Energy Security Corporation Act 2024 (NSW)

Energy Security Corporation Act 2024 No 45

An Act to establish the Energy Security Corporation; to provide for the Corporation's functions, including the Corporation's investment function in relation to clean energy technologies; to provide for the functions of the Minister, the Treasurer and the Finance Minister in relation to the Corporation, including providing an Investment Mandate; and for related matters.

Part 1 Preliminary

1 Name of Act This Act is the Energy Security Corporation Act 2024.

2 Commencement This Act commences on the date of assent to this Act.

3 Definitions The dictionary in Schedule 3 defines words used in this Act.

Note— The Interpretation Act 1987 contains definitions and other provisions that affect the interpretation and application of this Act.

Part 2 Establishment and functions of Energy Security Corporation

4 Establishment The Energy Security Corporation is established.

5 Status The Corporation is— (a) a corporation, and (b) a statutory body that represents the Crown.

Note— The Interpretation Act 1987, section 50 provides for additional matters that apply to statutory corporations.

6 Objects The objects of the Corporation are as follows— (a) to accelerate private sector investments in clean energy projects in New South Wales that improve the reliability, security and sustainability of electricity supply, (b) to support New South Wales to achieve the targets for reducing net greenhouse gas emissions under the Climate Change (Net Zero Future) Act 2023, (c) to complement other Government initiatives relating to clean energy technologies and partner with the private sector to finance clean energy technologies, (d) to achieve a government-mandated rate of return through a portfolio approach.