Nexa Advisory submission – Expanded CIS 25032024
Nexa Advisory welcomes the release of the expanded CIS. Like numerous industry stakeholders, Nexa Advisory, shares concerns regarding the current build rate of renewable generation and associated energy storage, potentially jeopardising achieving Australia’s clean energy targets. Supercharging the CIS to 32 GW offers a practical and efficient solution for incentivising renewable energy and firming capacity that is zero emissions technology in a timely manner.
Facilitating new renewables and storage investment is crucial for achieving our 2030 climate and renewable electricity targets, while ensuring the reliable replacement of aging coal power stations. Expanding the CIS will minimise any potential adverse effects on consumers’ and offer the most equitable solution for all Australians amid the clean energy transition.
Nexa Advisory sees the CIS as an opportunity to reinvigorate large-scale renewable generation and energy storage investment, and it will be important to meticulously design the policy in the coming months to ensure its effectiveness in accelerating the deployment of utility-scale renewables.
To support delivery of the desired investment outcomes, we urge the DCCEEW to directly engage with investors and developers, on a continuous basis, to ensure that the CIS effectively delivers the intended policy outcomes, including the need for energy storage.
Nexa Advisory has identified several potential areas for improvement in the design of the expanded CIS, including aligning government targets and initiatives more effectively, increasing support for energy storage, integrating lessons from the LTESA design, and ensuring transparency in the CIS framework.
Additionally, we have flagged several concerns requiring immediate attention to guarantee the success of the CIS, including transmission, ring-fencing, project approvals, and sharing the responsibility of grid provision with the states.
We explore these issues and offer recommendations throughout the remainder of our submission: Nexa Advisory submission – Expanded CIS 25032024
