NSW will power the nation's east coast clean energy grid as part of an almost-$8 billion deal with the federal government to boost its electricity infrastructure.
The $7.8 billion in joint funding - $4.7 from the Commonwealth's Rewiring the Nation Plan and $3.1 from the NSW Transmission Acceleration Facility - will back critical transmission and renewable energy zones projects that will plug Snowy 2.0 into the grid as well as creating nearly 4000 jobs.
This agreement will unlock eight sites including the Humelink, Sydney Ring - Hunter Transmission Project, Central-West Orana REZ, VNI West, New England REZ and Hunter-Central Coast REZ.
The multi-billion investment comes on the same day NSW parliament sits to debate legislation designed to facilitate the federal government's national energy plan to slow runaway power bills.
Premier Dominic Perrottet says parliament's recall on Wednesday is to consider amending an existing bill, allowing the government to force coal and gas companies to cap their prices.
The federal government passed its national energy plan last week, introducing a cap on gas prices at $12 a gigajoule, a mandatory code of conduct for the gas market and the roll out of power bill support for welfare recipients.
The NSW legislation will empower the state to cap the coal price at $125 a tonne, Mr Perrottet said Monday.
Mr Albanese said on Wednesday his administration had "worked hand in glove with the states and territories to shield Australian households and businesses from the worst impacts of the energy crisis caused by Russia's illegal invasion of Ukraine".
"Support for critical transmission infrastructure like Sydney Ring, VNI West and HumeLink, to get across the line, will help transform Australia into a renewable energy superpower," he said.
According to Mr Perrottet, the joint funding will unlock $32 billion in private investment for regional energy infrastructure by 2030.
Energy Minister Chris Bowen said the forward-looking transition to renewables would not only be a boon for business but also families struggling with the rising cost of living.
"The best way to lower energy prices for Australian households and businesses is by increasing firmed renewables across our grid," he said.
"It is the cheapest and most abundant form of energy across our vast continent."
He noted the announcement ensures alternative forms of energy beyond fossil fuels, "can be supplied from wherever the wind is blowing and the sun is shining, to where it's used by households and industry".
Australian Associated Press
