Funding for a world-first marketplace platform for renewable energy continues the Liberal National Government’s support for new technology to reduce emissions while keeping the economy strong.
Through the Australian Renewable Energy Agency, the Government is providing $845,000 to support the creation of a suite of standard hedge contracts and a trading marketplace platform.
Renewable Energy Hub’s marketplace will help energy buyers and sellers manage their risk and provide stability to consumers. The Hub will develop multi-year financial products that factor in the time when wind and solar energy need to be backed up by flexible generation and storage (including gas, hydro and batteries).
In turn, the marketplace will also lower the risk and cost of the new generation projects by increasing the range of contracting and financing options available.
Driving down the cost of technologies that provide storage and backup to the electricity sector is particularly important for Australian households and businesses.
That’s why the Government is committed to ensuring Australia has affordable and reliable energy.
The Morrison Government in partnership with Berejiklian Government today announced a landmark $2 billion agreement to lower power prices for consumers, reduce emissions and strengthen grid reliability in New South Wales.
The Government has also invested $1.4 billion into Snowy 2.0 and MarinusLink, established a $1 billion Grid Reliability Fund and recently announced support terms for the first two UNGI projects.
These are important initiatives in the Government’s A Fair Deal on Energy policy and will contribute to meeting our $70 per MWh price target.
View the energy policy blueprint here: https://www.energy.gov.au/energy-policy-blueprint-fair-deal-energy
