Finance

Renewable energy set a new record level in August with 25.6% of electricity supplied across the NEM, according to a new report by a progressive think-tank, The Australia Institute. This volume of new generation is likely to significantly increase competition in the wholesale market, thereby putting downward pressure on prices, the report finds.

Renewable energy sources, notably solar and wind, are reaching price and performance parity on and off the grid, shows a new Deloitte Global report, highlighting seven trends that are driving this transformation.

Applications have officially opened for 50% rebates on rooftop solar installations under the Victorian government’s Solar Homes program, announced just weeks ago. The subsidies will be available until 30 June next year.

The developers that emerged as winners in the Victorian government’s first renewable energy auction have confirmed receiving support agreements from the state to ensure revenue certainty for the projects. The companies have also outlined their construction plans, some of which even include batteries.

AGL has announced it will no longer install solar panels on homes, a decision which has brought with it a $47 million loss.

Although initially expected to deliver around 650 MW, Victoria’s first renewable energy auction has smashed the goal, delivering 928 MW of renewable capacity. Six projects will be developed in total, three wind and three solar, under the state’s renewable energy target. In a separate announcement, the Andrews government promised to provide half price solar batteries for 10,000 Victorian households, if re-elected.

The South Australian government will launch its Home Battery Scheme in October, which will offer South Australians subsidies of up to $6,000. In the wake of the government’s announcement, the German storage provider has revealed plans to manufacture up to 50,000 battery storage units at the former Holden site in Elizabeth, creating hundreds of jobs.

The Sydney-based publicly-listed developer is planning to finance construction of the 50 MW Jemalong solar project either on a merchant basis given the strong NSW price forecast, or under a potential offtake arrangement.

Renewables are stealing the march over coal in Australia, and the international outlook is for lower coal demand. Today the international Coal Transitions project released its findings, based on global coal scenarios and detailed case studies by teams in China, India, South Africa, Australia, Poland and Germany.

The Australian Renewable Energy Agency (ARENA) has offered funding to nine Australian universities and research organizations to propel innovation in green hydrogen export.