Industry welcomes transmission investment
Energy Networks Australia has welcomed the significant transmission investment announcements from the Federal Government’s Rewiring the Nation plan.
The new funding will enable both Marinus Link between Victoria and Tasmania and the Victoria – New South Wales interconnector KerangLink to proceed, unlocking vital renewable energy to aid in the transition towards net-zero.
Energy Networks Australia CEO Andrew Dillon said the investment will mean more secure and reliable renewable energy for the national energy market.
“Australia is working towards a net zero energy grid but is hampered by a lack of transmission infrastructure. These new links are key steps towards a 21st Century renewable energy grid,’’ he said.
“Network investment is critical to enable the most affordable transition to a net zero energy system. Every dollar spent on transmission will return more than twice this in benefits to customers. It will enable cheap, renewable electricity to flow to where it is needed, making firming easier and lowering wholesale prices.
“Networks need to install more than 10,000 kilometres of new transmission lines to ensure we can connect the renewable generation our system will need to reach net zero by 2050. While private sector investors are prepared to underpin much of this investment, leadership from government will encourage confidence and investment from the private sector.”
Mr Dillon said a recent market-sounding report commissioned by the Clean Energy Council and Energy Networks Australia had already highlighted the critical need for governments to work to solve transmission challenges to enable Australia’s energy transition.
“The stakeholder feedback from the report emphasised the crucial role that Rewiring the Nation could play in funding significant transmission projects like Marinus Link and KerangLink. It is pleasing to see the federal government has prioritised these projects and acted swiftly to get them moving.”