Market Update | 13 October

• Power Plays from the CEC Power Playbook
• New demand records; a solar boon 
• NSW Net Zero Climate Bill – a clear ambition for the state

CEC launch Power Playbook for Australia’s clean energy revolution future

The Clean Energy Council has unveiled its Power Playbook, a comprehensive set of 45 strategic proposals for the Australian Federal Government to achieve 82% renewable energy by 2030. Titled “Power Playbook – Accelerating Australia’s Clean Energy Transformation,” the submission outlines a blueprint for a formalised national master plan. Key recommendations include a $10 billion per annum Clean Energy Transformation Investment Package, a ‘Renewable Energy Superpower Masterplan’, and full decarbonization of the electricity sector by 2035. The proposal also advocates for an extended Large-scale Renewable Energy Target (LRET) beyond 2030 and national targets for rooftop solar and distributed energy storage. Additional suggestions involve expanding the Small-scale Renewable Energy Scheme, establishing a national offshore wind target, and major investments in green hydrogen, green iron, and energy transition minerals processing. The submission emphasises the need for streamlined project assessment processes and a National Clean Energy Supply Chain strategy. Clean Energy Council CEO, Kane Thornton, stressed the historic opportunity for Australia to lead in renewable energy and urged a unified approach. The proposal also calls for prioritising investment in green hydrogen and minerals processing markets over the next decade.

Solar reaches new heights for demand records

Over the weekend, a new solar energy milestone was achieved in South Australia, with rooftop and large-scale solar together meeting an impressive 126.7% of the state’s peak energy demand at 12:55 pm (AEST) on Sunday. This follows last week’s feat where rooftop solar alone covered over 101% of state demand. Rooftop solar reached a peak of 95%, while utility-scale solar contributed the remaining 31.6%. This excess energy was either exported to Victoria or stored in the state’s growing household battery portfolio.

In another significant development, rooftop solar PV in New South Wales (NSW) set a new output record of 4223 MW on Monday, up from 4175 MW just five days prior. It also accounted for an impressive 47.4% of demand, up from 46% in late September. These shifts signify a major transition in Australia’s energy landscape, showcasing the substantial progress being made in renewable energy adoption.

NSW announces ambitious Net Zero climate Bill 2023

The NSW Government has introduced the Climate Change (Net Zero Future) Bill 2023, a landmark legislation aimed at enshrining emissions reduction targets in law for New South Wales. The bill commits to cutting greenhouse gas emissions by at least 50% by 2030 and achieving net-zero emissions by 2050. This move provides, most importantly, certainty and opportunities for households, industries, and clean energy investors in the pursuit of climate action. The bill also introduces the Net Zero Commission to monitor progress through to 2030, and ensure transparency and accountability all the while. The government aims for community-led, informed, fair, and transparent climate action by engaging with diverse regions and communities.

At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.

Angus Taylor | Business Development Manager, Energy & Carbon Services
Angus specialises in ESS activities including Heat Pumps, Air Conditioning, and Commercial Lighting.