Markets

Cofounder of Quinbrook Infrastructure Partners, David Scaysbrook, says the US Inflation Reduction Act can make Australia a green energy superpower – but not in the way we expect. The policy will fundamentally undercut Australia’s competitiveness exporting green hydrogen, but offers giant opportunities for critical materials. Scaysbrook also expects Australia’s 2023 to be lean in terms of renewable investment, especially when it comes to “vanilla” projects.

Germany has decided to build its first green ammonia import terminal in Hamburg, in collaboration with Air Products. Egypt, meanwhile, has signed $128 billion of hydrogen framework agreements.

A trio of New South Wales councils have signed a renewable energy supply deal with energy retailer Flow Power that will underpin the development at least two new solar projects totalling more than 8 MW of PV in the state’s South Coast region.

The booming uptake of home PV systems has steered Western Australia to a new peak for instantaneous renewable energy share, with clean energy – including rooftop and large-scale solar – providing a record 81% of the total electricity generated in the state’s wholesale electricity market.

As Longi and other solar manufacturers kick off massive growth in hydrogen generation capacity, expect large price decreases resulting from steep learning curves, echoing the rapid advances experienced by the solar power industry since the 1970s.

Australia features prominently in the top 10 but the latest edition of Ernst & Young’s renewables attractiveness index rates India as the top market for solar investment while Spain, Germany and the United States are the top three markets for corporate power purchase agreements.

Residential, commercial and industrial solar generation in South Australia has returned to normal operations following heavy curtailment by authorities working to stabilise the grid after storms caused extensive damage to transmission infrastructure.

The New South Wales government has received bids for more than 5.5 GW of wind and solar projects, along with more than 2.5 GW of long-duration storage projects, in response to its first tender to secure renewable projects to transform its coal-reliant energy system.

New Zealand’s solarZero says it aims to provide fast, sustained reserves with its virtual power plant of 10,000 household battery systems. Meridian Energy, meanwhile, has secured approval for a 100 MW battery energy storage system – the country’s largest such system to date.

Mining magnate Andrew “Twiggy” Forrest is the founder and executive chair of Fortescue Metals Group, a major Australian iron ore producer. The company recently announced an ambitious USD 6.2 billion ($9.3bn) decarbonisation strategy. Meanwhile, a fully owned subsidiary – Fortescue Future Industries – has rapidly become a global player in green hydrogen, along with a host of other technology pathways in the energy transition. Whether it is pushing to decarbonise mining, hashing out headline-making green energy deals, or using the popular “Rick and Morty” cartoon to educate people about the potential of green hydrogen, Fortescue and its shining magnate are talking the talk. But can they walk the walk? Blake Matich reports.