Ministers for the Department of Industry, Science and Resources
Joint media release with Minister for Finance and the Public Service and Leader of the Government in the Senate Senator The Hon. Mathias Cormann
The Government has today issued a new Investment Mandate for the Clean Energy Finance Corporation (CEFC) designed to strengthen its ability to support the Government's energy policy priorities.
The Government has directed the CEFC to support the development of a market for firming intermittent sources of renewable energy and to prioritise investments that support more reliable, 24/7 power.
An additional provision requires the CEFC to prioritise its investments with a view to support increased reliability and security of electricity supplies.
The CEFC will have to take into consideration the potential effect on reliability and security of supply when evaluating renewable energy generation investment proposals.
The CEFC has also been directed to continue to focus on emerging and innovative clean energy technologies with a view to further reduce the risk of the CEFC crowding out private finance in more established renewable energy markets.
These changes ensure that the CEFC will continue to support the Government's plan for more affordable, reliable energy for Australian families and businesses.
They follow on from the recent statutory review of the CEFC completed by Deloitte Touche Tohmatsu.