Heat pumps installs up 70% but large-scale forecasts downgraded with just 0.5 GW reaching FID in H1
A major jump in small-scale air source heat pump installations has been illustrated by the Clean Energy Regulator’s latest Carbon Market Report. Australia’s large-scale renewables segment, however, is languishing with the Regulator knocking its 2023 final investment decision (FID) forecasts down from 3.5 GW to 2.5 GW. Just a 0.5 GW has reach FID in 2023 so far.
Victoria rolls out bulk solar rebates as part of all-electric push
A new $10 million (USD 6.42 million) grants initiative that eliminates the need for Victorian companies that install solar panels, solar hot water systems and heat pumps at scale to apply for individual rebates is now open for expressions of interest.
Funding boost to progress Port Bonython green hydrogen plans
Plans to develop a large-scale green hydrogen production and export facility at Port Bonython in South Australia have received a significant boost with the state and federal governments investing $100 million (USD 64.4 million) to develop infrastructure that will support the proposed $593 million project.
AEMC pushes for reform to support consumer energy resources
The Australian Energy Market Commission has declared regulatory reform is required to maximise the benefits of the “record amounts” of household energy devices including rooftop solar systems and small-scale batteries that are connecting to the power grid.
First $5 billion transferred to manufacturing fund, proposals so far dominated by renewables
Australia’s National Reconstruction Fund is up and running, with the federal government transferring the first $5 billion (USD 3.26 billion). The fund has already received around 100 proposals, with climate ventures and advanced technology reportedly dominating.
Rystad forecasts 150 GW of new solar in 2023
Rystad Energy believes China could be on track for another record year in 2023, with expectations for more than 150 GW of new PV capacity. The Norwegian consultancy says the country could also potentially install 165 GW in 2024 and 170 GW in 2025.
AEMC proposes raising price caps to ensure market reliability over energy transition
The Australian Energy Market Commission (AEMC) has proposed increasing price caps on the country’s main electricity market. This is meant to allow investors to respond to fill gaps created by ageing coal generation.
Substantial increase in solar fires caused by DC isolators recorded in state data
Data shows a sharp increase in the number of fires caused by the DC isolators that separate the grid from solar panels. ABC News gathered state-by-state data revealing a dramatic increase in fire incidents in the last 12 months.
Report exposes Australia’s biggest fossil fuel subsidy and how mining industry could be better served
A new report by Climate Energy Finance has revealed Australia’s diesel Fuel Tax Credit Scheme disincentivises growth in future industries and will cost taxpayers $37 billion (USD 23.8b) in lost tax revenue by 2030. The report also illustrates how capping these rebates represents a multifaceted advantage for Australian manufacturing of low and zero-emission mining vehicles.
Overcapacity hammering solar stocks
BloombergNEF Senior Analyst Jenny Chase and Aurora Energy Research Renewables Lead Rebecca McManus speak with pv magazine about financial market trends for solar companies and the role of overcapacity as a driver of turbulence in the industry.
