised by pivotal events and significant trends shaping energy, globally, in Australia and in WA.

I also want to take the opportunity to share some highlights from an exciting year of activity at ECWA.

Energy security was a primary theme in 2024. Reminders of its importance were everywhere, from the East Coast of Australia facing potential shortages by 2025 without new supply, to industrial customers on the West Coast concerned about energy availability.

This concern extended to our trading partners including Japan, and globally as Europe continued to be affected by the Russia-Ukraine conflict.

Worldwide, energy affordability and inflation were also major themes. Both were prominent forces influencing the US Presidential election.

2024 will be a year of record temperatures, rising climate hazards, and record global emissions. Climate and environmental considerations now factor heavily into all major decisions by companies, governments, and consumers.

As I write this, COP29 is underway in Baku, Azerbaijan. Private sector, government, and climate leaders are meeting on goals including climate finance, the energy transition, enhancing the capability of vulnerable nations to adapt to climate change impacts, and establishing a United Nations-backed carbon credit program. I hope progress is made on each of these issues.

Locally, there were many achievements:

• Woodside Energy's Scarborough Project: Now 75 per cent complete, with first LNG cargo expected in 2026. This project will deliver 8mtpa of LNG, reinforcing WA's position as a reliable energy supplier.
• Decarbonisation: Companies are making progress on decarbonising operational assets, supply chains and their customers’ processes as well as on reducing fugitive methane emissions and flaring.
• CCS projects: CCS gained momentum with Santos' Moomba CCS project in South Australia commencing operations. By mid-October, full injection rates of 1.7mtpa were achieved. This development is a welcome confidence-builder for CCS technology in Australia.

The Energy Club WA had an outstanding year, with:

• Industry dinners: Senior leaders from Woodside, Shell, and others provided company and project updates.
• Panel events: Several panel events including:
  • the Perth Basin with Strike Energy, MinRes, and AGIG
  • ammonia, with Yara, WesCef, Mitsui, and Hon. Peter Tinley MLA
  • decommissioning, with Woodside, ExxonMobil, CODA, and Minister Assisting the Minister for State and Industry Development, Jobs and Trade, Stephen Dawson MLC.
• Unique events: Including a nuclear energy sundowner, a GenAI focused panel with Microsoft and INPEX, and an insightful presentation from Gilbert + Tobin, NOPSEMA, and an Indigenous leader on the Barossa pipeline decision.

Other accomplishments included:

• Membership growth: 10 per cent increase over last year.
• New initiatives: Introduced Open Mic Night and Charity Pub-Quiz.
• Increased collaboration: Added new organisations including IMARC, AOG Energy and Women in Leadership in addition to our longer-term partners SPE, WISE and others.
• Renewed partnerships: Partnering with Energy News Bulletin to amplify club events and speakers.
• Next Gen Schools Program: Establishing a formal review process.
• Sponsorship growth: Increased sponsorship and engagement.
• Diversity: Young Professionals membership increased 10 per cent to 22 per cent of total members. Female membership held flat at 22 per cent, about in line with the industry average.

One of the most consequential trends this year has been the rapid emergence of AI and its far-reaching impact on the energy system. Data centres powering AI are massive energy consumers. Adding to this is the increased energy thirst of electric vehicles and cryptocurrencies

Deloitte research forecasts that data centres will consume 3 per cent of total global energy by 2050, about the same amount as air transportation. The linkage of the energy industry to the future of AI would have been hard to predict just a few years ago.

We are seeing transactions where data centre assets are valued based on their access to energy. Nuclear energy is making a comeback, given it is a large-scale, zero-emission energy source. This is catching the attention of companies such as Google and Microsoft which have committed to buying the power from these facilities.

The remainder of this decade will be critical for the energy sector. Donald Trump's re-election may lead to significant policy changes, including the US potentially leaving the Paris Accord and lifting the LNG pause, which would have implications for Australia.

In the short term, oil, gas and LNG will continue to be the backbone of energy stability and to meet the demands of a growing population. However, as environmental standards tighten and investors demand sustainability, renewable energy projects and low-carbon technologies will grow.

Western Australia, with its natural resources and strategic positioning, will play a central role in energy, as it has done for many decades.

The Energy Club of WA will continue to prioritise Connecting People to Energy and pursue our strategic pillars of connection, education, and creating sustainable opportunities for members.

I hope to see you at our remaining 2024 events, including the Energy Club Breakfast with Energy; Environment; and Climate Action Minister Reece Whitby on December 5, and the Annual Energy Industry Awards sundowner on December 12.

I wish each of you and your families a safe, joyful, and festive holiday season.

May the upcoming year bring health, happiness, and success.

Bernadette Cullinane, 
Energy Club WA President

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