Taxpayers will need to fork out an additional $1.2 billion towards a high-voltage electricity transmission line due to a rise in construction costs and terrain challenges.
The Queensland government has flagged a more than 20 per cent rise in costs for the $5 billion CopperString – one of Australia’s biggest energy grid expansions.
The project will connect Queensland’s northwest to the grid through an 840km power line running from south of Townsville to Mount Isa.
CopperString will be longer than driving from Sydney to Melbourne with the line expected to finish by 2029.
But now with construction in it’s early stages, Deputy Premier Cameron Dick says the project is not immune to cost increases.
“That’s why our government has signed off on an additional $1.2 billion in funding to build CopperString if we are re-elected in October,” Mr Dick said on Thursday.
Queenslanders will head to the polls on October 26.
The additional funding also does not fall within the state budget handed down by Mr Dick in June.
Difficulties with terrain in one of the “most rugged parts of the world” have also contributed to cost increases, Mr Dick said.
The project had received $11 million in investment decision funding from the former Morrison government in 2020 before the state government purchased private company CuString’s planned CopperString 2.0 project in 2023.
About 200km of additional transmission line is required to connect new renewable generators to to the line, taking it’s total length to over 1000km.
It is set to provide more affordable power to companies mining deposits valued at $500 billion in the North West Minerals Province.
The project will also help unlock the province’s copper, zinc, lead, silver and phosphate needed to make smartphones and renewable energy parts.
Queensland had enshrined into law in April 50 per cent emissions reductions targets by 2030 and 75 per cent by 2035.
“We’re in a race with the world, not only to extract critical minerals, but also to produce products powered by clean renewable energy,” Mr Dick said.
AAP
