The Woodside Energy Group Ltd (ASX: WDS) share price is up 1.4% in late morning trade.
Shares in the S&P/ASX 200 Index (ASX: XJO) oil and gas stock closed yesterday trading for $34. At the time of writing, shares are swapping hands for $34.46 apiece.
It's not just the Woodside share price that's having a good day. The S&P/ASX 200 Energy Index (ASX: XEJ) is up 1.2% at this same time.
What's happening with Australia's energy transition?
The Woodside share price is marching higher amid demands from Australia's manufacturers that the government slow its "blind rush" towards renewables and ensure transition fuels are in place to keep power prices in check.
As The Australian Financial Review reports, leaders of the energy-intensive industry want a re-think on the viability of achieving Labor's 2030 emissions reduction and renewable energy targets.
The manufacturers expressed concern over the shutdown of coal power plants without other reliable baseload power plants in place. They fear that already rocketing electricity prices will rise even further, sending more manufacturers offshore or out of business.
"On the current trajectory Australia is headed for a complete absolute disaster on the East Coast, there is no question about that," Brickworks Limited (ASX: BKW) managing director Lindsay Partridge said of the 2030 targets.
"We need some adults to take over the conversation and lay out a concise plan by which we can get to reliable, affordable energy system between now and, say, 2050 or 2060," Partridge added.
In a potential longer-term boost for the Woodside share price, Steven Bell, CEO of Qenos, said the industry was concerned over the extra costs associated with carbon reduction from the electricity grid.
"It's just a blind rush to turn stuff off, and we don't have the transition plan in place," he said (quoted by the AFR).
According to Bell:
The rest of the world is going to eat us alive if we don't find a way to do this a little smarter, in my view.
Sustainable baseload electricity – either coal or gas – is required, and we need a transition fuel. Gas is the one transition fuel which you can turn on and off when we need it. I don't think we've got the infrastructure set up.
The ball is now back in the government's court.
Woodside share price snapshot
With today's intraday boost factored in, the Woodside share price is up 12% over the past 12 months.
