The Australian state of Queensland has announced that it will invest AUD26bn (US$17bn) during the next four years as part of its Queensland Energy and Jobs Plan to reduce dependency on thermal power sources. The new spending on energy projects includes investments in new wind, solar, storage, and transmission infrastructure. An initial AUD8.7bn (US$5.8bn) in capital investment will be delivered in the 2024-25 financial year alone. Among the projects, there is a AUD109.4m (US$72.4bn) investment to accelerate the state’s SuperGrid, for early works on Central Queensland transmission works and connection of the Borumba Pumped Hydro Energy Storage by Powerlink, a further AUD712m (US$471bn) to continue delivery of the Copperstring transmission project 2032, and over AUD376m (US$251m) will also be invested by Queensland’s three publicly-owned generators in upgrades and maintenance at existing state-owned power plants. Further, Queensland Hydro will continue to progress works on the Borumba and Pioneer-Burdekin Pumped Hydro Energy Storage projects near Gympie and Mackay, respectively.
At the end of 2023, Australia had an installed capacity of 106 GW, of which solar accounted for 32%, coal for 21%, gas for 25%, wind for 11%, and hydro for 9%.
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