The NSW and Commonwealth governments have announced a $7.8 billion deal to boost energy infrastructure and connect the renewable energy zones, including the New England REZ, and Snowy 2.0 into the grid.
This agreement will unlock eight sites including the Humelink, Sydney Ring – Hunter Transmission Project, Central-West Orana REZ, VNI West, New England REZ and Hunter-Central Coast REZ and is estimated to create 4000 jobs across the state.
The federal government passed its national energy plan last week, introducing a cap on gas prices and the roll out of power bill support for welfare recipients. The Rewiring the Nation plan will enable $4.7 billion from the Commonwealth to join with $3.1 billion from the NSW Transmission Acceleration Facility, to help NSW realise its Electricity Infrastructure Roadmap and increase reliability across the east coast grid.
Prime Minister Anthony Albanese said his government had worked hand in glove with the states and territories to shield Australian households and businesses from the worst impacts of the energy crisis caused by Russia’s illegal invasion of Ukraine.
“Support for critical transmission infrastructure like Sydney Ring, VNI West and HumeLink, to get across the line, will help transform Australia into a renewable energy superpower,” he said.
NSw Premier Dominic Perrottet said the deal would drive jobs and wealth creation in NSW.
“This joint $7.8 billion funding deal will support the projected $32 billion in private investment for regional energy infrastructure by 2030,” he said.
Energy Minister Chris Bowen said the forward-looking transition to renewables would not only be a boon for business but also families struggling with the rising cost of living.
“The best way to lower energy prices for Australian households and businesses is by increasing firmed renewables across our grid,” he said.
“It is the cheapest and most abundant form of energy across our vast continent.”
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