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.
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 Hon Scott Morrison MP, Prime Minister, the Hon Angus Taylor MP, Minister for Energy and Emissions Reduction, Senator the Hon Mathias Cormann, Minister for Finance, joint media release 30 October 2019
Clean Energy Finance Corporation media release 30 October 2019