1 week Ago By Naziya Alvi Rahman
Energy Minister Chris Bowen has unveiled a significant expansion in Australia’s renewable energy efforts, announcing a boost in the upcoming auction to secure 10 gigawatts (GW) of new energy projects by December 2029. Speaking at the Australian Financial Review’s Energy Summit, Bowen detailed the government’s plan to expedite Australia’s transition to renewable energy by increasing previous auction targets for dispatchable power and renewable generation. “We originally planned for 2GW of dispatchable renewable power and 4GW of renewable energy generation in the next two tender rounds,” Bowen said.
“I’m announcing today that this auction will now be for 4GW of dispatchable power and 6GW of renewable generation.” The government has also introduced rule changes to enhance community engagement and early works processes, aiming to prevent delays. Additional funding of $21 million has been allocated to bolster the Australian Energy Infrastructure Commissioner’s office, which oversees the oversight and implementation of these projects.
“In just two and a half years, the volume of renewables has increased by 25 percent,” Bowen announced. “Australians are installing around 5,000 solar systems per week, and more new solar, wind, and battery capacity has reached financial close this year than in all of 2023.” As of October, 21GW of committed renewable energy projects are expected to be delivered by 2034, with an additional 5.
5GW due for financial close in the next five months. “This shows we have a lot to do, but it also shows me there is a way to do it,” Bowen said, pledging to release a First Nations Clean Energy Strategy soon. He cited the Coalition’s plans to run aging coal plants longer as a recipe for blackouts, pointing out that the reliability of coal-fired power has diminished over time, with frequent unplanned outages.
“The biggest threat to reliability in our grid is over-reliance on aging coal-fired power stations,” Bowen said, warning that delays in renewable energy investment will lead to greater uncertainty and higher risks of energy shortages. As part of the broader strategy to modernise Australia’s grid, Bowen underscored the importance of transmission investments in lowering wholesale electricity prices and reducing emissions. According to estimates, these investments could deliver a net benefit of $22 billion by 2052.
The minister also criticised the Coalition for their plans to scrap the Rewiring the Nation program, which he said is crucial to delivering these benefits. “Both the Capacity Investment Scheme and Rewiring the Nation were designed specifically to help lower network costs and put downward pressure on wholesale prices,” Bowen said. Meanwhile Leader of the Opposition Peter Dutton has maintained that the Coalition’s nuclear plan would cost “a fraction” of the Albanese government’s $1.
3 trillion energy transition scheme. “I can guarantee you this: our nuclear plan will cost a fraction of the Government’s reckless $1.3 trillion plan, with its 28,000 kilometres of new transmission lines ripping up agricultural land and national parks,” Dutton stated before the Committee for Economic Development Australia (CEDA) in Sydney on Sept.
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