Markets

Renewable energy investors have proposed more than 40 new clean energy projects totalling more than 17 GW of generation and storage capacity for a coordinated renewable energy zone to be established in the Illawarra region on the New South Wales south coast.

Ravi Verma, senior executive vice president of Avaada, told pv magazine the group will invest US$5 billion (AU$7.18 billion) in an integrated green hydrogen and ammonia plant with 6 GW of captive renewables capacity. The green ammonia facility will have a production capacity of 1 million tonnes per year.

Unprecedented volatility in global commodity markets, disruption to logistics and supply chains, and unrelenting growth has driven up the cost of Li-ion batteries since the middle of 2021. Sam Wilkinson and Oliver Forsyth of IHS Markit expect to see rapid manufacturing expansion that will still struggle to keep up with demand, and ultimately lead to the establishment of a smaller group of battery-makers specialized in supplying stationary energy storage systems.

Tasmania is on track to reach its renewable energy target after a registration of interest process revealed 25,000 GWh of new large-scale renewable generators and energy storage projects are currently seeking approval for development in the island state.

New modelling has found Australia will require about 40 times the total generation capacity of today’s national electricity market, including an estimated 1,900 GW of solar PV, to deliver on its net-zero ambitions by 2050.

State-owned NHPC and Bharat Electronics Ltd will leverage their complementary strengths to set up a gigawatt-scale vertically integrated solar manufacturing unit.

The Western Australia government will fast-track an assessment of new and existing demand for renewable energy across the state’s main electricity network as it continues the transition to a low-emissions future.

China installed 37.73 GW of solar in the first seven months of this year, according to official estimates. JinkoSolar said it is struggling to cope with power rationing in Sichuan province, while Shunfeng said it expects to record a hefty net loss for the first half.

The Energy Information Administration projects renewable energy to reach a record share of generation mix this year.

South Korean solar and battery manufacturer Qcells says its Australian arm has seen 194% growth in energy storage system (ESS) sales in July 2022 compared to the first quarter of the calendar year.