New South Wales high voltage transmission company TransGrid has decided to proceed with the $2.28 billion SA-NSW interconnector "Project EnergyConnect (PEC)" leaving South Australia just one step away from even cheaper, cleaner, more reliable electricity.
The final decision now lies with SA transmission company ElectraNet.
"Project EnergyConnect will save the average South Australian households another $100 a year on their electricity bills, an average café thousands of dollars a year and create thousands of jobs in the renewable energy sector," said Dan van Holst Pellekaan.
"Project EnergyConnect will help protect South Australia from blackouts, make South Australia a national exporter of clean energy and guarantee we reach our goal of to cut our emissions by 50 per cent by 2030.
"There are massive renewable energy projects that are shovel ready and will produce a jobs bonanza just waiting for Project Energy Connect to get the green light.
"Electricity has become significantly cheaper, cleaner and more reliable in South Australia over the last three years, and Project Energy Connect will continue this trajectory with analysis showing a further $100 per year will come off the average household electricity bill when the interconnector is running."
After a gruelling, multi-year regulatory process, the AER has provided their final costs for the project of $2.28 billion.
The project has been rigorously tested, and each time come back with bigger benefits as the amount of renewable energy across Australia increases.
Project EnergyConnect has been deemed "critical" and "no regrets" by the Australian Energy Market Regulator.
The Marshall Government has committed to net-100% renewables and is achieving a faster, more secure and more affordable transition to renewables than under the previous State Labor Government.
ElectraNet's board will make a final decision soon, which is the final step for the project to proceed.
The project is going through final development approvals and final engineering design to allow a prompt build. A number of renewables developers are lining up to invest in SA after the announcement of the project. These will help build a multi-billion dollar renewables boom to help deliver even more jobs in COVID-recovery.
