To create more and better paying jobs
Powering Australia’s economy
Australian households and businesses, large and small, need affordable and reliable energy
The Government is committed to delivering affordable and reliable energy, using whichever technology can best deliver it.
The first phase of the Government’s energy security plan comprises practical steps to promote reliable and affordable energy for businesses and households.
Snowy Mountains Scheme 2.0
We have started work on an electricity game changer: a plan for the Snowy Mountains Scheme 2.0. This would provide a 50 per cent increase in its generation capacity delivering 2,000 megawatts of additional reliable renewable energy, enough to power half a million homes. The Government has commenced discussions with NSW and Victoria to acquire a larger share or outright ownership of Snowy Hydro to facilitate the effective and efficient expansion of Snowy Hydro 2.0.
The Government is also supporting Tasmania in planning for expanded pumped hydro storage schemes to provide further electricity generating capacity.
Tackling the gas crisis
State and Territory government restrictions and moratoriums on onshore gas development are hindering new supply to consumers. The Government is working with State and Territory governments to improve the operation of domestic gas markets and is spending around $90 million to address potential short term supply issues.
The Government has also secured a commitment from the gas industry to guarantee supply during critical peak electricity demand periods and make more gas available for domestic users. This is backed up by the commitment to introduce export controls.
Since 2013, the Government has invested over $220 million in electricity storage, as well as new forms of renewable energy such as concentrated solar thermal to address the challenges posed by increasing levels of intermittent renewable energy sources like solar and wind. This will provide more back-up in times of peak demand and will help bring stability to prices.
The second phase of the energy security plan will be informed by the findings of the Review by Australia’s Chief Scientist, Dr Alan Finkel AO.
Through these practical steps, the Government is carefully and responsibly leading the energy system through a period of unprecedented change. We are ensuring that Australia has secure, reliable and affordable energy now and into the future.