This article is from the Australian Property Journal archive
THE NSW government is investing a further $1.8 billion towards the state’s energy transition, which will see an Energy Security Corporation established and new projects connected to the grid.
The investment will see a further $800 million added to the Transmission Acceleration Facility, which will see the state’s Renewable Energy Zones (REZ) connected to the grid sooner.
The funding will support early works for NSW’s first REZ, the Central-West Orana Renewable Energy Zone, which is expected to support around 5000 construction jobs at its peak and bring up to $10 billion in private investment in the region by 2030
The investment will also support momentum in the other planned REZs, the Hunter Transmission Project and the Waratah Super Battery.
“We’re determined to get NSW back on track when it comes to the energy transition, and this announcement is part of that. We need to get back on track so that we can produce cleaner, more affordable energy for the people of this state,” said Chris Minns, premier.
“We want the state to be able to invest in solutions that ensures reliability in the system, keeps the lights on, and creates new jobs for the state. This is a serious, long-term step towards ensuring we get the transition right.”
The government’s investment is part of its commitment to ensuring homes and businesses have reliable power at the lowest possible cost.
“This additional $1.8 billion investment puts the renewable energy roadmap back on track. It will accelerate the transition to renewables, to ensure NSW households and communities have a reliable supply of clean, affordable electricity,” said Penny Sharpe, minister for energy.
“This is a once-in-a-generation transition that requires massive investment and coordination from government and cooperation with the private sector. These investments will reignite the first of our Renewable Energy Zones in the Central West-Orana and make sure local communities see early benefits.
The NSW Budget will also confirm $1 billion to establish the Energy Security Corporation (ESC), delivering on another election commitment.
With the Energy Security Corporation to make investments in storage projects, address gaps in the current market and improving the reliability of the electricity network.
The ESC will make investments in commercial projects, similar to the way the Clean Energy Finance Corporation operates.
“We’re not just investing in large, grid-scale projects. We want to give households and communities more power to make choices about how they generate and use energy. That’s why the Energy Security Corporation will invest in projects like community batteries to help more households use their rooftop solar to become self-sufficient,” concluded Sharpe.
