The Clean Energy Regulator’s (CER) latest quarterly report shows total added renewable energy capacity could exceed 7 GW in Australia in 2024 with large-scale solar and wind investments on the rise and installations of rooftop solar continuing to race along.
In its Quarterly Carbon Market Report for Q2 2024, the CER said it expects between 3 GW and 4 GW of large-scale solar and wind capacity to be connected into the grid this year, up from its previous estimate of 2.5-3.0 GW.
In small-scale renewables, new rooftop solar installations continue at a strong pace with up to 3.1 GW of capacity likely to be added this year.
While rooftop solar shines bright, the CER said large-scale market is growing to near record levels.
In the six months of 2024, 1.5 GW of large-scale solar and wind capacity was approved, an increase of 47% on the same period last year. A further 2.5 GW of applications were under assessment at the end of the June quarter.
“We will continue to monitor if the record of 4.2 GW approved in 2020 could be beaten in 2024,” the regulator said, noting that final investment decisions for large-scale renewables continue to step up with 1.8 GW of large-scale capacity reaching financial close in the first half of the year, eclipsing the total 1.6 GW that reached FID in 2023.
Image: CER
The CER said the June quarter saw 1 GW of projects reaching financial close, including Spanish renewable energy developer Acciona Energia’s 380 MW Aldoga Solar Farm being developed in Queensland and the 80 MW Quorn Park solar and battery hybrid project being developed by Enel Green Power Australia in New South Wales.
In small-scale renewables, rooftop solar continues to be installed at impressive rates across Australia with 760 MW installed in the quarter, up 6% on than the same period last year. There was also a 3% increase in the number of systems (79,000) installed in Q2 2024 compared to the same time last year.
Renewable generation contributed 32% in the National Electricity Market (NEM) in Q2 2024, down 3% from the previous quarter, a drop attributed to unfavourable wind conditions during the term and a reduction in hydroelectricity due to dry conditions in Tasmania.
While the renewables output was lower than anticipated throughout Q2 2024, the regulator expects renewable generation to average about 42% for the 2024 calendar year.
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