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August 5, 2020

GE Renewable Energy and Walcha to develop hydro storage in Australia

GE Renewable Energy has signed an agreement with Walcha Energy to develop a 500MW pumped hydro storage project in Australia.

GE Renewable Energy has signed an agreement with Walcha Energy to develop a 500MW pumped hydro storage project in Australia.

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The Dungowan project would power almost 125,000 households from the New England Renewable Energy Zone, in New South Wales (NSW), Australia.

The NSW government has designated the Renewable Energy Zone as a strategic priority.

Walcha Energy claims the zone will provide nearly 15% of NSW’s power requirements, and Dungowan would generate 2% of that power.

As a whole, it would add 4GW of renewable power to the Australian grid. The companies say the plant will play a key role in the energy transition for NSW and Australia.

Walcha Energy partner Energy Estate managing director Simon Currie said: “The Dungowan Pumped Hydro Storage Power Plant will help facilitate new wind and solar projects, and provide firming and grid support services at a critical point on the Australian National Electricity Market.

“The project represents a unique opportunity to tap into a high-head site, in close proximity to an existing reservoir. It is strategically located between retiring coal capacity to the south and emerging wind and solar capacity to the east, west and north.”

As per the terms of the agreement, GE Renewable Energy’s Hydro Solutions business will provide technical and commercial support to Walcha Energy for the hydro storage power plant.

GE Renewable Energy Hydro Solutions CEO Pascal Radue said: “Nearly half of the more than 8GW of hydropower capacity operating in Australia today is powered by our turbines, generators or both.

“However, it has been many years since new hydro capacity was built in Australia, so GE Renewable Energy is excited and proud to be at the forefront of the next wave of Australian hydropower capacities.”

Last June, GE Renewable Energy agreed to provide predictive operation and maintenance capabilities for Enel Green Power’s hydro plants in Spain.

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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.
by GlobalData
Enter your details here to receive your free Report.

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