Forecast: Share of Renewable Electricity Generation in Australia

The share of renewable electricity generation in Australia has shown gradual growth from 2013 to 2023, starting at 13.26% and reaching 17.06% in 2023. The year-on-year variation indicates a consistent but slow increase, most notably peaking in 2013 with a 25.22% increase and settling into lower, steady increments in the following years. From 2014 onwards, the growth rate generally tapered off, signifying a maturation phase with incremental gains. The average annual growth rate (CAGR) over the last five years leading to 2023 stood at approximately 2.34%, showing stability in the upward trend.

The forecasted data from 2024 to 2028 suggests a continued increase in renewable electricity generation, with the share projected to reach 18.75% by 2028. The five-year forecast CAGR is expected to be around 1.49%, indicating a moderate but sustained growth rate.

Future trends to watch for include:

• Technological advancements in renewable energy generation which could accelerate this growth rate.
• Government policies and subsidies aimed at boosting renewable energy adoption.
• Investments in grid infrastructure to support higher integration of renewables.
• Market dynamics and potential growth in consumer demand for clean energy.