The ability of Queensland's energy plan to encourage private investment alongside state-funded projects and achieve coordination will be critical to its overall long-term success, according to the peak industry body for energy retailers and generators, the Australian Energy Council.
The AEC's General Manager Corporate Affairs and Retail, Ben Barnes, said "This plan is a significant reform and statement of ambition by the Queensland Government.
"We support the ultimate aims of cleaner, cheaper power and stand ready to work positively with the Queensland Government towards the plan's success.
"We note very major investments will be made by publicly-owned businesses which will unavoidably have some impact on investor confidence."
At the same time, the AEC welcomed efforts by the Queensland Government to seek to dramatically grow its renewable industry without the use of underwriting mechanisms.
"This is a positive approach that avoids exposing customers or taxpayers to market risk," Mr Barnes said.
"The plan announced today includes a 500kV "SuperGrid" backbone. There is no doubt additional transmission will be required, however the great cost of such a grid requires deep scrutiny.
"It is important state-based approaches are well coordinated, phased and able to adapt to changes in the market," he said.
About the Australian Energy Council
The Australian Energy Council is the peak industry body for electricity and downstream natural gas businesses operating in the competitive wholesale and retail energy markets. AEC members generate and sell energy to 10 million homes and businesses and are major investors in renewable energy generation. The AEC supports reaching net-zero by 2050 as well as a 55 per cent emissions reduction target by 2035 and is committed to delivering the energy transition for the benefit of consumers.
