The Energy Security Corporation has started off with a bang in New South Wales, celebrating its official opening following two major milestones.
The corporation is now fully operational, with the appointment of an independent Board and new funding to invest in projects that support more renewable electricity in the state’s grid.
The State Government established the corporation as a government-backed investor that co-invests with the private sector to accelerate the delivery of a reliable, secure energy system for New South Wales.
The corporation has $1 billion of seed funding for investment in large-scale storage and enabling assets, including big batteries, network infrastructure and scalable community energy resources.
With its Board in place, the Energy Security Corporation is now open to make investments and is ready to support projects that will shape a more secure, reliable and renewable electricity system for businesses and households state-wide.
The inaugural Board will be chaired by Cameron O’Reilly, an expert in public policy and the Australian energy market and electricity transition. In 2023, O’Reilly led the New South Wales Electricity Supply and Reliability Check Up.
Alongside O’Reilly, the Board features a group of directors – David Borger, Helen Conway, Michael Cummings, Sharon Eacott, Katerina Kimmorley and Daniel Papps.
In February 2025, the State Government announced the Energy Security Corporation’s first investment mandate to address investment gaps and ensure a reliable energy system for New South Wales homes and businesses.
Key investment priorities include short to long-duration storage projects, infrastructure upgrades for grid operation and coordination of consumer energy resources such as virtual power plants.
New South Wales Minister for Climate Change and Energy, Penny Sharpe, said after a decade of privatisation, the Energy Security Corporation gives the people of New South Wales the chance to invest in their energy system.
“We’re thrilled to appoint a Board to accelerate this process,” she said.
“The corporation will collaborate with the private sector to plug investment gaps, ensuring we keep the lights on and prices down for New South Wales residents and businesses.”
New South Wales Treasurer, Daniel Mookhey, said the the Energy Security Corporation brings together public capital, private-sector investment discipline and government alignment to accelerate the state’s energy transformation.
“The Board has deep expertise across energy, finance, law, infrastructure and risk, and will review and approve all final investment decisions, to ensure they build a better New South Wales.”
New South Wales Minister for Finance, Courtney Houssos, said the State Government is delivering on its election commitment to establish the Energy Security Corporation to ensure New South Wales homes and businesses can enjoy the benefits of renewable energy.
“This government-backed investor will help secure the energy system New South Wales needs, now and into the future.”
O’Reilly said it’s an honour to serve as the inaugural Chair of the Energy Security Corporation.
“The Energy Security Corporation has a vital role to play in New South Wales’ energy transformation,” he said.
“I look forward to working with my fellow Board members and the executive team to make strategic investment decisions that support the state’s clean energy future and deliver long-term value for the people of New South Wales.”
Energy Security Corporation CEO, Paul Peters, said the corporation will invest where the need is urgent.
“Our role is to bring the flexible capital needed to accelerate infrastructure projects and create a modern, resilient energy system.
“We’ve already been out engaging with energy companies, developers and financiers, building an understanding of where the Energy Security Corporation can maximise its impact.”
