The Queensland Government’s new third electricity generator – CleanCo – commenced trading in the National Electricity Market (NEM) today.
The Queensland Government created CleanCo to help achieve its 50 per cent renewable energy target by 2030 and create additional competition in the wholesale electricity market.
Wivenhoe Power Station, which was formerly owned by CS Energy, has been transferred to CleanCo’s asset portfolio, along with former Stanwell Corporation hydro power stations – Barron Gorge, Kareeya and Koombooloomba, and the gas-fired Swanbank E Power Station.
CS Energy CEO Andrew Bills welcomed the commencement of trading by CleanCo.
“CleanCo, CS Energy and Stanwell are competitors in the NEM and we each have an important role to play in helping our owner the Queensland Government meet its energy and climate policy objectives,” Mr Bills said.
“For CS Energy, our priority is ensuring our existing assets continue to perform at their best and pursuing our diversification strategy to ensure a long-term future for the business.”
Over the past year, CS Energy has actively been preparing for Wivenhoe Power Station to transfer to CleanCo’s asset portfolio.
While the physical Wivenhoe asset has been transferred to CleanCo, CS Energy will continue to operate and maintain the power station under a transitional services agreement until after its next overhaul in late 2020. During this time the team at Wivenhoe Power Station, and a corporate support team in Brisbane, will remain CS Energy employees.
CS Energy has appropriate ringfencing protocols in place to ensure market sensitive information is protected during the transitional services agreement period.
CleanCo have agreed on recruitment principles for Wivenhoe-based employees who will eventually be transferred to CleanCo and CS Energy Brisbane employees who may be impacted by the removal of Wivenhoe from our asset portfolio.
All employees that transfer to CleanCo from CS Energy will maintain their existing conditions, including no forced redundancies or relocations.