By ESS news
With construction starting in December two new utility-scale battery projects in Queensland and New South Wales, 2024 set new records for the construction of BESS projects in the country. The two projects brought the total of new large batteries breaking ground in 2024 to 4.9 GW/13 GWh.
The development is encouraging, with a combination of tenders and market dynamics, such as pronounced and increasing volatility in wholesale prices, helping a large number of projects across the country reach a final investment decision. But it remains insufficient to prevent an escalating discount.
“It just continues the trend of 2023, which was widely declared the year of the battery. Market volatility is still super high in Australia,” said Dixon. “And honestly, we won’t get a reprieve from that until a large portion of the battery capacity comes online.”
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