June 14 (Renewables Now) - Genex Power Ltd (ASX:GNX) said today its 250-MW Kidston pumped storage hydro project (K2-Hydro) in Queensland has secured a Generator Performance Standards (GPS) approval.
The approval was awarded by the Australian Electricity Market Operator (AEMO) after the operator of Australia's largest gas and electricity markets and power systems determined that the proposed project can operate in line with the standards of the National Electricity Market (NEM). According to it, the K2-Hydro complex will enhance the grid’s strength and stability, especially in North Queensland.
The K2-Hydro plant will be part of the Kidston renewable energy hub in far-north Queensland and will be integrated with a solar project of up to 270 MW (K2-Solar). Both components of the project are scheduled for commissioning in 2022.
Genex is developing the scheme through a 50/50 partnership with EnergyAustralia. It previously said it expects to reach financial close on K2-Hydro in the middle of this year. The pumped storage complex will be the first one of its kind to be connected to the national electricity network in over 30 years, Genex noted.