The Grid Reliability Fund, announced on 30 October 2019, supports Australian Government investment in new energy generation, storage and transmission infrastructure, including eligible projects shortlisted under the Underwriting New Generation Investments (UNGI) program.
The $1 billion fund will be administered by the Clean Energy Finance Corporation (CEFC). The fund is the first new capital provided to the CEFC since it began. The government will update the CEFC enabling legislation to ensure the Grid Reliability Fund can support suitable projects.
The fund will prioritise investments in jurisdictions where state and territory governments are working with the Australian Government towards an agreed reliability goal and to ensure sufficient reliable generation capacity is available to meet periods of high demand in the National Electricity Market.
Eligible investments will include:
- energy storage projects including pumped hydro and batteries
- transmission and distribution infrastructure
- grid stabilising technologies
The government will only refer UNGI projects that reflect the CEFC’s legislative mandate for consideration under the fund.
Further announcements on individual projects, including shortlisted UNGI projects, will be made as the government reaches agreements with individual project proponents.
$1 billion boost for power reliability The Honourable Prime Minister, Scott Morrison, the Honourable Minister for Energy and Emissions Reduction, Angus Taylor, the Honourable Minister for Finance, Mathias Cormann, joint media release 30 October 2019
Clean Energy Finance Corporation media release 30 October 2019