The renewable energy supply in Australia, excluding solid biofuels, has seen notable year-on-year variations from 2013 to 2023, with a value standing at 6.49 in Unit of Total Primary Energy Supply in 2023. Over the last two years, the year-on-year variation saw an increase of 11.95% in 2022 and 11.7% in 2023, reflecting a steady upward trend. The compound annual growth rate (CAGR) over the last five years stands at 13.6%, depicting accelerated growth.
Key trends over the historical period include significant year-on-year increases, most notably in 2013 at 17.47% and in 2021 at 17.69%, showcasing periods of rapid expansion. The renewable energy supply has grown consistently, underscored by a five-year CAGR of 13.6% leading up to 2023.
Looking ahead, the forecast indicates continued growth, albeit at a slightly moderated pace, with a forecasted five-year CAGR of 6.56% and an overall growth rate of 37.38% by 2028. Future trends to watch for include technological advancements in renewable energy, policy shifts supporting green energy, and increasing investments driving further growth in the sector.
