The Victorian government's plan to create a state-owned power industry could be a windfall for private investment in regions such as the Hunter, the head of offshore wind company Oceanex believes.
Victorian primer Dan Andrews committed last week to reviving the publicly owned State Electricity Commission, as part of a plan to accelerate the state's net zero emissions goals, if it is re-elected in November .
While applauded by some, the move has also spooked private investors who are considering developing large scale renewable energy projects such as offshore wind.
Oceanex is presently advancing a 2 giagwatt project off the coast of Gippsland that is likely to be the country's first offshore wind farm.
It is also working on a similar project, the Novocastrian Wind Farm, which will feature about 130 turbines located 30 kilometres off the Hunter coast.
The company's chief executive Andy Evans said the Victorian government's policy could be a windfall for regions such as the Hunter.
"We see it as a massive opportunity for NSW. It creates a real opportunity for investors to come to NSW and own assets as is normal anywhere," he said.
The federal government has nominated the Hunter as one of six areas with world-class offshore wind energy potential in Australia. It is expected to announce a 60-day public consultation period for the Hunter project before Christmas.
A similar consultation process in Gippsland recently attracted about 700 mostly positive responses.
Oceanex and Norwegian energy company Equinor recently joined forces to progress offshore wind opportunities in NSW.
Oceanex estimates the Hunter project would create 300 full time jobs over the project's 30 year lifespan.
Mr Evans said the company was now formulating a supply chain for the project.
"We did a supply chain report earlier this year but this is about getting everyone's details and formulating a plan for how we build an industry here in the Hunter. We have got massive investment now with Equinor and a lot of that will be spent locally," he said.
The Hunter project would also be developed in tandem with its Illawarra project.
"We want the Hunter and the Illawarra to be the Australian base for offshore wind. We need both because then it becomes a really large industry," Mr Evans said.
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