Energy businesses, workers and consumer groups are being encouraged to help shape the design of the new Energy Security Safeguard, to ensure it will drive down power prices and improve the reliability of the NSW grid.
Energy Minister Matt Kean today called on interested stakeholders to respond to the Energy Security Safeguard consultation paper, which is an important next step to implement the State’s Electricity Strategy to lower power prices and improve the reliability and sustainability of the electricity system.
“The Energy Security Safeguard will extend the highly successful Energy Savings Scheme to 2050, with an energy savings target increasing to 13 per cent by 2030, to ensure households and businesses can continue to save money on their bills by upgrading to energy efficient technology.”
Mr Kean said the Safeguard will now also drive the rollout of appliances and equipment that reduce demand during peak periods when the electricity system is under stress, for example during the recent bushfire season or prolonged heatwaves.
“The existing Energy Savings Scheme supports over 1600 jobs and has already helped projects that will deliver about $5.6 billion of bill savings. This is our chance to deliver even bigger savings for consumers and support small businesses and their employees doing it tough with new markets and opportunities.”
“The energy efficiency industry is a big driver of business and employment in NSW and lowers power prices for everyone by reducing demand on the grid. I look forward to working with tradies, small businesses and other stakeholders to implement the changes as soon as possible to support a strong and sustainable economic recovery from COVID-19,” Mr Kean said.
The Energy Security Target and Safeguard consultation paper can be viewed at https://energy.nsw.gov.au/government-and-regulation/consultation.
The NSW Government has also released a Draft Statutory Review Report on the Energy Savings Scheme, which can be viewed at https://energy.nsw.gov.au/government-and-regulation/consultation.
An online public consultation forum for the Energy Security Safeguard will take place from mid-May with written submissions due by Monday 22 June 2020.