A federal scheme will support an extra 550 megawatts of clean, on-demand power generation in NSW, the first step in a broader initiative that Labor expects to unlock $10 billion in investment to keep the lights on as renewable energy grows and coal plants close.
Minister for Climate Change and Energy Chris Bowen said the scheme would drastically improve energy security.In all, when broadened across the other states in the National Electricity Market, the federal scheme is intended to support the addition of 6 gigawatts of so-called “firming” capacity, expected to be mostly battery storage and pumped hydro.
NSW Energy Minister Penny Sharpe pointed to the large number of companies wanting to invest in NSW’s energy system, signalling that “any risks around grid reliability can be resolved by accelerating the development of a clean, reliable, consumer-focused energy system”.that investments in “firming” technologies are urgently needed to fill the gaps when renewable energy is not available, with storage needing to expand 30-fold by 2050.