For attribution to Squadron Energy CEO Rob Wheals
Squadron Energy welcomes today’s announcement by the Commonwealth and NSW Governments to secure the long-term future of Tomago Aluminium through a renewable-led energy solution.
This is exactly the kind of nation building Australia needs. Securing the future of a strategically important Australian manufacturing asset, while at the same time accelerating the energy transition is smart policy.
Successfully transitioning Australia’s largest single electricity user to green power will provide confidence that renewable energy can underpin the next generation of Australian manufacturing.
Today’s announcement that the investment includes 3 gigawatts of new renewable generation and firming capacity is an important first step.
The focus must now turn to implementation and ensuring the framework delivers commercially investable projects.
Investment certainty will be critical. Projects need long-term contracting at the right price, on the right commercial terms, and through financing mechanisms that lower the cost of capital, enabling new renewable generation and firming capacity to reach final investment decision and be delivered on time.
No single renewable energy company can meet Tomago’s requirements alone. This will require multiple generators working alongside Government, Snowy Hydro and Tomago to deliver a coordinated solution at the scale Australia needs.
With a pipeline of wind projects in NSW, we stand ready to work constructively to help deliver a solution that is reliable, affordable and helps secure Australia’s long-term clean energy sovereignty.
Tomago is more than a smelter. It is a nationally significant industrial asset that sits at the heart of Australia’s manufacturing capability.
If we get this right, it won’t just secure Tomago’s future, it will demonstrate that decarbonisation and industrial competitiveness go hand in hand and set a model for other energy-intensive industries.