Emissions control: Queensland increases fund for superpower renewable energy sector
Emissions Control Summarizes All Bi-weekly ASX Stock News with Renewable Energy Exposure
The Queenslanders needed a helping hand following their sobering pounding at the hands of New South Wales at the State of Origin opener this week.
With the Palaszczuk government in budget mode, Brown investors in solar, wind and hydrogen will at least be happy this week to learn that their state will quadruple the scale of its renewable energy and hydrogen fund, bringing it to a total of $ 2 billion.
Queensland Labor will also develop a 10-year green energy plan for the state.
“By 2050 the world will be in search of over 500 million tonnes of hydrogen each year, and we want to make sure the people of Queensland get decent and secure jobs to provide it,” the minister said. of Energy, Renewable Energies and Hydrogen, Mick de Brenni.
“There is no reason why solar panels, electrolysers, batteries, wind farm components and new technology cannot be made here in Queensland.
“This fund will create a demand pipeline for local manufacturing across the entire value chain, which means more jobs for Queenslanders.”
Only 16% of the mining state’s electricity needs were met from renewable sources in 2020, with only the natural gas-rich WA (12%) and the Northern Territory (5%) below.
Its share of gas in the grid increased with the fire and the breakdown of the coal-fired power plant in Callide last month, according to the figures.
Renewables accounted for around 28% of the national electricity market in the first quarter of 2021, although some states are moving faster than others, with Tasmania (98%) and South Australia (58%) leading the way in the race to replace non-renewable energy sources with renewable ones.
Renewable energy sales as hot as the real estate market
There is no shortage of players seeking to pull out of the Australian renewable energy market, in part due to concerns over political support.
But on the other hand, many large companies are looking to establish or expand their renewable energy footprint, and a spate of asset sales in the solar and wind industries were among this week’s biggest green stories.
New Energy Solar (ASX: NEW) has parted ways with its Australian wind farms in Beryl and Manildra, selling them to Thai coal miner Banpu Energy, which like many other fossil fuel fields is also aiming to enter the new energy space.
NEW wants to focus on the growing US renewable energy market, while Meridian Energy (ASX: MEZ), Kiwi’s large renewable energy company is also considering selling its Australian power and retail operations.
Private equity plays Denham Capital and Elliott Management have a For Sale sign on their Australian portfolios, among a cavalcade of other deals in the renewable energy space.
New Energy Solar share price today:
ASX Green Energy Shares
Scroll or swipe to reveal the board. Click on the headers to sort.
New entrants in hydrogen take advantage of the market
Want to know what impact the ripples around the green hydrogen wave have on the market?
Discover the biggest space winner over the past year in the form of former mineral explorer Province Resources (ASX: PRL).
The province is down 26% in the last month and 14% in the past week, with little news to report since putting $ 18 million in a fundraiser – not a bad attraction for one. company of its size.
But it came on the heels of an astonishing six-month rise of 958% (608% for the year) to a market cap of around $ 155.6 million.
The rapid growth of the company can be attributed to its early acquisition of a mineral sands and green hydrogen project in WA in February, following which it signed a memorandum of understanding to bind with the supplier of French electricity company Total Eren, a global subsidiary of energy major Total which operates renewable energy assets in Victoria.
Last month, Province’s David Frances said the sunny, wind-powered location of the Province’s HyEnergy project near Carnarvon would be ideal for green hydrogen development.
“Location, location, location. To produce world-class renewable energy, you need a world-class location, ”said Frances Storer.
“Also, partners. The project area is attractive, and Total Eren is realizing it.
“There are also huge tailwinds to get these [green hydrogen] projects in progress at the moment.
Battery tech plays Australian Vanadium (ASX: AVL), which wants to incorporate green hydrogen into a vanadium development project, and Redflow (ASX: RFX) were the biggest climbers this week with 15% and 14%, respectively.
Province Resources share price today: