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- EnergyAustralia has underpinned Australia’s first pumped hydro energy storage (PHES) facility in the National Electricity Market (NEM) in almost 40 years through a Binding Energy Storage Services Agreement with Genex
- EnergyAustralia has full dispatch rights to the facility for up to 30 years and a later option to fully acquire the asset
- The Kidston Pumped Storage Hydro Project (K2-Hydro) has the potential to power up to 100,000 homes during periods of peak demand from 2025 and will create 800 jobs during its construction
- On 20 May 2021, Genex achieved financial close on the project, supported by funding from the Australian Renewable Energy Agency (ARENA) and the Northern Australia Infrastructure Facility (NAIF) loan facility
EnergyAustralia is pleased to announce that construction on the 250MW, Kidston Pumped Storage Hydro Project has officially begun, marking the company’s third major energy project so far in 2021 to help advance Australia’s modern energy system.
Managing Director Catherine Tanna said EnergyAustralia is thrilled to support a project that will be integral to the Queensland energy market.
“The Kidston pumped hydro energy storage facility is a big project and an Australian first that will serve the energy needs of Queensland customers, while advancing our company goal of being carbon neutral by 2050,” said Ms Tanna.
“EnergyAustralia is proud to be underpinning Kidston, which provides another example of how we’re leading the energy transition in Australia.
“The project will provide the stability our system needs and deliver reliable, affordable and cleaner energy. It’s also a terrific example of governments and industry working together to deliver the best outcome for customers,” she said.
Pumped hydro storage plants work like a giant battery: storing energy for use when demand for electricity is high. But with around 7.5 hours of storage with the Kidston project, they can provide a significant amount of sustained energy before recharging.
Located 270km north-west of Townsville, the Kidston facility involves converting two existing mining voids, Wises and Eldridge as the upper and lower reservoirs, respectively.
Ms Tanna said that right now, EnergyAustralia is well-placed than ever to meet its ambition of being carbon natural by 2050.
“Our recent announcements in Victoria, New South Wales and Queensland prove we are a company that’s serious about leading the energy transition in Australia,” she said.
The company’s recent announcements include underpinning the commitment to a 350-megawatt battery in Victoria, and the 300+ megawatt Tallawarra B power station in New South Wales, which will be Australia’s first net zero emissions hydrogen and gas capable power plant.