Large-scale energy storage projects lead Aussie RE investment in Q2

Six projects reached financial commitment.

Investments in Australia’s renewable energy sector continued to show strong performance in the second quarter (Q2) of 2024 led by new large-scale energy storage facilities with six projects representing 573 megawatts (MW) / 2,047 megawatt-hours (MWh), reaching financial commitment.

Clean Energy Council (CEC) also said in its latest Renewable Projects Quarterly Report that four of the last five quarters added over 2 gigawatt-hours of newly financially committed projects.

The rolling 12-month average for energy storage decreased by 14% in Q2 2024, reaching 2,745 MWh. Despite this decline, the average remains strong historically, CEC said.

Of the six energy storage facilities, the largest one was the Stanwell Big Battery in Queensland at 300 MW / 1,200 MWh. Five of the projects are storage components as part of an overall hybrid generation/storage plant.

In terms of capacity and energy, Queensland, thanks to the Stanwell Big Battery, led all states in financially committed storage projects. New South Wales, on the other hand, had the most projects reach this stage with four.

Construction began on five storage projects, totaling 373 MW / 817 MWh. This was the lowest amount to reach this stage in a quarter since the first quarter of 2023. The only storage project to be commissioned was New South Wales' Broken Hill Battery, with a size of 50 MW / 100 MWh.

"With governments, regulators and industry working to overcome the barriers to new investment, we remain confident that this will deliver the certainty necessary for further uptick in new investment in the near future,” said CEC Chief Executive Kane Thornton.