Released by: Minister for Energy and Climate Change, Treasurer and Minister for Finance
The NSW Energy Security Corporation is now fully operational, with the appointment of an independent Board and funding available to invest in accelerating projects that will get more reliable, clean and affordable electricity into the NSW energy grid.
The Minns Labor Government has established the Energy Security Corporation as a government backed investor, that co-invests with the private sector to accelerate the delivery of a reliable, secure energy system for NSW.
The Corporation has $1 billion of seed funding for investment in large-scale storage and enabling assets, including big batteries, network infrastructure and scalable community energy resources.
With its Board in place, the Energy Security Corporation is now open to make investments and is ready to support projects that will shape a more secure, reliable and clean electricity system for businesses and households state-wide.
The inaugural Board will be chaired by Cameron O’Reilly, an expert in public policy and the Australian energy market and electricity transition. In 2023, Mr O’Reilly led the NSW Electricity Supply and Reliability Check Up.
Alongside Chair Cameron O’Reilly, the Board features a distinguished group of directors – David Borger, Helen Conway, Michael Cummings, Sharon Eacott, Katerina Kimmorley and Daniel Papps. In February, the Minns Labor Government announced the Energy Security Corporation’s first Investment Mandate to address investment gaps and ensure a reliable energy system for NSW homes and businesses.
Key investment priorities include short to long-duration storage projects, infrastructure upgrades for grid operation and coordination of consumer energy resources such as virtual power plants.
For more information, visit the Energy Security Corporation website.
Quote attributable to Minister for Climate Change and Energy, Penny Sharpe:
“After a decade of privatisation, the Energy Security Corporation gives the people of NSW the chance to invest in their energy system, and we’re thrilled to appoint a Board to accelerate this process.
“The corporation will collaborate with the private sector to plug investment gaps, ensuring we keep the lights on and prices down for NSW residents and businesses.”
Quote attributable to Treasurer Daniel Mookhey:
“The Energy Security Corporation brings together public capital, private-sector investment discipline and government alignment to accelerate NSW’s energy transformation.
“The Board has deep expertise across energy, finance, law, infrastructure and risk, and will review and approve all final investment decisions, to ensure they build a better NSW.”
Quote attributable to Minister for Finance, Courtney Houssos:
“The Minns Labor Government has delivered on its election commitment to establish the Energy Security Corporation to ensure NSW homes and businesses can enjoy the benefits of renewable energy.
“This government-backed investor will help secure the energy system NSW needs, now and into the future.”
Quote attributable to Energy Security Corporation Chair, Cameron O’Reilly:
“It’s an honour to serve as the inaugural Chair of the Energy Security Corporation. The ESC has a vital role to play in NSW’s energy transformation.
“I look forward to working with my fellow Board members and the executive team to make strategic investment decisions that support the state’s clean energy future and deliver long-term value for the people of NSW.”
Quote attributable to Energy Security Corporation CEO, Paul Peters:
“The Energy Security Corporation will invest where the need is urgent. Our role is to bring the flexible capital needed to accelerate infrastructure projects and create a modern, resilient energy system.
“We’ve already been out engaging with energy companies, developers and financiers, building an understanding of where the ESC can maximise its impact.”