South Australia has recently signed the first Renewable Energy Transformation Agreement, setting a precedent for the nation’s energy future.
This agreement, facilitated by the Federal Government, promises to deliver new renewable energy infrastructure capable of powering every household in Adelaide, backed by dedicated federal funding.
This initiative is part of the Federal Government’s ambitious plan to add 32 gigawatts (GW) of renewable generation and storage across Australia by 2030 under the Capacity Investment Scheme. The agreement aims to address the increasing energy demand and the challenges posed by ageing infrastructure, some of which dates back 50 years.
“The more renewable energy we have in our grid, the more downward pressure it puts on energy bills because it is the cheapest form of energy to power households and industry,” Minister for Climate Change and Energy Chris Bowen said.
“Giving the market the confidence to build new projects is good; signing an agreement to collaborate with South Australia on practical steps to get the best out of this energy transformation for South Australian workers, communities and industry, is great.”
The agreement also highlights a shared commitment between the South Australian and Federal Governments to enhance community engagement and drive improved social and economic outcomes from the energy transition. This includes increasing First Nations participation in planning, building, and operating new assets, and streamlining planning and approvals processes to ensure project completion by 2030.
Additionally, both governments will focus on bolstering transmission, skills and workforce outcomes, energy efficiency for South Australian homes and businesses, community energy resources, and renewable energy supply chains.
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