Q3 2024: Australia Sees $3.3B New RE Projects, Surpasses 2023 Record

Australia saw strong renewable energy and storage investment in the third quarter (Q3) of 2024. According to the Clean Energy Council’s latest Quarterly Renewables Report. Australia added 1,405 MW of capacity ($3.3 billion) in new large-scale renewable generation projects during Q3 of 2024, exceeding the total in 2023.

Currently, over 40 percent of Australia’s electricity supply comes from renewable sources, including hydro, solar, and wind. This share is expected to climb to almost 50 percent by the end of next year based on projects currently under construction. Within this renewable energy share, Australia’s onshore wind projects achieved 1,758 MW of capacity reaching financial commitment in 2024. Large-scale energy storage projects also set a record, with 1,235 MW/3,862 MWh of energy storage reaching financial commitment during Q3 2024 – an increase of 95 percent compared to Q3 2023. A notable highlight is the rebound in onshore wind projects, with 1,758 MW of new capacity committed to date in 2024.

Investment in energy storage projects, critical for supporting generation and grid stability, continued to grow, with eight projects reaching a 12-month quarterly average record. This included 1,235 MW of new capacity (3,862 MWh of energy output) reaching financial commitment – a 95 percent increase compared to the same period in 2023.

Clean Energy Council Chief Executive Kane Thornton stated that the Q3 report reflected the healthiest investment data for new renewable energy generation projects since late 2022, indicating gradual improvement in sector conditions. “This is terrific news for energy consumers across the country, who will benefit from the next generation of power plants coming online, putting downward pressure on electricity prices,” he said. “If we sustain the investment level seen in Q3 for new wind and solar power plants, we can get back on track to achieving Australia’s target of 82 percent renewable energy generation by 2030.”

“This quarter’s energy storage record, compared to the 12-month quarterly average, is very positive. More storage means a more reliable, stable, and flexible electricity system,” Thornton said. The increasing activity suggests that challenging economic conditions are starting to ease and that efforts by government agencies and industry to address longstanding grid, planning, and institutional issues are starting to show results. “There is a lot more work to be done, but the signs are encouraging,” Thornton concluded.