INDUSTRY DEVELOPMENTS
REGENERATION In late September the VICTORIAN GOVERNMENT SET AUSTRALIA’S BIGGEST RENEWABLE ENERGY STORAGE TARGETS: A MASSIVE 2.6GW BY 2030, with an increased target of 6.3GW of storage by 2035. The Government is investing $119 million from the $540 million Renewable Energy Zone Fund in a 125MW big battery and grid forming inverter in the Murray Renewable Energy Zone to support targets.
NT Minister for Renewables and Energy, Selena Uibo pictured with Future Grid Project Director Lyndon Frearson
Premier of Victoria Dan Andrews The QUEENSLAND GOVERNMENT has pledged $776m toward what will be Australia’s largest publicly owned windfarm, a 500MW 150-turbine plant near Tarong, west of the Sunshine coast. Premier Palaszczuk has also released the state’s landmark 10-year energy plan. On the following pages we expand on this as well as other states’ ground-breaking announcements.
Matt Kean MP NSW Treasurer and Minister for Energy
The ALICE SPRINGS FUTURE GRID PROJECT has launched its largest trial: the Solar Connect Virtual Power Plant. The trial, which is a first for the Northern Territory, will run for up to 12 months and involve about 50 participants from across Alice Springs, most of whom are residential energy customers with rooftop solar PV and a solar battery. Future Grid is supported by ARENA.
Annastacia Palaszczuk Premier of Queensland
The Clean Energy Finance Corporation has committed $35.5 million in project finance to the 100MW CAPITAL BATTERY to provide critical network support and help the ACT reach net zero emissions by 2045. The battery is on track to be operational in the first half of 2023. Battery installation construction site. Source, CEFC
Turning now to NSW which has launched the first of its RENEWABLE ENERGY AND ENERGY STORAGE AUCTIONS which, combined, will mobilise around $32 billion in private capital and deliver 12GW of renewable energy and 2GW of long duration energy storage by 2030. Not before time, given four out of the five coalfired power stations in NSW are destined to close doors within 11 years.
ARENA has committed $1.5 million in funding to Spinifex’s $3.47 MILLION 1,000MW OFFSHORE WIND FARM PROJECT off the coast of Portland in western Victoria which will connect to the NEM and supply renewable electricity to the Portland Aluminium Smelter. This brings the number of offshore wind projects in early stages of development to 20, moves that have been expedited by the Offshore Electricity Infrastructure Act 2021.
In mid-September renewables supplied over 40% of total energy generated in the NEM setting a NEW INSTANTANEOUS RENEWABLES RECORD OF 64.1%, according to AEMO, a rise of 2.2% from the previous record. And in a sign of the times, AEMO aims to engineer grids to manage up to 100% renewables, at times, by 2025. Data compiled by market researcher Fact.MR reveals the GLOBAL DISTRIBUTED ENERGY STORAGE SYSTEM MARKET currently worth
IMAGE BY ENRIQUE FROM PIXABAY
US$ 4.2 billion is set to surge ahead at a CAGR of 9.6% from 2022 to 2032, reflecting the shift towards renewable sources for power generation. In other findings: the global market for distributed energy storage systems is projected to grow 2.5X and reach US$10.6 billion by 2032; the market exhibited 7.2% CAGR between 2017 and 2021; lithium-ion batteries dominate with US$ 1.5 billion valuation in 2022.
4 SUMMER 2022
