General GNX News, page-458

A $700 million pumped storage hydro-electricity project, creating 500 jobs, looks set to proceed northwest of Townsville with the Federal and State Governments firmly behind it and a resolution understood to be close on the scheme’s power supply agreement.
It comes after Deputy Premier and Treasurer Jackie Trad questioned the Federal Government’s resolve and Federal Northern Australia Minister Keith Pitt – a pro-coal MP critical of wind and solar power – said he fully supported projects such as Genex Power’s Kidston proposal.
Genex was left in limbo last year after Energy-Australia stalled on a contract to buy power from the hydro scheme but the Townsville Bulletin understands the two companies are close to announcing an agreement.
Genex CEO James Harding has told disallowed that it continues to be actively engaged with key stakeholders, including EnergyAustralia over an offtake agreement.
Ms Trad said the Federal Government needed to get moving on a Northern Australia Infrastructure Facility loan for the project.
NAIF has approved an extension to an offer of up to $610 million to June 30.
“In September last year the Palaszczuk Government made it clear we are ready to roll on Kidston, with a $132 million commitment through our state-owned transmission company Powerlink to connect Kidston to the National Electricity Market,” Ms Trad said.
“Unlike NAIF, that money is not a loan – it’s cold hard cash for Powerlink to connect Kidston to the grid, to get the power pumping.
“This is a project that would deliver 500 jobs during the first two years of construction, and 30 permanent operational jobs.
“Adding 250MW of renewable energy to the grid would support more jobs in more industries in Townsville and other centres.
“What we need now is for the Federal Government to get its act together and create some certainty around this project for the people and businesses of North Queensland.”
Mr Pitt said that he fully supported any major project like Kidston that would bring much-needed jobs to regional North Queensland.
“An NAIF loan has already been approved for the Genex project and the offer period has been extended to give the company every opportunity to proceed with the proposal,” Mr Pitt said.
“The Government is working with the company through this process.
“North Queensland will be better served with all levels of Government working together. I am looking to deliver more projects, not less, more jobs and a stronger economy for Northern Australia.”
An announcement on the energy project is expected within days.