Markets

The New South Wales government has formalised its decision to double the size of Australia’s first coordinated renewable energy zone, boosting its capacity to 6 GW of solar, wind and storage in a move designed to better cater for the state’s future energy as it transitions from coal and gas to a renewables-based grid.

The Australian arm of Swedish renewables heavyweight OX2 will develop a new 25 MW solar farm in the New South Wales Riverina district after signing a long-term power purchase agreement with data centre firm AirTrunk and global tech giant Google.

Australia’s largest battery with grid-forming inverter capabilities is set to go ahead with energy major AGL announcing a final investment decision on a 500 MW, two-hour duration battery being developed in the New South Wales Hunter Valley.

Five energy infrastructure projects representing 750 MW of renewable energy generation and 524 MW/4,192 MWh of long-duration storage have been successful to the New South Wales government’s latest tender round as it prepares for the exit of coal-fired power generation from the state’s electricity grid.

Electric vehicle charging in Australia and New Zealand has been given a boost with fund manager Pacific Equity Partners acquiring a majority stake in Australian electric vehicle charging solutions provider EVSE to the tune of $250 million (USD 167 million). The partnership also involves PEP-backed smart metering specialist Intellihub.

The Capacity Investment Scheme South Australia-Victoria tender is now open for bids. Renewable energy storage projects must be located in either of the states and have a minimum storage duration of two hours and a minimum size of 30 MW.

Solar developer Lightsource bp has declared that proceeds from the sale of five utility scale PV projects in Australia with a combined capacity of more than 1 GW will be used to fast track the development of a pipeline of projects across the wider Asia Pacific region.

European Union member states have installed a “record-breaking” 56 GW of PV over the last 12 months – consistent with the past three years of 40% year-on-year growth, according to SolarPower Europe. But the association warns that solar’s moment in the sun could soon be over, as energy prices stabilise and project interest rates skyrocket.

China’s solar industry rebounded in 2023 after years of pandemic-related sluggishness. As the year draws to a close, Vincent Shaw looks back at key highlights of 2023 and considers the prospects for 2024.

Australia’s independent energy markets and power systems operator has warned urgent investment in generation, firming and transmission is needed with forecasts showing the National Electricity Market needs to almost triple its installed capacity in less than 30 years.