Our customers have told us what is important to them, and we have made it our business to keep looking for new ways to expand on our offering and services.
23 August 2023
Renewable energy leader, RWE has signed a Memorandum of Understanding (MoU) with publicly-owned energy company Stanwell Corporation, establishing a strategic partnership to support the delivery of Stanwell’s 9 – 10 GW pipeline of renewable energy assets.
The partnership will commence with the development of two new wind farms in Central and Southern Queensland by 2029, and pave the way for future renewable energy projects, investment and innovation.
Under the MoU, Stanwell may secure energy offtakes and potential equity stakes in the proposed Theodore Wind Farm, a 1,100 MW project in development near Biloela and a second wind farm of up to 720 MW in early-stage development in Southern Queensland.
The initiative forms part of Stanwell’s strategy to build a renewables portfolio of 9 to 10 GW of generation and 3 to 3.5 GW of storage by 2035 to support the Queensland Government’s renewable energy target of 80% by 2035.
RWE expects that the two projects under the MOU will be completed by 2029 and will create more than 500 jobs during construction.
“We are thrilled to partner with RWE on two such significant projects. An additional 1.8 GW of clean energy by 2029 represents a major boost in our rapidly growing portfolio of renewable energy projects.
“This is a win-win agreement for the energy industry, Queensland and our commercial and industrial customers who want clean, reliable and affordable energy to power their businesses.
“And it strengthens Queensland’s position to deliver on the targets set out in the Queensland Energy and Jobs Plan, bringing more investment and jobs into our regional communities.
“RWE Renewables Australia is backed the scope and experience of its parent company and driven by a commitment to support local through regional supply chains, community consultation and social investment – they are an ideal fit for Stanwell and for Queensland’s clean energy future,” Mr O’Rourke said.
RWE Global CEO said it is excited to be partnering with Stanwell to achieve Queensland’s renewable energy ambitions.
“RWE sees Australia as a very attractive renewable energy growth market and we are looking forward to working on developing the proposed Theodore Wind Farm.
“We are committed to increasing our presence in the Australian market, and the signing of this memorandum of understanding with Stanwell for Theodore, and another of our Queensland projects, is a demonstration of this commitment.”
The proposed Theodore Wind Farm is now in early development, undertaking project studies and community consultation.
About RWE
The subsidiary RWE Renewables Australia has been developing utility scale wind and solar projects since 2018. RWE Renewables Australia is working on developing utility-scale wind, solar and battery projects in Queensland and other states.
The company has an exciting pipeline of projects and a growing team of more than 45 people, backed by the experience of the 5300 people strong team of RWE dedicated to onshore wind, solar, battery and offshore across the European, North American and Asia Pacific regions.
About Stanwell
Stanwell is a major provider of electricity and energy solutions to Queensland, the National Electricity Market and large energy users throughout Australia.
Stanwell’s portfolio includes over 3000 MW of renewable energy under contract, in construction or development as well as two of the most efficient and reliable coal fired power stations in Australia—the Tarong power stations near Kingaroy and Stanwell Power Station west of Rockhampton.
Stanwell is developing a pipeline of renewable energy and storage projects throughout Central and Southern Queensland, finding cleaner ways to reliably generate and store electricity for customers and deliver on the Queensland Government’s renewable energy targets of 70% by 2032 and 80% by 2035.
Stanwell is also driving the development of Queensland’s hydrogen industry and the use of other new technologies, with a $117 million FEED study underway to progress the development of the country’s largest renewable hydrogen export hub in Gladstone.
29 August 2023
Publicly owned energy company, Stanwell Corporation is developing a Future Energy Innovation and Training Hub (FEITH) to accelerate Queensland’s energy transformation at the Stanwell Power Station near Rockhampton.
Minister for Energy, Renewables and Hydrogen, Mick de Brenni said, “The nation cannot meet its legislated emissions reduction targets without serious action in Queensland, so we are delivering the energy transition that Queenslanders and Australians voted for.
“The first place the Premier and I went following the release of our plan was the Stanwell Power Station to give the workforce the Government’s commitment to their job security and outline our blueprint to convert it into a Clean Energy Hub.
“We’re so serious about our plan that we’re legislating our renewable energy targets – 70% by 2032 and 80% by 2035 – and putting our Jobs Security Guarantee into law.”
Minister de Brenni continued, “Because Queenslanders kept their energy network in public hands, they have unprecedented control over the destiny of their energy system in its transition to 70% renewable energy by 2032.
“While other states are scrambling to get out of coal-fired power, or even prop it up for longer, it’s Queensland who is now leading the nation’s orderly climate and energy transition.
“The Queensland Energy and Jobs Plan is the most comprehensive, accountable, realistic, transparent, and effective plan for an energy transition – not just in the nation, but quite possibly the world.
“Our Queensland Draft Renewable Energy Zone Roadmap demonstrates our unique ability to deliver benefits for local communities through infrastructure, transport, housing and accommodation, workforce, supply chains, waste management, biodiversity protection other land uses, and social infrastructure, as well as local industry and First Nations considerations.
“We need to set the standard because public ownership gives us an extra layer of accountability to our workers, communities, and the environment, as well as to energy security and affordability for households and businesses.
“We’ve always said that Queensland’s publicly owned power stations will continue to play an important role in our future energy system as clean energy hubs because they are located in strong parts of the network with strategic advantages like grid connection, a highly skilled workforce, established community relationships, and land.”
The size of a shopping centre, the hub will provide facilities to pilot innovative new energy technology, including energy storage and hydrogen. It will also provide a real-life, hands-on training environment for Queensland energy employees to develop the skills needed to work on new energy technologies.
Stanwell Chief Executive Officer, Michael O’Rourke shared that “the FEITH project will be the visible bright spark of Stanwell’s transformation to clean energy.
“Our vision is for FEITH to be a catalyst for advancing the energy transformation, not just at Stanwell, but for the entire State.
“It will be instrumental in the company’s goal to become a major provider of clean energy to Queensland and meeting our commitments to the Queensland Energy and Jobs Plan.
“It will increase our understanding of new energy technologies and their application in building Stanwell’s renewable energy portfolio and driving the development of Queensland hydrogen industry.
“And just as importantly, it will help us create the energy workforce Queensland needs for the future through hands-on skills development and training,” said Mr O’Rourke.
The first technology to be tested at FEITH will be an iron flow battery, in partnership with Queensland-based company Energy Storage Industries – Asia Pacific (ESI).
ESI Managing Director Stuart Parry said that the pilot project with Stanwell was a first in Australia for iron flow batteries – a grid-scale and environmentally friendly energy storage solution.
“Queensland is at the forefront of battery technology development, and this transaction reinforces the state’s reputation as a leader in the renewable energy economy,” Mr Parry said.
“ESI is already establishing a $70 million facility in Maryborough to manufacture iron flow batteries, and will manufacture the electrolyte solution in Townsville, supporting jobs and investment in the regions.
“We look forward to working with Stanwell to deliver this pilot project as an important step in deploying sustainable energy storage to help underpin Queensland’s energy transformation.”
A revolutionary 5 MW hydrogen electrolyser will also be validated in a pilot project at FEITH. The super-efficient electrolyser is being developed by Australian startup Hysata.
CEO Paul Barret said, “Hysata is proud to be a foundation technology project for Stanwell’s new FEITH, where we will partner to commercially demonstrate our high efficiency electrolyser.
“This project is an important step towards Hysata reaching gigawatt scale manufacturing by 2026 to fulfil burgeoning demand for our electrolysers.
“We congratulate Stanwell for their investment in renewables and new technologies critical to decarbonise the power grid and scale green hydrogen for use in hard to abate sectors.
“We look forward to leveraging Stanwell’s electrical infrastructure and highly skilled workforce through this project, to commercialise world leading technology that can accelerate the path to net zero.”
Stanwell has also partnered with CQUniversity to collaborate on skills, training and technology initiatives focused on renewable hydrogen and battery energy storage systems.
Professor Nick Klomp, Vice-Chancellor and President of CQUniversity Australia, said “this is an extremely important and exciting milestone when it comes to clean energy production in Central Queensland.
“The Future Energy Innovation and Training Hub (FEITH) will provide a tremendous opportunity for Central Queensland to become a leader in not just clean energy production but also in clean energy research, training, and skills development.
“CQUniversity is proud to partner with Stanwell to develop a skills and training program for existing professionals, while also expanding opportunities for a new generation to acquire the skills required for emerging technology such as hydrogen and battery storage.
“Our researchers will also benefit through deep industry collaboration and co-location, allowing them to work on new innovations that will help to further advance the renewables industry in the region and beyond.”
Stanwell will complement CQU’s research facilities with access to FEITH, enhancing the real-world applications of the research by enabling hands-on training and technology development at a commercial demonstration scale.
The project is proposed to be delivered in phases, starting with the establishment of common infrastructure and civil works. Future phases include a skills academy and demonstration centre, where the community can come to learn about new energy technologies.
Emily Mason is an experienced Account Manager at Stanwell Energy, bringing over 10 years of energy and telecommunications sector experience to her current role.
She specialises in providing proactive customer service and creating positive experiences for customers, making their needs and business objectives the top priority.
Emily is passionate about finding solutions that work for customers and shaping and continuously improving Stanwell Energy’s customer service. Her background in procurement gives her a special insight into the consumer perspective.
With a Bachelor of Honours Degree in Child Development from the University of Leeds in England, Emily moved to Australia in 2007 and has since made it her home.
Her ultimate goal is to foster mutually beneficial and long-term relationships with customers.
After an unusually warm winter, the increasing likelihood of an El Niño weather pattern has the market preparing for a hot and dry summer.
In the spot market, we saw prices continue to fall in Queensland (finishing the month down $9.64 at $67.63). The downward trajectory in prices has been the result of an unusually warm and sunny winter, which has led to reduced demand for heating and an increase in the supply of solar generation.
On the other hand, unit outages and some cloudy and rainy days that curtailed solar generation caused spot prices to rise in New South Wales (up $9.16 at $93.31) and Victoria (up $9.45 at $64.66).
Heading into summer, an El Niño weather pattern is looking increasingly likely.
That means this summer could be hotter and drier than the last three, which have been marked by La Niña weather patterns.
In the contract market, the increased likelihood of an El Niño summer is pushing up the forward curve across all states (finishing the month up $3.05 at $96.05 in Queensland, up $7.05 at $121.80 in New South Wales and up $4.30 at $73.60 in Victoria).
Looking further ahead to Cal 26, we can see this increase reflected in the back end of the curve, with prices finishing the month up $1.40 at $92.90 in Queensland, up $4 at $126 in New South Wales, and up $1.20 at $75.20 in Victoria.
In the environmental market, a slow-down in retail buying led to a drop in the price of Large-Scale Generation Certificates (LGCs), finishing the month down $2.25 at $54.
Prices for Australian Carbon Credit Units (ACCUs) finished slightly up on last month (up $1 at $30.50), while Small Scale Technology Certificates (STCs) remained steady at $40, with the STC clearing house remaining more than three million certificates in deficit.
And that’s it for August. For more information on the market and the impact of the El Niño summer, contact your Account Manager at Stanwell Energy.
And from all the team, we wish you all the best as we spring into September!
Spot market prices continued to fall in July, while the future of coal-fired generation in New South Wales made an impact on the forward market.
In the spot market, we saw prices continue to fall in Queensland (down $25.35 at $77.27) and New South Wales (down $21.05 at $84.15), while remaining steady in Victoria (up just 68 cents at $55.21).
Unseasonably warm weather throughout July meant we could give our heaters a break, which reduced the demand on the grid.
There was also high penetration of solar in the middle of the day, ensuring plentiful supply.
In the forward market, prices decreased on the back of reports that the New South Wales government is considering operating the nation’s largest power station beyond its expected 2025 closure date. Cal 25 prices finished the month at $93 in Queensland (down $3.80), $114.75 in New South Wales (down $9.15) and $69.30 in Victoria (down $7.40).
Looking further ahead to Cal 26, we can see this decrease fed through to the back end of the curve, with prices finishing at $91.50 in Queensland (down $1.50), $122 in New South Wales (down $9.90) and $74 in Victoria (down $5).
The New South Wales government has said it will hold off on a decision about the future of the coal-fired station until it receives a health check on the state’s energy security. That report is due early August.
In the environmental market, significant retail buying put upward pressure on the curve for Large-Scale Generation Certificates (LGCs), which finished the month up $1.75 at $56.25.
This appears to be the result of retail hedging, with buyers looking to reduce their exposure to a potential rise in LGC prices.
On the other hand, prices for Australian Carbon Credit Units (ACCUs) continued to fall, finishing the month down $2.35 at $29.50. This was due to the recent influx of sellers in the market who were looking to lock in revenue before the end of the financial year, increasing the availability of ACCUs and pushing prices lower.
Meanwhile, the clearing house for Small-Scale Technology Certificates (STCs) finished the month 4 million certificates in deficit, after the passing of the second quarter certificate surrender deadline. This meant STCs remained steady at the fixed price of $40.
And that’s it for July… wishing you all the best for August from the team at Stanwell Energy!
An increase in available generation and the end of the financial year made their mark on the energy market in June.
In the spot market, we saw prices fall in Queensland (down $62.28 at $102.62), New South Wales (down $88.79 at $105.20) and Victoria (down $72.62 at $54.53).
This was largely due to increased availability, with units coming back online in June.
Combined with a significant increase in solar generation and a slight increase in wind generation, this added enough additional generation to the market to lead to a significant decrease in prices.
In the forward market, we saw the gap in price between Queensland and New South Wales tighten.
Following recent work on the Queensland-New South Wales Interconnector, there’s been an increase in energy flowing north from down south, which contributed to Queensland’s price staying steady (up just 55 cents at $123.80) despite prices in New South Wales (down $4.10 at $137.50) and Victoria (down $6.80 at $85.90) going down.
Looking ahead to Cal 25, we saw prices decrease in all states. Prices were down 60 cents at $96.80 in Queensland, down $2.10 at $123.90 in New South Wales, and down $6.10 at $76.70 in Victoria.
With generators looking to hit their hedge targets, there were more sellers than buyers as June 30 approached.
After the extremely high prices we saw in the market this time last year, retail customers have taken a cautious approach over the last 12 months, proactively locking in lower prices as they became available.
This approach by retail customers means we didn’t see the dramatic end-of-financial-year rush we have in previous years.
In the environmental market, softer bids on Large-Scale Generation Certificates (LGCs) saw prices drift lower throughout the month, down $3.75 at $54.50.
Prices were also down for Australian Carbon Credit Units (ACCUs). With an increase in sellers in the market, looking to close out their positions and lock in revenue before the end of the financial year, ACCUs were down $2.90 at $31.85.
The clearing house for Small-Scale Technology Certificates (STCs) once again remained in deficit throughout June, keeping STCs at the fixed price of $40.
And that’s it for June… wishing you all the best for July from the team at Stanwell Energy!
9 June 2023
Construction has commenced at Wambo Wind Farm, a joint venture partnership between Stanwell Corporation and Cubico Sustainable Investments set to generate 252 MW of clean energy for Queenslanders by 2035 and boost the local economy with jobs and social investment.
Wambo Wind Farm is the latest project in Stanwell’s rapidly advancing portfolio of renewable energy assets to support the Queensland Energy and Jobs plan target of 80% renewable energy by 2035.
Located near Jandowae in the Western Downs region of Queensland, Wambo Wind is backed by a $192.5 million investment from Queensland Government’s Renewable Energy and Hydrogen Jobs Fund for Stanwell’s 50% share in the project.
The project is anticipated to create approximately 200 construction jobs, with up to 8-9 ongoing operational and maintenance roles, along with an additional 245 jobs created through Powerlink’s grid connection works.
“Today marks another important step forward to Queensland’s renewable energy future – starting construction of the Wambo Wind Farm, and propelling us closer to our renewable energy target of 50 per cent renewable energy by 2030, and 80 per cent renewable energy by 2035.
“The Wambo Wind Farm is a prime example of the Palaszczuk Government partnering with the private sector to deliver clean energy to Queenslanders, while retaining control of the energy system.
“The power generated by the 42 wind turbines northwest of Dalby will be sent to the Queensland SuperGrid in 2025, to be connected to the state’s next pumped hydro at Borumba, west of the Sunshine Coast in 2032.”
“Cubico has been developing Wambo Wind Farm with Renewable Energy Partners since 2019, so we’re incredibly excited to have moved into construction for stage 1 of the project.
“This is a real landmark in Queensland’s transition from coal to renewables and we’ve been very pleased to partner with the Queensland Government, Stanwell and Powerlink, which all share in our commitment to decarbonise Australia.
“Importantly, the project will play a significant role in supporting the Queensland Government’s Energy and Jobs Plan, and we are proud to be at the forefront of providing a transition to renewables for energy workers.”
“This 42 turbine wind farm forms part of Stanwell’s rapidly accelerating pipeline of renewable energy projects set to total 9-10 GW of clean energy capacity by 2035.
“Our growing pipeline means that we can expand our renewable offerings for our commercial and industrial customers and support the Palaszczuk Government’s target of 80% renewable energy by 2035.
“Today we have taken a significant step forward for Queensland’s renewable energy industry, and a major milestone in our journey to provide reliable, secure and affordable energy products for our commercial and industrial customers who want to power their businesses with clean renewable energy.
Record-breaking weather drove demand in the spot market in May, while a delay in the return of additional generation to the market is impacting the forward curve.
In the spot market, we saw significant price increases across Queensland (up $54.97 to $164.90), New South Wales (up $83.15 to $193.99) and Victoria (up $43.53 to $127.15). This was largely due to a cold weather snap that caused an increase in demand for heating.
More than 100 weather stations throughout Australia registered their coldest May minimum temperatures on record. Persistent high pressure systems over Australia led to records being broken across all states, with frost extending all the way up to tropical North Queensland.
But this unusually cold May doesn’t mean we’re in for a freezing winter.
With El Niño conditions emerging, winter temperatures are expected to be above average. That means we’ll be able to give our heaters a break.
But it also means we’re in for a hot summer, which could lead to spikes in demand for electricity driven by air conditioning use.
In the forward market, we saw the curve jump in price as the expected return of additional generation to the market was delayed.
Two units that were expected to return at partial capacity this year will now remain offline until 2024.
While the energy system is still forecast to maintain adequate supply, this delay has contributed to price increases from Cal 24 onwards.
Cal 24 prices were up $15.60 to $123.25 in Queensland, up $9.70 to $141.60 in New South Wales, and up $3.15 to $92.70 in Victoria. Looking further ahead, Cal 25 prices were up $7.80 to $97.40 in Queensland, up $4 to $126 in New South Wales and up $7.35 to $82.80 in Victoria.
In the environmental market, significant volumes of retail buying interest from Cal 23 onwards has placed pressure on the curve for Large-Scale Generation Certificates (LGCs).
At the same time as demand has increased, the forecast supply of LGCs for Cal 23 has been downgraded by 0.9 million certificates, leading to an increase in price – up $5.65 to $58.25.
Meanwhile, the price of Australian Carbon Credit Units (ACCUs) was down slightly in May (down $2.85 to $34.75), while Small Scale Technology Certificates (STCs) remained at the fixed price of $40.
And that’s it for May… wishing you all the best for June from the team at Stanwell Energy!
Watch the full update here
Unit outages and retirements in New South Wales impacted the energy market in April, and led to speculation about price volatility moving forward.
The spot price fell in both Queensland (down $13.14 to $109.94) and New South Wales (down $5.17 to $110.84) in April. The unseasonably hot and humid weather we saw in March gave way to cooler temperatures, reducing the pressure on the grid, even as unit outages continued to limit supply in New South Wales.
In Victoria, however, the spot price was up $21.59 (to $83.62). The outages in New South Wales led to an increase in demand for energy from Victorian generators, driving the Victorian price up throughout April.
In the forward market, there was little to no movement in the Cal 24 price for Queensland (steady at $107.65) and New South Wales (down just five cents to $131.90), but the Victorian price was up $4.95 (to $89.55).
Victoria has been perceived to be underpriced in recent times, but with those outages in New South Wales, we’re seeing the Victorian price rise.
Looking ahead to Cal 25, there’s been speculation about how outages and high-profile unit retirements in New South Wales will impact price volatility moving forward.
This, combined with a perception that the back end has been underpriced, has led to an increase in customers looking to lock in their Cal 25 contracts – and an increase in price in Queensland (up 80 cents to $89.60), New South Wales (up $7.70 to $122) and Victoria (up $7.10 to $75.45).
In the environmental market, an increase in retail buying led the price of Large-Scale Generation Certificates (LGCs) to rise for the second month in a row, up $3.35 to $52.60.
The price of Australian Carbon Credit Units (ACCUs) finished April slightly lower, down 90 cents to $37.60, after news of a hard cap on emissions had led to a price bump in March.
Finally, the clearing house for Small-Scale Technology Certificates (STCs) once again remained in deficit throughout April, keeping STCs at the fixed price of $40.
And that’s it for April… wishing you all the best for May from the team at Stanwell Energy!