The Capacity Investment Scheme (CIS) has raised its capacity target from 32 GW to 40 GW.
CIS has had 6 oversubscribed, successful tenders launched to date. It is on track to deliver 18 GW of generation and dispatchable storage projects.
An 8 GW capacity uplift will incentivise investment in projects to deliver an additional 5 GW of storage and 3 GW of generation by 2030. A 3 GW boost to CIS generation was helped by the competitive nature of the tenders and falling costs of solar.
Battery costs are also falling . An additional 5 GW of storage means more backup energy to power households and businesses when needed.
The uplift is expected to support investment of around $21 billion in storage capacity. Investments near $52 billion are expected in solar and wind technologies.
Renewable generation and dispatchable projects will:
- create jobs within local communities
- support Australian supply chains and manufacturers
- help replace aging coal plants and support rising demand.
More CIS generation and storage capacity means that our energy grid will become more reliable as we transition to renewable electricity.
