Australia’s New South Wales state on Friday said it would invest A$1.2 billion ($850 million) in new transmission lines over 10 years to speed up connections to the grid for new renewable energy projects as the state looks to shift to greener power.

Australia is grappling with power and gas price spikes due to a string of outages at coal-fired plants, a cold snap which has driven up gas demand and record high global coal and gas prices.

Australian State to Invest $850 Mln in Power Grid | Devamı>>>

Australia’s New South Wales state on Friday said it would invest A$1.2 billion ($850 million) in new transmission lines over 10 years to speed up connections to the grid for new renewable energy projects as the state looks to shift to greener power.

State Treasurer Matt Kean said with the A$1.2 billion Transmission Acceleration Facility, the state hopes to attract least A$14 billion in private investment in transmission infrastructure.

Australia is grappling with power and gas price spikes due to a string of outages at coal-fired plants, a cold snap which has driven up gas demand and record high global coal and gas prices.

Australian State to Invest $850 mln in Power Grid | Devamı>>>