The Australian Government is investing in new energy infrastructure that will unlock additional supply across the National Electricity Market (NEM) and provide thousands of households and businesses with cheaper energy.
The government will invest up to $295 million through the Clean Energy Finance Corporation (CEFC) to help finance Project EnergyConnect, a 330 kilovolt transmission line connecting South Australia to NSW.
This follows Commonwealth support for Project EnergyConnect through joint underwriting of key early works with South Australia as part of the recently signed State Energy and Emissions Reduction Deal.
The project will deliver an economic boost across South Australia, NSW and Victoria, creating up to 1,700 jobs during construction.
Households in South Australia are expected to save up to $100 a year on electricity bills, while those in NSW will save as much as $60 a year.
The Hon Angus Taylor MP, Minister for Energy and Emissions Reduction, said the government was investing in projects that boost the flow of reliable power and keep energy affordable.
‘Project EnergyConnect is yet another initiative we’re backing to maintain pressure on prices and keep the lights on for Australians,’ the Minister said.
‘This critical transmission project will bring new generation into the NEM while shoring up the reliability and affordability of the system across state borders.’