The Federal Labor and New South Wales Coalition governments have joined forces to fund major electricity transmission and renewable energy zone projects in the state.
The $7.8 billion in joint funding – $4.7 billion from the Commonwealth’s Rewiring the Nation Plan and $3.1 billion from the NSW Transmission Acceleration Facility – will support critical transmission and Renewable Energy Zone (REZ) projects connecting Snowy 2.0 to the grid and create nearly 4000 jobs.
Albanese and Perrottets’ statements
“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,” said Prime Minister Anthony Albanese last Wednesday.
The Humelink, Sydney Ring-Hunter Transmission Project, Central-West Orana REZ, VNI West, New England REZ, and Hunter-Central Coast REZ will be available under this arrangement.
“The Commonwealth has 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.”
“But as well as that critical short-term action, the Australian economy can seize the opportunity of more affordable and reliable renewable energy over the long term – creating jobs in the regions that have always powered Australia and insulating ourselves from global fossil fuel shocks at the same time.”
“The best way to lower energy prices for Australian households and businesses is by increasing firmed renewables across our grid,” he said.
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According to Premier Dominic Perrottet, collaborative funding will enable $32 billion in private investment in regional energy infrastructure by 2030.
Mr Perrottet says the recall last Wednesday was to discuss revising the existing bill that would allow the government to force coal and gas companies to cap their prices. The NSW law will allow the state to regulate coal prices.
Last week, the federal government ratified its national energy plan, which included gas cap prices at $12 per gigajoule, a strict code of behavior for the gas market, and the implementation of energy bill assistance for welfare beneficiaries.
Snowy 2.0 pumped hydro project
Snowy 2.0 is a large-scale pumped hydroelectric energy storage project that will provide a reliable source of clean, renewable electricity for the National Electricity Market. It involves the construction of a new underground power station and 27km of tunnels in the Snowy Mountains, which will use to store and generate electricity as needed.
Check out our page to learn more about the Snowy 2.0 hydro project.
NSW clean energy deal and benefits
In addition to supporting Snowy 2.0, the $7.8 billion investment will also fund the expansion of renewable energy in New South Wales, including developing wind energy, solar, and energy storage infrastructure. These facilities will generate clean, renewable electricity and create jobs in the regions where they are located.
The funding for these projects will come from a combination of public and private investment, with the NSW and Federal Labor parties contributing a significant portion. The projects are expected to create thousands of new jobs, stimulate economic growth, and drive down consumer electricity prices.
The joint funding of $7.8 billion for Snowy 2.0 and the expansion of renewable energy in NSW is a major milestone in the push towards a cleaner, more sustainable future for Australia. It will not only generate clean electricity and stimulate economic growth but also help to mitigate the worst effects of global warming and can reduce greenhouse gas emissions.
Energy Matters has been a leader in the renewable energy industry since 2005.
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