Finance Queensland government budgets millions for potential pumped hydro project hydroreviewcontentdirectors 6.10.2022 Share The Queensland, Australia, government’s 2022-23 state budget is expected to allocate A$35 million ($24.66 million) to advance a search for a second potential pumped hydro energy storage site. This investment is part of the government’s push toward a more sustainable and affordable clean energy future while creating more jobs in more industries. Treasurer and Minister for Trade and Investment Cameron Dick said the viability and community benefits of a further pumped hydro project now be investigated. “The delivery of new energy projects is significantly changing the way our electricity system operates,” Dick said. “Renewable energy now accounts for more than 20% of Queensland’s energy generation, and we’re committed to powering that further. Large-scale pumped hydro energy has the capacity to deliver a reliable supply of energy in an economic way,” he said. It will also complement the state’s solar and wind generation. Dick said that the funding would support detailed analytical studies that will consider the long-term benefits of this proposed large-scale storage project. Minister for Energy, Renewables and Hydrogen Mick de Brenni said the only way to drive power prices down was to put more renewables and storage into the energy system. “This was the clear consensus from the national Energy Ministers Meeting this week to address the ongoing global impacts on the energy market,” he said. “Pumped hydro will play a critical role securing the future of Queensland’s energy system with a reliable supply of dispatchable power. This is part of Queensland’s Energy Plan, which will set out our pathway to a cheaper, cleaner and reliable energy system.” The Palaszczuk Government has also approved up to A$13 million ($9.16 million) to accelerate key technical studies to enable a final investment decision on the proposed Borumba Pumped Hydro storage project. The Treasurer said the funding will be drawn from the Queensland Renewable Energy Zone initiative. This funding builds upon A$22 million ($15.5 million) announced in June 2021 for detailed analytical studies for the project. Borumba Dam has been identified as one of the best potential sites for long-duration pumped hydro in Queensland through the Queensland Hydro Study, de Brenni said. Powerlink is managing the design and cost analysis, he said. According to the Powerlink website, Borumba Dam has been earmarked as a potential pumped hydro site for nearly four decades. Studies commenced in late 2021 and are due for completion by the end of 2022. Related Posts EPCG, German Development Bank to finance new unit at 307 MW Perućica plant $21M ADB grant to help modernize Tajikistan hydro plant BC Hydro to invest $6 billion in capital projects, including dam and hydro upgrades ADB, Kazakhstan to partner on hydropower development program