Minister for Energy
Government receives strong response to Underwriting New Generation Investments Program
1 February 2019
The Underwriting New Generation Investments program is a key part of the Morrison Government’s plan to deliver affordable, reliable 24/7 power.
The program has received strong interest, with a wide range of proposals that will assist the Morrison Government develop a pipeline of projects to ensure we can keep the lights on and deliver energy when it is needed.
66 submissions were received by the Department of the Environment and Energy in response to the Registration of Interest process.
The proposals extend across the National Electricity Market (NEM), with a balanced mix of sources of generation including coal, gas and hydro.
As recommended by the ACCC, the program is technology neutral and does not preference any type of firmed generation over another.
The program will provide financial support to develop firm generation capacity as part of the Australian Government’s commitment to lowering electricity prices and increasing reliability in the system.
The Government will carefully consider all submissions received during the ROI process before announcing the pipeline of projects that will allow us to bring targeted generation into the system.
We have seen significant supply and demand pressures on the grid across the NEM in the last two weeks.
The conditions experienced in New South Wales, South Australia and particularly Victoria where 200,000 customers experienced blackouts, reinforce the need for more investment in reliable 24/7 generation.
The strong response to the Underwriting New Generation Investments program by the energy industry proves there is no shortage of willingness to invest in Australia’s future energy supply.
Further information about the program can be found at www.energy.gov.au
- February 5, 2019 at 7:15 pm by Editor (displayed above)
- February 5, 2019 at 7:15 pm by Editor