Electricity consumers are set to benefit from more affordable and reliable electricity, following the NSW and Commonwealth Governments’ support to speed up the upgrade to the NSW-QLD interconnector (QNI).
Energy Minister Matt Kean said the Australian Energy Regulator’s final approval of the QNI upgrade is great news for the households and businesses of NSW, providing an additional 190 megawatts of low-cost electricity for NSW and supporting over 150 jobs.
“Our strong and early action to accelerate the project means it can now be delivered more than one year ahead of schedule,” Mr Kean said.
“The upgraded QNI is expected to deliver net benefits of $170 million over its operational life which is great news for energy consumers across the State.”
Project costs of $102 million were jointly underwritten by the NSW and Commonwealth Governments, allowing TransGrid to conduct important planning, design and equipment procurement processes in tandem with the regulatory approval process.
Mr Kean said the approval marks an important step in implementing the State’s Electricity Strategy and the landmark $2 billion NSW-Commonwealth MoU, and demonstrated the Government’s commitment to securing future energy supplies for NSW.
“Completing the QNI upgrade early is critical to ensure NSW can access affordable and reliable power following the closure of the Liddell power station in April 2023.
“This is just one of the ways we’re delivering on our commitment to keep the lights on and to keep power costs down for the people of NSW,” Mr Kean said.