Markets

Following the early success of its solar integrated Gannawarra Energy Storage System, Edify Energy has again opted for Tesla Megapack as its preferred battery energy storage system for its combination of storage projects totalling 150MW/300MWh in the Riverina region of New South Wales.

Given the goings-on in the world this last quarter, Mike Jefferies, Investment Manager at Octopus Investments Australia, takes a look at the current macroeconomic environment, how this is tied to energy markets, the impacts Russia’s invasion of Ukraine has had on that energy market, what this could mean for Australia and how renewables could help address these issues.

The international development entity has already invested $1 billion in local, off-grid electricity networks over the last decade – and attracted a further $1.1 billion in matched funding – and wants to set up mini-grids to supply electricity to 490 million people by 2030.

Indonesia has set itself some ambitious goals for PV manufacturing, backed by domestic content requirements and other incentives. But local demand is limited, and the nation faces stiff competition from China and other countries on the export market. While real obstacles remain, a restructuring of state-owned electricity company PLN and local raw material riches mean the potential is growing.

The Australian Government has committed more than $240 million to critical minerals projects in a bid to end Australia’s reliance on China and cement its place in the rapidly growing global electric vehicle and battery markets.

A report published by IRENA hints the world’s politicians will have to get to work immediately to avoid another generation of fossil fuel-fired hydrogen, ammonia, and methanol plants being set up to run into the second half of the century.

The world has installed its first terawatt of hardware on earth to generate electricity directly from the sun.

In the fourth quarter of 2021 alone, solar developers added 3.2GW of new PV installations in India.

Australia’s largest energy retailer Origin Energy has ramped up plans for the delivery of large-scale renewable energy projects as it prepares to replace the capacity set to be withdrawn from the grid with the impending closure of the nation’s biggest coal-fired power station.

Mine sites across Western Australia are decarbonising after Zenith Energy and modular solar pioneer 5B signed an Ecosystem Framework Agreement-Deployment, which will see 5Bs rapidly deployable Maverick solar systems installed along with battery energy storage systems at multiple mine sties.