Over 1400 MW of new large-scale renewable energy generation projects, worth $3.3 billion in new investment, were committed in the third quarter of 2024, according to the Clean Energy Council’s latest Quarterly Renewables Report.
Clean Energy Council Chief Executive, Kane Thornton, said that the Q3 report reflected the healthiest investment data for new renewable energy generation projects since late 2022, indicating that conditions were gradually improving for the sector.
“This is terrific news for energy consumers across the country, who will benefit from the next generation of power plants coming online, putting downward pressure on electricity prices,” he said.
“If we sustain the level of investment for new wind and solar power plants which we have seen in the third quarter of this year, we can get back on track to achieving Australia’s target of 82 per cent renewable energy generation by 2030.”
One of the highlights of the new investment data is the rebound from onshore wind projects, with 1758 MW of new capacity committed in 2024 to date.
Investment in energy storage projects, critical for the growth of generation and grid stability, also continued to power ahead, with eight projects setting a new 12-month quarterly average record with 1235 MW of new capacity (3862 MWh of energy output) reaching financial commitment – a 95 per cent increase compared to the same time during 2023.
“This quarter’s energy storage record against the 12-month quarterly average is very positive. More storage means a more reliable, stable and flexible electricity system,” Mr Thornton said.
The increasing activity indicates that the challenging economic conditions are beginning to ease and the hard work by government agencies and industry to address a wide range of legacy issues across our grid, planning and institutional settings, are starting to bear fruit. There is a lot more work still to be done, but the signs are encouraging.Kane Thornton Clean Energy Council Chief Executive
Over 40 per cent of Australia’s electricity supply now comes from renewable energy, including hydro, solar and wind, with the renewable energy share expected to climb to almost 50 per cent by the end of next year, based on the projects under construction today.
Key findings from the report:
1405 MW of capacity ($3.3 billion) of new investment in large-scale renewable generation projects recorded during Q3 2024, exceeding the annual total for 2023.
Onshore wind projects have recorded 1758 MW of capacity reaching financial commitments during 2024.
Large-scale energy storage projects have seen a record 1235 MW/3862 MWh of energy output reaching financial commitment during Q3 2024 – up 95 per cent compared to Q3 2023.
ENDS
For more information or to arrange an interview, contact:
Liam Straughan
Clean Energy Council Media Officer
+61 409 470 683