Genex Power founder Simon Kidston has backed warnings by the CSIRO that pumped hydro projects are unlikely to be the answer to Australia’s medium-term renewable energy storage requirements.
Genex Power’s pumped hydro storage project is a key renewables project in Queensland.in North Queensland to completion. “We started working on this project in 2014 and it will be operating in 2024,” he said. “That’s 10 years of a lot of focus and commitment. A lot of people don’t have the stamina.
“For long and seasonal storage, PHES may be limited in regions due to dam requirements. Although construction timelines are between three and seven years, PHES can include long development lead times to obtain funding and approvals.” The Genex director said it would be hard to speed up approvals for what are usually complex projects.
Water is pumped to the upper reservoir during the day, ideally using renewable energy, and then released at night and morning peaks to generate electricity via a turbine. Genex was the subject of a potential takeover from a consortium including Atlassian co-founder Scott Farquhar’s Skip Capital and American infrastructure investors Stonepeak Partners, butBut Mr Kidston said it was “business as usual” at Genex with the Kidston project on track to open next year and the tunnelling issue was resolved out of contingency funding. Skip Capital retains a 20 per cent stake in the company., Mr Kidston said the company was open to another pumped hydro project in Australia.
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