Key highlights for the third quarter of 2022 include signs of recovery for rooftop solar, record activity in the Australian Carbon Credit Unit (ACCU) market and increasing demand for Large-scale generation certificates (LGCs).

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Highlights

ACCU market continues record level activity

• 8.4 million ACCUs transacted in the secondary market in Q3 2022, more than 4 times the amount in Q3 last year.
• Voluntary and state and territory ACCU cancellations in 2022 to the end of Q3 totalled 1.2 million, a 93% increase over the same period in 2021. Total demand is now tracking to 1.5 million ACCUs for 2022, up from the original estimate of 1.1 million.
• ACCU holdings increased 3.6 million in Q3 2022, reaching the highest level ever at 19.7 million.

Record voluntary cancellation signals increasing demand for LGCs

• Voluntary cancellation reached a record 4.7 million LGCs Q3 2022. This takes total cancellation for 2022 at end of Q3 to 6.2 million, a 46% increase over the same period in 2021.
• The LGC spot price passed $70 in mid-September for the first time since Q4 2015 before softening to around $65 in mid-October. Since 1 July 2022, spot prices have increased by over 40%.
• 500 MW of capacity for LGC creation was approved in Q3 2022, taking total approved capacity for 2022 to 1.2 GW. Nearly 1.8 GW of capacity remains under application.

Small-scale solar PV shows signs of recovery in Q3

• Installed capacity in 2022 to the end of Q3 totalled 1.9 GW. While down 19% from 2021, this is an improvement from the 27% decline in the first half of 2022.
• The total capacity installed in 2022 is now estimated to be 2.7 GW, up from the original estimate of 2.3 GW.
• At the end of Q3 2022, air-source heat pump installations totalled an estimated 59,000, 44% higher than the same period in 2021.

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