Market Update | 26 July

• Origin announces plan to double Eraring storage battery
• VEU releases new version of Specifications, date effective 1 August 2024
• WA set to double storage and treble large scale win and solar capacity under new deal
• Doorknocking ban under the VEU Program to come into effect next week, 1 August 2024

Eraring battery storage set to double.

One of Australia’s largest energy retailers, Origin Energy, has signalled continued investment in battery storage infrastructure. In an announcement on Thursday, the energy giant is set to double the size of its battery at Eraring – Australia’s largest coal generator.

Spruiked to store an additional 1030MWh to the existing 1073mWh of storage, this is hoped to assist with peak evening demand during the summer months using daytime solar production.

With plans to open at least another two large-scale battery storage sites in South Australia, there are no signs of things slowing down.

New VEU specifications.

On Monday, the Victorian regulator released the latest version of its Specifications. For anyone unfamiliar with the Specifications, this is a document that outlines the calculations that underpin each installation (see: activity) under the Victorian Energy Upgrades (VEU) Program.

Effective on Thursday next week (1 August), a number of updates have been made to existing activities – highlights are listed below;

1. Increased incentives for air conditioning upgrades at businesses under Activity 6
2. Some gas-boosted and electric-boosted solar water heaters will be eligible for replacement under residential hot water heat pumps (Activity 1D & Activity 3C)
3. Calculations for the installation of new Cold Rooms will account for the internal floor area.

For further information on the above changes, please contact the Ecovantage Account Management Team.

Labor signs deal to treble WA renewable generation, double storage.

Western Australia’s main grid, the South West Interconnected System, will receive an additional estimated 7.2GWh of annual large scale solar and wind production under a new deal struck between the state and federal Labour governments. This comes as the federal government seeks avenues to shore up its 2030 targets of 82 per cent renewables Australia-wide.

In addition to this, 4,400MWh of storage will be open for tender as the Capacity Investment Scheme gains pace.

VEU doorknocking ban starts next week.

A final reminder that doorknocking as a means of lead generation will no longer be permitted from 1 August 2024. Included in the ban is the requirement to maintain evidence of express prior consent prior to attending a customer’s property.

As one of the primary forms of lead generation under the VEU Program, this is expected to place even greater pressure on below-target certificate creation volumes – particularly for high-volume activities like Weather Sealing and Shower Roses, which have accounted for over 25% of registered VEECs in 2024.

At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.