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    Refiners Should Not Be Making Above Normal Profits- Biden

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    Cluster of Businesses Want The EU To Improve Energy Security

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    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

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    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    TotalEnergies starts up its fourth solar power plant in Japan

    ACCIONA Wind Energy

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    Fermi Energia Selects GE Hitachi Nuclear Energy BWRX-300 Small Modular Reactor for Deployment in Estonia

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Clean Energy Investment Sees A Rise In Australia At 17% YoY

in News, Renewable Power

In a good piece of news coming from Australia, the clean energy investment there rose by 17% year-on-year in 2022 to reach $6.2 billion; however, more is expected in order to achieve the country’s goal of 82% renewable energy when it comes to serving the electricity market.

In a report, the clean energy council stated that the investment when it came to the fourth quarter of last year in terms of large-scale generation as well as storage projects happened to be at $4.3 billion, which was the highest since 2018’s third quarter. This happens to be on the heels of six generation and storage projects that had installed capacities of 1923 megawatts and 80 MWh, respectively.

While the surge looks encouraging indeed, one quarter does not essentially mean a trend. Australia is rolling out new large scale generation wind as well as solar farms slowly than required in order to hit the 82% target for renewable energy as far as National Electricity Market is concerned.

The fact is that rolling quarterly average funding for more than 12 months has not surged above $2 billion since 2019’s second quarter. It is well to note that New South Wales happens to have the most financially committed assignments, with a total capacity of 1559 MW and 5700 MWh of storage spread across six projects.

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