$19 billion to be invested to transform Queensland into renewable energy powerhouse

• This year’s Palaszczuk Government budget is delivering on the Queensland Energy and Jobs Plan, with a total capital investment of $19 billion over 4 years to support new wind, solar, storage and transmission
• $5.465 billion capital investment in 2023-24 for Queensland energy entities
• $1.483 billion in additional electricity bill support for Queensland households and small businesses facing cost of living pressures in 2023-24

The Palaszczuk 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.

Our publicly-owned energy businesses are leading Queensland’s energy transformation, investing in new wind, solar, storage and transmission, supported by the $4.5 billion Queensland Renewable Energy and Hydrogen Jobs Fund.

In 2023-24 alone, the state’s six publicly owned energy entities are making a capital commitment of $5.465 billion, significantly strengthening their capability to lead the sector’s transition to cleaner sources of supply.

This Budget demonstrates the government’s intention to ensure Queenslanders maintain a major stake in renewable energy generation, with public investments in new wind and solar farms.

It demonstrates the commitment to maintaining 100% public ownership of Queensland’s electricity transmission and distribution networks, as well as 100% ownership of large-scale, long-duration energy storage systems.

Public ownership has ensured profits from the state’s major electricity assets are funnelled back into the pockets of Queenslanders in the form of dividends and rebates.

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.

Publicly owned transmission titan 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.

Quote attributable to the Premier Annastacia Palaszczuk:

“This year’s budget empowers our publicly owned energy entities to drive Queensland forward toward more affordable and more reliable renewable energy.

“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.”

Quote attributable to the Queensland Treasurer Cameron Dick:

“The significant $19 billion capital investment this Budget delivers over 4 years will support the decarbonisation of energy system and economy, creating a strong platform for Queensland’s economic growth into the future.

“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.”

Quote attributable to the Minister for Energy, Renewables and Hydrogen, Mick de Brenni:

“Only Queensland has such a comprehensive, detailed plan to transition its energy system in a way that creates 100,000 jobs, delivers job security to energy workers and slashes emissions.

“The Queensland Energy and Jobs Plan is both bold and achievable, and the investments made in this Budget demonstrate how only Labor can sustain a strong economy and jobs in regional Queensland, as well as take real action on climate at the same time.

“Whether it’s in hydrogen, batteries, wind, solar, hydro, traditional generation, transmission, distribution or most importantly Queenslanders themselves, this Budget invests to ensure the Plan delivers on our target of 70% renewable energy by 2032.”

2023-24 Budget highlights – 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.

More information:

The 2023-24 Queensland Budget supports the delivery of the Queensland Energy and Jobs Plan, announced in September 2022. Highlights include:

• 70% of Queensland’s energy supply from renewables by 2032, and 80% by 2035
• Two new large-scale, long-duration pumped hydros at Borumba and Pioneer-Burdekin
• New Queensland SuperGrid unlocking 22GW of new large-scale wind and solar renewable capacity, delivering clean, reliable and affordable power to all Queenslanders
• Publicly owned coal fired-power stations to convert to clean energy hubs, with jobs guarantees for workers
• A system without regular reliance on coal-fired generation by 2035
• 100,000 jobs by 2040, most in regional Queensland
• 11.5GW of rooftop solar and 6GW of embedded batteries
• 95% of investment in regional Queensland
• Building Queensland’s first hydrogen ready gas turbine.

ENDS

Media contact – Elise Williams 0482 503 675