Queensland (QLD) has welcomed the Capacity Investment Scheme to drive new clean energy generation and storage with its publicly owned energy companies identifying more than 1.5 gigawatts (GW) of dispatchable energy storage projects.
Following the federal government’s landmark announcement to drive new clean energy generation and storage, with the initiative set to accelerate the transition, QLD is taking the lead when it comes to the country’s energy transition.
“Today’s announcement by the Albanese Labor Government means now Australia can make more real progress on developing low emissions industry, driving jobs growth and investment – and QLD is here to help,” Energy and Public Works Minister Mick de Brenni said.
“I have already been informed by QLD’s publicly owned energy companies, that the expanded Capacity Investment Scheme could now enable us to swiftly bring on additional projects, including an estimated 1.5GW of extra battery storage, on top of the existing pipeline.”
De Brenni added that the world’s most respected renewable energy investors are currently looking to work with the state on a 22GW generation and 13GW storage and firming pipeline for system transition.
“That’s because we have the policies and institutions right,” he said.
“We believe that working alongside and with the support of the Federal Government, Queensland can do even more to help the nation achieve its decarbonisation ambitions.
“I look forward to supporting Minister for Climate Change and Energy Chris Bowen to make this initiative a huge success, and our message is Queensland is ready, willing and able to play its part – let’s work together and get the job done.”
QLD’s Energy and Jobs Plan is already providing a clear framework to support swift deployment of new dispatchable power, including through the development of Clean Energy Hubs at existing power stations, enabling speed of approvals, construction and connection.
The renewable generation pipeline in Queensland already stands at over 60GW, and because of the Federal Government’s announcement, an additional 1.5GW of dispatchable storage could be identified almost immediately through Queensland’s publicly owned energy corporations.