Rewiring the Nation deal adds $3b to WA’s energy transition
Western Australia’s renewable energy transition has been given a major boost with the signing of the landmark Rewiring the Nation deal, which will invest $3 billion in modernising the State’s energy grid.
It will support major projects and upgrades for WA’s energy transition and boost energy security.
The deal is also expected to make energy more affordable for businesses (and households) by reducing electricity operating costs and helping them be more competitive.
“Rewiring the Nation will help future proof WA's energy supply, while also creating new jobs in energy, mining and manufacturing,” says Prime Minister the Hon Anthony Albanese MP.
The deal will provide up to $3b in concessional loans and equity investments to WA through the Clean Energy Finance Corporation, which will support major projects in the South West Interconnected System (SWIS) and the North West Interconnected System (NWIS).
The SWIS is WA's main electricity network and serves more than 1.1 million households and businesses from Kalbarri to Albany and across to Kalgoorlie.
Initial modelling suggests that in 20 years' time, the SWIS grid will need to have up to five times more electricity than is available today, as new industrial users connect to the grid.
The NWIS consists of largely standalone networks in the Pilbara. Only 2% of energy for the NWIS is generated from renewables.
The Rewiring the Nation deal will help to expand and modernise these networks, making them more capable of handling the increasing demand for renewable energy. It will help to connect remote communities to the grid, improving their access to reliable and affordable power.
The deal is expected to create around 1,800 construction jobs and unlock future projects across WA. It will also support the State's transition to a clean energy future, helping to create new jobs in the renewable energy sector.
Some of the major projects that could be supported by the Rewiring the Nation deal include:
- The Western Power Upgrade Program, which will upgrade the SWIS to accommodate more renewable energy
- The NWIS Upgrade, which will connect the Pilbara to the SWIS
- The Pilbara Renewable Energy Hub, which will develop a large-scale renewable energy project in the Pilbara
"In WA we are delivering on our sensible and achievable plan to decarbonise our existing industries, and create new clean energy industries as we transition to net zero, unlocking new projects while supporting new and ongoing local jobs,” says Premier the Hon Roger Cook MLA.
"This significant package means we can accelerate the development of key energy transmission projects to facilitate decarbonisation, while also building on my Government's climate action plan and initiatives already underway towards more secure, cleaner, reliable and affordable energy supplies.”