Renewable energy sources provided 17.3% of Australia’s electricity in 2016, jumping from 14.6% the year before, partly thanks to improved rainfall in hydro catchments.
This year is expected to be another bumper one for the industry, with 35 large-scale projects due to commence construction, according to the Clean Energy Council.
Last year’s surge was also driven by the completion of 10 large wind and solar projects that have put the country on track to reach its target of generating around 23.5% of electricity with renewable sources by 2020.
Total investment in large-scale renewable energy last year was A$2.56 billion (US$1.91 billion). Some A$5.20 billion worth of projects have already secured finance in the first five months of 2017. They have either started construction or will begin this year.
“The changes that are happening across the country right now are extraordinary,” Clean Energy Council chief executive Kane Thornton said.
“Renewable energy is now the cheapest kind of new power generation that can be built today – less than both new coal and new gas-fired power plants. The price of gas in particular has skyrocketed,” Thornton said.
Image: Australia’s Macarthur wind farm (Vestas)
