Australia to Spend $5.2 Billion on Renewable-Power Grid Upgrade
- PM says funding to help create ‘renewable energy superpower’
- Government’s pumped-hydro project Snowy 2.0 set to benefit
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The Australian federal and New South Wales state governments will spend A$7.8 billion ($5.2 billion) on new electricity transmission to support more renewable power, as they rush to fill a looming energy shortage left by closing coal-fired plants.
The funding will plug eight new renewable energy zones into the power grid across New South Wales, the governments said in a joint statement Wednesday. It will also connect the federal government’s pumped-hydro project, Snowy 2.0, designed to provide back up power during lulls when wind and sun fail to meet demand.