Oceanex Energy targets construction of two offshore wind projects in 2028, with the first energy generated two years later.
Oceanex Energy expects to be generating energy from its two proposed offshore wind projects in New South Wales by 2030 to help cushion the blow of imminent coal power retirements in the Hunter Valley, the company’s chief executive officer says.
Oceanex Energy has proposed building several offshore wind farms, but is further ahead on two projects – one near Newcastle and a second one near Illawarra. The company’s chief executive, Andy Evans, said construction was scheduled to begin in 2028. Although Australia does not have any offshore wind energy generation, Victoria this month set an ambitious target of generating the equivalent of aboutNSW is not seen as having the same potential as in Victoria, but advocates said the state had the capacity to supplement Australia’s existing renewable energy generation and was well suited to help replace baseload coal generation.
NSW has prioritised other forms of zero emission technology, but offshore wind has the potential to plug into existing transmission lines of retiring coal assets, which analysts said could encourage greater support from legislators.Coal power still accounts for about 60 per cent of Australian energy needs, but fossil fuel generators are under intense pressure from the rapid increase in renewable energy, stoking concern about what will prop up the eastern states’ National Electricity Market.
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