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April 4, 2019

Clean Energy Council report record year for renewables in Australia

Industry body Clean Energy Council has reported that 2018 was a record year for renewable energy in Australia.

By Jack Unwin

Industry body Clean Energy Council has reported that 2018 was a record year for renewable energy in Australia.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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According to its clean energy report 2019, investment in renewable energy doubled from $10bn in 2017 to $20bn in 2018. Renewables made up 21% of Australia’s electricity generation in 2018, generating 48,279GWh of power for the year. Hydro is the largest source of renewable power with 17,002GWh followed by wind at 16,171GWh and solar with 11,694GWh.

Small scale solar installations for housing generated 1.55GW for the year, with panels on over two million homes. On a larger scale 87 major renewable energy projects were approved in 2018, creating over 10,000 jobs in the sector.

The state of Tasmania was the largest producer use of renewable energy, generating 95.9% of its demand from renewable sources, followed by South Australia with 53%. The two lowest performing states in the country were New South Wales with 15% and Queensland at 9.5%.

Each state has its own renewable energy goal, with the most ambitious being Australian Capital Territory’s plan for 100% clean energy and zero net emissions by 2020.

The report did note that despite these advances fossil fuels still formed 79% of Australia’s electricity generation for the year, even though wind and solar are now cheaper than new coal generation. Electricity bills for the country also remain ‘stubbornly high’.

Clean Energy Council chief executive Kane Thornton wrote in the introduction: “The considerable amount of new wind and solar capacity that has entered the market in recent years has already begun to reduce wholesale prices.”

“While there is still much to be done, particularly in relation to improving the grid and energy market and how it integrates renewable energy and energy storage, 2018 was a phenomenal year. The vision of an Australia powered by clean energy is now well and truly in sight.”

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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