3 days Ago By Alfred Bui
New South Wales (NSW) has led the country in completing renewable projects between 2020-21 and 2023-24. The Australian Bureau of Statistics (ABS) has released a new set of experimental data that provided insight into Australia’s renewable investment level from the March quarter of 2016 to the June quarter of 2024. In comparison, Western Australia only reported $865 million worth of renewable projects completed, followed by South Australia ($606 million), Tasmania ($55.
9 million) and the Northern Territory ($5.3 million). Between 2020-21 and 2023-24, NSW’s value of work done jumped by three times from $1.
39 billion to $3.93 billion. At the national level, the value of work done on renewables reached its highest level in the 2023-24 financial year at $8.
37 billion. A similar trend was also observed in other types of energy investment, with the value peaking at $13.25 billion.
“Both renewable and other electricity investment recorded their highest quarterly levels of work done in the June 2024 quarter,” the ABS said. “The increase in other electricity investment in June 2024 highlights the increased investment in transmission and infrastructure following the sustained investment in renewable generation assets.” Regarding investment commencements, the total value of new projects dropped from the 2022-23 peak of $9.
28 billion to $5.78 billion in 2023-24. The ABC said the change in investments was due to several reasons, including a changing regulatory environment, access to finance, grid capacity constraints and the COVID-19 pandemic.
The funding will be spent on erecting two battery projects and a solar farm in regional Australia. Specifically, the Collie Battery Stage 2 project will support the Western Australian energy grid, and the Western Downs Battery Stage 1 project in Queensland will allow more renewable assets to connect to the National Electricity Market. Meanwhile, Culcairn Solar Farm will be built on 1,000 hectares in NSW with a peak capacity of 440 megawatts.
The farm is expected to be completed in 2026. French renewable energy developer Neoen will be responsible for constructing all three projects. Energy Minister Chris Bowen touted that the investment would deploy Australia’s largest “green bank,” providing a clean, cheap and secure energy grid that Australians deserved.
He also criticised the Opposition for its nuclear strategy..
