Budget billions allocated to net zero carbon

The eye-watering cost of energy transition to zero carbon has been outlined in the Queensland Government’s 2023-24 budget. A quoted $19 billion will be spent by the Palaszczuk Government on capital items to support new wind, solar storage and transmission. It’s wrapped up in the Queensland Energy and Jobs Plan. Photo: Pioneer Valley west of Mackay, the site of the Pioneer Burdekin Pumped Hydro Scheme In the north, publicly owned transmission authority Powerlink will invest $594 million in 2023-24 to kick-start the CopperString 2032 high-voltage link. CopperString was one of the most significant investments in economic infrastructure ever seen in North Queensland and works were expected to start late 2023, Townsville Enterprise chief executive officer Claudia Brumme-Smith said. “We also saw the government commit $440 million to the safety upgrades and 2m wall raising of the Burdekin Falls Dam. “Water security for our region remains our top priority and we look forward to working with the government as this project progresses." The state’s publicly-owned energy businesses are managing the energy transition which is supported by the $4.5 billion Queensland Renewable Energy and Hydrogen Jobs Fund. 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. The Budget commitment represented the most significant investment ever in Queensland’s publicly owned electricity system and would ‘help us power Queensland with 70 per cent renewable energy by 2032 and 80 percent by 2035,’ Premier Annastacia Palaszczuk said. “This year’s capital program positions our publicly owned energy entities to lead the clean energy era and support thousands of jobs,” Ms Palaszczuk said. “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.” There was deliberate strategy to keep the power and transmission assets on the state’s balance sheet, Queensland Treasurer Cameron Dick said. “Our publicly owned energy businesses are leading the transformation. “Because Queenslanders own their electricity assets, they will continue to reap the benefits of public ownership with the 2023-24 Budget delivering the nation’s largest announced electricity bill support package for Queensland households and small businesses. “There would be no ongoing rebates if Queensland’s energy assets were sold off to the highest bidder. “That’s why we are taking action to enshrine into law public ownership of Queensland’s electricity assets.” Townsville Enterprise is hosting Mr Dick on June 20 at a function to further unpack the budget. Queensland-owned energy entities: Energy Queensland Limited This energy colossus spans ‘poles and wires businesses’ Energex and Ergon Energy Network as well as retailer Ergon Energy Retail and Yurika. It will proceed with a $2.042 billion capital expenditure program to reinforce supply and support the transformation of the state’s energy system. Powerlink Queensland Queensland’s high-voltage transmission titan will lead delivery of the new state-wide SuperGrid, investing $1.170 billion in planned capital expenditure for 2023-24. Stanwell Corporation Limited Total capital expenditure planned for 2023-24 is $857.5 million. This reflects Stanwell's commitment to delivering a balanced portfolio for the future through ongoing investment in the reliability and efficiency of its generation plant, while also supporting investment in renewable generation and energy storage. CleanCo Queensland Limited Total capital expenditure planned for 2023-24 is $631.9 million. The capital program is focused on building new renewable energy assets and firming the energy portfolio, maintaining existing assets, developing trading and reporting systems and refreshing server infrastructure. CS Energy Limited Total capital expenditure planned for 2023-24 is $579.5 million. This reflects CS Energy's continued commitment to expanding its portfolio in renewable energy and the commitment to ongoing reliability and efficiency of generation plant at its power station sites. Queensland Hydro Pty Ltd This new entity is assembling a world-class team of experts to progress plans to build two large-scale, long-duration pumped hydro energy storage projects that will shore up the Queensland SuperGrid with up to 7GW of dispatchable power by 2035. The long-duration energy storage systems – proposed for Borumba Dam south-west of Gympie and a new Pioneer-Burdekin facility west of Mackay – are cornerstones of the Queensland Energy and Jobs Plan. Total capital expenditure for Queensland Hydro in 2023-24 is $183.7 million.

Budget billions allocated to net zero carbon

Industry Queensland

Related News

Cambridge reveals Upper Haughton energy plans

Copper smelter back online after steam burn incident

QPM keen to capitalise on stronger gas position

Get access to breaking mining news, now.