PLEA Network

30 October 2019, Renew Economy. Coalition gives $1bn to CEFC for 24/7 reliable renewable power. The federal Coalition government has injected another $1 billion into the $10 billion Clean Energy Finance Corporation – the same Labor-established green bank his party tried for years to abolish and hamstring – to underwrite renewables integration and grid stabilisation technologies. The Liberal National government said on Wednesday that it would establish a $1 billion Grid Reliability Fund to support investment in new energy generation, storage and transmission infrastructure, including projects shortlisted for its Underwriting New Generation Investments (UNGI) program. The joint statement from Prime Minister Scott Morrison, energy minister Angus Taylor and minister for finance Mathias Cormann said eligible investments for the new fund would include energy storage projects like pumped hydro and batteries, transmission and distribution infrastructure, and grid stabilising technologies. Read more here