Australia's Clean Energy Council reported signs of recovery in the nation's renewable energy sector during Q1 2024 but emphasized that investment levels must significantly increase to meet 2030 de-carbonization targets. Following the lows of 2023, the Council's Renewable Projects Quarterly Report for Q1 2024, released last week, showed a rebound in electricity generation projects. Five projects, totaling 895MW of capacity, reached financial commitment, marking the best quarter since the end of 2022.
It's worth mentioning that there are presently 121 generation and energy storage projects either with secured financial backing or in the construction phase. This accounts for 12.3GW of electricity generation capacity and 8.4GW/18.8GWh of energy storage projects. Kane Thornton, CEO of the Clean Energy Council, emphasized the "encouraging signs" of the Australian renewable market trending positively and "on a path to recovery," supported by significant commitments from the Federal government.
Thornton stated, "Recent significant pledges by the Federal government aim to instill confidence in renewable energy investors, which we anticipate will fuel a revival in the large-scale generation essential for our needs." He added, "These outcomes are promising indicators that Australia's transition to clean energy is progressing positively and heading toward recovery."
For the fourth quarter in a row, energy storage projects have attracted over AU$1 billion (US$660 million) in financial investment commitments. According to the report, four storage projects totaling 760MW/1,640MWh received financial backing. The largest among them is the Mortlake Power Station Battery in Victoria, with a capacity of 300MW/650MWh, set to be developed by Australian generator-retailer Origin Energy. Additionally, the Mannum Battery Energy Storage System, with a capacity of 100MW/200MWh, and the Templers Battery Energy Storage System, with a capacity of 110MW/290MWh, both in South Australia, also secured financial commitments.
In Q1 2024, construction began on two energy storage projects. These include Synergy's Collie Battery Energy Storage System in Western Australia, with a capacity of 500MW/2,000MWh, and the Swanbank Battery in Queensland, with a capacity of 250MW/500MWh. Additionally, the Bouldercombe Battery, with a capacity of 50MW/100MWh, reached commissioning in Q1. Thornton commented on the energy storage results, stating, "Investment in large-scale storage remains robust, following a record year in 2023. It's evident that renewables paired with storage are the future of Australia's energy system, and investors are eagerly pursuing new energy storage projects."
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