Markets

Electric vehicle sales have surged in Australia with data from the nation’s peak motoring body showing that battery electric vehicles accounted for more than 7% of total new light vehicle sales in Australia in 2023, with more than 87,000 purchased.

Enel Green Power Australia has boosted its renewables portfolio by striking a deal with Queensland-headquartered minerals explorer QEM to purchase what would be one of the state’s biggest renewable energy farms in a deal worth more than $7 million (USD 4.68 million).

Early works have commenced on the largest solar farm to reach financial close in New Zealand with Genesis Energy and renewables partner FRV Australia confirming they have finalised the financing for the 47 MW Lauriston Solar Farm.

In a major leap towards the state achieving its sustainable energy goals, Western Australia’s Kwinana Battery Stage Two project has reached a pivotal milestone with Synergy having successfully installed the containerised battery systems at what is to be the largest grid-connected battery in the state.

Squadron Energy, the private renewables group controlled by the billionaire Forrest family, has pledged to deliver 14 GW of new clean energy generation and storage projects in Australia by the end of the decade.

The International Energy Agency has forecast the rollout of rooftop solar in Australia will drop off “faster than anticipated” with increasing grid integration challenges and saturation of the power system contributing to a revision of expectations for renewable energy growth in the country.

“Substantial” profits available in the recently introduced Very Fast Frequency Control Ancillary Services markets will lead to a surge in battery involvement according to new data provided by energy market consultancy and research group Cornwall Insight Australia.

A record 921 MW of PV was installed across Australian rooftops in the final quarter of 2023, taking new rooftop solar capacity to about 3.17 GW for all of last year, second only to the 3.23 GW total rolled out in 2021.

French renewables developer TE H2’s ambition to be an early mover in Australia’s giga-scale renewable energy generation and hydrogen production industry has received a boost with the Northern Territory government awarding major project status to the proposed Darwin H2 Hub.

The rooftop solar juggernaut shows no signs of slowing in Australia with an unprecedented contribution from household PV systems delivering a string of new records in the National Electricity Market to close out 2023.