Markets

The developers of a proposed a “clean energy corridor” in Queensland’s central west that promises 4.2 GW of solar, grid-scale battery storage and a high-voltage transmission line are calling on landholders in the region to now register their interest in hosting renewable energy projects.

After receiving an initial takeover bid last month, Australian renewable power generation and energy storage developer Genex Power has received a revised acquisition offer from Japanese energy company and anchor investor J-Power.

German solar technology developer and retailer 1komma5° has continued to strengthen its presence in the Australian market with the acquisition of Queensland-based Arkana Energy Group.

New modelling shows that Queensland is on target to achieve its 80% renewable energy goal by 2035 with 13 new large-scale solar and wind projects with a combined 4.38 GW of generation capacity likely to be commissioned within the next three years.

Wood Mackenzie says the levelized cost of electricity in the Asia-Pacific region hit an all-time low in 2023, as utility-scale PV beat coal to become the cheapest power source. It predicts a further drop in costs for new-build solar projects, driven by falling module prices and oversupply from China.

The Indonesian government has ended net metering for rooftop solar installations. The Jakarta-based Institute for Essential Services Reform says this could make it harder for the country to meet its solar deployment targets, as PV installations will become more expensive for households and small businesses.

Big batteries now dominate the provision of the frequency control ancillary services required to maintain power system security in Australia’s main grid but demand side services company Viotas says there is room for more players in the increasingly lucrative market.

With solar production capacity expansion plans paused, bigger cell makers will weather the storm through a revised approach to new panel technologies. InfoLink’s Alan Tu says that low profits could also drive innovation and cost savings, pushing the industry to new heights.

Independent Australian think tank Climate Energy Finance (CEF) finds public and private capital is rapidly transitioning Queensland from its dependence on coal and methane gas for electricity generation. The findings were published today in a new report.

In updated figures, BloombergNEF finds that 444 GW of new PV capacity was installed globally in 2023. It says new installations could reach up to 574 GW this year, in its most optimistic forecast, 627 GW in 2025, and 880 GW in 2030.