The Morrison Government’s Green Bank will receive grants to invest in energy projects designed to ensure Australians have access to reliable, clean and affordable electricity. The Clean Energy Finance Corporation (CEFC) will receive $1 billion in new funds to invest in reliable energy generation. Eligible investments will include energy storage projects, including pumped storage and batteries, emission reduction and distribution infrastructure, and grid stabilization technologies. The new investment also covers the government’s Underwriting New Generation Investment (UNGI) program announced before the May election. This includes projects such as pumped storage, batteries and natural gas.
One of UNGI’s planned projects is the upgrade of the Lake Macquarie combustion plant, but the government said CEFC could not be allocated to the coal project, and such projects would not be eligible for new funding. The new funding is related to the investment mandate of green banks at the end of last year to focus on grid stabilization technology.
Energy Minister Angus Taylor said this will help balance the influx of renewable energy projects. In a statement today, he said: “It is no secret that the national electricity market is under pressure. The fund aims to solve this problem.” Other planned projects are six pumped storage power stations and five natural gas projects. Former Prime Minister Turnbull said on Twitter this morning that the money is a “good decision” by the Morrison government.
