- Crisafulli Government gets to work on five-year energy plan.
- Queensland Investment Corporation to oversee Queensland Hydro, the entity charged with delivering the Borumba pumped hydro project.
- Electricity Maintenance Guarantee already supporting more than $400 million of investment into maintenance of government-owned generators.
- Queensland's future energy will be affordable, reliable and sustainable.
The Crisafulli Government has announced the development of a five-year Energy Roadmap is underway and will be delivered by the end of 2025.
Speaking today at the Queensland Energy Club, Treasurer and Energy Minister David Janetzki said the Government was committed to delivering affordable, reliable and sustainable energy to Queenslanders.
"We're taking an approach based on economics and engineering, not ideology," Minister Janetzki said.
"Our five-year plan must ease pressure on our balance sheet, de-risk our energy future, and add significant generation capacity. It will involve the private sector and must work for our communities."
Already, the Crisafulli Government's Electricity Maintenance Guarantee is supporting more than $400 million of investment into maintenance of our government-owned generators in 2024-25.
This includes completion of the refurbishment of the cooling tower at Tarong Power Station, and upgrades of the Callide B1 and B2 units.
Minister Janetzki said Labor had neglected the State's Government-Owned Corporations by prioritising cost savings and restricting investments into maintenance, personal safety and plant performance.
"Labor's neglect resulted in the Callide explosion that left the unit offline for more than 1200 days, and pushed up power prices for Queenslanders," Minister Janetzki said.
"We're delivering effective asset maintenance so Queensland's power plants can remain in the system and support our grid with affordable and reliable generation.
"Queensland's coal-fired fleet is the youngest in the country and coal generation will continue to play a central role in our grid."
Mr Janetzki today announced the Crisafulli Government would transfer oversight of Queensland Hydro, the entity charged with delivering the Borumba pumped hydro project, to Queensland Investment Corporation (QIC).
"We've made this decision following revelations from Queensland Hydro in December the cost to deliver Borumba had blown out by $4 billion to a total of $18 billion and would take an additional three years to complete," Minister Janetzki said.
"The report also revealed there was less than a one per cent chance of Borumba being completed on time for its first planned power in 2030.
"QIC is uniquely placed and experienced to support Queensland Hydro to deliver a proper commercial assessment of delivery options."
The Crisafulli Government will invest $50 million into the Mt Rawdon Pumped Hydro project through CleanCo to help progress the project towards a final investment decision.
"We committed to progressing smaller, more manageable pumped hydro projects, and this fires the starters gun on the first of these projects," Minister Janetzki said.
In addition, $134 million in funding has been approved for CS Energy to develop the 400-megawatt Brigalow Gas Peaker Project at Kogan Creek, and CleanCo and Stanwell will progress two new gas-fired generation projects at Swanbank and Gatton.
