Markets

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.

As Victorian homeowners call for better grid infrastructure after outages left thousands without power this week, new data from research company Rystad Energy suggests the whole world’s transmission network may be a stumbling block to energy transition.

Korean solar module maker Qcells informed its local team this week that its Australian subsidiary will be closed. The decision reflects on the highly competitive Australian solar marketplace and the company’s strategic decision to focus on the United States, Europe, and its home market of Korea.

Six electricity transmission towers in Victoria collapsed on Tuesday, Feb. 13. As a result, there were “widespread power outages” and extremely high power prices – with coal-fired generator Loy Yang A forced to shut down and disconnect from the grid.

Global energy storage technology company Fluence has more than 1 GW of battery projects operating or under construction in Australia and it is now broadening its strategy beyond hardware to include optimising asset performance and servicing.

Australia’s energy transition risks falling behind with a new report showing that the time required to plan, build and commission a large-scale solar farm is almost four years with the final stage of the process having blown out to six months or more.

Commonwealth Bank-backed energy retailer and technology company Amber Electric has raised $29 million (USD 18.9 million) in capital that is earmarked to scale the business in Australia and to take its battery and electric vehicle automation software offshore.

The City of Melbourne has partnered with Origin Zero to deliver three battery energy storage systems as part of its plan to establish a network of co-ordinated community batteries across the city to better manage the increasing penetration of rooftop solar and periods of peak demand on the network.

A slowdown in large-scale solar farm development has not been enough to derail near record annual growth in Australia’s solar market with data from SunWiz showing 4.6 GW of PV capacity was installed across the country in 2023.

Global clean energy major EDP Renewables has expanded its presence into Australia with the acquisition of Canberra-based solar and energy storage developer ITP Development in a deal that adds more than 1.5 GW of wind and solar projects to its portfolio.