Industry welcomes vital transmission infrastructure funding
Energy Networks Australia has welcomed the announcement today of Federal and NSW Government funding that will see vital transmission infrastructure fast tracked in NSW.
Energy Networks Australia Acting CEO Tamatha Smith said the funding would allow more renewable energy to be connected and strengthen the network along the east coast.
“Australia is working towards net zero but is hampered by a lack of transmission infrastructure. It is pleasing to see governments at all levels prioritising investment in the grid to ensure safe, reliable and clean energy is delivered into Australian households,” she said.
“Fast tracking the VNI West interconnector between Victoria and NSW and HumeLink to connect Snowy 2.0 into the grid will strengthen the network’s backbone to deliver more reliable energy across the National Electricity Market.
“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 the private sector is prepared to underpin much of this investment, leadership from government will encourage confidence and investability in these projects.”
Ms Smith said network investment was critical to enable the most affordable transition to net zero.
“The Australian Energy Market Operator’s Integrated System Plan demonstrates that every dollar spent on transmission will return more than twice this in benefits to customers,” she said. “It will enable low cost, renewable electricity to flow to where it is needed, making firming easier and helping to lower wholesale electricity prices.”
Energy Networks Australia along with the Clean Energy Council issued a market-sounding report earlier this year that highlights the critical need for governments to work to solve transmission challenges to enable Australia’s energy transition.