Queensland’s new CleanCo

Powering Queensland through renewable energy

The Queensland Government is committed to putting further downward pressure on electricity prices and securing Queensland’s energy supply.

As part of the Powering Queensland plan, the Government is creating a new publicly owned ‘CleanCo’ clean energy generator. CleanCo will secure a cleaner, more affordable, sustainable and secure energy supply for Queensland.

It will support the growth of Queensland’s renewable energy industry and increase competition in the wholesale electricity market, lowering electricity prices and facilitating a reliable and affordable transition to increased renewable energy.

Queensland’s CleanCo will deliver the Government’s objectives for a clean energy future, affordable energy prices, and growing investment in jobs.

Putting downward pressure on electricity prices

Since 2015, the Queensland Government has utilised its public ownership of energy generation and distribution assets to deliver a range of innovative reforms to successfully stabilise electricity prices in Queensland.

Once established, CleanCo will increase competition in the National Electricity Market (NEM) and put downward pressure on wholesale electricity prices — delivering benefits to individual households and large commercial and industrial customers.

Supporting jobs and a just transition for workers

CleanCo will mean jobs in the renewable energy industry, starting with 1000MW of new renewables like solar, wind and hydro.

Any employees transferring to CleanCo from either CS Energy or Stanwell will maintain their existing conditions, including no-forced redundancies or relocations.

Any new CleanCo employees will also be on the same terms and conditions as any transferring employees.

The Queensland Government is also establishing a new Just Transition Group with dedicated resources to lead the development of a Just Transition Policy Framework to help workers and communities as the economy transitions to renewables.

Growing Queensland’s renewable energy industry

CleanCo is part of our plan to maintain majority ownership of generation assets as we transition to 50% renewable energy to deliver secure and affordable energy.

CleanCo will have a strategic portfolio of low and no emission power generation assets, and will build, construct, own and maintain renewable energy generation.

To ensure Queenslanders continue to receive the benefits of the Queensland Government’s commitment to maintaining public ownership of our energy assets, the Government is making an initial $250 million investment for the construction of new, public renewable energy generation assets like solar wind and hydro.

Next steps

Queensland Treasury is working with the Department of Natural Resources, Mines and Energy, CS Energy, Stanwell and other stakeholders to establish CleanCo to deliver better energy outcomes for all Queenslanders.

An independent Boardinterim CEO and Executive General Manager – Transition have been appointed to guide the creation of CleanCo as Queensland’s third energy generator. The Board will report to shareholding Ministers in accordance with the operating model for Queensland’s Government-owned corporations (GOCs). Ongoing engagement is also occurring with key stakeholders, including existing GOC power generators, Stanwell and CS Energy, and the energy sector unions.

For further information please visit the CleanCo Queensland website

CleanCo is expected to be trading in the National Electricity Market in 2019, subject to receiving regulatory approvals.

 

Contact CleanCo

Last updated: 3 April 2019