The Federal Government has announced the expansion of the Capacity Investment Scheme (CIS) to contract 23GW of new renewable energy generation between 2024 and 2027.
The Government is intending to underwrite new generation and storage capacity, which will consist of 23 GW of variable renewable generation and 9GW of dispatchable capacity (i.e. storage). This is equivalent to about half the current installed generation capacity in the National Electricity Market (NEM).
The energy industry has welcomed this announcement, with the Clean Energy Council Chief Executive, Kane Thornton, stating that this is a significant commitment to get Australia back on track to reach its target of 82% renewable energy generation by 2030, and net zero by 2050.
You can read the Government’s announcement here.
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