HomeInvestment & Trading ›Transgrid to Invest USD 11 Billion for 100 Percent Renewable Energy in Australia's Most Populous State

Transgrid to Invest USD 11 Billion for 100 Percent Renewable Energy in Australia's Most Populous State

Transgrid's plan caters as a testament to the scale of investment needed to attain the Labour government's aspirational objective of minimising carbon emissions by 43% from 2005 levels by 2030.

June 21, 2023. By Nivedita Ojha

Transgrid has declared an infrastructure investment plan that will set in motion the most populous state toward attaining 100 percent renewable energy within a decade.

With a pledge of USD 11.20 billion, Transgrid intends to transform the state's energy landscape, making it a cleaner and more sustainable future.

Transgrid was privatized in 2015, and will allot funds to utilise batteries and other energy storage solutions, along with building 2,500 kilometers of new transmission lines.

Transgrid's extensive network caters to the support of the National Energy Market, providing energy trading between Australia's three largest states along the east coast.

Furthermore, it supports the competitive wholesale electricity market and actively leads the transition to a clean energy future.

Chief Executive Brett Redman focuses on the requirement of transmission, adding that without it, there can be no successful transition.

Transgrid's plan caters as a testament to the scale of investment needed to attain the Labor government's aspirational objective of minimising carbon emissions by 43 percent from 2005 levels by 2030.

The firm’s pledge to become 100 percent renewable within a decade sets an example for Australia's energy sector and implements the nation to combat climate change.

Through this crucial investment, Transgrid is assisting in the progress for a greener, more sustainable future, strengthening its position in Australia's clean energy transition.
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