NSW promises $32 billion renewables investment drive under new roadmap

The New South Wales (NSW) government has announced a new electricity infrastructure roadmap that it hopes will drive a $32 billion private investment boom in renewable energy.

The state coalition said that the plan would support 12GW of renewable energy and 2GW of energy storage, with a focus on pumped hydro, over the next decade.

Initial analysis of the plan suggests it could increase the share of renewable energy in NSW from about 16% today to more than 60% by 2030.

Government ministers said that the wave of clean energy investment would help replace the state’s increasingly unreliable coal power plants and lower power prices, while creating more than 6,000 construction and 2,800 ongoing jobs.

“Our priority is to keep the lights on and get power prices down, with the roadmap forecast to save NSW households an average of $130 and small businesses an average of $430 on their electricity bills each year,” said Minister for Energy and Environment Matt Kean.

The NSW state’s renewable energy drive contrasts with the Federal Government’s emphasis on a gas-led recovery from the COVID-19 crisis and its refusal to implement a new overarching policy for clean energy private investment, after the national renewable energy target was filled last year.