According to The Australian Financial Review, Geelong will host one of the world's largest batteries. Victorian energy minister Lily D'Ambrosio said the storage project, to be developed and owned by French player Neoen and located at a critical juncture on the grid, would improve reliability of supply and keep a cap on power prices as coal power plants shut down.
The government will pay $84 million over 11 years for the use of 250 megawatts of the battery's capacity to enable increased transmission over the Victoria-NSW interconnector during summer months, starting in 2021-22. It cited independent analysis which found that every dollar invested in the battery will deliver more than $2 of benefits to Victorian homes and businesses.
But the full costs remain unclear and the Australian Energy Council, which represents electricity and gas suppliers, labelled the state's intervention in the market as "retrograde".
If you want to read this article in Japanese, please see the following link:
Subscribe to our English Newsletter