Energy Security Corporation Act 2024 No 45.

Under the Act the Energy Security Corporation is established as a corporation, and a statutory body that represents the Crown; 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. The Corporation is subject to the control and direction of the Minister. The Act also provides for establishment of the Board, appointment of CEO. The Corporation has an investment function and the Minister must, with the concurrence of the Treasurer, give the Board 1 or more directions (the Investment Mandate) about the exercise of the Corporation’s investment function; the Act establishes requirements on content of Investment Mandate. he Corporation may invest in clean energy technologies by— (a) investing in businesses or projects for the development or commercialisation of, or in relation to the use of, clean energy technologies, or (b) investing in businesses that supply goods or services needed to develop or commercialise, or for use in, clean energy technologies, or (c) guaranteeing the repayment of loans. Clean energy technologies are technologies, including energy storage and enabling technologies, that contribute to the reliability, security or sustainability of electricity supply. The Act also identifies prohibited technologies. The Corporation must, on an annual basis, publish a report on the Corporation’s website for the previous year that contains a summary of each investment made in the year for the Corporation’s investment function.
Part 6 financial matters provides for the establishment of a fund called the Energy Security Corporation Fund (the ESC Fund); and of a fund called the Energy Security Corporation Operational Fund (the Operational Fund).