The NSW Government, under the Minns Government, is investing a significant $1.8 billion to drive the state towards a cleaner energy future. This initiative includes the establishment of the Energy Security Corporation and strategic investments to connect new projects to the grid.
This financial commitment aims to rejuvenate transmission and energy storage projects, a key effort by the Labor Government to ensure a seamless transition to cleaner and more affordable electricity, while maintaining a reliable supply of power for homes and businesses.
Key allocations:
- Boost to the Transmission Acceleration Facility: An additional $800 million will be allocated to the Transmission Acceleration Facility to accelerate the connection of the State's Renewable Energy Zones (REZs) to the grid. This acceleration will fast-track community benefit schemes and maximise community benefits.
- Support for Central-West Orana REZ: Funding will be provided for early works in the Central-West Orana Renewable Energy Zone, centred on Dubbo. This pioneering zone is expected to create around 5000 construction jobs at its peak and attract up to $10 billion in private investment by 2030.
- Maintaining momentum in other REZs: The funding will sustain progress in other planned REZs, including the Hunter Transmission Project and the Waratah Super Battery.
- Energy Security Corporation (ESC): A $1 billion commitment will establish the Energy Security Corporation, a key step in fulfilling an election promise. The ESC will focus on storage projects, addressing market gaps and improving the reliability of the electricity system during the transition to renewable energy.
Project milestone - Central-West Orana REZ: The Government is set to achieve a significant milestone in the Central-West Orana REZ by submitting the project's Environmental Impact Statement for approval, marking progress towards renewable energy targets.
This comprehensive investment strategy is in line with the Government's response to the Electricity Supply and Reliability Check-Up, which aims to achieve the target of 12 gigawatts of new renewable generation and 2 gigawatts of long-term storage by 2030.