Markets

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.

A prominent analyst in China expects the price of the solar panel raw material to pass CNY 300 (AU$65.5) per kg soon and says the sky-high prices will continue at least through September.

A new report from the International Energy Agency stresses the importance of geographically diversifying the global PV supply chain. This would prevent supply chain vulnerability to bankruptcies and underinvestment.

In other news, DAH Solar announced a 5 GW TOPCon solar module factory in Anhui province and Tongwei further raised the prices of its solar cells.

Global efforts to build energy and transport systems based on lower-emission sources are expected to drive Australia’s mining and energy export revenues to record highs of more than $400 billion for a second consecutive year.

In May, Australia voted out its conservative government, which had held power for almost a decade. Instead, it turned to Labor, female independents, and minor parties with far greater climate ambitions. In short, it shifted to an entirely different approach to politics.

With new modelling by PricewaterhouseCoopers Australia revealing that businesses will spend $3.7 billion on advisory services supporting their transition to a clean economy by 2030, the firm has launched a new unit designed to help facilitate the nation’s successful transition to a decarbonised economy.

The quickening exit of coal-fired generation from Australia’s energy mix – with 60% of capacity expected to be withdrawn from the National Electricity Market by 2030 – has emphasised the need for significant investment in renewable energy generation, storage, transmission, and system services.

Australian energy giant AGL Energy has revealed that Canadian fund manager Brookfield Asset Management has acquired a more than 2.5% stake in the power producer, renewing speculation it may mount a fresh tilt to take over the company.