The Queensland government has announced in the 23-24 Budget a total capital investment of $19 billion over 4 years to support new wind, solar, storage and transmission to deliver on the Queensland Energy and Jobs Plan to ensure the state meets its renewable energy targets.
The Budget included:
- A commitment of $5.465 billion in 2023-24 for the state’s six publicly owned energy entities to strengthen their capability to lead the sector’s transition to cleaner sources of supply.
- $1.483 billion for additional electricity bill support to Queensland households and small businesses facing cost of living pressures.
- Publicly owned transmission titan Powerlink will invest $594 million to-start the CopperString 2032 high voltage link to assist minerals mining in the North West Minerals Province and significant new renewables around Hughenden.
- Powerlink will invest $193.8 million in 2023-24 to support the connection of major renewable projects to the grid, including the proposed 2GW Borumba pumped hydro energy storage and Australia’s largest onshore wind project, the 1GW MacIntyre Wind Precinct south-west of Warwick.
- Energy Queensland’s $2.042 billion capital program will focus on network reliability and renewable hosting capability and includes $150 million to continue the roll-out of network batteries, decarbonise isolated networks, and support renewable generation across Queensland, as well as $99.9 million for network replacement in the Mackay region.
- Investment by Stanwell Corporation of $221.2 million towards the development of the 252MW Wambo Wind Farm and $200 million to commence construction of its 100% owned and operated Tarong West Wind Farm, as well as $251.8 million for new grid-scale batteries within Queensland’s southern and central Renewable Energy Zone regions.
- CleanCo will continue to grow its renewable portfolio with a $171 million down-payment on the $500 million announced to support the development phase of new wind and solar projects in Central Queensland, as well as $41.5 million to build and install a 250MW big battery at Swanbank Power Precinct near Ipswich, which is transitioning into a Clean Energy Hub with the potential for onsite solar and green hydrogen production facilities.
- Queensland’s three publicly-owned generators will invest around $384 million for upgrades and maintenance at existing state-owned power stations, safeguarding supply while renewable generation ramps up.
- Queensland Hydro will invest $183.7 million to progress the 2GW Borumba Pumped Hydro Energy Storage project near Gympie, at the same time as undertaking the detailed feasibility study into the Pioneer-Burdekin Pumped Hydro Energy Storage project west of Mackay.
