CER’s 2022 Report: Rooftop Solar Made Rapid Recovery, Strong Investment Surges For Large-Scale Renewables

• Renewable energy met a record average of 35% of demand in the National Electricity Market (NEM) in 2022, with more than 40% in Q4.
• Total new investment in wind and solar hit a record 7.1 gigawatts (GW)

           – 4.3 GW of large-scale wind and solar energy projects reached a final investment decision (FID) in 2022 – a 50% increase over 2021.

           – 2.8 GW of small-scale solar PV capacity was installed in 2022, the third highest annual capacity installed on record. The H2 trend suggests a more significant year in 2023.

• A 5.3 GW of new renewable energy capacity was added to the grid in 2022.

         – 2.5 GW of new capacity was approved for large-scale generation certificate (LGC) creation in 2022. A similar level of capacity is expected to be approved in 2023.

“This large step up in wind and solar investment – big and small – in the second half of 2022 is a positive step in transitioning our electricity system to the government’s goal of 82% renewable energy by 2030,” according to Mr Parker.