Reliable renewable energy
Late last year, Australia’s largest office landlord – Dexus– and Snowy Hydro’s Red Energy inked a deal which will see the Snowy Scheme underpin reliable, renewable energy generation to power the operation of 40 buildings across New South Wales.
Over the seven-year Energy Supply Agreement – a first for Australia’s property industry – Dexus will source more than 300 gigawatt hours of renewable energy, or the equivalent to the energy consumed by 38,000 households in a year.
According to David Yates, Executive General Manager for Sustainability at Dexus, the deal is expected to save our customers around 10 per cent on their energy outgoings and “insulate” them from electricity market volatility, while eliminating emissions.
“Customers and investors are demanding more reliable, environmentally responsible energy – and this agreement will deliver just that,” Yates says.
The agreement also supports Snowy Hydro’s investment in eight new wind and solar farms. These are currently under construction across New South Wales and Victoria and will have the capacity to power half a million homes. Importantly, these projects are backed up, or ‘firmed’, by the Snowy Scheme.
With its large water storage and its ability to generate energy on demand, the existing Snowy Scheme acts like “the biggest battery in the country” explains Paul Broad, Managing Director and Chief Executive Officer of Snowy Hydro.
“The dream of the Snowy Scheme was to move water from wet parts of Australia to dry parts. And as that water moves downhill, it generates power.”
The Snowy Scheme can turn on instantly to fill gaps in the system when the wind is not blowing or the sun is not shining. The result is an energy mix that is both renewable and reliable.