The Queensland Government’s Budget has allocated a capital investment of $19 billion over four years to deliver on the Queensland Energy and Jobs Plan, to ensure Queensland meets its renewable energy targets, and remains on track to becoming a renewable energy powerhouse.
The 2023-24 Budget also delivers a huge $1.483 billion for additional electricity bill support to Queensland households and small businesses facing cost of living pressures, as outlined in the Cost of Living relief rebates.
The 2023-24 Budget accelerates build-out of new backbone transmission and storage infrastructure to boost capacity of the state’s new SuperGrid, cornerstone investments of the Queensland Energy and Jobs Plan announced in September 2022.
Related article: Queensland commits to 80% renewables by 2035
Publicly owned transmission titan company Powerlink will invest $594 million in 2023-24 to kick-start the CopperString 2032 high-voltage link that will unlock billions of dollars of new critical minerals mining in the North West Minerals Province and significant new renewables around Hughenden.
Powerlink will also 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.
In 2023-24, Energy Queensland’s $2.042 billion capital program is also focused 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.
2023-24 will see Stanwell Corporation invest a further $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.
In 2023-24, 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 three publicly-owned generators are together investing around $384 million for upgrades and maintenance at existing state-owned power stations, safeguarding supply while renewable generation ramps up.
New player this year, 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.
Queensland Premier Annastacia Palaszczuk said, “This year’s Budget empowers our publicly owned energy entities to drive Queensland forward toward more affordable and more reliable renewable energy.
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“It represents the most significant investment ever in Queensland’s publicly owned electricity system and will help us power Queensland with 70% renewable energy by 2032 and 80% by 2035.
“This year’s capital program positions our publicly owned energy entities to lead the clean energy era and support thousands of jobs.
“It empowers them to work with industry to seize every opportunity from the renewable energy boom to create skilled jobs and power new mining and manufacturing industries.”
