Finance

The Australian Energy Market Commission (AEMC) has decided to give energy businesses an extra three months to prepare the IT overhaul necessary for the five-minute settlement market reform. The decision comes in response to concerns that the unprecedented impacts of Covid-19 necessitated extra breathing space.

A “majority” stake of the 300 MW shovel-ready Rodds Bay Solar Farm in Queensland has been purchased by UK investment firm United Green. The announcement comes as state government energy ministers come together to reinforce their renewable energy ambitions in this time of economic recovery, despite “the difficulty” of the federal policy vacuum.

The Clean Energy Council’s latest “Clean Energy Outlook – Confidence Index” shows growing investor confidence nationwide despite the continuance of federal policy ambiguity and the economic impact of Covid-19. Investors and executives singled out NSW in particular as being among the most attractive states for renewable investment thanks to its positive statements and clear strategy.

In its annual State of the Energy Market report, the Australian Energy Market Regulator has suggested that solar households should be asked to pay a network fee to be allowed to export energy to the grid.

Every crisis is a crossroads, and Australia is certainly at a crossroads. This week, a host of climate, development and investment leaders are backing Beyond Zero Emission’s green scaffolded Million Jobs Plan of Covid-19 economic recovery.

From today, the City of Sydney will run entirely on renewable energy generated from wind and solar farms in regional NSW.

Infigen Energy on Tuesday recommended a revised offer from Iberdrola to its shareholders, after the Spanish renewable energy giant waived conditions of its takeover bid.

While investor appetite for large-scale battery storage is rapidly growing, market arrangements need to be amended to streamline the integration and operation of big batteries on the National Electricity Market, finds an analysis by the Clean Energy Council.

Singapore-based commercial and industrial solar developer Cleantech Solar has secured a US$75 million in green finance from ING Bank, the Asia Pacific’s largest ever C&I solar green loan. As the world’s fastest growing electricity market, South East Asia is crying out for this kind of investment.

The government’s task is to identify and develop a suite of energy technologies that can provide low-cost, low-emissions electricity system of the future, and the Clean Energy Council says that this can be achieved by leveraging Australia’s comparative advantage and the mature industry built around solar and wind. Technologies that extend the life of higher cost, fossil fuel generation should not be prioritized for investment, the CEC says, instead, the roadmap should focus on plenty of challenges to accelerate renewable energy investment.