The Queensland 2026-27 budget was released today with the following key new investments in energy:
Locking-in lower power prices for Ergon customers as part of the Energy Roadmap Price Drop, saving families around 7% and businesses 8% by passing on the full power price reduction.
Delivering the Fuel Security Plan by fast-tracking the Taroom Trough Development Plan, accelerating the development of production in the Taroom Trough, optimising production in the Cooper-Eromanga Basin, and investing in new refining capability on Queensland soil with $19 million over two years.
Boosting Queensland’s onshore fuel storage capacity by unlocking land near ports and fast-tracking new investment, including unlocking up to $100 million investment by BP in additional fuel storage.
Continuing the rollout of the $5.2 billion Energy Roadmap in 2026-27. Key investments include:
- $2.096 billion to maintain and extend the electricity network including $420 million to progress CopperString (with construction to commence on the Eastern Link in 2028 and commercial operations in 2032 (subject to approvals)) and $501.1 million to progress Powerlink’s Gladstone Project.
- The Electricity Maintenance Guarantee will support a further $523.5 million of investment into existing state-owned generation assets. Over the next five years, the Electricity Maintenance Guarantee is underpinning a $1.8 billion investment in Queensland’s state-owned generation assets.
- Queensland Hydro will invest $324.3 million to continue early works and progress the Borumba Pumped Hydro Energy Storage as part of a joint energy and water security project, subject to ongoing assessment through the Queensland Investment Corporation (QIC) Review.
- The $200 million North West Energy Fund is backing new energy projects in and around Mount Isa, Cloncurry, Julia Creek and Richmond.
Further details can be found in Budget Paper 3 – Capital Statement. Interested in learning more about these new announcements? Please get in touch with our energy experts at Edge2020.
