Markets

Octopus Investments Australia, a subsidiary of the major global Octopus Group, today launched two renewable energy investment vehicles totalling $10 billion. The Octopus funds’ first joint acquisition is Australia’s largest operational solar farm, the 333 MW Darlington Point Solar Farm in New South Wales.

Tesla chair Robyn Denholm expects the company to double its EV sales in Australia by the year’s end, hoping to see its flagship product catch up to its Powerwall sales. Denholm also said Australia needs to expand its lithium refining and processing capacity at “sprinting pace” to properly capture the global battery opportunity.

The nation may miss its 2030 target of 500 GW renewables capacity by over 104 GW under the current market trend.

Project Symphony provides a glimpse into Western Australia’s energy future, argues the project’s communications lead, Megan Allan. With a large, islanded network featuring high levels of rooftop PV penetration, the pilot on Western Australia’s grid is aggregating residential PV into a virtual power plant (VPP) to participate in a simulated bidirectional wholesale electricity market.

The average global price of solar kilowatt-hours fell 13% on 2020’s prices, as around two-thirds of the renewables capacity installed last year was cheaper than the lowest-cost fossil fuel alternative.

GlobalData has predicted that the global electrolyser market will hit 8.52 GW by 2026. BP and Thyssenkrupp have agreed to cooperate on the use of hydrogen in the steel sector, while electrolyser supplier Nel Hydrogen has secured orders in Australia and Denmark

Recycling solar panels keeps them out of landfills, but also provides much-needed raw materials with Rystad Energy projecting a value approaching AU$118 billion (US$80 billion) by 2050.

Spanish energy and construction giant Acciona plans to massively expand its investment in Australian renewable projects over the next five years, following the new federal government’s pledge to upgrade national electricity transmission networks.

Interest and investment in heat pumps has surged in Europe, but in Australia the technology has struggled to find a serious foothold. Industrial heat pumps could reduce ‘hard to abate’ emissions here by 15 million tonnes per annum by 2050, according to new modelling from the Australian Alliance for Energy Productivity though. Despite the potential, dodgy technology suppliers and schemes gone awry have left a bad taste in Australia’s mouth, CEO Jarrod Leak tells pv magazine Australia.

Australia’s national science agency has reaffirmed integrated wind and solar PV remain the cheapest new-build electricity generation options but warned inflationary pressures and ongoing supply chain disruptions are likely to stall any further cost reductions for at least 12 months.