A new $7.8 billion plan will see a major transformation of Australia’s energy map, as consumers continue to face a looming severe price hike next year.
The federal and New South Wales governments have jointly announced the deal, which will see the Snowy 2.0 hydropower scheme and a number of renewable energy zones plugged into the grid.
The projects will bring 3900 jobs to regional NSW, and deliver “more reliable, more secure and more affordable” energy to the east coast.
The federal government will contribute $4.7 billion to the scheme, with a further $3.1 billion coming from NSW.
Prime Minister Anthony Albanese said the investment was part of a long-term plan to insulate Australia from the effects of global energy crises such as the one being caused by Russia’s invasion of Ukraine.
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He said it would help turn Australia into a “renewable energy superpower”.
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NSW Treasurer Matt Kean called it a “huge win” for the state that would “unlock clearner, cheaper and more secure energy”.
“Today’s announcement helps make that a reality by supporting the projects to plug Snowy 2.0 into the grid and linking REZs to ensure the energy can be supplied from wherever the wind is blowing and the sun is shining, to where it’s used by households and industry,” Federal Energy Minister Chris Bowen said.
