Genex Power Ltd Stock Market Press Releases and Company Profile
Welcomes the Finkel Review Recommendations
Welcomes the Finkel Review Recommendations

Sydney, June 13, 2017 AEST (ABN Newswire) - Genex Power Limited (googlechartASX:GNX) (Genex or Company) welcomes the recommendations contained within the report commissioned by the Federal and State Energy Ministers by Dr Alan Finkel, Australia's Chief Scientist, into a review of the National Electricity Market (NEM) rules (Finkel Review) which was presented to the Prime Minister and State Premiers on Friday in Hobart.

The Finkel Review was aimed at providing government with a blueprint for energy sector security across the grid as well as ways to look at affordability and sustainability whilst more renewable energy flows into the electricity system. In particular, the Finkel Review, which focusses on a logical trilogy of energy security, energy reliability and reduced emissions, proposes that broader deployment of renewable and intermittent energy should necessarily be accompanied by energy storage, including batteries and pumped hydro.

Genex believes that the incorporation of this recommendation into national electricity policy will give Genex a distinct advantage over other renewable energy developers, particularly those with limited capacity to incorporate storage facilities into their renewable energy projects.

The Review contains several recommendations which have the potential to be highly significant and beneficial to Genex including:

- The introduction of a clean energy target (CET) aimed at decarbonising the electricity sector as part of a long-term vision for Australia's transition to a low emission future;
- Continued renewable energy investment;
- Incentives for, and a bigger focus on energy storage, including pumped hydro which may be mandated also for solar farms;
- The introduction of "despatchable capacity" in the form of baseload power with back up from renewables to tackle reliability and potentially allow Genex to sell storage certificates; and
- Changes to the NEM Rules which include provision for all new large scale renewable projects to have storage capacity to address ongoing reliability issues.

Whilst Genex recognises the role of battery storage as a viable energy alternative in the renewable energy equation, Genex's pumped scheme retains a significant capital cost and lifetime advantage over battery storage in the current investment market.

Genex also welcomes the unveiling by the Queensland State Government of $1.6 billion to unlock thousands of megawatts of large scale wind, solar and pumped storage hydro projects including a reverse auction of up to 400MW of energy including 100MW of energy storage.

Commenting on the release of the Review, Genex's Managing Director, Michael Addison, said:

"Genex believes that the incorporation of the Finkel recommendations into national electricity policy will give Genex a distinct advantage over other renewable energy developers, particularly those with limited capacity to incorporate storage into their renewable schemes."

To view the copy of the Finkel Review, please visit:
http://abnnewswire.net/lnk/1P8URT2Y


About Genex Power Ltd

Genex Power Ltd ASX:GNXGenex Power Limited (ASX:GNX) is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.

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Contact

Simon Kidston
Executive Director
Tel: +61 2 9048 8850
Email: sk@genexpower.com.au



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