AGL Energy is riding the global buzz around big batteries with its purchase of developer Firm Power, as the storage technology positions itself to snatch as much as 30 per cent of the lucrative peaking power market from gas and hydro plants within a year or two.

Consultancy Rystad Energy says 2.8 gigawatts of big batteries have begun construction in Australia in the first seven months of 2024, setting up another record year and a prized assist for the Albanese government as it strives to get the energy transition back on track.