Just Launched: State of the Corporate PPA Market Report 2024
Every year, the Business Renewables Centre Australia releases a State of the Corporate PPA Market Report to shed light on trends in renewable energy offtake behaviour across Australia’s National Electricity Market (the NEM). The report uses anonymised and aggregated data from its annual survey which invites supply side and demand side players to respond on matters relating to PPAs. In addition to survey data, BRC-A keeps a database of all publicly announced PPAs which forms the basis of the trends observed in the report.
Market features
- Record year for deal volumes – but lower activity outside a handful of very large PPAs.
- ‘Same same, but different’ – slowdown in project supply continued to impact on PPA market but also lower buyer demand in 2024
- Queensland continues to be the leading state for Corporate PPAs by some margin.
- PPA market has generally diversified across buyer sizes – but market split between large and small buyers in 2024.
- Growth in buyers retiring LGCs ahead of 2025 targets.
Drivers & trends
- Net Zero & ESG commitments continue to be the primary driver for PPA buyers and underpin demand.
- New supply on the way following government tenders (CIS, LTESA’s etc).
- The Capacity Investment Scheme influencing PPA market – but impacts still taking shape.
- Emergence of large industrial PPAs outside Capacity Investment Scheme?
- Strong growth in utility-scale batteries – not yet common in PPAs but models emerging.
