The Queensland Government's budget outlines a $19 billion capital investment over four years to deliver the Queensland Energy and Jobs Plan, cementing the state's commitment to meeting its renewable energy targets and establishing itself as a leading renewable energy powerhouse.
State-owned energy companies are leading Queensland's energy transition by investing in new wind, solar, storage and transmission projects, with significant support from the $4.5 billion Queensland Renewable Energy and Hydrogen Jobs Fund.
In the 2023-24 financial year alone, the six publicly owned energy companies will receive $5.465 billion in capital funding, significantly increasing their capacity to lead the transition to cleaner energy sources.
The Budget underlines the Government's determination to maintain Queenslanders' significant share of renewable energy generation through public investment in new wind and solar farms. It reaffirms the commitment to maintaining 100% public ownership of electricity transmission and distribution networks and large-scale, long-term energy storage.
Public ownership ensures that profits from major electricity assets contribute to the wellbeing of Queenslanders through dividends and rebates.
The 2023-24 Budget provides a significant $1.483 billion in additional support for electricity bills, providing relief to households and small businesses struggling with the cost of living.
Accelerating the construction of essential backbone transmission and storage infrastructure is a key focus of the Budget, increasing the capacity of the state's SuperGrid - an integral part of the Queensland Energy and Jobs Plan unveiled in September 2022.
Powerlink, a state-owned transmission titan, will invest $594 million in 2023-24 to initiate the CopperString 2032 high-voltage link, unlocking new opportunities for critical minerals mining and renewable projects in the North West Minerals Province.
Energy Queensland's $2.042 billion capital program for 2023-24 prioritises network reliability and renewable hosting capability, including investment in network batteries, decarbonising isolated networks and supporting renewable generation.
Stanwell Corporation is investing $221.2 million to develop the 252MW Wambo wind farm and $200 million to commence construction of the Tarong West wind farm. CleanCo, another major player, is contributing $171 million to support new wind and solar projects in Central Queensland and $41.5 million for a 250MW large battery at the Swanbank Power Precinct.
Queensland Hydro, a new entrant, plans to invest $183.7 million in the 2GW Borumba pumped hydro energy storage project and conduct a detailed feasibility study for the Pioneer-Burdekin pumped hydro energy storage project.