Climate Change and Energy Minister Chris Bowen today announced a scheme to underwrite the risk of investing in new renewable energy generation and storage.
The expansion of the national Capacity Investment Scheme follows a successful pilot study with New South Wales. The government paid A$1.8 billion for just over a gigawatt of capacity, through a combination of batteries and other storage.
Bowen says the scheme “underwrites new renewable generation and storage, providing certainty for renewable investors and cheaper, cleaner energy for households and businesses”. And if all goes well, the scheme will provide a financial return to taxpayers.
