The New South Wales Government has announced the operationality of the Energy Security Corporation, charged with $1 billion of seed funding for investment in large-scale energy storage and enabling assets.
The government-backed investment firm will co-invest with the private sector to accelerate the delivery of a reliable, secure energy system comprising big batteries, network infrastructure, and scalable community energy resources.
Related article: NSW commits $2.1B to speed up transmission for renewables
The inaugural Board will be chaired by Cameron O’Reilly, an expert in public policy and the Australian energy market and electricity transition. In 2023, O’Reilly led the NSW Electricity Supply and Reliability Check Up.
Alongside O’Reilly, the Board features a distinguished group of directors, including David Borger, Helen Conway, Michael Cummings, Sharon Eacott, Katerina Kimmorley, and Daniel Papps.
In February, the Minns Labor Government announced the Energy Security Corporation’s first Investment Mandate to address investment gaps and ensure a reliable energy system for NSW homes and businesses.
Key investment priorities include short to long-duration storage projects, infrastructure upgrades for grid operation and coordination of consumer energy resources such as virtual power plants.
Related article: NSW homes get double incentive for solar batteries
Energy Security Corporation CEO Paul Peters said,“The Energy Security Corporation will invest where the need is urgent. Our role is to bring the flexible capital needed to accelerate infrastructure projects and create a modern, resilient energy system.
“We’ve already been out engaging with energy companies, developers and financiers, building an understanding of where the ESC can maximise its impact.”
