The New South Wales Government has declared Australia’s second Renewable Energy Zone (REZ) in New England, following the Central-West Orana declaration in early November 2021.
James Hay, CEO of the Energy Corporation of NSW, hailed this development as a substantial milestone in the state’s Electricity Infrastructure Roadmap.
“REZs are the modern-day equivalent of a power station, combining low cost renewables with back-up energy from storage and transmission to deliver cheap, reliable and clean energy,” Hay said.
“It’s phenomenal to get this REZ declared as New England has some of the best natural energy resources in the country, including some of the state’s best potential sites for pumped-hydro and strong investor interest.
“The New England REZ will drive $10.7 billion in private investment, around 830 operational jobs, as well as 1250 construction jobs each year.”
The NSW Government’s commitment to invest $78.9 million will support the development of the New England REZ, which is the first step in formalising the zone under the Electricity Infrastructure Investment Act 2020.
Mr. Hay highlighted the positive impact of the REZ on traditional farming communities, offering drought resilience and additional income streams for landholders hosting electricity infrastructure. He estimated lease payments to landholders amounting to approximately $660 million by 2042.
“REZs will also play a key role in delivering on our commitment to halve the State’s emissions by 2030 and achieve net-zero by 2050,” Hay said.
For more renewable and solar news, subscribe to ecogeneration.