Underwrite new investment in clean energy, accelerating the development of cheap, clean renewable generation and storage and ensuring the smooth transformation of Australia's energy market.
The Government will establish the Capacity Investment Scheme to underwrite new investment in clean energy, accelerating the development of cheap, clean renewable generation and storage and ensuring the smooth transformation of Australia's energy market. Funding includes: * $9.9 million over 5 years from 2022-23 (and $0.4 million per year to 2041-42) for the Australian Energy Market Operator to deliver auctions in South Australia and Victoria and undertake contract management activities for selected projects * $6.4 million in 2023-24 for the Department of Climate Change, Energy, the Environment and Water to design the auction process in late 2023 to operate in South Australia and Victoria, and continue work on a national rollout of the scheme * underwriting costs for clean energy projects in South Australia and Victoria selected through the auction process. The Government will also work with New South Wales to deliver Capacity Investment Scheme auctions in 2023 in partnership with the NSW Electricity Infrastructure Roadmap. The financial implications for this measure are not for publication (nfp) due to commercial sensitivities. The costs of this measure will be partially met from savings identified in the reprioritisation. Climate Change, Energy, the Environment and Water |