The Albanese and Perrottet Governments today announced a landmark deal to connect New South Wales' Renewable Energy Zones (REZs) and plug Snowy 2.0 into the grid, to create thousands of new energy jobs, and deliver energy that's more reliable, more secure and more affordable across the east coast.
The joint $7.8 billion deal will back eight critical transmission and REZ projects, supporting more than 3,900 jobs in the regions.
The Albanese Government's 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.
This agreement will unlock the below critical transmission and REZ projects:
- Sydney Ring - Hunter Transmission Project (HTP);
- Central-West Orana (CWO) Renewable Energy Zones (REZ);
- New England (NE) REZ;
- HumeLink;
- VNI West;
- Hunter-Central Coast (HCC) REZ, including potential offshore wind opportunities;
- Sydney Ring - Southern Sydney Ring; and
- South-West REZ.
Australia's electricity grid needs to be strengthened and reconfigured to meet the demands of the rapidly changing electricity market it serves.
Today's agreement marks the next step in its urgent upgrade to ensure reliability and affordability across the network.
This latest Rewiring the Nation backing follows the landmark deal between the Commonwealth, Tasmanian and Victorian governments for two undersea cables to link Tasmania's Battery of the Nation projects to the mainland; the Victorian leg of VNI West (Kerang Link); and a range of REZ projects, including offshore wind.
Quotes attributable to Prime Minister Anthony Albanese:
"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."
"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."
Quotes attributable to NSW Premier Dominic Perrottet:
"This joint $7.8 billion funding deal will support the projected $32 billion in private investment for regional energy infrastructure by 2030."
"This is our opportunity to invest in our future industries that will drive jobs and wealth creation in our State."
Quotes attributable to NSW Treasurer and Energy Minister Matt Kean:
"This is a huge win for NSW that will create new energy jobs across the state and unlock cleaner, cheaper and more secure energy. This investment will support the delivery of our Electricity Infrastructure Roadmap through fast-tracking the development of REZs and transmission infrastructure."
"These projects are expected to support more than 3,900 jobs during the construction of this critical transmission infrastructure."
Quotes attributable to Climate Change and Energy Minister Chris Bowen:
"The best way to lower energy prices for Australian households and businesses is by increasing firmed renewables across our grid, it is the cheapest and most abundant form of energy across our vast continent."
"Today's announcement helps make that a reality by supporting the projects to plug Snowy 2.0 into the grid and linking REZs to ensure the energy can be supplied from wherever the wind is blowing and the sun is shining, to where it's used by households and industry."
"Together, the Sydney Ring, VNI West and the HumeLink projects will increase network resilience and energy reliability for consumers and help put downward pressure on electricity bills in years to come."
