NSW Renewable Energy Fund: No Projects After 3 Years

0:00Nearly three years after labor took office in New South Wales, their flagship $1 billion renewable energy fund hasn't dropped a single dime on, projects. The Energy Security Corporation was set up to pump between $25 million and $150 million into storage solutions for solar, and wind power, filling gaps where private investors hold back. Pressures mounting with energy security worries spiking after Middle East conflicts, jacked up fuel prices, and diesel demand. The fund sits in a trust-earning returns, but they've only pulled out $20.9 million for set-up costs so far. Critics like Greens MP Abigail Boyd are calling it a sham, pointing to delays over a year to pass the bill in June 2024, another year. To appoint the board in July 2025, the government promised quick action during the election, but it's been slow to launch. Now the corporations and active talks with a pipeline of projects, focusing on storage near Sydney, Newcastle, and Wollongong, plus long duration, batteries and solar hybrids.

1:06CEO Paul Peters says they're pushing for speed and scale to keep the grid reliable as coal plants retire. Energy Minister Penny Sharp insists deals will close this financial year, co-investing with private cash to give renewables rolling faster and secure. The state's power future. This has been Sydney News Today, powered by AI, I'm Corey with the story.