The Australian Bureau of Statistics has released experimental estimates for the level of renewable investment in the electricity generation, transmission and distribution sector. Similar estimates are presented for electricity generated by renewable and non-renewable sources from the March quarter 2016 to the June quarter of 2022.
Since 2017 there has been an increase in the level of investment in renewable generation and storage technology. In the 2016-17 financial year, the value of work done on renewable projects was $865.9m compared to $5.51b in 2021-22.
While the total power generated remained at a similar level over this period, generation from renewable sources has more than doubled. In 2016-17 energy generated from a renewable source accounted for 16% of all power generated, compared to 33.4% in 2021-22.
Investment in renewable generation has been impacted by various factors over the period highlighted. These include a changing regulatory environment, access to finance, grid capacity constraints and the COVID pandemic.