NSW hydrogen strategy expected to attract more than $80bn in investment in the State

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The NSW Government has launched a new hydrogen strategy in an effort to establish the State as an energy and economic superpower.

In addition to delivering an already committed $70 million to develop the State’s hydrogen hubs in the Illawarra and the Hunter, the NSW Hydrogen Strategy will establish exemptions for green hydrogen production from government charges.

It envisions a 90% exemption from electricity network charges for green hydrogen producers who connect to parts of the network with spare capacity, as well as up to $3 billion in incentives for green hydrogen production.

The strategy also envisions a hydrogen refuelling station network to be rolled out across the State.

Premier Dominic Perrottet said the strategy would attract more than $80 billion of investment in the State.

“Australia has an opportunity to be an energy superpower, New South Wales will lead the country with this hydrogen strategy,” Mr Perrottet said.

“Our major trading partners see hydrogen as part of their energy future, this state has the skills, infrastructure and renewable energy resources to compete globally in this new industry.”

According to Treasurer and Energy Minister Matt Kean, the strategy is forecast to increase the size of the NSW economy by more than $600 million by 2030.

“Hydrogen will not only help the State halve our emissions by 2030 and get to net zero by 2050, it will create new opportunities for our heavy industry, and an economic bonanza of investment and jobs,” Mr Kean said.

“This strategy is forecast to more than halve the cost of green hydrogen production in NSW and will make NSW the best place to invest in hydrogen in the world.”

According to the NSW Government’s statement, business will be invited to submit an expression of interest to participate in the hydrogen hubs by the end of October.

Image credit: https://www.energy.nsw.gov.au/sites/default/files/2021-10/GOVP1334_DPIE_NSW_Hydrogen_strategy_FA3%5B2%5D_0.pdf
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