Federal Government investment in transmission protects Victorian consumers from significant energy price rises
Today’s announcement from the Federal Government about their Rewiring the Nation investment in transmission projects is a significant win for consumers; protecting them from needless energy price rises in the future.
The Federal Government has announced investment to unlock the Marinus Link underwater transmission project between Tasmania and Victoria, and the Victoria-New South Wales Interconnector West. Modelling commissioned by Nexa Advisory shows that delays to these transmission projects would mean Victorian consumers would pay as much as 30 per cent more for electricity in the future.
‘This is the first big step from the Australian Government in making clean energy transition real.
‘This one decision will protect Victorian mums and dads and small businesses from energy bills that are as much as 30 per cent higher over the next 10 years.’
The $6 billion package of funding for renewables is the first announced investment within the new Federal Government’s ‘Rewiring the Nation’ $20 billion policy promise.
Going further, Bashir said ‘new transmission infrastructure is the missing link in Australia’s transition to clean energy. And clean energy transition is critical to meeting our climate targets, energy security and supply stability, and controlling and abating inflation impacting Australians.
‘Lack of transmission is already impacting consumers. We have seen all of these impacts in stark relief this winter. Households and businesses are being unnecessarily impacted by rising global coal and gas prices, and have been subjected to rising prices and unstable supply because of outages at ageing coal-fired power stations. Climate change is visible to us all.’
See the full media release here: nexa media release – Marinus VNI West