Feb 10 2011
The wind and solar energy power projects in Australia are expected to move in a higher trajectory and do considerably better in 2011, says Suchitra Sriram, who works as Asia Pacific Program Manager for the Energy & Power Systems Practice, in Frost & Sullivan.
She attributes incentives from the government, easy to achieve renewable energy targets and introduction of industry particular programs as reasons for the success of the growth.
According to her, the renewable energy market in Australia will draw investments up to USD16.8 billion in various renewable energy technology segments in addition to generating over 25,000 job positions in the sector. She says that the changed Renewable Energy Target (RET) specifying 20% renewable energy share for electric power mix by 2020 will support the companies that contemplate to enter the renewable energy sector.
She expects that the current 8.67% power generation from renewable energy sources will even surpass the proposed 20% target due to the suggested financing, tax breaks and the changed favorable policies of the government and intake of renewable energy technologies by a number of new end users.
She quoted that in the year 2010, renewable technologies such as bioenergy wind power, solar power, and small hydropower have posted higher growth and out of which solar PV assumed top growth with more than the doubled installation capacity. The report suggests that in 2011 wind energy will assume the maximum growth and will play a vital role in achieving the renewable energy target of 2020. The solar power installation is anticipated to grow next to wind power and achieve nearly 50% growth in terms of increases in installed capacity. She explains that the renewable energy market, which was estimated to be around USD2.0 billion in 2010 is anticipated to reach USD3.0 billion in 2011.