NSW Labor announces state-owned power initiative

The New South Wales Labor Opposition has announced plans to establish a state-owned renewable energy company to support the broad rollout of new sustainable power initiatives.

State opposition leader Michael Daley announced the new initiative, saying that if elected at the upcoming state election in March, it would provide energy to over 3 million homes across the state, delivering seven gigawatts of extra renewable energy by 2030.

Mr Daley said the initiative would provide a price guarantee to the private sector through a series of competitive tenders and long term contracts – known as reverse auctions which drive the price of new-build renewable energy down and reduce the price of electricity.

The announcement was welcomed by environment groups, with the Nature Conservation Council describing the plan as a ‘game-changer’ for the state.

“State Labor’s pledge to add 7GW of large-scale solar, wind and storage to the grid is a game-changer that would make NSW a leader in clean energy in Australia, slash the state’s carbon emissions by 12% and power about 3 million households,” Nature Conservation Council CEO Kate Smolski said.

“This shows the ALP is serious about cutting our climate pollution. Today’s announcement complement’s the ALP’s commitment last week to put solar on 500,000 homes over the next 10 years.

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