2023 was the year of the Big Battery

2023 was the year of the Big Battery

2023 was the year of the Big Battery. 1GW/1.5GWh of projects energized in 2023 (for projects over 1MW).

Not only was it a record-breaking year, Big Battery deployment smashed previous records. Twice as much capacity was energized in 2023 than in our previous best year (2021).

The figures signal the coming of age of the Big Battery. Clearly the deployment volume is at a new level. But it’s the number of projects being energized that has stepped up to a new level.

Only two projects over 100MWh were energized in 2021, with one (the Victorian Big Battery) made up more than half of 2021’s tally. In 2023 there were eight projects over 100MWh, four of which were over 200MWh.

What’s under construction confirms 2023 as a turning point for the Big Battery. 5GW / 12GWh of is currently under construction, and that’s just counting projects over 50MW. That is 6x the amount that was under construction at the same time last year.

What’s being built is larger again – 72% of the volume is from projects exceeding 500MWh. It’s not only larger, it’s longer: currently operating projects 200-500MWh in size have a weighted average storage duration of 1.5 hours; projects currently under construction of the same capacity have 2 hours storage duration. The bigger projects, those over 500MWh, are longer again (2.8 hour weighted average).

Those mega projects deserve their own colour. Here’s where you’ll find them.

The Big Battery may have come of age, but it’s got some rapid growing to do from here. SunWiz is tracking 168GWh of projects that could see the light of day.

Much more information on Big Batteries is contained in the 2024 SunWiz Annual Battery Market Report. See https://www.sunwiz.com.au/battery-market-report-australia-2024/ to download a sample.

SunWiz wishes to note its grid-scale market size research is based upon multiple datasources, many of whom deserve acknowledgement for their contribution to our industry: in particular RenewEconomy, AltEnergy, and Anero.id.