The landmark $7.8 billion investment in transmission lines will connect Snowy 2.0 to the grid and a slew of big-ticket renewable energy zones
The federal government will hand NSW almost $5 billion to build critical infrastructure needed to connect Snowy 2.0 and to transform Australia into a renewable energy “superpower”, in a sweetener unveiled as NSW MPs prepare to vote on a coal and gas price cap plan to lower energy bills., the state and federal governments have combined on a landmark $7.8 billion investment in transmission lines described as an urgent upgrade to ensure reliability and affordability across the network.
“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,” Mr Albanese said.“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.
a mandatory code of conduct for the gas market and the rollout of power bill support for welfare recipients. Speaking ahead of Wednesday’s announcement, NSW Premier Dominic Perrottet said investment in the transmission infrastructure would also generate an additional economic benefit for the regions including 3900 new jobs.
Climate Change and Energy Minister Chris Bowen described the deal as the best way to lower energy prices while building reliability and security through renewable energy generation.
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