Renewables electricity on the rise – Clean Energy Regulator

New large-scale renewable energy sources are strengthening at an accelerating rate, according to the latest Quarterly Carbon Market Report from the Clean Energy Regulator.

The regulator’s Q2 2024 report found that total added renewable energy capacity could exceed 7 gigawatts (GW) this year — a combination of an upgraded estimate of 3-4 GW large-scale wind and solar reaching first generation and an estimated 3.1 GW of small-scale rooftop solar.

Acting CER Chair Mark Williamson (pictured) said: “New power station approved capacity under the Large-scale Renewable Energy Target is increasing.”

In the first half of 2024, 1.5 GW of large-scale renewable power station capacity was approved, with a further 2.5 GW of applications under assessment at the end of Q2 2024.

Final investment decisions for large-scale renewables continue to step up this year.

In the first half of 2024, 1.8 GW of capacity reached a final investment decision – this is greater than the total 1.6 GW that reached a final investment decision in 2023.

Large-scale generation certificate (LGC) holdings increased by 7.4 million to reach 28.5 million at the end of Q2 2024.

Williamson said: “Entities preparing to meet their 100% renewable electricity claims continue to accumulate LGCs at a high rate.”

In small-scale renewables, new rooftop solar installations continue at a strong pace across Australia with 0.76 GW installed in Q2 2024, 6% higher than Q2 2023. There was also a 3% increase in the number of systems (79,000) installed in Q2 2024 compared to the same time last year.

Safeguard entities continue to accumulate Australian carbon credit units (ACCUs) in anticipation of their compliance obligations.

Williamson said: “At the end of the quarter, 22.6 million ACCUs (55% of all holdings) were held in Safeguard or Safeguard related accounts.”

Supply remains on track for 20 million ACCUs to be issued in 2024.

The Minister for Climate Change and Energy Chris Bowen welcomed what he called encouraging figures.

Bowen told ABC radio: “Still a long way to go, but encouraging figures saying renewable energy investment up substantially over the last year, up this year, rooftop solar, maintaining its strong growth, but utility scale increasing dramatically, potentially doubling last year.

“Now we’ve got to keep our foot on the accelerator, there’s a long way to go, but these are encouraging figures.”

Bowen said it was a ‘big lift’ to get to 82 per cent renewable by 2030.

“It’s important that we do, not only for emissions reduction, that’s pretty self‑evident, but also, frankly…for reliability.

“The biggest threat to reliability in our energy system now is coal‑fired power stations.

“You know, we haven’t had a day in the last year where we haven’t had an unexpected outage from a coal‑fired power station, a breakdown, to put it another way, in a coal‑fired power station.

“…They’re getting older, and here’s the thing; they don’t get more reliable as they get older.”

Bowen’s comments came after a major speech by opposition leader Peter Dutton, in which he again failed to provide any costings for his plans to rollout large and SMR nuclear power reactors.

Picture: Mark Williamson