The Queensland Government has budgeted $19 billion in capital investment over four years to deliver on the Queensland Energy and Jobs Plan, ensuring the State reaches its renewable energy objectives and remains on track to become a renewable energy powerhouse.
According to the State Government, its publicly-owned energy companies are driving Queensland’s energy transition, investing in new wind, solar, storage, and transmission infrastructure, aided by the $4.5 billion Queensland Renewable Energy and Hydrogen Jobs Fund.
“This year’s budget empowers our publicly owned energy entities to drive Queensland forward toward more affordable and more reliable renewable energy,” Premier Annastacia Palaszczuk said.
“The significant $19 billion capital investment this Budget delivers over 4 years will support the decarbonisation of energy system and economy, creating a strong platform for Queensland’s economic growth into the future,” Treasurer Cameron Dick stated.
The State’s six publicly owned energy companies will invest $5.465 billion in the capital in 2023-24 alone, considerably enhancing their ability to drive the sector’s transition to greener sources of supply.
With public investments in new wind and solar farms, the State Government said the Budget demonstrates its intention to keep Queenslanders at the forefront of renewable energy generation.
The Government added that it underlines the commitment to keeping Queensland’s electricity transmission and distribution networks 100% public and 100% ownership of large-scale, long-duration energy storage technologies.
The 2023-24 Budget also includes a massive $1.483 billion in additional energy bill assistance for Queensland households and small businesses experiencing the cost of living challenges, as stated in the Cost of Living relief rebates.
The 2023-24 Budget accelerates the build-out of new backbone transmission and storage infrastructure to increase the capacity of the state’s new SuperGrid, announced in September 2022 as a cornerstone investment of the Queensland Energy and Jobs Plan.
Powerlink will invest $594 million in 2023-24 to begin constructing the CopperString 2032 high voltage link, enabling billions of dollars in additional critical minerals mining in the North West Minerals Province and significant new renewables near Hughenden.
Powerlink would also invest $193.8 million between 2023 and 2024 to help connect big renewable projects to the grid, such as the projected 2GW Borumba pumped hydro energy storage project and Australia’s largest onshore wind project, the 1GW MacIntyre Wind Precinct south-west of Warwick.
Energy Queensland’s $2.042 billion capital program in 2023-24 is also focused on network reliability and renewable hosting capability, with $150 million allocated to continue the roll-out of network batteries, decarbonise isolated networks, and support renewable generation across Queensland, as well as $99.9 million allocated to network replacement in the Mackay region.
Stanwell Corporation will invest an additional $221.2 million in the development of the 252MW Wambo Wind Farm, $200 million in the construction of the Tarong West Wind Farm, and $251.8 million in new grid-scale batteries in Queensland’s southern and central Renewable Energy Zone regions between 2023 and 2024.
CleanCo intends to expand its renewable portfolio in 2023-24 by putting $171 million down on a $500 million wind and solar project in Central Queensland and $41.5 million down on a 250MW battery installation at Swanbank Power Precinct. The project aims to build a Clean Energy Hub with on-site solar and green hydrogen generation.
Queensland’s three publicly-owned generators are investing roughly $384 million in upgrades and maintenance at existing state-owned power plants, ensuring supply as renewable energy ramps up.
Queensland Hydro will invest $183.7 million to advance the 2GW Borumba Pumped Hydro Energy Storage project near Gympie while conducting a detailed feasibility study on the Pioneer-Burdekin Pumped Hydro Energy Storage project west of Mackay.
“Only Queensland has such a comprehensive, detailed plan to transition its energy system in a way that creates 100,000 jobs, delivers job security to energy workers and slashes emissions,” Minister for Energy, Renewables and Hydrogen Mick de Brenni claimed.
“The Queensland Energy and Jobs Plan is both bold and achievable, and the investments made in this Budget demonstrate how only Labor can sustain a strong economy and jobs in regional Queensland, as well as take real action on climate at the same time,” Minister de Brenni added.
