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December 24, 2021

Australia announces funding for battery storage projects

The Australian government is also working with private sector to identify and support energy storage projects in the country.

By Umesh Ellichipuram

The Government of Australia has announced a funding of $72.3m (A$100m) for the construction of new large scale batteries to deliver reliable and affordable electricity for the households and industries in the region.

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The market for battery energy storage is estimated to grow to $10.84bn in 2026. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids’ capability to meet present and future requirements. As part of the effort, batteries are being deployed for a wide range of uses. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Read this report for expert insights into:
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  • The impact of the commodity price increase on the battery prices
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The funding will be provided through the Australian Renewable Energy Agency (ARENA) for the projects with 70MW or more capacity that will provide essential system stability services to the electricity grid.

Australia Minister for Industry, Energy and Emissions Reduction Angus Taylor said: “Large-scale battery storage, along with gas and pumped hydro, will be an important part of Australia’s energy infrastructure mix as more and more renewables come into the grid.

“The Morrison Government has delivered lower energy prices with household costs down by more than 10 percent, but we want to ensure Australians continue to enjoy lower prices. It is crucial to deliver the right infrastructure where it is needed to support our record levels of renewables.”

The funding is expected to support at least three projects with a maximum of up to $25.3m (A$35m) grant each.

The grant will be offered to all the battery energy storage technologies that are equipped with advanced inverters.

Incentivising private sector investment, the funding round will also address the hurdles of deploying advanced inverter technology.

Taylor further added that the government is working with private sector to identify and support energy storage projects in the country.

These projects will also support the nation’s long term emissions reduction plan as well as help Australia in achieving its net zero emissions by 2050.

Since 2017, the government has funded six large-scale batteries through ARENA.

Related Companies

Free Report
img

Battery energy storage will be the key to energy transition – find out how

The market for battery energy storage is estimated to grow to $10.84bn in 2026. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids’ capability to meet present and future requirements. As part of the effort, batteries are being deployed for a wide range of uses. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Read this report for expert insights into:
  • Market size and growth
  • Key drivers and restraints
  • Regional trends
  • The impact of the commodity price increase on the battery prices
Get ahead of this growing market and win big by utilizing our report.
by GlobalData
Enter your details here to receive your free Report.

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