A$7.8 Bn Deal for Renewable Energy Transmission Infra in New South Wales

The provincial government of New South Wales (NSW) has clocked a landmark agreement of A$7.8 billion ($5.2 billion) with the Federal Government to further the renewable energy infrastructure in the province. The deal was announced by Prime Minister Anthony Albanese in the presence of NSW Premier Dominic Perrottet and is aimed at urgently stepping up the transmission infrastructure for speedy transition to clean and green energy.

Specifically, the deal will plug eight renewable energy projects into the grid in the province besides powering Snowy 2.0 hydropower project in NSW – the most populous province of Australia. The said pumped-hydro project will be committed to providing back up power during the time periods when wind and sun can’t help meet needs. The hydro project is to provide 350,000 gigawatt hours of energy storage. Snowy 2.0 is Australia’s largest committed renewable energy project.

The federal government will be spending A$ 4.7 billion and NSW will contribute A$3.1 billion through the end of this decade to eliminate the reliance on fossil fuels for power.

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 “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,” said Anthony Albanese on NSW investment.

The Prime Minister on jobs creation in the process and availability of reliable and affordable energy along the eastern seaboard said, “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 government modelling shows that about 4,000 jobs will be created in NSW.

The development of critical infrastructure will include Sydney Ring transmission link, VNI West interconnector and HumeLink line. The energy zones of central-west Orana, Hunter-Central Coast and south-west RE zones in NSW.

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The east coast of the continent-country runs on coal power mostly. The federal government will inject $20 billion in a bid to ‘rewire the nation’ by ramping up electricity transmission infrastructure between states and regions towards the east.

Last September, the Australian Parliament passed a new law that harbours a pledge to cut carbon emission in the country by 43% by 2030 and achieve net-zero target by the middle of this century.