New South Wales will offer private landowners $200,000 for every kilometre of land over which they allow transmission lines to be installed, state Treasurer Matt Kean said, while heavy industries will be given $360 million to help them decarbonise.
In a bid to kickstart development on the NSW leg of the transition, Mr Kean said the state will offer landowners $200,000 per kilometre of new transmission infrastructure hosted on their land, paid out in annual instalments over 20 years, indexed to CPI. The scheme will apply for new major transmission projects deemed critical to the energy transformation and future security of the energy grid, including the Central-West Orana Transmission Project, Project EnergyConnect, HumeLink, the New England Transmission Project and the Hunter Transmission Project.
Works on new transmission lines are expected to ramp up soon, with Labor promising to create a $20 billion “Rewiring the Nation” fund to offer low-cost loans to develop new transmission lines.Labor estimates its infrastructure spend will unlock $58 billion of private co-financing in assets to help deliver net zero emissions by 2050.Mr Kean also announced funding totalling $360 million for heavy industries to decarbonise.