Published Today at 10:00 AM

Treasurer, Minister for Energy and Minister for Home Ownership
The Honourable David Janetzki

$200 million fund to deliver affordable, reliable and sustainable energy to the North West

  • Market sounding underway to deliver more affordable, reliable and sustainable energy in the North West Minerals Province.
  • $200 million North West Energy Fund to pay forward the benefits of the CopperString project.
  • Major opportunity to support economic development in and around Mt Isa, Cloncurry, Julia Creek and Richmond.
  • The Crisafulli Government is delivering a plan for Queensland’s future and a better lifestyle through a stronger economy after a decade of decline under Labor.  

The Crisafulli Government is delivering another key initiative of the Energy Roadmap with market sounding underway on the $200 million North West Energy Fund, supporting CopperString.  

The Crisafulli Government saved the biggest energy project in North Queensland’s history, despite multi-billion dollar blowouts under the former Labor Government and locked in a record $2.4 billion for CopperString in the Budget.   

It’s just one of the ways the Crisafulli Government is delivering a plan for Queensland’s future and a better lifestyle through a stronger economy after a decade of decline under Labor.  

Speaking in Townsville today, Treasurer and Energy Minister David Janetzki announced Queensland Investment Corporation (QIC) has commenced market sounding on the North West Energy Fund with more than 20 organisations engaged to participate. 

The Fund will support local generation and storage solutions in partnership with the private sector across Mt Isa, Cloncurry, Julia Creek and Richmond, with a key focus on projects that can be fast-tracked for investment. 

Treasurer Janetzki said these communities had been left in the dark under the former Labor Government and CopperString and its benefits would never have been received in the North West. 

"This Fund ensures communities west of Hughenden are supported as work continues on the accelerated delivery of the project’s Eastern Link,” Treasurer Janetzki said. 

“As part of the market sounding process, energy developers, generators, electricity distributors and suppliers, users as well as local councils, are being engaged. 

“This Fund together with local generation and storage solutions will ensure lower energy prices sooner for the North West, than the under Labor’s previous CopperString plan. 

“Under Labor, CopperString would have never seen the light of day. We’re delivering it and together with it the jobs, economic growth and wealth-creating opportunities for our great State.” 

Treasurer Janetzki said the Energy Roadmap had identified improved supply in the region as a priority to support affordable, reliable and sustainable energy. 

“The North West Minerals Province is one of the richest mineral producing regions in the world and delivers significant benefits for the Queensland economy,” Treasurer Janetzki said. 

“To progress economic development in the North West, we need investment in flexible solutions that reduce the reliance on gas for baseload electricity consumption.”  

As part of the Crisafulli Government’s commitment to CopperString $50 million in legacy projects will also be delivered to communities in the State’s North and North West through the Community Benefits Fund. 

The North West Energy Fund will be delivered by QIC.

For more information visit https://www.qic.com/QLD-Energy. 

ENDS  

MEDIA CONTACT: Renee Smith, 0419 404 180