$2 billion energy investment to power economic recovery

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Image credit: https://www.qld.gov.au/
Media Release

Queensland’s economic recovery will be supercharged with the single largest energy investment in the state’s history.

The Palaszczuk Government’s 2021-22 Budget commits $2 billion to renewable energy projects and network upgrades to deliver reliable and affordable power to Queensland homes and businesses.

Minister for Energy, Renewables and Hydrogen Mick de Brenni said the investment in the state’s publicly-owned energy assets will further cement Queensland’s status as a renewables powerhouse.

“Cheaper, cleaner energy is what Queenslanders need to get ahead as we continue our focus on the post-COVID economic recovery,” Mr de Brenni said.

“Investing in our electricity poles, wires and generators in a way that will set us up for the future will bring jobs during construction and pave the way for growth in our manufacturing and resources sectors.

“To support the continued uptake of renewables, this Budget delivers on a number of large-scale storage commitments, like our $22 million design and cost analysis for pumped hydro at Borumba Dam.

“It also includes $39.9 million for Energy Queensland’s grid-connected battery energy storage systems in Townsville, Rockhampton, Bundaberg, Hervey Bay and Toowoomba.”

Mr de Brenni said $222 million would be invested in publicly-owned clean energy operator CleanCo to help drive the state’s renewable energy growth.

“This includes $144.9 million in 2021-22 for the Karara Wind Farm and $24.6 million to develop the Kogan North Gas Fields,” he said.

“We’re unlocking the Northern Queensland Renewable Energy Zone with a $40 million investment in transmission infrastructure, with Powerlink’s high voltage transmission system to benefit from a $239.5 million boost.”

Mr de Brenni said on top of this capital investment, the $2 billion Renewable Energy and Hydrogen Jobs Fund would drive local supply chains and advanced manufacturing jobs.

“We have the skills and workforce to manufacture the components and new technology Queensland needs to meet our renewable energy target,” he said.

“Solar panels, electrolysers, wind turbines and batteries should be manufactured here in Queensland.

“The Palaszczuk Government will use this Budget to deliver the investment our publicly-owned energy companies need to support our 9,500-strong energy workforce, supercharge job-creation and put Queensland jobs front and centre of the renewables revolution.”