The renewables sector is one of the most vibrant in the evolving global energy industry. Along with advanced financing mechanisms and innovative technologies that are significantly reducing the cost of renewable energy; this sector presents enormous business opportunities for corporations today.
Renewable energy from off-site, large-scale projects is becoming equally attractive for both corporate sustainability and economic growth.
Similarly, on-site clean energy resources like solar PV, microgrids and combined heat and power (CHP) are ensuring power quality, enhanced reliability and financial savings—a crucial operational advantage for many companies.
According to the International Energy Agency report, renewable energy is expected to rise by 40 percent worldwide over the next few years and will constitute nearly a quarter of the global energy mix by 2018.
However, companies in ‘regulated’ utility states face challenges when trying to maximise the value of clean energy. In Australia for instance, besides transactional complexity, corporations also have limited options including inability to sign power purchase agreements (PPAs) and purchase renewable electricity beyond the allocated Renewable Energy Certificates (RECs), which in most cases do not offer access to the reliability and financial benefits provided by renewable energy.
Which Renewable Energy Source is Winning?
The renewable energy sector covers a vast number of technologies including solar, wind, biomass, geothermal, hydropower and other complementary sectors like electricity storage, smart grids and transmission.
The sector serves utilities, power sellers and purchasers, sponsors, lenders, project developers, as well as governmental and regulatory bodies involved in the financing, development, acquisition and operations of renewable energy projects.
Notably, investment in corporate renewable energy projects has the capability to substantially scale up the distribution and adoption of renewable energy.
To accelerate renewable energy development and the required market transformation, unprecedented measures to collaborate and synergise relevant initiatives must be established.
The Australian renewable energy sector is primarily pegged on the response and cooperation of stakeholders, as well as the maintenance of policies that support the relatively young industry. Together, these can scale transformation faster, accomplish more and simplify engagement prospects for all investors.
How To Find a Solution That Lasts
As the demand for clean and reliable energy continues to grow in Australia, many energy consumers are now exploring new ways of purchasing it for a plethora of reasons.
Today, more and more companies are powering their operations with clean energy. Supporting the scale-up of such corporate commitments creates awareness of the growing demand for the cost-competitive renewable energy. This could help promote deployment and price reduction, helping Australia to reach its renewable energy goals.
Individually, each stakeholder brings unique strengths to mitigate challenges and transform the energy marketplace. Collectively, efforts by all stakeholders can make headways towards meeting renewable energy targets.
National regulatory and public policy can also help investors to overcome the many hurdles by ensuring proper policy and legislative development support the renewables sector, particularly as it competes with.
How Storage Will Transform Energy Consumption Forever
As we’re all aware, the one shortfall of technologies like solar power is that it must be used as it’s generated. The widespread adoption of renewable energy sources such as solar and wind power has created a greater demand for better technologies to store and manage the excess renewable energy that cannot be used immediately.
Thankfully, there are several companies that have already ventured into the development and deployment of solar storage batteries, compressed air energy storage, flywheels, pumped storage hydropower, and other technologies to store solar and wind energy for later use.
The Australian Energy Market can take advantage of the various opportunities in its space to accelerate the achievement of the country’s renewable energy target in many ways.
News item provided courtesy of Australian Solar Quotes
