The Australian federal government creates its support for renewable energy sources and expands its flagship capacity investment scheme in an attempt to accelerate the clean energy transition from the nation.
The capacity investments of Australia (CIS) will be expanded to support 40 GW of new solar, wind and shipping capacity, since the federal government works to achieve its objective of 82% renewable energy sources by 2030.
Federal Energy Minister Chris Bowen must announce that the CIS, who offers a guaranteed income floor for renewable generation and storage projects, will be increased by 25%.
The original design of the CIS asked for 23 GW new solar and wind capacity and 9 GW shipping capacity, including storage of battery energy. The expansion supports another 3 GW new generation – enough to supply more than a million households with electricity – and 5 GW shipable capacity or storage – equal to supplying 4.6 million households with peak time energy.
In a speech for the investor group on climate change this week, Bowen will say that the expansion will increase the overall target of the regulation from 32 GW to 40 GW new variable capacity for renewable energy.
“The transition from our energy letter remains urgent. As our aging coal -fired power stations only become more expensive and unreliable, we now need a new generation,” Bowen said. “It remains the case that to rebuild the Australia energy network in the modern, reliable and fairer system, we need to get renewable energy sources and storage faster.”
Bowen had already moved accelerate the CIS programwho announced earlier this month that the tendering process would be streamlined, which would reduce the tender duration of approximately nine to six months and that four new tenders for solar, wind and storage would be opened before the end of 2025.
The government has completed two pilot officers and two regular tenders. An extra two tenders are en routeWith results in September and October.
Bowen said that the CIS initiative has proven a hit with renewable developers since it was launched in 2023, in which each of the six first tenders “consistently and massively excess. “
The most recent tender for shipping capacity, which is looking for 16 GWH shipable capacity for the National Electricity Market (NEM), attracted 135 GWH of bids. The latest tender, looking for 6 GW of Generation, has attracted more than 25 GW capacity.
“Now around halfway through the CIs, and with the costs of using solar and batteries that fall faster than expected, we have the opportunity to charge our transition,” Bowen said.
The announcement is after the Commonwealth Scientific and Industrial Research Organization (CSiro) and the Australian Energy Market Operator (AEMO) have released the final version of the 2024/25 Gencost report He confirms that integrated solar and wind remains the cheapest technologies for generating electricity generation.
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