The Queensland Government has announced that market sounding is underway for a $200 million North West Energy Fund, aimed at improving the affordability, reliability and sustainability of energy supply across the North West Minerals Province.
According to the Queensland Government, the fund is intended to support local energy generation and storage projects in partnership with the private sector, with a focus on developments that can be fast-tracked.
The initiative is expected to benefit communities in Mt Isa, Cloncurry, Julia Creek and Richmond, while supporting broader economic activity in the region.
The government said the fund would help “pay forward” the benefits of the CopperString project, a major transmission development that has received a record $2.4 billion allocation in the state budget. The project is considered a key part of the state’s Energy Roadmap, which prioritises improved energy supply in regional areas.
Speaking in Townsville, Treasurer and Energy Minister David Janetzki said the Queensland Investment Corporation had begun engaging with more than 20 organisations as part of the market sounding process.
“As part of the market sounding process, energy developers, generators, electricity distributors and suppliers, users as well as local councils, are being engaged,” Janetzki said.
He added that the fund would support “local generation and storage solutions” and help deliver “lower energy prices sooner for the North West.”
Janetzki said improving energy supply in the region was critical to supporting the North West Minerals Province, which he described as “one of the richest mineral producing regions in the world” and an important contributor to the Queensland economy.
“To progress economic development in the North West, we need investment in flexible solutions that reduce the reliance on gas for baseload electricity consumption,” he said.
The Queensland Government also stated that the fund forms part of a broader plan to strengthen the state’s economy, alongside the delivery of CopperString and associated initiatives.
In addition, the government confirmed that $50 million in legacy projects would be delivered through a Community Benefits Fund to support communities in North and North West Queensland.
The North West Energy Fund will be delivered by the Queensland Investment Corporation, with further details to be informed by the outcomes of the current market sounding process.
