Xinhua
Australian Prime Minister Scott Morrison has announced a boost in funding for clean energy production in order to lower power prices and avoid blackouts.
Morrison said on Wednesday that the CEFC would receive an extra 685 million US dollars to accelerate the development of next generation electricity production and upgrade the transmission network.
The funding is designed to unlock private sector investment by backing pumped hydro, battery and gas projects, as well as upgrade storage and transmission infrastructure.
“This is yet another initiative by our government taking more action to bring power prices down and keep the lights on,” said the prime minister.
“We’re delivering immediate relief through our new price safety net and banning sneaky late payment fees but we’ve also got our eye to the future with the projects this new fund will back.
“Our work to date and this new initiative will help deliver an energy system that isn’t a roadblock to businesses growing and employing more people and that isn’t stinging family hip-pockets.”
According to The Australian on Wednesday, the boost in funding, which cannot be used for new or upgraded coal fired projects, was approved after the government identified a lack of investment in “dispatchable generation” and the need to combat future energy pressures.
