Markets

Australia’s Fortescue Future Industries has made its first major move in the United States since the passage of the landmark Inflation Reduction Act, outlaying $34.42 million (USD 24 million) to purchase the ‘fast-to-market’ Phoenix Hydrogen Hub being developed in the American state of Arizona.

Clean energy investor Global Sustainable Energy Opportunities expects to gain access to additional revenue streams in Australia’s National Electricity Market after completing the retrofit of a battery energy storage system at an operating solar farm in South Australia.

The Australian government has launched a new study that will explore opportunities for onshore manufacturing of solar panels and components in a bid to strengthen solar supply chains and better support the country’s energy transformation.

Through the procurement exercise, the GEA-BEAC allocated 1,870.8 MW of ground-mounted PV capacity and 90 MW of floating solar power. The selected developers will secure 20-year power purchase agreements.

The Australian Renewable Energy Agency says solar technology is mature enough and sufficiently cost effective to meet Australia’s 2030 renewables goals but a step change in efficiency and cost is required to support the decarbonisation of hard-to-abate sectors such as industry and transport.

The New South Wales government has provided planning approvals for two new grid-scale batteries that will deliver a combined 540 MWh of energy storage capacity to support the state’s rapidly changing energy market.

A new report released by Australia’s national science agency shows that renewables, led by large-scale and rooftop solar, remain the cheapest form of new-build power generation in Australia despite a 20% average rise in technology costs.

Global demand for sodium-ion batteries is expected to grow to just under 70 GWh in 2033, from 10 GWh in 2025, at a compound annual growth rate (CAGR) of 27%, according to UK-based market research company IDTechEx.

The traditional owners of Yindjibarndi lands in Western Australia have struck a deal with Philippines-based energy giant ACEN Corporation to develop more than 3 GW of wind, solar and battery storage in the state’s Pilbara region.

Solar data and forecasting provider Solcast, a DNV company, has detailed the solar irradiance data it collected for Australia in June, showing that eastern New South Wales received irradiance about 15% above normal for the month, while central and western Victoria received totals 10-20% lower than normal.