Markets

Western Australian government-owned utility Synergy’s plan to build a 500 MW/2,000 MWh battery energy storage system in the state’s southwest to improve system security and support increased renewable energy generation in the main grid has been given the tick of approval by planning authorities.

A report from Ernst & Young shows that despite inflationary pressures, solar remains the cheapest source of new-build electricity. The global weighted average levelised cost of electricity for PV is now 29% lower than the cheapest fossil fuel alternative.

Australia is geologically equipped to become a battery critical-minerals hub but the nation is stumbling upon sticky structural issues. Sensitive diplomatic and trade ties, delicate forests and ecosystems, and a devotion to free markets and small government are among the major hurdles, writes Bella Peacock.

Canadian firm Hydrostor has struck a deal to provide back-up power to the remote New South Wales outback town of Broken Hill using a compressed air energy storage plant that will be built in an underground cavern at one of the region’s closed mines.

Australian commercial solar outfit CleanPeak Energy will deliver at least four new solar farms in regional New South Wales after striking a green energy deal with the state government that will ensure the long-term carbon neutrality of Sydney’s Barangaroo precinct.

A “major influx” of new renewable generation and storage capacity is poised to connect to Australia’s main grid with the energy market operator revealing almost 150 projects representing more than 31 GW of new capacity are in the application and pre-registration stages.

Australia’s largest electricity transmission project has hit a snag with a major union alleging transmission line workers delivering the New South Wales stretch of the $2 billion-plus (USD 1.32 billion) Project EnergyConnect electricity interconnector have been working in unsafe and non-compliant conditions.

Victorian network operator AusNet has commenced construction of a transmission network upgrade that is expected to reduce generation constraints and improve network stability in the state’s southwest, unlocking 1.5 GW of additional renewable energy generation capacity.

Authors of the “World Nuclear Industry Status Report 2023” define the future role of nuclear energy in the global energy mix as “irrelevant” and “marginal.” The authors add that there were 407 operational reactors producing 365 GW in the middle of the year, which is less than installed capacity predictions for solar by the end of the year.

Australia ranks as the fifth most attractive destination for green investment and development opportunities according to multinational consultancy EY’s latest renewable energy country attractiveness index.