Jackie Trad
Queensland’s new publicly owned clean energy generator CleanCo has started work in the National Energy Market, pushing power prices down using renewable energy.
That’s expected to encourage EV uptake and help towards the state’s target of 50% renewable energy generation by 2030.
Speaking at CleanCo’s pumped hydro-electric power station at Wivenhoe Dam, Queensland deputy premier and treasurer Jackie Trad says CleanCo will drive competition to reduce wholesale electricity prices and ultimately deliver savings on Queenslander’s power bills.
“From October 31, CleanCo has 1114MW of dedicated clean energy generation assets in Queensland hands,” she says.
With its mandate to build, own and operate low and no emission generators, CleanCo will put downward pressure on prices through increased competition, Trad says, adding that early forecasts should $70 annually should be shaved off the average Queensland household power bill, through a $7 per megawatt hour reduction in wholesale prices.
Energy minister Dr Anthony Lynham says CleanCo’s entry to the National Electricity Market is the most significant development in the Queensland electricity landscape since major structural, institutional and regulatory changes more than 20 years ago.
“This will maintain Queensland’s nation-leading renewable energy growth and importantly, increase the diversity of our publicly-owned generation sources,” he says.
Wivenhoe Dam
“CleanCo is central to our Affordable Energy Plan that is delivering Queenslanders the lowest average power prices on the eastern seaboard, reliable supply and a planned transition to a renewable future.”
From October 31, CleanCo has taken over the 570MW Wivenhoe pumped storage hydro station, the 385MW gas-fired Swanbank E power station, and the Kareeya, Barron Gorge and Koombooloomba hydro power stations in Far North Queensland from the state’s other publicly owned generators Stanwell and CS Energy.
CleanCo had been tasked with bringing on an extra 1000MW of clean energy over the next five years.
It will also complete the Government’s Renewables 400 reverse auction, bringing up to another 400MW of solar and wind energy and battery storage into the market. Binding bids are being sought from 10 proponents to supply renewable energy and recommend projects to government early next year.
“As Queensland’s publicly owned clean energy provider, we have a responsibility to ensure operation of our assets is socially, economically and environmentally viable,” CleanCo chief executive officer Dr Maia Schweizer says.
