Australia adds 111 MW of renewables under RET in Nov 2018
Project developments since 1 January 2016. Source: www.cleanenergyregulator.gov.au
Australia’s Clean Energy Regulator (CER) reported the modest 111 MW of large-scale capacity accreditations under the Renewable Energy Target (RET) for the month of November, after more than 3 GW recorded in the first 10 months of the year.
Still, Australia remains close to trebling RET capacity accreditations this year from the 2017 record of 1.09 GW.
November accreditations included one big park -- the 95.5-MW Susan River Solar Farm in Queensland, and a number of small power systems. CER said three utility-scale projects of 376 MW in total have reached financial close last month, the biggest of which is the 336-MW Dundonnell wind farm. Power purchase agreements (PPAs) for 208 MW of capacity have been struck, including for the 115-MW Metz Solar Farm in New South Wales.
When a power plant gets RET accreditation, it starts receiving large-scale generation certificates (LGCs) for the electricity it produces. "Liable entities" have to buy these certificates. LGC spot prices ranged between AUD 76 (USD 55/EUR 48) and AUD 89 apiece in 2017, but in 2018 they have fallen significantly. On September 27, 2018, spot LGCs closed at AUD 71.9.