NSW, Victoria Target Renewable Energy Storage Investments

The New South Wales government has established the Energy Security Corporation (ESC) with a $1 billion fund to invest in battery storage and pumped hydro projects, addressing the transition from coal to renewable energy. Energy Minister Penny Sharpe highlighted the need for long-duration storage solutions to utilize excess renewable energy from solar and wind. Concurrently, Energy Vault is set to construct Australia's first fully publicly owned renewable energy project in Victoria, featuring a 100 MW battery storage system that will work with a solar farm to supply power to approximately 51,000 homes. This project will also help lower energy costs and create jobs in the region. Both states aim to enhance their energy infrastructures in light of increasing demands while transitioning to renewable sources. The combined efforts reflect a broader commitment in Australia to accelerate the clean energy transition through innovative storage solutions.