NSW Labor will pour more than $1 billion into community batteries and pumped hydro as part of a state-owned energy company which will partner with private investors to build storage infrastructure.with the State Electricity Commission, aspiring NSW premier Chris Minns has followed suit unveiling a plan to create a NSW Energy Security Corporation.
The announcement comes as cost-of-living issues dominate the run-up to the state election, including household power bills which remain high and are yet to see the impact of federal efforts to bring them down using caps on the price of coal and gas, and local reservation measures. The plan diverges from the Victorian model in that it prioritises storage, which industry groups have repeatedly said is more difficult to invest in than renewable energy producers. The partnership model designed to encourage, rather than replace, private investment is another crucial difference with the Victorian model.
“A state investment of this size should be matched with a ‘grid neutrality’ design for the National Electricity Market so NSW energy consumers can earn fair revenue from their solar and batteries,” Mr Cass said.