Victoria has warned the race to hit climate and renewable energy targets could be jeopardised without urgent investment to build thousands of kilometres of new energy transmission lines | joshgordo
The rise in renewable energy could be stymied without billions of dollars of investment to enable the grid to handle power from new wind, solar and hydro projects.
State government modelling found the project would allow Victoria to export 1930 megawatts of electricity to NSW from renewable projects. Billions of dollars of investment is needed to upgrade the power grid to handle new renewable energy projects.The AgeOn Friday, Australian Energy Market Operator and NSW grid operator Transgrid released a joint assessment of the proposed KerangLink inter-connector, a massive new high-capacity, high-voltage overhead transmission line running between Victoria and NSW.
But so far, the timing or financing arrangements are unclear, with AEMO suggesting only that the project must be built by the middle of 2031 “or earlier with additional support”. The issue will be raised at an upcoming meeting of state and federal energy ministers on August 12.The federal government is promising to spend $20 billion to rebuild and modernise the national electricity grid. That includes potentially underwriting projects such as KerangLink.
, released last month, said the National Electricity Market would need to generate twice as much electricity by 2050 “to serve the electrification of our transport, industry, office and homes, replacing gas, petrol and other fuels”.
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