The Weekly Dispatch: Carbon creep

In this edition of the Weekly Dispatch:

1.     The Victorian government has announced support for a 600 MW/1,600 MWh battery through the SEC.

2.     The CEC published the Q3 2023 Renewable Energy Quarterly report showing that only 120 MW of VRE reached financial close in the NEM in Q3. This brings the total financial commitment of VRE in the NEM to 335 MW for the first 9 months of 2023. This rate of new commitments is not even enough to replace the existing VRE stock, let alone reach government renewable and emissions targets. The CEC notes we need to see 5,000 – 7,000 MW of new utility scale generation every year to reach the Commonwealth’s 82 per cent renewable target.

3.     BloombergNEF reports that in 2023, lithium-ion battery pack prices have decreased by 14% to a record low of $139/kWh. This decline is attributed to falling raw material and component costs, increased production capacity across the battery value chain, and demand growth that didn't meet industry expectations.

4.     Over at Current Speaking, Alex Leemon writes a great explainer about the drivers of negative spot prices. At WattClarity, Allan O’Neil has another guest post on constraints and counter-price flows.

5.     A new working paper looks at the economics of green ammonia in Queensland.

6.     A list of developments in energy and climate in the US over the past 5 years:

7.     Podcast of the week: Catalyst on EV charging in Europe and the US; Columbia Energy Exchange takes stock on COP 28.