Australia to spend $5.2 B on upgrade of renewable power grid
The Australian federal and New South Wales state governments will spend $5.2 B (A$7.8 B) on new electricity transmission to support more renewable power.
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Australia, Sydney: The Australian federal and New South Wales state governments will spend $5.2 B (A$7.8 B) on new electricity transmission to support more renewable power.
The funding will plug eight new renewable energy zones into the power grid across New South Wales, the governments said in a joint statement. It will also connect the federal government’s pumped-hydro project, Snowy 2.0, designed to provide back up power during lulls when wind and sun fail to meet demand.
Australia is undergoing one of the fastest transitions to a renewable-dominated grid in the world, forced by the closure of most coal-fired plants by the middle of next decade. The situation in New South Wales is particularly urgent as one of its key power providers, Liddell, is due to shut next year.
Prime Minister Anthony Albanese said in the statement the funding would “help transform Australia into a renewable energy superpower.”
Source: Bloomberg L.P.
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