18 February 2019
More than 13,000 jobs will be created under a Daley Labor government plan to guarantee pricing for enough renewable energy to provide clean and cheaper electricity for more than three million homes in the state in the next decade.
This is a move that signals to the market that NSW is finally serious about energy security and climate change.
Labor will deliver a total of 7 gigawatts of new, renewable energy – enough energy to power more than 3 million homes in the state (as many homes as NSW has today) – by 2030, ensuring NSW has secure, clean and affordable energy.
A Daley Labor government will deliver the guarantees 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.
This package includes the creation of a new State Owned Corporation to deliver a further 1 gigawatt of renewable energy generation and storage over the next decade
Announcing the policy today, NSW Labor Leader Michael Daley said the commitment to guarantee pricing gave the private energy sector the confidence to invest in NSW and create thousands of new jobs.
“I want to make NSW a global leader of the clean energy industry. I want NSW workers and families to reap the benefits.
“But we can only do that if we send a message to the energy sector that a NSW Labor State Government will back them and guarantee a market.
“This approach is already being successfully used in the ACT and in Victoria and overseas and the Queensland government is preparing for such a move.
“NSW cannot be a supplicant state for energy. We have to produce our own energy, create our own jobs and give energy security to our own people. If we don’t move now, we will completely fall behind and lose our advantage.”
“Under the Liberals and Nationals we have the worst of both words where there is no certainty about emissions or renewable energy, which is acting as a deterrent to the private sector,” he said.
The timing, size and content of each auction round will be determined in conjunction with the Australian Energy Market Operator. Subject to this, a Daley Labor government will commission 4 gigawatts in its first term of government.
Today’s announcement builds on last week’s commitment to take NSW beyond 1 million solar homes over the next decade.
Shadow Energy Minister Adam Searle said that based on Victorian modelling on a similar scheme the move could create 13,485 jobs, attract $9.5 billion in capital investment and deliver $5 billion in economic benefits to the regional NSW economies.
“Labor’s Clean Energy Plan will turbocharge the energy market in NSW. It will lead to cleaner and more secure energy and ultimately deliver lower power prices for households. Everyone will benefit from our well-planned and orderly transition to renewable energy.”
Unlike the Liberals and Nationals who are splurging $2.2 billion on Sydney stadiums, Labor is investing in jobs in the regions.