Share in Queensland’s cleaner-energy future
Queensland renewable energy–a wealth of opportunity
26 March 2019 | pdf, 2.1 MB
This target, combined with broader Australian renewable energy goals, means there is strong support for projects that drive the state towards a cleaner-energy future.
The Queensland Government has developed a comprehensive range of initiatives to:
- incentivise the expansion of renewable energy in the state
- prioritise the unlocking of Queensland’s renewable energy resource potential
- establish the state as a renewable energy leader.
Further information on Queensland’s renewable energy target is available from the Department of Natural Resources and Energy, in its Powering Queensland Plan.
Under the Powering Queensland Plan, the Queensland Government conducted a reverse auction for up to 400MW of renewable energy capacity, including 100MW of energy storage.
The auction process also considered standalone renewable energy projects, standalone energy storage projects and integrated renewable and energy storage projects.
The auction process aimed to:
- diversify the sources of Queensland’s electricity generation
- support system security and reliability
- accelerate the deployment of energy storage in Queensland.
Renewables opportunities for investors
Queensland has more than 780MW of operational renewable generation. A surge in investment since 2016 has seen projects generating more than 2200MW of power commence construction or finalise commercial arrangements.
The state’s key renewable energy strengths and opportunities are in the following areas:
Understanding Queensland’s energy sector
Australian Government support for renewables
Renewable Energy Target
Australia’s Renewable Energy Target (RET) for large-scale generation is 33,000 gigawatt hours (GwH) by 2020, meaning that about 23.5% of Australia electricity generation should come from renewable sources by that time.
The RET requires electricity retailers to source a proportion of their energy from renewable sources. Retailers comply with the scheme by obtaining renewable energy certificates created for each MWh of eligible renewable electricity that an accredited power station generates. This scheme will be closed to new entrants from 2020, or when the generation target is met.
The Queensland and Australian governments are currently considering a policy to replace the RET from 2020. The proposed National Energy Guarantee would require retailers to purchase a share of their electricity load from low emissions generation sources.
Clean Energy Finance Corporation
The Clean Energy Finance Corporation (CEFC) provides financing solutions across the clean-energy sector, spanning renewable energy, low-emissions technologies and energy efficiency. The CEFC co-finances and invests, directly and indirectly, in clean-energy projects and technologies.
Australian Renewable Energy Agency
The Australian Renewable Energy Agency (ARENA) is a commercially oriented agency that was established on 1 July 2012 under the Australian Renewable Energy Agency Act 2011.
ARENA’s objectives are to improve the competitiveness of renewable-energy technologies and increase the supply of renewable energy in Australia.
ARENA provides funding to projects that advance renewable energy technologies or innovate systems that increase renewable energy in our energy mix.
Key government contacts
All three levels of Australian government may be involved in renewable-energy investment or regulations.
- Department of Natural Resources, Mines and Energy – regulating authority for energy
- Department of State Development, Manufacturing, Infrastructure and Planning – general project facilitation and coordination and industry facilitation services
- Economic Development Queensland – Land Use Planning and Property Development Unit
- Trade and Investment Queensland – international trade and investment agency
- Energy Queensland – Ergon and Energex
A local council development application is required for many projects. TIQ suggests viewing the local government electoral boundaries to identify the location and applicable council jurisdiction, if you will need to lodge an application.
TIQ helps investors and trade partners harness opportunities by working with local industries and economic development agencies, as well as local and state government agencies.
If you are looking to explore trade and investment opportunities in Queensland, please contact us via our enquiry form.