Leading Electricity Operator to Speed up Renewables Rollout

Australian electricity operator Transgrid hopes to fast-track the move towards renewables. (Spencer Platt/Getty Images)

Transgrid, a power grid owner responsible for lighting up Australia’s three largest states along the east coast, has promised to beat an official timeline for delivering $10 billion (US$6.5 billion) worth of projects to embed renewable energy into Australia’s electricity market.

Australia’s energy market manager AEMO expected these three transmission projects EnergyConnect, HumeLink, and VNI West, to be completed in 2024-25, 2026, and 2031 respectively.

However, the Chief Executive Officer of Transgrid, Brett Redman, said the company could beat those targets.

“We believe we can beat the times. EnergyConnect will be in 2024, HumeLink by the middle of 2026 rather than late 2026 and the big one is VNI West, which is 2028 rather than 2031,” Redman, who’s navigating Transgrid along a journey towards decarbonisation, told The Australian.

He is expecting financing from the government to fast-track the process.

“We’re in deep discussion with the federal government, supported by the NSW government, on Rewiring The Nation funding … I’m hopeful that that will unlock the financing challenge so that we can get on and build what the community needs.”

Prior to working at Transgrid, Redman spent 11 years holding senior leadership roles across AGL Energy Limited (AGL), Australia’s largest energy generator and energy retailer.

During this period, he founded the Powering Australian Renewables Fund to kick-start large-scale wind and solar development opportunities.

“We are close to placing large orders for equipment and the next big thing is to start to put in orders for critical and long-lead items to meet this big challenge of having transmission ready, so that we get renewables connected and beat coal closure,” Redman added.

Australia’s Aggressive Climate Action

The current ruling Labor Party has embarked on a more aggressive climate change agenda by legislating net-zero targets and expanding investment in renewable energy generators.

According to the latest budget update, released on Oct. 25, the Australian government will spend $20 billion to help finance the construction of new transmission links for renewable energy, $1.9 billion to support jobs and emission reductions in the regions, and also allocate $800 million towards supporting solar battery storage to 100,000 homes.

Energy prices are rising steeply across the country and are expected to remain high for at least a few years. (Scott Barbour/Getty Images)

Rocco Loiacono, a senior lecturer at Curtin University Law School in Perth, Australia, says that the current trajectory of what energy policies will push up prices for the average Australian.

“Just ask anyone in the United Kingdom and Europe how renewable energy has worked out for them. Power prices have increased at least five times over the last year. Energy rations loom across the continent just in time for winter,” Loiacono said.

“Germany, which once held itself out as the leader in renewable energy, is scrambling to reopen coal-fired and nuclear power plants just to limit the damage.”