Markets

Seven New South Wales local councils have united to secure a long-term electricity purchasing agreement utilising the 115 MW Metz Solar Farm which will deliver enough renewable energy to allow the participating councils’ facilities and assets to transition to 100% renewables in a staged approach from January 2023.

Risen and Longi have revealed plans to each build 10 GW factories, while Canadian Solar has reported solid earnings and Daqo has secured a big polysilicon order.

The Clean Energy Council has reiterated calls to reform the grid connection process to provide increased certainty and security for investors after a new report revealed only one renewable energy generation project reached financial close in Australia in the third quarter of 2022.

The Australian Energy Market Operator has launched an online connections simulator designed to improve and accelerate the grid-connection process for new energy generation and storage projects in the National Electricity Market.

Renewable energy developer Neoen has inked a connection agreement with network operator ElectraNet which will allow for the first stage of its $3 billion (USD 2 billion) Goyder South project to connect to the grid in South Australia, paving the way for future wind, solar and battery storage opportunities at the site.

Freight costs fell for the 39th straight week to account for roughly 4% of solar module costs – close to pre-pandemic levels. PV consultant Asier Ukar tells pv magazine that this trend will likely continue over the short term.

Energy giant AGL has disclosed it will shutter its gas-fired Torrens Island B power station in South Australia within four years, citing the impending completion of a new electricity interconnector that will link power grids across three Australian states, unlocking gigawatts of new wind, solar PV and storage projects.

With the US offering tremendous capital to “friendshore” its renewable supply chains, the cofounder of a major renewables investor, David Scaysbrook, says President Biden’s Inflation Reduction Act could turn Australia into a critical mineral and rare earth powerhouse. “The question is, do we have the stomach for that?” Scaysbrook asks. For Tim Buckley, director of Climate Energy Finance, it’s a matter of the government taking a whole system approach and going early.

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.