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Australian government to finance AUD1 billion grid reliability projects [free access]

November 1, 2019

The Australian government has pledged to provide AUD1 billion for projects that improve the reliability of the power grid. The financing will be extended to the Clean Energy Finance Corporation (CEFC), and will back investment in new energy generation, storage and transmission infrastructure projects. It will be disbursed through a newly set-up fund, called Grid Reliability Fund, that will be administered by CEFC.

 

The projects eligible to apply for financing will be split into three main categories: energy storage projects, including pumped hydro and batteries; transmission and distribution infrastructure; and grid stabilising technologies. Priority will be given to investments in jurisdictions where state and territory governments are partnering with the Commonwealth government.

 

The establishment of the fund is expected to spur private-sector investment for projects aiming to facilitate stability of the electricity network and put downward pressure on prices.

 

(AUD1=USD0.69)