Total added renewable energy capacity could exceed 7 gigawatts (GW) this year—a combination of an upgraded estimate of 3-4 GW large-scale wind and solar reaching first generation and an estimated 3.1 GW of small-scale rooftop solar, according to the Clean Energy Regulator’s (CER) Quarterly Carbon Market Report (QCMR) for Q2 2024.
Acting CER Chair Mark Williamson said, ‘new power station approved capacity under the Large-scale Renewable Energy Target is increasing.’
In the first half of 2024, 1.5 GW of large-scale renewable power station capacity was approved. A further 2.5 GW of applications were under assessment at the end of Q2 2024.
Final investment decisions for large-scale renewables continue to step up this year. In the first half of 2024, 1.8 GW of capacity reached a final investment decision. This is greater than the total 1.6 GW that reached a final investment decision in 2023.
Large-scale generation certificate (LGC) holdings increased by 7.4 million to reach 28.5 million at the end of Q2 2024.
Mr Williamson said, ‘entities preparing to meet their 100% renewable electricity claims continue to accumulate LGCs at a high rate’.
In small-scale renewables, new rooftop solar installations continue at a strong pace across Australia with 0.76 GW installed in Q2 2024, 6% higher than Q2 2023. There was also a 3% increase in the number of systems (79,000) installed in Q2 2024 compared to the same time last year.
Safeguard entities continue to accumulate Australian carbon credit units (ACCUs) in anticipation of their compliance obligations.
‘At the end of the quarter, 22.6 million ACCUs (55% of all holdings) were held in Safeguard or Safeguard related accounts,’ Mr Williamson said.
Supply remains on track for 20 million ACCUs to be issued in 2024. The generic ACCU spot price remained stable in Q2 2024, averaging $33.47.
For more detail, refer to the Q2 2024 QCMR.