Posted June 08, 2018 08:14:24Renewable energy is one of the hottest sectors in Australia, with the country’s top 20 renewable energy providers forecast to generate more than $50 billion in gross revenue in 2020, according to a new report from the National Renewable Energy Agency.
The latest Renewable Australia report predicts the sector will generate $44 billion in total, including $17 billion in net revenue, in 2020.
The key findings include:Renewables accounted for over one in three of Australia’s electricity generation in 2020 and nearly one in five of its electricity consumption.
Over a third of Australia will be generating more than 20 per cent of their electricity from renewable energy in 2020 (21.4 per cent)Renewed electricity generation will reach more than 2.3 million megawatts by 2020, up from just over 1.4 millionMW in 2020The top 20 renewables will be represented by major players including Windstream, Sunrun, and Westpac.
Windstream is forecast to deliver a total of $20 billion in 2020 with a share of just under $10 billion.
Wind is expected to contribute more than half of Australia�s total net renewable generation in 2026, which will be more than double the share in 2020.(ABC News: Andrew Denton)The top 10 renewable energy companies will also generate more in 2020 than in any other year in the last 10 years, with renewable energy providing $7.5 billion in the second half of the year.
This figure will be even higher in the third quarter, with wind and solar generating more revenue than coal in the quarter.
Renewy has been on a tear, outperforming its market share for the last two years.
The sector grew by 9.3 per cent in the first six months of the fiscal year, according the Renewable Industries Association.
The industry also reported record-breaking revenues in the fiscal quarter and the first half of 2021, with revenue up $9.3 billion on the same period last year.
In the second quarter, wind and hydro generated $9 billion in revenue, but hydro delivered only $2.4 billion in profit.
Renews are also growing at a fast clip, with prices rising almost 15 per cent year-on-year.
Reneflow and Windstream forecasts are more optimistic than the industry as a whole.
The report expects the cost of electricity to continue to fall in 2020 for the first time since at least 2008.
Wind and hydro will have to compete more aggressively with solar in the electricity sector.
Windfarms will have a better shot at being competitive with wind than hydro because windfarms are more efficient and have higher peak load capacity, according RenewableAustralia.
The biggest driver of the sector�s growth is the introduction of new energy technologies.
Renepol is the largest windfactory operator in Australia and has been operating its turbines at an increasing pace.
It expects demand for wind energy to continue increasing and it is set to become more competitive in the market with solar over the next two years.(ABC: Andrew Doyle)Windfarm owners have also been pushing for an increase in the amount of electricity generated from renewable sources.
Renetis says windfarming will be able to compete on a global scale with solar and hydro by 2020.(Reuters: John Geddes)RenetIS has been investing in renewable energy technologies, including wind, solar and biofuels.
Renesys founder and chief executive John Deere says renewables will continue to become a competitive and important part of the Australian economy.(ABC New Zealand: Michael van Gerwen)Renegesys energy mix includes a mix of renewable power generation and storage, including battery storage and storage batteries.
Deere says there is a high probability that renewables will become a more important part in Australia�t electricity mix by 2026.(ABC Business: Nick Beams)Renepolar has been building windfowers and has about 50 projects in operation.
Its first windfarm, in Sydney, is due to be completed by 2019.
Renegosys shares have risen over 10 per cent since the announcement of the company’s first wind farm in September 2020.(AP: Anthony Devlin)Renemosys plans to expand the Sydney-based windfarm into a third generation site by 2022.(Reuters)The Renewable Infrastructure Investment Agency has also released its forecasts for the renewable sector, forecasting a growth of 20 per-cent in the renewable generation sector from 2020 to 2026.
The group forecasts an increase of just over $10 per megawatt hour in the renewables sector in 2020 from its forecast in 2021.
The Renewables Industry Association (REIA) says there are more than 1,400 windfarm sites in operation across Australia.(REIA: Mark Coker)Reneregrity is the second largest renewables company in Australia after Windfarms Renewables, with more than 10,000 wind farms in operation.(REPAIR