Experts have discovered that the country can progress into green hydrogen energy production and facilitate the expansion of the renewable energy market. Research conducted by market analyst Fitch Solutions ascertains that non-hydro renewable energy production will constitute a third of the Australian power mix by 2030 if the analysis and exploration of green hydrogen production progress.
The research explained that the Australian renewable energy market is also expanding, with the thermal power sector anticipated to vacate the market due to its inability to thrive in the competition. After observing the expansion of shares from the renewables sector last year, Fitch Solutions made this projection and expects it to grow from 24.7% to 30%. Additionally, the company predicted that the non-hydro renewables capacity would be growing at a rate of 5.5% per annum through this decade, reaching 47.4GW at the terminal.
Meanwhile, coal production is anticipated to drop by approximately 1.2% yearly through the decade. The projected drop in the wholesale prices of electricity makes the coal-fired power plants a bad investment decision. The thermal production will also grow to 62% of the power mix by 2030, which is less than the previously projected 69.3%. Developers in Australia anticipate generating 30GW from the establishment of the pipeline for green hydrogen projects beating Germany and the Netherlands, which operate slightly above 10GW.
This estimated value comes after the Western Australian government stated that it would be channeling US$15.32 million to enable the development of the hydrogen industry. The state had procured 65 probable deals to ensure it generates and exports renewable hydrogen from 1250MW of solar power and 270MW of wind energy.
Fitch also observed that Australia has developed more than other countries in the prices for its renewable energy and established its large-scale battery storage industry to expand its production potential. This storage technology ensures that it can expand on the exploration of renewable resources and allow the thermal power sector to flourish. Recent months have witnessed the local authorities chip in to support the advancement of green hydrogen technologies.
Additionally, the advisory entity called Infrastructure Australia stated that some of its recent clean energy projects include the solar-plus-storage transmission project in the Northern Territory that will facilitate the delivery of 20% of the electricity that meets the needs of Singaporeans. Other projects by this entity include the 13GW solar farm, which will take the first position when it is completed, and the 27GWh of critical battery storage. Finally, further exploration of green hydrogen might unleash the capacity growth that was initially restrained by the variables of the domestic market.https://industribune.net/