The NSW and federal government are promising a new deal to deliver cleaner, cheaper energy. The joint project will cost almost $8 billion to plug holes in electricity transmission and create thousands of new jobs. eddy_meyer 9News MORE:
The federal government will contribute $4.7 billion to the scheme, with a further $3.1 billion coming from NSW.
The project, described by Albanese as "one of the biggest announcements that will be made in my prime ministership", won't do anything to drive prices down this summer. Instead, the prime minister, premier and ministers were keen to stress the important role the multibillion-dollar transmission project played in the "medium term".
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